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2026 Updated Comparison

KOHO vs TD Bank Canada 2026

Canada's biggest bank vs Canada's fastest-growing fintech. The fee difference will shock you.

🏆 Our Top Pick: KOHO

After comparing every major Canadian bank, KOHO wins for everyday banking. No monthly fees on the Essential plan, cash back on purchases, and no hidden charges. Over 1 million Canadians agree.

Get KOHO Free — Code 45ET55JSYA

KOHO vs TD: The $180/Year Question

TD Canada Trust is Canada's largest bank by branch count, with over 1,100 locations coast to coast. It offers comprehensive banking — chequing, savings, mortgages, investments, and more. But that convenience comes at a steep price. TD's most popular chequing account (TD Every Day Chequing) costs $10.95/month — that's $131.40/year just to keep the lights on. KOHO Essential is completely free.

Beyond the fee difference, KOHO actually pays you cash back on purchases while TD pays you nothing on debit spending. For many Canadians, switching from TD to KOHO for daily spending is one of the easiest ways to save $200+ per year.

KOHO vs TD Bank — Full Comparison

FeatureKOHO EssentialTD Every Day Chequing
Monthly Fee$0$10.95/month ($131/yr)
Fee WaiverAlways free$4,000 min balance
Cash Back1% groceries, 0.5% all$0
NSF Fee$0$48 per item
Overdraft Fee$0 (KOHO Cover)$5/month + interest
Interac e-TransferFree, unlimitedIncluded (limited plan)
TransactionsUnlimited12/month (then $1.25 each)
ATM NetworkFees apply3,500+ TD ATMs free
BranchesOnline only1,100+ across Canada
Cheque WritingNoYes
TFSA / RRSP / GICNoFull suite
Mortgage / LoansNoFull suite
Credit BuildingYes ($7–10/mo)Via TD credit card only
CDIC InsuredYesYes
Mobile App4.8/5 iOS4.6/5 iOS
Annual Savings vs TD$131–$330+ saved—

✅ KOHO Pros

  • $0 monthly fee — always
  • 1% cash back on groceries, 0.5% everywhere
  • $0 NSF fees
  • Credit building available
  • No transaction limits
  • Instant spending notifications

❌ KOHO Cons

  • No branches for in-person service
  • No cheque writing
  • No registered accounts
  • ATM fees outside network

✅ TD Pros

  • 1,100+ branches coast to coast
  • Full banking ecosystem (mortgage, RRSP, investments)
  • TD Rewards credit cards with strong earn rates
  • 3,500+ free ATMs
  • Longest branch hours in Canada

❌ TD Cons

  • $10.95/month base fee
  • $48 NSF fee — highest among Big Six
  • 12 free transactions then $1.25 each
  • $0 cash back on debit spending
  • Need $4,000 balance to waive fees

🏆 Winner Verdict

KOHO wins for everyday spending — by a wide margin. The math is simple: KOHO costs $0 and earns you cash back. TD costs $131/year and earns you nothing on debit purchases. Switching your daily spending to KOHO saves the average Canadian $200–$300/year when you factor in avoided fees and earned cash back.

TD wins if you need the full Big Six bank experience: in-person service, mortgage advisors, full investment accounts, and the largest ATM network in Canada. TD is especially valuable for complex financial needs — business banking, mortgages, estate planning, and wealth management.

The smart move: Open KOHO for daily spending. Keep TD (or open TD) for your mortgage, investments, and registered accounts if you prefer a big bank relationship.

How Much Does TD Cost Per Year?

TD's most popular account (TD Every Day Chequing) runs $10.95/month — that's $131.40/year. To waive the fee, you need to maintain a $4,000 minimum balance at all times. If your balance dips below $4,000 even for a single day that month, you pay the fee. The TD All-Inclusive Account costs $29.95/month ($359.40/year) for unlimited transactions and premium features.

Add one NSF event at $48 and you've spent nearly $180 in a year on banking fees alone. KOHO charges zero for all of the above.

How to Switch from TD to KOHO

Step 1: Open KOHO Essential Free

Sign up at koho.ca or in the app. Use referral code 45ET55JSYA. No credit check, approved in minutes.

Step 2: Set Up Direct Deposit

Get your KOHO account number and routing details from the app. Update your employer payroll portal to deposit your paycheque to KOHO.

Step 3: Move Bill Payments

List all pre-authorized debits linked to your TD account. Update them one by one to your KOHO Visa. Give yourself 2 billing cycles to catch everything.

Step 4: Keep TD for Complex Needs

Consider keeping your TD account open for mortgage payments, registered accounts, and cheque writing if needed. There's no harm in running both accounts.

Step 5: Downgrade TD Account

If you want to eliminate TD fees entirely, switch to TD's free minimum account or close the account once all transactions are migrated.

🏆 Our Top Pick: KOHO

After comparing every major Canadian bank, KOHO wins for everyday banking. No monthly fees on the Essential plan, cash back on purchases, and no hidden charges. Over 1 million Canadians agree.

Get KOHO Free — Code 45ET55JSYA

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