KOHO vs. Canadian Banks 2025: The Ultimate Comparison
How does KOHO compare to RBC, TD, and EQ Bank in 2025? See fees, rewards, and features. Get our KOHO referral code for up to $65 in bonuses.
Choosing where to put your money is a big deal, and the options in 2025 go far beyond the traditional Big Five banks you see on every corner. This comparison shows how KOHO stacks up against big banks like RBC and TD, and online players such as EQ Bank and Tangerine.
Switching from traditional banks to KOHO is easy with our KOHO referral code. Get up to $65 value bonus when you sign up.
The Big Five: Convenience at a Cost
Canada’s major banks—RBC, TD, Scotiabank, BMO, and CIBC—offer full-service banking with branches and ATMs nationwide, plus everything from chequing to mortgages and investments. The tradeoff is often higher monthly fees and complex fee structures for everyday banking.
Online-Only Banks: Better Rates, Fewer Products
Digital banks like EQ Bank and Tangerine reduce overhead and pass on savings via no-fee accounts and higher deposit rates, but they typically offer fewer in-house products and no branch support for complex issues.
Where KOHO Fits
KOHO isn’t a bank—it’s a fintech with a reloadable prepaid Mastercard and a powerful money app focused on day-to-day spending, real-time tracking, and effortless saving. It’s built to remove common pain points of everyday banking.
No Monthly Fees or NSF Surprises
KOHO core accounts have no monthly fees, no e‑Transfer fees, and no interest/overdraft charges because you can only spend what you load, eliminating NSF shocks that can run $45+ at traditional banks.
Cashback on Everyday Spending
Earn cashback on essentials like groceries and transit, with boosted partner offers and higher tiers available on premium plans. Unlike big banks, KOHO offers a generous sign up bonus for new users.
Built‑In Budgeting and Insights
Get real‑time notifications, automatic categorization, RoundUps, and savings goals—tools aimed at clarity and control over daily habits.
Quick Comparison
| Feature | Big Five Banks | Online Banks | KOHO |
|---|---|---|---|
| Monthly account fees | Often $15–$30, waivable with high balances | Generally $0 | $0 for core accounts |
| Interest on chequing | Typically 0% | Varies; EQ is competitive | 0% (cashback instead) |
| Savings/APY focus | Often under 1% | High (often 2.5%+) | Up to 5% on balance (plan-dependent) |
| e‑Transfers | Limited or fee‑based | Free and unlimited | Free and unlimited |
| Rewards | Usually tied to credit cards | Limited | Cashback on everyday spending |
| Budgeting tools | Basic lists, some categorization | Basic lists | Real‑time insights, RoundUps, goals |
| Best for | Full‑service banking needs | High‑yield savings | Smart daily spending and saving |
Bottom Line
Big banks provide everything under one roof but can be expensive; online banks excel at savings rates. KOHO focuses on everyday control—spending smarter, budgeting simply, and saving automatically—making it a strong choice if you want transparency and day‑to‑day value.
Also compare: KOHO vs Wealthsimple | KOHO vs Neo Financial | Why KOHO Beats Banks
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