Use code 45ET55JSYA when opening your free KOHO account. No monthly fees, no minimum balance, no credit check — just free banking with a welcome bonus.
Open a free KOHO account — no monthly fees, no minimum balance, no credit check
Open KOHO Free Account →KOHO is a Canadian financial technology company offering a free chequing account and prepaid Visa card with no monthly fees and no minimum balance requirement. Founded in 2014 and headquartered in Toronto, KOHO has grown to over 1 million Canadians who use it as their primary everyday spending account.
Unlike traditional bank accounts that charge $4–$30 per month in fees, KOHO's base account is completely free. You get a physical Visa card, instant e-transfers, mobile cheque deposits, and real-time spending notifications — all at no cost.
KOHO makes money through interchange fees (a small percentage every time you tap your card) and through optional paid plans like KOHO Everything and KOHO Extra, which add perks like higher cashback rates and credit-building features. The free tier is genuinely free and doesn't pressure you to upgrade.
KOHO is not a bank — it's a financial technology company that partners with Peoples Bank of Canada, a federally regulated CDIC member institution. This means your deposited funds are eligible for CDIC deposit protection up to $100,000.
For Canadians tired of paying Big 5 bank fees, newcomers without a Canadian credit history, students, or anyone wanting to separate spending money from savings, KOHO is one of the most practical free banking options available in Canada today.
Using the referral code takes under 60 seconds. Follow these steps to make sure the bonus is applied to your account:
Tap the green "Open KOHO Free Account" button above or below. This takes you directly to KOHO's signup flow. Download the KOHO app on iOS or Android if prompted.
KOHO will ask for a valid Canadian email address. Use one you check regularly — your card, statements, and cashback notifications will go there.
KOHO uses a quick ID verification required by Canadian financial regulations. Have a government-issued ID ready (passport, driver's licence, or PR card). A smartphone camera makes this fast.
During signup you will see a field labelled "Referral code" or "Promo code." Type 45ET55JSYA exactly (all caps, no spaces). This is what attaches the welcome bonus to your account.
Add money via Interac e-Transfer or set up direct deposit. Meet any spending threshold required for the bonus to unlock, then enjoy free everyday banking with cashback on every purchase.
KOHO packs a surprising number of features into its free plan, with optional paid upgrades for power users:
The base KOHO account is $0/month. No minimum balance, no inactivity fee, no fee to close.
Earn cashback on groceries, food, and transportation on the free plan. Higher rates on paid tiers.
Use your KOHO card anywhere Visa is accepted in Canada and internationally. Physical + virtual card included.
Send and receive Interac e-Transfers instantly. Free on all plans, no per-transfer fees.
Set up savings goals and earn interest on money in Vaults — competitive with high-interest savings accounts.
KOHO Credit Building reports on-time payments to Equifax for $10/month, building your Canadian credit score.
Upgrade for higher cashback (up to 2%), price matching, and financial coaching. Plans from ~$9/month.
Automatic categorization and real-time push notifications on every transaction.
KOHO is a prepaid card. No hard credit inquiry means zero impact on your credit score to open an account.
Here's how KOHO stacks up against typical Big 5 bank accounts on the features that matter most:
| Feature | KOHO (Free Plan) | Big 5 Basic Account | Big 5 Premium Account |
|---|---|---|---|
| Monthly fee | $0 | $4–$10.95 | $16.95–$30 |
| Min. balance to waive fee | None | $3,000–$4,000 | $4,000–$6,000 |
| Included transactions | Unlimited | 12–25/month | Unlimited |
| Cashback rewards | Yes | No | No |
| Interac e-Transfers | Free & instant | $1.50 each | Included |
| Savings interest | Yes (Vaults) | ~0.01% | ~0.01% |
| Credit check to open | None | Soft check | Soft check |
| CDIC protection | Yes (via Peoples Bank) | Yes | Yes |
| Mobile app rating (iOS) | 4.7 / 5 | 3.5–4.2 / 5 | 3.5–4.2 / 5 |
Big 5 fees as of 2025. Rates may vary by province and account type.
KOHO holds customer funds with Peoples Bank of Canada, a federally chartered bank and CDIC member institution. Your deposited balance is eligible for Canada Deposit Insurance Corporation (CDIC) coverage up to $100,000 — the same protection you get at RBC or TD.
Beyond deposit insurance, KOHO uses bank-grade security measures:
256-bit encryption on all data in transit and at rest, meeting the same standards used by major Canadian financial institutions.
Two-factor authentication (2FA) available on your account for an extra layer of login security. Highly recommended to enable.
Instant card lock via the KOHO app — if your card is lost or stolen, freeze it immediately without calling a 1-800 number.
Visa zero-liability protection — if unauthorized charges appear on your KOHO Visa card, Visa's purchase protection applies.
KOHO is registered as a money services business with FINTRAC (Canada's financial intelligence agency) and operates under full Canadian financial regulations. Over 1 million Canadians trust KOHO with their day-to-day finances.
Open a free KOHO account — no monthly fees, no minimum balance, no credit check
Open KOHO Free Account →Disclosure: Bremo.io is an independent financial content publisher. We may earn a referral commission if you sign up using links on this page. This does not affect our editorial content or the bonus you receive. Information is accurate as of April 2025 — always verify current terms on KOHO's official website before signing up.