KOHO vs Simplii Financial 2025: Which Is Better?

Updated March 2025. KOHO and Simplii Financial are both popular no-fee banking options for Canadians. Simplii is CIBC's digital banking arm; KOHO is an independent fintech. This comparison breaks down fees, cash back, savings rates, and features to help you decide.

Our Pick: KOHO

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KOHO vs Simplii: Quick Comparison

Feature	KOHO	Simplii Financial
Monthly Fee	$0	$0
Cash Back	1–2% on groceries/gas	None on chequing
Savings Interest	~0.5%	~3.0–5.9% (promo)
TFSA Available	No	Yes
Credit Card	Prepaid Visa	Simplii Cash Back Visa
Credit Building	Yes (add-on)	No
Owned By	Koho Financial	CIBC
Branches	App-only	App-only (CIBC for cash)

Monthly Fees: Both Are Free

Both KOHO and Simplii Financial charge $0 in monthly fees, making them popular alternatives to Big 5 banks. Neither charges for unlimited transactions or Interac e-Transfers.

Cash Back: KOHO Wins

KOHO's prepaid Visa earns 1% back on groceries and transport by default. Upgrade to KOHO Extra for 2% on groceries, dining, and transport. Cash back is credited monthly to your account automatically.

Simplii's chequing account does not earn cash back. However, Simplii offers a dedicated Simplii Financial Cash Back Visa credit card that earns up to 4% on restaurants and bars and 1.5% on all other purchases — one of the best no-fee cash back credit cards in Canada.

Verdict: For cash back on daily spending with a prepaid/debit card, KOHO wins. For a no-fee credit card with high restaurant cash back, Simplii's Visa is excellent.

Savings Rates: Simplii Wins

Product	KOHO	Simplii
Savings Account	~0.5%	~3.0%+
TFSA	No	~3.0%+
Promotional Rate	No	Up to 5.9% (new clients)
GICs	No	Yes

Simplii offers significantly better savings rates than KOHO. For customers who want to park money and earn interest, Simplii is the stronger choice.

Credit Building: KOHO's Unique Advantage

KOHO's Credit Building add-on ($7/month or included with KOHO Extra) reports activity to Equifax and helps build or improve your credit score. This feature doesn't exist at Simplii.

Access to Cash and Full Banking

Simplii has a slight advantage for full banking access: Simplii is backed by CIBC, meaning customers can deposit cash at CIBC branches and ATMs. KOHO is app-only with no cash deposit capability.

Who Should Choose KOHO?

Canadians building credit or new to Canada
People who want cash back on debit spending
Budgeting-focused users who want instant spending notifications
Those who want savings goal vaults and spending analytics

Who Should Choose Simplii?

Canadians who want strong savings interest at a no-fee bank
Those who want a TFSA or GICs
Customers who want CIBC branch access for cash deposits
Those who want a high cash-back no-fee credit card (Simplii Visa)

Our Pick: KOHO for everyday spending, budgeting, and credit building. Simplii for savings and no-fee credit card. Many Canadians use both: KOHO for daily spending management and Simplii (or EQ Bank) for savings.

Information current as of March 2025. Promotional rates change frequently. Verify directly with KOHO and Simplii.