ATB Financial vs KOHO Financial
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
KOHO Financial edges ahead on our overall rating (4.2 vs 4.0), but the right pick depends on which products and fees matter most to you.
Overview
ATB Financial is a provincially-owned bank with $110 billion in assets under management. What started as a small treasury branch has transformed into what ATB Financial calls “the largest financial institution headquartered in Western Canada.” Its operations are mainly in Alberta, though in 2023, ATB Wealth, its full-service brokerage, first expanded outside of the province. As of 2026, the wealth management arm has locations in both British Columbia and Saskatchewan.
With a range of financial services, ATB offers its customers access to chequing and savings accounts as well as credit cards, mortgages, business banking and wealth management. Its savings rates are more competitive than the biggest banks in Canada, offering slightly better returns on savings. It still trails the digital banks, though.
The institution also has several credit cards available to Alberta residents. Each of the cards has different perks, including cashback or rewards, though eligibility restrictions and constraints on rewards means their credit card offering lacks in comparison to the larger banks.
ATB also has a range of lending products as well as business banking and access to investment services through ATB Wealth and ATB Cormark Capital Markets. The bank offers more depth than many smaller regional institutions. And more than the digital banks. Its Alberta focus, however, makes it less convenient for Canadians who live outside of the province. For anyone inside its core market, ATB may be a strong full-service alternative.
Since its founding in 2014, fintech company KOHO Financial Inc. has developed under the motto “no hidden fees, no fine print, no catch.” Its product offering is narrow, though full of valuable choices. For example, FinlyWealth rated the KOHO Essential Plan at 4.9 stars out of 5, naming it as the best for cash back. Meanwhile, these cash back rewards are available on all plans, as is interest, starting at a rate of 2% for the Essential plan. Considering the most basic plan comes at a low monthly cost, it’s an impressive selling point. The company also allows you to directly purchase cryptocurrencies.
One of the drawbacks of the fintech is that it does not provide the same benefits and products as a full-service bank. It doesn’t, for example, have mortgages or a complete loan offering. Instead, its lending platform limits the options to just cash advances, lines of credit, and pay later plans. It also has no in-person services, so it requires all customers to be comfortable with digital banking.
Overall rating
4.0
4.2
Customer experience
3.3
3.8
Best for
ATB Financial works best for Albertans who want a full-service banking relationship within a regional institution.
Digital users looking for a fintech that combines spending, saving, cash back and budgeting tools.
Pros & cons
Pros
Strong regional presence in Albera with more than 300 locations across the province
ATB Wealth expansion into areas outside of Alberta
Full-service product lineup including banking, lending, wealth management and capital markets
Competitive product lineup with unlimited banking and a no-fee digital account
Some savings accounts offer better rates than traditional Big Five savings accounts
More competitive loan and lending rates than the major banks
Cons
Primarily services Alberta so it is less convenient for those outside the province
Savings rate are still modest in comparison to digital high-interest savings accounts
Smaller credit card lineup compared to the major banks
Rewards program points are slightly less valuable than those from the bigger banks
Public customer reviews are mixed with complaints about service quality
Pros
Competitive interest rates depending on the plan
Ability to waive monthly fees with a minimum balance requirement
Cash back benefits available on all plans
Access to “thousands” of no-fee ATMs using partners
Provides budgeting tools
Digital-first experience with spending, saving, borrowing and credit-building options all available in its app
Cons
No traditional chequing accounts or investment options
Does not offer mortgages
Does not operate a full-service bank, limiting the products and in-person services available
No deposit insurance coverage from the Canada Deposit Insurance Corporation (CDIC)
Best rates and perks are reserved for higher-level plans
Top chequing accounts
on ATB's website
Welcome Bonus
N/A
Monthly Fee
$0
Account Type
Chequing • Personal
- No monthly fee with line of credit approval
- Line of credit for the amount of $5,000 to $50,0001
- Unlimited digital transactions (in-branch transactions cost an additional $5 each)
- No cost Interac e-Transfers
- No minimum balance requirement
- Reimbursement of up to $4.50 for an ABM withdrawal outside of Alberta but still in Canada (up to two withdrawals each month)
- Reimbursement of $8 for one monthly ABM withdrawal in the US2
Account Fees
Monthly Fee
$0
eStatement
Included
4 Our rating
on ATB's website
Welcome Bonus
Earn up to $900* for new customers
Monthly Fee
$24.95 (waivable)
Account Type
Chequing • Personal
- Select your banking package. By opening a chequing account with ATB Financial and a credit card, you can follow the steps to get up to $900*
- Fund your chequing account. Within 60 days, move your direct deposit to your new account and complete two eligible payments.*
- Activate your credit card. Complete a purchase on the card to receive your welcome bonus. Meet the spending goal and complete a credit card payment from your ATB chequing account within 60 days. Then, get your second bonus.*
- $24.95 per month with the monthly fee waivable if you meet a $6,000 daily balance requirement
- Unlimited no-cost Interac® e-Transfers
- No cost Alberta Lifestyle Cheques, bank drafts and stop payment service
- Receive a discount of as much as 2.5% on approved interest rates for personal lines of credit (minimum rate is Prime + 3%)2
- Reimbursement of up to $4.50 for an ABM withdrawal outside of Alberta but still in Canada (up to five withdrawals each month)
- Credit card fee waiver on premium credit cards1
- Save $12 on the annual fee of a safety deposit box
- Optional overdraft protection
Account Fees
Monthly Fee
$24.95
eStatement
Included
KOHO Financial has no chequing account listed.
Top savings account
2.55 Our rating
on ATB's website
Welcome Bonus
Earn total interest of up to 4.60%* for your first 90 days
Regular Interest
Up to 0.6%
Monthly Fee
$0
Eligible clients can get a total interest rate of 4.60%* during their first 90 days from a special bonus of 4.10%.
- Get a premium interest rate for each premium period in addition to the base interest rate
- No restrictions on withdrawals, though your premium period resets to day one. Any interest you already earned gets prorated and paid to you at month’s end.
- $1.50 per Interac e-Transfer
Best for: No fee cash back
4.9 Our rating
on KOHO's website
+ New clients can earn 10% cash back* using promo code FW10C26
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26
Regular Interest
2%
Monthly Fee
$0
- New KOHO clients can earn 10% cash back in the first 3 months (up to $1,000 in eligible spending, max $100 value)*
- Use promo code FW10C26
With the KOHO Core Account, members receive:
- $0/month, with no conditions, direct deposit requirement, or minimum balance
- 2% interest earned on their balance
- 1% unlimited cash back on groceries, transportation, food & drinks
- Up to 6.5% extra cash back at selected merchants
- Cash advance of up to $500* at 0% interest with Cover
- Unlimited transactions
- Free instant e-transfers
- International money transfers to 190+ countries
- Free credit score monitoring
- Free Secured Credit Building
- Instant virtual card
*Terms and conditions apply.
Pros
- Interest on balance
- No annual fee
- Select merchant optimization
- Unlimited transactions and e-transfers
- International money transfers
- Free 30-day trial
Cons
- Limited and low cash back
- No physical branch access
- ATM fees
Top credit card
on ATB's website
Welcome Bonus
40,000 points
Annual Fee
$120 $0
Interest Rates
20.99% / 22.99%
RECOMMENDED CREDIT SCORE
3.1/5
The ATB World Elite Mastercard offers impressive rewards and insurance coverage, making it ideal for high-income Alberta residents seeking premium travel perks. However, the low point value and high income requirements might limit its appeal for some users.
Pros
- High rewards
- Extensive Coverage
- Airport lounge access
- first-year fee rebate
Cons
- Low point value
- Alberta residents only
- High income requirement
Rewards
- 8 points for every $1 spent on eligible purchases on select travel merchants, including: airlines, hotels, motels and car rental companies
- 6 points for every $1 spent on eligible purchases on groceries, gas, digital streaming services and/or subscriptions, and entertainment
- 2 points for every $1 spent on any other purchases
The accelerated earn rate applies to the first $50,000 in annual purchases on the account, at merchants qualifying for the accelerated earn rate, per calendar year based on your statement cycle date. The annual spend cap for the accelerated earn rate resets every January. Once the combined cardholder spend exceeds this threshold in these categories, they will continue earning points at the regular earn rate of 2 points per $1 spent in purchases.
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
1 year
Car Rental Accident
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Car Rental Damage & Theft
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Car Rental Personal Effects
$1,000
Travel Medical Insurance (64 & under)
22 days
Common Carrier Travel Accident Insurance
$300,000
Flight Delay
$500Baggage Delay
$500
Trip Cancellation
$1,000
Trip Interruption
$1,000
Lost or Stolen Baggage
$1,000
Hotel Burglary Insurance
$1,000Personal Effects
$1,000
Price Protection
$100 per item, $500 per account annually
Benefits
Details
Airport Lounge - Dragon Pass
4 complimentary lounge visits each year for each primary cardholder
Car Rental Discount
25% off base rate of participating Avis and Budget locations
Boingo Wi-Fi hotspot
over 1 million wifi hotspots worldwide
Eligibility
Credit Score
Very GoodAnnual Income
$80,000 personal or $150,000 household
on KOHO's website
Finly Special Offer
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26
Annual Fee
$0
Interest Rates
N/A / N/A
RECOMMENDED CREDIT SCORE
4.9/5
The KOHO Core Mastercard is a great base-tier option for those who want to collect cash back and build credit with KOHO; all for no monthly fee. Unlock rewards on common purchases, earn interest on your balance, and tap into credit monitoring and secured credit building.
Pros
- No credit check
- Interest on balance
- No annual fee
- Secured credit building
- Unlimited e-transfers
Cons
- Low purchase reward rate
- Limited benefits
Rewards
- 1% cash back on groceries, eating and drinking, and transportation
- 2% interest on your entire balance
- Up to 6.5% extra cash back at selected merchants
Benefits
Details
Unlimited e-Transfers
Interest on Balance
2% interest
Secured Credit Building
Free
Eligibility
Credit Score
PoorAnnual Income
N/A
All products offered