KOHO occupies a unique space in Canadian fintech — not a bank, not a credit card, but a prepaid Mastercard with cashback, savings interest, and a credit-building feature that no competitor currently matches. Your money sits at Peoples Trust (CDIC insured), you spend with the prepaid card, and you earn cashback and interest on your balance. The prepaid structure means you can only spend what you load — overspending is mechanically impossible.
The trade-off is missing features: no cheques, no cash deposits, no ATM withdrawals, and no registered accounts (RRSP, TFSA, FHSA, RESP). KOHO works best as a spending and savings layer alongside a no-fee chequing account — not as a standalone replacement for a bank.
KOHO Plans at a Glance
| Feature | Essential (Free) | Extra ($4/mo) | Everything ($9/mo) | Premium ($19/mo) |
|---|---|---|---|---|
| Cashback (all purchases) | 0.5% | 0.5% | 1% | 2% |
| Partner cashback | Up to 5% | Up to 5% | Up to 10% | Up to 10% |
| Savings interest | 0.5% | 3.0% | 4.0% | 5.0% |
| Instant e-Transfer | No | Yes | Yes | Yes |
| Credit Building | $7/mo add-on | Included | Included | Included |
| Joint account | No | No | Yes | Yes |
| No FX fee | No (1.5%) | No (1.5%) | No (1.5%) | Yes (0%) |
| Price match guarantee | No | No | No | Yes |
Savings by Plan
| Plan | Annual Cost | $5K Balance Earnings | $10K Balance Earnings | Break-even Balance |
|---|---|---|---|---|
| Essential | $0 | $25 | $50 | — |
| Extra | $48 | $150 | $300 | ~$1,600 |
| Everything | $108 | $200 | $400 | ~$6,000 |
| Premium | $228 | $250 | $500 | ~$10,400 |
Extra ($4/month) is the first meaningful jump: $250 more in annual earnings on $10,000 versus the free plan, against a $48 annual fee. Everything ($9/month) adds $100 more in earnings and includes credit building and joint accounts. Premium makes sense primarily for travellers (0% FX) and high-balance holders or heavy spenders who benefit from 2% cashback.
Credit Building
KOHO’s Credit Building feature is its most distinctive offering in the Canadian market. It reports a monthly instalment loan to Equifax — building payment history without a hard credit check or credit card application. This matters most for newcomers to Canada, students, and anyone rebuilding after past credit problems.
See the full page: KOHO Credit Building
Key Limitations
- No ATM cash withdrawals — KOHO is a spending card, not a cash access tool
- No cash deposits — prepaid model only; must load via e-Transfer or direct deposit
- No registered accounts — no TFSA, RRSP, FHSA, or RESP
- No cheques — no cheque book, no EFT setup for bill payments that require a voided cheque in the traditional sense
- No routing number — KOHO provides a direct deposit transit/account number via Peoples Trust, not a standalone Canadian institution number
KOHO vs Competitors
| Feature | KOHO Essential | KOHO Premium | Wealthsimple Cash | Neo Financial |
|---|---|---|---|---|
| Monthly fee | $0 | $19 | $0 | $0 |
| Cashback | 0.5% | 2% | 1% | Up to 5% (partners) |
| Savings interest | 0.5% | 5.0% | ~3.5% | ~4.0% |
| FX fee | 1.5% | 0% | 0% | 0% |
| Credit Building | $7/mo add-on | Included | No | No |
| ATM cash | No | No | No | No |
| CDIC insured | Yes (Peoples Trust) | Yes | Yes | Yes |
Who KOHO Is Best For
Budgeting-focused spenders who want the prepaid model’s built-in spending cap.
Newcomers to Canada and thin credit files — the Credit Building feature is KOHO’s most unique offering. No competitor includes credit bureau reporting in a no-hard-check product.
Travellers on Premium — 0% FX fee saves 1.5–2.5% on every foreign-currency purchase.
Not the right fit if you need to deposit cash, write cheques, make ATM withdrawals, hold registered accounts, or use KOHO as your sole financial institution.