KOHO Review 2026: Is It Worth It?

What Is KOHO?

KOHO is a Canadian fintech company that offers a prepaid Mastercard linked to a spending and savings account. Launched in 2017, it has grown to become one of the most popular financial apps in Canada with over two million users. KOHO is not a bank in the traditional sense. Instead, it partners with Peoples Trust, a federally regulated financial institution, to securely hold customer funds.

The core product is simple: you load money onto your KOHO account via direct deposit, e-Transfer, or bank transfer. You then use the included Mastercard to make purchases and earn cashback. Your balance earns interest automatically. There are no hidden fees, no minimum balance requirements, and no credit check to sign up.

KOHO has positioned itself as a modern alternative to traditional banking, targeting Canadians who are frustrated with big bank fees, low savings rates, and rigid account structures. In our testing, it delivers on that promise, though it does have some limitations that we will cover in detail below.

KOHO Plans and Pricing Breakdown

KOHO offers four tiers, each building on the previous one with additional benefits. Here is what you get at each level as of March 2026.

Easy (Free)

• 0.50% interest on your entire balance
• 1% cashback at select partner merchants
• Free virtual and physical Mastercard
• No monthly fee
• Interac e-Transfer send and receive
• Roundup savings feature

Essential ($4/month)

• 1.50% interest on your entire balance
• Up to 2% cashback at partners
• 0.50% cashback on all other purchases
• Everything in the Easy plan

Extra ($10/month)

• 3% interest on your entire balance
• Up to 3% cashback at partners
• 1% cashback on all other purchases
• Priority customer support

Everything ($15/month)

• 5% interest on your entire balance
• Up to 5% cashback at partners
• 2% cashback on all other purchases
• Price matching on subscriptions
• Credit building included
• Priority support

Is the Everything Plan Worth $15/Month?

This is the question most Canadians ask, and the math is straightforward. The Everything plan costs $180 per year. At 5% interest, you only need a balance of $3,600 to earn enough interest ($180) to cover the plan cost entirely. Anything above that balance, and you are profiting from the plan fee.

If you maintain a $100 balance, you earn $500 per year in interest. Subtract the $180 plan fee and you net $320 per year -- and that does not include cashback on purchases. For context, that same $100 in a typical big bank savings account would earn you $1 to $5 per year.

For Canadians with balances above $4,000, the Everything plan is one of the best financial products available. For those with lower balances, the Essential plan at $4/month offers strong value with its 1.50% rate and cashback benefits.

KOHO Interest Rates: How They Compare

Cashback: How It Works

KOHO cashback is applied automatically to your account. There is no need to activate offers, clip coupons, or jump through hoops. When you make a purchase with your KOHO Mastercard, any applicable cashback is credited directly to your balance.

Partner cashback is the highest tier, ranging from 1% on the free plan to 5% on the Everything plan at participating merchants. KOHO has partnerships with major Canadian retailers including grocery chains, gas stations, and restaurants. The list changes periodically, so it is worth checking the app for current partners.

Non-partner cashback applies to all other purchases. This ranges from 0% on the free plan to 2% on the Everything plan. Even at 0.50% on the Essential plan, this is better than most Canadian debit cards, which offer nothing at all.

Credit Building Feature

One of KOHO's most underrated features is its credit building tool. For a small fee (included with the Everything plan), KOHO reports a monthly installment to Equifax and TransUnion. Since the payment is drawn from your existing KOHO balance, there is no risk of missed payments. You are essentially building credit history using money you already have.

This feature is particularly valuable for newcomers to Canada, young adults establishing credit for the first time, and anyone recovering from past credit issues. We cover this in more detail in our guide on how to build credit in Canada fast.

What KOHO Does Well

• Interest rates -- Up to 5% is exceptional and ongoing, not a promotional teaser that expires. This alone makes KOHO stand out in the Canadian market.
• No credit check -- Anyone can sign up regardless of credit history. This makes it accessible to millions of Canadians who might be turned away by traditional banks.
• Instant notifications -- Every transaction triggers a push notification with the amount, merchant, and remaining balance. This level of real-time visibility is surprisingly useful for budgeting.
• Roundup savings -- The app rounds up purchases to the nearest dollar and saves the difference. On the Everything plan, KOHO matches a portion of your roundups, accelerating your savings.
• Clean mobile app -- The KOHO app is well-designed, fast, and intuitive. Spending categorization, savings goals, and balance tracking are all built in without clutter.
• Canadian company -- KOHO is headquartered in Canada and designed specifically for Canadian residents. Customer support understands Canadian financial products and regulations.

What KOHO Could Improve

• Prepaid card limitations -- As a prepaid Mastercard, KOHO is not accepted everywhere. Some car rental companies, hotels, and subscription services may not accept prepaid cards. In practice, this affects a small number of transactions, but it is worth knowing.
• No joint accounts -- KOHO does not currently offer joint accounts, which can be inconvenient for couples who share finances.
• No cheques -- If you need to write physical cheques, you will need to maintain an account elsewhere. This matters less each year as cheque usage declines.
• ATM withdrawals -- Cash withdrawals from ATMs may incur fees from the ATM operator. KOHO does not charge its own withdrawal fee, but the third-party fee is common.
• No TFSA or RRSP -- KOHO does not offer registered accounts. If you want tax-sheltered savings, you will need to pair KOHO with an institution like EQ Bank that offers TFSA accounts.

KOHO vs. Traditional Banks

The most relevant comparison for most Canadians is KOHO versus their existing big bank account. Here is how that breaks down across the categories that matter most.

On interest, KOHO wins decisively. Even the free KOHO plan at 0.50% beats most big bank savings rates. On the Everything plan, 5% is roughly 100 to 500 times higher than what major banks pay.

On fees, KOHO wins again. Traditional chequing accounts at major banks cost $4 to $17 per month unless you maintain a high minimum balance. KOHO's free plan has no monthly fee and no minimum balance.

On features, traditional banks still have an edge in some areas. They offer branch access, joint accounts, cheques, mortgages, and the full spectrum of financial products. KOHO is focused on spending, saving, and cashback.

For most Canadians, the ideal setup is to use KOHO as a primary spending and savings tool while maintaining a traditional bank account for services KOHO does not offer. This captures the best of both worlds without sacrificing anything meaningful.

KOHO vs. Neo Financial

Neo Financial is KOHO's closest competitor in the Canadian digital banking space. Both offer cashback, competitive interest rates, and no-fee base accounts. The key differences come down to interest rates and cashback networks.

KOHO offers a $20 signup bonus + $100 per referral versus Neo's 4% maximum. For savings-focused Canadians, this gives KOHO a clear advantage. However, Neo's cashback network of over 10,000 partners is significantly larger than KOHO's, which means Neo users may earn more cashback on everyday purchases depending on where they shop.

Our recommendation: if maximizing interest on savings is your priority, choose KOHO. If maximizing cashback on spending is more important, Neo deserves a close look. Many Canadians use both to get the best of each.

Who Should Use KOHO?

KOHO is an excellent fit for several types of Canadian consumers:

• Savers frustrated with big bank rates -- If you are tired of earning 0.01% on your savings, KOHO's rates are a massive upgrade.
• Budget-conscious spenders -- The instant notifications, spending categorization, and roundup features make KOHO one of the best budgeting tools available.
• Newcomers to Canada -- No credit check and no Canadian credit history required. KOHO is one of the most accessible financial products for new arrivals.
• Credit builders -- The built-in credit building feature is one of the safest and simplest ways to establish or rebuild credit in Canada.
• Students -- The free plan with no fees and cashback is perfect for students managing tight budgets.
• Anyone who wants to earn more -- Whether through interest, cashback, or signup bonuses, KOHO puts more money in your pocket than a traditional bank account.

How to Sign Up and Get the Bonus

Signing up for KOHO takes about five minutes. You will need a valid Canadian phone number, email address, and government-issued ID for verification. There is no credit check and no minimum deposit required.

1. Visit the KOHO signup page through our referral link
2. Enter your personal details and verify your identity
3. When prompted for a referral code, enter 45ET55JSYA
4. Choose your plan (you can start free and upgrade later)
5. Load funds via direct deposit, e-Transfer, or bank transfer
6. Make your first purchase to activate the signup bonus

Our Verdict

After extensive testing, KOHO is one of the best financial products available to Canadians in 2026. The combination of up to 5% interest, meaningful cashback, credit building, and zero barriers to entry is unmatched. It is not a complete replacement for a traditional bank -- you will still need a bank for mortgages, cheques, and some specific services -- but as a primary spending and savings tool, KOHO delivers exceptional value.

The free plan alone is worth signing up for, as it beats most bank savings rates without costing anything. For Canadians with $4,000 or more in savings, the Everything plan at $15/month is one of the smartest financial decisions you can make. Sign up for KOHO here with code 45ET55JSYA.