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A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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EQ Bank and KOHO Financial are evenly matched on our overall rating (4.2 each) — compare their products and fees below to decide.
Overview
All products offered
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
4.2
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
4.5 Our rating
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:
Things to Note:
Is the Personal Account right for you?
It’s right for you if:
It’s not right for you if:
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 has no chequing account listed.
4.9 Our rating
on EQ Bank's website
Welcome Bonus
N/A
Regular Interest
Up to 2.75%
Monthly Fee
$0
Key Highlights:
Is our Notice Savings Account right for you?
It’s right for you if:
It’s not right for you if:
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
Limited offer · ends
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26
Regular Interest
2%
Monthly Fee
$0
With the KOHO Core Account, members receive:
*Terms and conditions apply.
Pros
Cons
on EQ Bank's website
RECOMMENDED CREDIT SCORE
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
Cons
Rewards
Benefits
Details
No Foreign Transaction Fees
Free ATM withdrawal
Interest on Balance
Eligibility
Credit Score
Annual Income
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
Cons
Rewards
Benefits
Details
Unlimited e-Transfers
Interest on Balance
Secured Credit Building
Eligibility
Credit Score
Annual Income
