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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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KOHO Financial Inc. edges ahead on our overall rating (4.0 vs 3.8), but the right pick depends on which products and fees matter most to you.
Overview
All products offered
1 product
Savings
Manulife Advantage Account
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.
Manulife Bank is “Canada's first branchless bank,” with its parent company well-known among Canadians. The digital bank has $33.5 billion in assets and is ranked by Forbes as number seven in Canada on its list of the World’s Best Banks 2026. It also has Canada Deposit Insurance Corporation (CDIC) coverage on deposits.
Offering a much narrower lineup versus the biggest banks in Canada, Manulife Bank has one main bank account, which acts as a hybrid between chequing and savings. It also has Visa-branded credit cards, though does not offer Mastercard or American Express. The bank’s lineup is complete with mortgages and lines of credit, but its ongoing, non-promotional borrowing rates are less competitive, especially compared to offers available through digital banks.
One of the standout features of Manulife Bank is its integration with Manulife Financial, which allows customers access to insurance and wealth management services alongside daily banking. For those who already use Manulife products, it can provide a simple way to manage everyday banking with other financial needs.
Overall rating
4.0
3.8
Customer experience
3.8
3.2
Best for
Digital users looking for a fintech that combines spending, saving, cash back and budgeting tools.
Manulife Bank is ideal for Canadians who want digital banking from an established financial institution. Is it particularly attractive to those who already use Manulife for insurance, wealth management, or borrowing.
Pros & cons
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
Pros
Schedule I federally chartered bank with backing from The Manufacturers Life Insurance Company
Integration with Manulife Financials’ broader offering
CDIC insurance coverage on eligible deposits
Access to over 2,600 surcharge-free ATMs in Canada through Manulife Bank or The Exchange Network
Hybrid banking, which combines interest with everyday banking features
Cons
No physical branch locations
Less banking options compared to the Big Six Canadian banks
Mixed customer reviews
Business banking is not a complete offering
Rewards ecosystem is less competitive
Regular savings rates are not market-leading
Best for: Cashback
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
$4 (waivable)
With the KOHO Essential Account, members receive:
Pros
Cons
3.9 Our rating
on Manulife Bank's website
Welcome Bonus
Get an additional 1.5% in interest for new customers
Regular Interest
1.5%
Monthly Fee
$0
Earn an extra 1.5% on top of the regular 1.50% variable interest rate when you make a deposit your new Advantage Account*
* 3.00% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 1.50% and the variable annual promotional rate of 1.50%. Interest is calculated daily and paid monthly beginning on the date the account is opened and continuing 730 days (2 years) on net new deposits to a maximum of $500,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot be combined with other offers. The offer and rates are as of July 2, 2026 and subject to change without notice. Click here for full terms and conditions (PDF).
on KOHO's website
Finly Special Offer
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26
Annual Fee
See Rates
Interest Rates
N/A / N/A
RECOMMENDED CREDIT SCORE
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
Cons
Rewards
Benefits
Details
Unlimited e-Transfers
Interest on Balance
Eligibility
Credit Score
Annual Income
Manulife Bank of Canada has no credit card listed.
