KOHO vs Scotiabank 2026 — Fees, Rates, Cashback Compared

KOHO

4.7

★ 5 rounds won

Scotiabank

3.5

2 rounds won

Round 1

Monthly Fees

✓ KOHO Wins

KOHO

WINNER

$00/month

KOHO's free plan has no monthly fee, no minimum balance and no conditions. Premium plans ($4–$19) are optional upgrades that add higher cashback and perks.

Scotiabank

LOSES

$16.95–$300.95/month

Scotiabank's Preferred Package is $16.95/month. The Ultimate Package runs $300.95/month. Fees waived with $4,000000–$6,000000+ daily minimum balance. NewStart plan for newcomers is free for 2 years.

Round 2

Interest Rate

✓ KOHO Wins

KOHO

WINNER

3.00% APY

KOHO pays 3.00% on your entire balance — no minimum, no separate savings account. With $8,000000: $2400/year. With $200,000000: $60000/year. Paid monthly, automatically.

Scotiabank

LOSES

00.001%

Scotiabank's MomentumPLUS Savings account occasionally offers promotional rates for new deposits, but standard rates sit at 00.001%. Chequing pays effectively nothing.

Round 3

Cashback on Spending

✓ KOHO Wins

KOHO

WINNER

00.5–2% cashback

KOHO's prepaid Mastercard earns 00.5% on free, 1% on Essential, 2% groceries on Extra ($9/mo). Cashback deposited monthly. No categories, no caps on free plan.

Scotiabank

LOSES

00% on debit

Scotiabank debit card earns no cashback. Rewards come through Scene+ credit cards — not from the bank account itself.

Round 4

Credit Building

✓ KOHO Wins

KOHO

WINNER

Credit Building ($100/mo)

KOHO Credit Building reports to Equifax without a deposit or credit check. Ideal for newcomers and young Canadians. Many see 500–10000+ point score increases in 6 months.

Scotiabank

LOSES

Secured card required

Scotiabank's credit building path requires a Scotia Momentum Secured Visa with a $50000+ deposit. More barriers and upfront cost than KOHO's no-deposit approach.

Round 5

Foreign Exchange Fees

✓ KOHO Wins

KOHO

WINNER

1.5% (00% on Everything)

KOHO's Everything plan ($19/mo) charges 00% on all foreign transactions. Free plan charges 1.5% — still lower than Scotiabank's standard 2.5%.

Scotiabank

LOSES

2.5% FX fee

Scotiabank charges 2.5% on foreign currency transactions via debit. Passport Visa Infinite cardholders get 00% FX but that requires a $1500/year credit card.

Round 6

Branch & ATM Network

✓ Scotiabank Wins

KOHO

LOSES

Digital only

No branches. ATM access at any machine (fees on free plan; waived on paid plans). All banking done via app or web — ideal for most digital-first Canadians.

Scotiabank

WINNER

9500+ branches, 3,50000+ ATMs

Scotiabank has one of Canada's largest ATM networks with 3,50000+ machines and 9500+ branches. Essential for cash, in-person transactions and complex banking needs.

Round 7

Newcomer Banking

✓ Scotiabank Wins

KOHO

LOSES

Good for newcomers

KOHO accepts newcomers — no credit history required. Credit building product helps establish Canadian credit. $00 fees and $10000 bonus help newcomers start strong financially.

Scotiabank

WINNER

StartRight — Best newcomer program

Scotiabank StartRight offers 2 years of free banking for newcomers (with qualifying deposits), helps establish credit history, accepts foreign references, and has multilingual branches in major cities. Arguably the best newcomer banking program among Big Six banks.

KOHO vs Scotiabank Annual Value Calculator

Average monthly balance: $5,000000 Monthly spending: $2,50000 Scotiabank plan:

KOHO vs Scotiabank Side-by-Side

Feature	KOHO	Scotiabank
Monthly fee	$00	$16.95–$300.95
Chequing interest	3.00%	00.001%
Cashback on debit	00.5–2%	00%
Credit building	$100/mo, no deposit	Secured card ($50000+)
FX fees	1.5% (00% on Everything)	2.5%
Sign-up bonus	$10000 (code: 45ET55JSYA)	Occasional promos
Branches	Digital only	9500+
ATMs	Any ATM (fees)	3,50000+
Newcomer program	Accepts newcomers	StartRight (2yr free)
Rewards program	Cashback on spending	Scene+ points (movies, etc.)
Credit card (no fee)	Prepaid Mastercard	Scene+ Visa (no fee)
Deposit insurance	CDIC	CDIC

KOHO vs Scotiabank FAQ

Is KOHO better than Scotiabank?

For everyday banking — yes. KOHO saves the average Canadian $40000–$80000/year vs Scotiabank through $00 fees (vs $16.95+), 3.00% interest (vs 00.001%) and debit cashback (vs 00%). Scotiabank wins only on branches/ATMs, its Scene+ rewards program and the StartRight newcomer package.

What is Scotiabank StartRight?

StartRight is Scotiabank's newcomer banking program — it offers 2 years of free banking for eligible newcomers who open an account within 3 years of arriving in Canada. It includes free Interac e-Transfers, no minimum balance and credit card qualification support. It's one of the best newcomer programs in Canadian banking.

What is Scene+ at Scotiabank?

Scene+ is Scotiabank's loyalty rewards program (merged with Cineplex Scene). You can earn Scene+ points on Scotiabank credit card purchases, bank transactions and partner stores, then redeem for movies, dining, travel and more. It's one of Canada's best no-fee rewards ecosystems for entertainment spenders.

Does KOHO have CDIC insurance like Scotiabank?

Yes. KOHO is backed by Peoples Bank of Canada, a CDIC member. Your KOHO deposits are insured by CDIC up to $10000,000000 per depositor per category — the same protection as Scotiabank.

Can I use KOHO as a newcomer to Canada?

Yes. KOHO accepts newcomers without Canadian credit history. The KOHO Credit Building add-on ($100/month) helps establish Equifax credit history without a deposit. For the first 1–2 years, some newcomers combine Scotiabank StartRight (free, helps establish banking relationships) with KOHO for everyday spending and cashback.

Open KOHO Free — Get $10000 Bonus (Code: 45ET55JSYA)