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 | National Bank | |
|---|---|---|
| Signup Bonus | $80 free cash (code 45ET55JSYA) | None |
| Monthly Fee | $0 (free plan) | $10.95–$26.95/month |
| Cash Back | Up to 5% on purchases | Via NBC Mastercard products |
| Credit Check | No hard credit check | Hard credit check |
| Savings Interest | Up to 5% (premium plans) | 0.01–0.05% standard |
| Credit Building | Yes — optional credit building feature | Yes — credit card products |
| Mobile App | ⭐⭐⭐⭐⭐ (4.8 App Store) | ⭐⭐⭐⭐ (4.1 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 National Bank (Quebec's national bank, strong in Eastern Canada). For a signup bonus, KOHO offers $80 free cash (code 45ET55JSYA) while National Bank offers None. For monthly fees, KOHO charges $0 (free plan) vs National Bank's $10.95–$26.95/month. See the full comparison table above for a complete breakdown.
KOHO signup bonus: $80 free cash (code 45ET55JSYA). National 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. National 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 National Bank to take advantage of each account's best features.
KOHO monthly fee: $0 (free plan). National Bank monthly fee: $10.95–$26.95/month. 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. National Bank cash back: Via NBC Mastercard products. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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