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EQ Bank vs KOHO Financial Inc.
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
EQ Bank 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
While some of the biggest banks in Canada have been around for over two hundred years, EQ Bank is relatively new on the scene. It’s the digital platform of Equitable Bank, which is Canada’s seventh-largest bank ranked by assets. Established in 2016, EQ Bank received recognition from Forbes, appearing on its World’s Best Banks list from 2021 through to 2025. As of 2026, the bank has $10 billion in deposits.
What EQ Bank lacks in variety, it makes up for with quality. Its everyday banking lineup is limited to only a handful of choices, but each one is a unique offering. For example, the EQ Notice Savings Account provides one of the top interest rates outside of a promotional period with no monthly fees or minimum balance. The catch? You must provide notice before making withdrawals. Meanwhile, its EQ Personal Account pays interest, which is not common for a chequing account in Canada.
Credit card options are, again, limited, though well-ranking. Its EQ Bank Card is the only card that the bank offers. And it’s a prepaid card with a cashback feature, not a traditional credit card. That said, Finly Wealth rated it as the “best overall prepaid card in Canada.”
The limitations of the bank fall to the products and services it does not offer. EQ Bank does not have a branch network or wealth management services. But it does seem to be expanding, recently announcing an EQ Bank Business Card to service small business owners.
EQ Bank also has programs that help refer its customers to the products and services they need. For example, the bank itself does not provide mortgages, though it has Mortgage Marketplace. The program uses an algorithm to connect customers with a mortgage from other lenders, including those from its parent, Equitable Bank. It is not a full-service bank, but these services and expansion efforts help to fill the gaps of many digital-first institutions.
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
4.2
4.0
Customer experience
3.7
3.8
Best for
Canadians who want a low-cost digital banking experience with strong savings rates. It works well for those who are comfortable banking online and prefer a no-monthly-fee account over branch access.
Digital users looking for a fintech that combines spending, saving, cash back and budgeting tools.
Pros & cons
Pros
No-monthly-fee accounts
No minimum balance requirements
Earn interest on your chequing account
Higher relative savings rates compared to the major Canadian banks
The bank will reimburse you for up to 5 domestic ATM withdrawals per month (max $5 each)
Deposit insurance coverage from the Canada Deposit Insurance Corporation (CDIC)
Cons
Limited product options
No in-branch access available as it is a digital bank
No dedicated EQ Bank ATMs
Limited investment options beyond GICs and interest on cash
Not a full-service bank
No traditional credit card offering
Mixed customer reviews
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
EQ Personal Account
EQ Personal Account
4.9 Our rating
OPEN ACCOUNT
on EQ Bank's website
Welcome Bonus
N/A
Regular Interest
Up to 2.75%
Monthly Fee
$0
Account Type
Chequing • Personal
Enjoy the day-to-day flexibility of a chequing account, with an interest rate up to 6x higher** than the average savings account when you direct deposit your pay*.
Key Highlights:
- Earns up to 2.75%* interest on your everyday balance (acts like chequing + savings in one)
- No monthly fees and no minimum balance
- Unlimited free transactions (e-Transfers, bill payments, EFTs)
- Comes with an EQ Bank prepaid Mastercard
- 0.5% cash back on card purchases
- Free ATM withdrawals in Canada, including reimbursement of third-party ATM fees
- No foreign transaction fees when using the card
- Fully online banking with a strong mobile app
- Ability to link multiple external bank accounts
- Eligible for CDIC protection† (up to $100,000 per eligible category)
Things to Note:
- No physical branches
- No traditional debit card (uses prepaid Mastercard instead)
- Cash deposits not supported directly
Is the Personal Account right for you?
It’s right for you if:
- You’re looking for an account with no everyday banking fees and an unlimited number of transactions each month.
- You’re looking to make everyday banking transactions, such as direct deposits, pre-authorized debits, Interac e-Transfers®, and bill payments.
- You’re looking to earn high interest on your day-to-day banking.
- You need instant access to your funds.
- You’re looking for an account that’s eligible for CDIC protection.
- You're looking for a completely digital banking experience.
It’s not right for you if:
- You’re looking for an account that offers cheques.
- You’re looking for an account that offers bank drafts and in-branch support.
- You need to deposit cash.
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$0
International
$0
KOHO Financial Inc. has no chequing account listed.
Top savings account
EQ Notice Savings Account
EQ Notice Savings Account
4.9 Our rating
OPEN ACCOUNT
on EQ Bank's website
Welcome Bonus
N/A
Regular Interest
Up to 2.75%
Monthly Fee
$0
Key Highlights:
- Earns up to 2.75%* interest
- No monthly fees and no minimum balance
- CDIC eligibility† for deposits (up to $100,000 per eligible category)
- Earn up to 7x** more than with other banks.
Is our Notice Savings Account right for you?
It’s right for you if:
- You want to save longer to receive higher interest.
- You’re able to wait the 10- or 30-day notice period to access your funds.
- You want free unlimited deposits and withdrawals.
- You’re looking for an account that’s eligible for CDIC protection.
- You're looking for a completely digital banking experience.
It’s not right for you if:
- You’re looking to make everyday banking transactions, such as direct deposits, Interac e-Transfers®, and bill payments.
- You need instant access to your funds.
Best for: Cashback
KOHO Essential Plan
KOHO Essential Plan
4.9 Our rating
GET OFFER
on KOHO's website
Exclusive · From FinlyWealth$75$100 rebate
+ New clients can earn 10% cash back* using promo code FW10C26, plus 10 years of groceries(1)
Limited offer · ends
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26, plus 10 years of groceries(1)
Regular Interest
2%
Monthly Fee
$4 (waivable)
- 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
- Get 10 Years of Groceries — KOHO Contest1
- Win $500/month for 10 years ($60,000 total) deposited to your KOHO account
- Auto-entry: register and fund a KOHO account (no purchase required)
- Bonus entries: +10 for Direct Deposit setup, +10 per eligible paid product, +10 per referral (no cap, all stackable)
- Ends July 31, 2026 — details here
With the KOHO Essential Account, members receive:
- A free 30-trial
- 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
- Unlimited transactions
- Free instant e-transfers
- International money transfers to 190+ countries
- Free credit score monitoring
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
APPLY NOW
on EQ Bank's website
RECOMMENDED CREDIT SCORE
300⁎Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.4/5
The EQ bank card is not a credit card; it's a prepaid card, so you will not be able to get the same level of rewards as when using a credit card and it will not build credit. But if getting a prepaid card is your goal, then this card is, without a doubt, the best choice. Voted the best "Prepaid Card" in Canada, this card offers rewards and benefits that are mostly not offered by other prepaid cards. Earning interest on balance, rewards on purchases, no foreign transaction fee, and especially the unique no ATM fee that no other card provides, makes this card the best among prepaid cards.
Pros
- Best prepaid card
- No ATM fees
- Interest earned on balance
- No foreign transaction fee
- Some purchase cashback
Cons
- No insurance
Rewards
- 0.5% cash back on every purchase
Benefits
Details
No Foreign Transaction Fees
Pay no extra FX fees when making purchases outside of Canada
Free ATM withdrawal
ATM fee reimbursement for Canada only
Interest on Balance
Base rate of 1.00%*, or 2.75%** bonus rate
Eligibility
Credit Score
N/AAnnual Income
N/A
APPLY NOW
on KOHO's website
Finly Special Offer
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26, plus 10 years of groceries(1)
Annual Fee
$0
Interest Rates
N/A / N/A
RECOMMENDED CREDIT SCORE
300⁎Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.9/5
The KOHO Essential Mastercard is an excellent choice for people with poor or no credit who want a prepaid card that offers a few perks, like cash back and interest on balances. However, the rewards and benefits are not as robust as traditional credit cards, though it's an amazing product for credit building, earning interest and simple everyday spending using your own money.
Pros
- No credit check
- Interest on balance
- No annual fee
- Select merchant optimization
- 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
Eligibility
Credit Score
PoorAnnual Income
N/A
All products offered