Two popular free bank accounts — but one earns more, costs less, and builds your credit. Here's the full breakdown.
See how much more you'd earn with KOHO vs PC Money Account
| Feature | KOHO | PC Money Account |
|---|---|---|
| Monthly fee | $0 forever | $0 |
| Interest on balance | 3.0% | 0% |
| Cash back | 0.5–2% (plan-based) | None (points only) |
| PC Optimum rewards | No | Yes — at Loblaws/Shoppers |
| Credit building | Yes (reports to bureaus) | No |
| 0% FX fees | Yes (Extra plan) | No (~1.5–2%) |
| Visa vs Mastercard | Visa Prepaid | Mastercard |
| Instant spend notifications | Yes | Yes |
| Spending analytics | Yes (detailed) | Basic |
| Savings goals | Yes (Vaults) | No |
| Joint account | Yes | No |
| Budget tracking | Built-in | Limited |
| Physical card | Yes | Yes |
| Deposit insurance | CDIC (via Peoples Bank) | CDIC (CIBC-backed) |
PC Optimum is genuinely valuable — but only if you shop at Loblaws-owned stores: No Frills, Real Canadian Superstore, Zehrs, Maxi, Loblaws, and Shoppers Drug Mart. If you do your grocery shopping there regularly, you can earn meaningful points. The typical value is 1–2 cents per point, earned at roughly 10–15 points per dollar on everyday purchases.
However: PC Optimum is a loyalty program, not a bank feature. You can earn PC Optimum points with a separate PC Mastercard credit card while also using KOHO for your daily banking. This way you get both — PC rewards at Loblaws AND KOHO's 3% interest and cash back everywhere else.
Want interest on your balance (3.0%), prefer cash back over points, want to build credit, travel internationally, or shop broadly at many retailers.
Do most of your grocery shopping at Loblaws-owned stores, are already invested in the PC Optimum ecosystem, and don't need credit building or interest on your balance.
Use KOHO for daily banking + 3% interest. Use a PC Mastercard credit card (separately) for Loblaws/Shoppers purchases. You'll earn PC points AND KOHO cash back.
For most Canadians, KOHO wins by a wide margin. The 3.0% interest alone is worth hundreds of dollars per year — far more than most people earn in PC Optimum points.
Open KOHO today — $0 fees, 3.0% interest, and a $100 bonus with code 45ET55JSYA
Get KOHO Free + $100 Bonus → Open PC Money Account