KOHO vs EQ Bank 2026: Which Is Better?

Side-by-Side

KOHO vs EQ Bank — Feature Comparison

Every major feature compared. Green cells indicate the better value.

	KOHO	EQ Bank
Signup Bonus	$80 free cash (code 45ET55JSYA)	None
Monthly Fee	$0 (free plan)	$0
Cash Back	Up to 5% on purchases	0.5% cash back via EQ Bank Card
Credit Check	No hard credit check	Soft check only
Savings Interest	Up to 5% (premium plans)	3.00%+ (market-leading)
Credit Building	Yes — optional credit building feature	No
Mobile App	⭐⭐⭐⭐⭐ (4.8 App Store)	⭐⭐⭐⭐ (4.3 App Store)
CDIC Protected	Yes — via Peoples Trust	Yes — EQ Bank is a CDIC member

Deep Dive

Pros & Cons

The key strengths and weaknesses of each account.

KOHO

No-fee prepaid Visa with $80 signup bonus

Pros

$80 free — highest bonus available in Canada
No monthly fee on base plan
Up to 5% cash back
Free credit score monitoring
Round-ups savings feature
Virtual + physical Visa card
Instant approval — no credit check
CDIC insured deposits

Cons

Prepaid Visa (not a debit or credit card)
Premium features cost $9–$19/month
No physical branches
No chequing account cheques

EQ Bank

High-interest savings and EQ Bank Card

Pros

Among the highest savings rates in Canada
No monthly fees
Free Interac e-Transfers
0.5% cash back on EQ Bank Card
GIC products available
CDIC insured

Cons

No signup bonus
No credit building
Limited cash back
No physical debit card initially (card separate)

Our Verdict

Which Is Better: KOHO or EQ Bank?

🏆 Winner: KOHO

KOHO wins for most Canadians in 2026

KOHO takes the overall edge thanks to a bigger signup bonus and no monthly fees.

Free cash: KOHO wins — $80 free cash (code 45ET55JSYA) vs. None.
Monthly fees: Both KOHO and EQ Bank offer comparable fee structures.
Savings interest: KOHO offers Up to 5% (premium plans) vs. EQ Bank's 3.00%+ (market-leading).
Credit building: KOHO wins — it offers credit building tools. EQ Bank does not.
Mobile app: KOHO rates ⭐⭐⭐⭐⭐ (4.8 App Store) vs. EQ Bank's ⭐⭐⭐⭐ (4.3 App Store).

Get Started

Open Your Account Today

Compare both options and claim any available signup bonuses below.

Open Account

KOHO

Bonus: $80 free cash (code 45ET55JSYA)
Fee: $0 (free plan)
Code: 45ET55JSYA

Get KOHO →

FAQ

KOHO vs EQ Bank: Common Questions

Is KOHO better than EQ Bank in 2026?

It depends on what you need. KOHO (No-fee prepaid Visa with $80 signup bonus) vs EQ Bank (High-interest savings and EQ Bank Card). For a signup bonus, KOHO offers $80 free cash (code 45ET55JSYA) while EQ Bank offers None. For monthly fees, KOHO charges $0 (free plan) vs EQ Bank's $0. See the full comparison table above for a complete breakdown.

Does KOHO or EQ Bank offer a signup bonus?

KOHO signup bonus: $80 free cash (code 45ET55JSYA). EQ Bank signup bonus: None. If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.

Are KOHO and EQ Bank CDIC insured?

KOHO: Yes — via Peoples Trust. EQ Bank: Yes — EQ Bank is a CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.

Can I have both KOHO and EQ Bank accounts at the same time?

Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both KOHO and EQ Bank to take advantage of each account's best features.

What is the monthly fee for KOHO vs EQ Bank?

KOHO monthly fee: $0 (free plan). EQ Bank monthly fee: $0. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.

Which has better cash back: KOHO or EQ Bank?

KOHO cash back: Up to 5% on purchases. EQ Bank cash back: 0.5% cash back via EQ Bank Card. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.

KOHO vs EQ Bank in 2026