Canada's biggest bank vs Canada's fastest-growing digital bank. KOHO wins on everyday banking costs by $400–600/year. RBC wins on branches, mortgages, and full-suite services.
KOHO wins on everyday banking — by a lot. KOHO charges $0/month vs RBC's $16.95–$30.95/month. KOHO pays 3% interest on your balance vs RBC's 0.01%. KOHO gives cashback on debit vs nothing from RBC. Over a year, KOHO puts $400–600 more in your pocket than RBC. RBC is better if you need a mortgage, investment accounts, international banking, or in-person service at one of their 1,300+ branches.
Forever free. No minimum balance requirement.
Day to Day Banking: $16.95/mo. VIP Banking: $30.95/mo. Some waivers at $4,000–$6,000 balance.
KOHO saves you $203/year in fees over RBC Day to Day Banking — before the interest and cashback advantage.
On all balances — no minimums
On Day to Day chequing account
On $5,000 balance: KOHO earns $150/year in interest. RBC earns $0.50. KOHO wins by $149.50/year on a $5,000 balance.
On every debit purchase. Up to 2% on Everything plan. On $2,000/month spending: $120/year.
No cashback on RBC chequing account debit purchases.
Entirely digital. Scotiabank ATMs for cash withdrawals.
In-person service, mortgage advisors, investment advisors, safety deposit boxes, US banking.
On $3,000/year international spending: KOHO saves $75 vs RBC. Important for cross-border shopping, travel, and USD online purchases.
RBC offers everything: mortgages, RRSPs, TFSAs, investment accounts, business banking, US banking, insurance, international wire transfers, safety deposit boxes, and in-person financial advisors. KOHO offers daily banking only — no mortgages, no investing, no insurance. For those who want all banking in one place, RBC is more complete.
$40 sign-up bonus (spend $20 to unlock) + $150 interest + $120 cashback + $0 fees
$203/year fees - $0.50 interest = net cost of $202.50
Total first-year advantage: KOHO puts $761 more in your pocket in year 1 vs RBC Day to Day (including the $20 signup bonus). Ongoing years: ~$470/year advantage.
No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
| Feature | KOHO | RBC |
|---|---|---|
| Monthly Fee | $0 | $10.95–$30.95 |
| Interest Rate | 3.0% | 0.01% |
| Debit Cashback | 0.5–2% | None |
| Foreign Transaction Fee | 0% | 2.5% |
| Branches | 0 (digital) | 1,300+ Canada |
| ATM Network | Scotiabank (3,700+) | RBC (4,500+) |
| Mortgages | No | Yes |
| TFSA / RRSP | No | Yes |
| US Banking | No | Yes (RBC Bank USA) |
| Credit Building | Yes ($10/mo) | Via credit card only |
| Deposit Insurance | CDIC | CDIC |
| Signup Bonus | $20 (BREMO2026) | Sometimes $200–350 |
Many Canadians use KOHO for daily spending (earn 3% interest + cashback + 0% FX) and keep their RBC account for mortgage payments, TFSA/RRSP, and in-person banking needs. This captures the benefits of both — KOHO's earning power for your spending float, RBC's full suite for big-picture financial planning.
KOHO is significantly better than RBC for everyday banking costs — it charges $0/month vs RBC's $16.95+/month, pays 3% interest vs RBC's 0.01%, and gives 0.5% cashback on all debit purchases. Over a year, the typical Canadian is $400–600 better off with KOHO. However, RBC is better for mortgages, investment accounts, US banking, and in-person service. The optimal setup for many Canadians is KOHO for daily spending + RRSP/TFSA at EQ Bank (3.75%) + RBC for mortgage/investing if needed.
Switching from RBC Day to Day Banking ($16.95/month) to KOHO saves: $203 in annual fees + approximately $150 in interest (on $5,000 balance) + $120 in cashback (on $2,000/month spending) = approximately $473/year. In the first year, add KOHO's $20 signup bonus for a total first-year advantage of ~$573. At the RBC VIP level ($30.95/month), the annual savings increase to $700+.
Yes. KOHO accepts direct deposit — you can have your employer payroll or CRA benefits deposited directly to your KOHO account. Your KOHO account has a transit number, institution number, and account number just like a traditional bank account. Setting up direct deposit to KOHO is straightforward through your employer's HR portal.
Both KOHO and RBC are CDIC-insured, meaning your deposits are protected by the federal government up to $100,000 per depositor category if the institution fails. RBC is Canada's largest bank ($2 trillion+ in assets) and extremely stable. KOHO holds deposits through Peoples Bank of Canada (a CDIC member). Both are regulated and safe for everyday banking amounts.