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.
$100 bonus + $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 $100 signup bonus). Ongoing years: ~$470/year advantage.
| 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 | $100 (45ET55JSYA) | 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 $100 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.