KOHO Financial vs Meridian Credit Union
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 3.9), but the right pick depends on which products and fees matter most to you.
Overview
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.
Meridian Credit Union is the largest credit union in Ontario, describing itself as number three in size out of credit unions in Canada. The institution operates as a not-for-profit with 100% member ownership. Given its size, Meridian has a larger range of products compared to many other credit unions in the country. It does, however, lack some higher end services like private banking and a full insurance offering with universal life coverage. Both of which you can find through a major Canadian bank.
Meridian has a credit card selection with cashback, travel rewards, and USD cards. They exclusively offer Visa, with no option for Mastercard or American Express. Monthly banking fees come in below those of the biggest banks in Canada, with its most basic account about a dollar less per month in comparison. Digital banks, however, tend to have an edge with account fees. As is the same with interest rates. Meridian’s high-interest savings rates can be more competitive than some traditional bank savings accounts, though they fall behind some other Canadian credit unions and digital institutions.
Members of Meridian have access to investment accounts through the credit union and through Qtrade Direct Investing. The financial institution does not have its own full-service brokerage. They do provide financial planning, which isn’t always the case with credit unions.
Overall rating
4.2
3.9
Customer experience
3.8
3.4
Best for
Digital users looking for a fintech that combines spending, saving, cash back and budgeting tools.
Ontario residents who want branch access without choosing a major bank
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
Part of THE EXCHANGE® Network providing access to more than 40,000 ATMs with no additional charges
More competitive account fees than the Big Six Canadian banks
Lower minimum balance waiver requirements compared to the major banks
Full service banking lineup with basic investment and financial planning
Deposit insurance from the Financial Services Regulatory Authority (FSRA)
Cons
Premium offerings (private banking, universal life insurance, etc) are not available
Branch access concentrated in Ontario, making the credit union less appealing to customers outside the province
Product lineup is not as broad as the Big Six Canadian banks especially for insurance and premium wealth management services
Savings rate may still fall behind digital institutions
Credit card selection is limited comparatively
Mixed customer reviews
Top chequing accounts
KOHO Financial has no chequing account listed.
on Meridian's website
Welcome Bonus
N/A
Monthly Fee
$14 (waivable)
Account Type
Chequing • Personal
- Fee waiver with $3,000 minimum balance
- Includes unlimited self-serve¹ transactions
- In-branch transactions and cheques cost $1.25 each if your account balance is below $3,000
- Rebates on up to 99 Interac e-Transfers³ each month
- Access to 3,600 Meridian ATMs and 40,000 ATMs on THE EXCHANGE® Network
Account Fees
Monthly Fee
$14
eStatement
Included
on Meridian's website
Welcome Bonus
N/A
Monthly Fee
$19 (waivable)
Account Type
Chequing • Personal
- Fee waiver with $5,000 minimum balance⁵
- Unlimited transactions, both self-serve¹ and in-branch²
- Rebate on 99 Interac e-Transfers³
- Unlimited cheques⁴
- Access to 3,600 Meridian ATMs and 40,000 ATMs on THE EXCHANGE® Network
Account Fees
Monthly Fee
$19
eStatement
Included
Top savings account
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
on Meridian's website
Welcome Bonus
N/A
Regular Interest
0.85%
Monthly Fee
$0
- Earn 0.85% in interest on all balances* in the account
- Available for non-registered accounts, TFSAs, RRSPs, FHSAs and RRIFs
- No minimum balance needed
- No limit on self-serve or in-branch transactions1, 2
- $1.00 per Interac e-Transfer in non-registered accounts
Top credit card
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
on Meridian's website
This card is only available to residents of Ontario.
Welcome Bonus
Earn 7,000 reward points‡ on first purchase (up to $70 value)
Annual Fee
$99 $0
Interest Rates
19.50% / 21.99%
RECOMMENDED CREDIT SCORE
4.2/5
The Meridian Visa Infinite Travel Rewards Card stands out primarily for its flexible reward options and considerable insurance coverage. With the ability to earn 1.5 points per $1 spent on all purchases and double points on foreign currency transactions, it offers a competitive edge for frequent travelers. Its extensive insurance benefits, including rare price protection, further bolster its appeal, making it a strong contender for those who meet the income requirements and reside in Ontario.
Pros
- Versatile Rewards
- Impressive insurance coverage
- First-year fee waiver
Cons
- Restricted to Ontario residents
- High income requirements
Rewards
- Earn 3 reward points for every $1 spent (3% cash back) on purchases made outside Canada in foreign currencies
- Earn 1.5 reward points for every $1 spent (1.5% cash back) on other eligible purchases
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Up to 1 year
Mobile Device Insurance
Up to $1,000 per occurrence
Common Carrier Travel Accident Insurance
$1M per insured person per trip
Travel Medical Insurance (64 & under)
48 daysTravel Medical Insurance (65 to 75)
15 days
Trip Cancellation
$2,000
Trip Interruption
$2,000
Baggage Delay
$500
Lost or Stolen Baggage
$1,000.svg)
Car Rental Damage & Theft
Max car value of $65k, up to 48 days
Price Protection
$100 per item, $500 per year
Benefits
Details
Visa Infinite Exclusive Benefits
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
All products offered