A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| KOHO | Manulife Bank | |
|---|---|---|
| Signup Bonus | $80 free cash (code 45ET55JSYA) | None |
| Monthly Fee | $0 (free plan) | $0 (with minimum balance) |
| Cash Back | Up to 5% on purchases | None on chequing |
| Credit Check | No hard credit check | Soft check for savings, hard for credit |
| Savings Interest | Up to 5% (premium plans) | 0.50–1.50% depending on product |
| Credit Building | Yes — optional credit building feature | Yes — via Manulife One mortgage product |
| Mobile App | ⭐⭐⭐⭐⭐ (4.8 App Store) | ⭐⭐⭐ (3.3 App Store) |
| CDIC Protected | Yes — via Peoples Trust | Yes — CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
KOHO takes the overall edge thanks to a bigger signup bonus and no monthly fees.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. KOHO (No-fee prepaid Visa with $80 signup bonus) vs Manulife Bank (All-in-one banking and mortgage offset accounts). For a signup bonus, KOHO offers $80 free cash (code 45ET55JSYA) while Manulife Bank offers None. For monthly fees, KOHO charges $0 (free plan) vs Manulife Bank's $0 (with minimum balance). See the full comparison table above for a complete breakdown.
KOHO signup bonus: $80 free cash (code 45ET55JSYA). Manulife 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.
KOHO: Yes — via Peoples Trust. Manulife Bank: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
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 Manulife Bank to take advantage of each account's best features.
KOHO monthly fee: $0 (free plan). Manulife Bank monthly fee: $0 (with minimum balance). Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
KOHO cash back: Up to 5% on purchases. Manulife Bank cash back: None on chequing. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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