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KOHO Financial Inc. vs Simplii 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 Inc. edges ahead on our overall rating (4.0 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.
Simplii Financial is a relatively new brand name in the banking scene, starting in 2017. It is, according to the bank, “a trademark and division of CIBC,” acting as its digital bank. Today, it has nearly 2 million clients and a reputation for quality. In Forbes’ 2026 list of the World’s Best Banks, Simplii Financial ranked number two in Canada, a list it has appeared on for many years.
The bank has a limited offering of products, though boasts some particularly well-ranking ones. For example, FinlyWealth rated the Simplii Financial No Fee Chequing Account at 4.5 out of 5, calling it our top chequing account pick for 2026. We also named its Cash Back Visa Card as the best dining cash back credit card in Canada.
As a digital bank, Simplii Financial does not have branches or its own ATM network, though clients can access their funds or make deposits using CIBC’s ATM network. A number of its more premium services are from its parent, CIBC. In terms of lending, for example, Simplii Financial has lines of credit and loans, though it ended its mortgage program in June 2025. Instead, clients can now access mortgages through CIBC. Its insurance program is also limited, with no standalone life or car insurance options available.
Overall rating
4.0
3.9
Customer experience
3.8
3.5
Best for
Digital users looking for a fintech that combines spending, saving, cash back and budgeting tools.
Canadians looking for no-fee digital banking with unlimited everyday transactions and access to CIBC ATMs.
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
Well-ranking products
No-fee chequing account with unlimited transactions and no minimum balance
No annual fee on its credit card
Access to CIBC ATMs at no extra cost
Backed by CIBC, giving stronger reliability compared to many standalone digital banks
Tiered interest rates on savings accounts benefit those who hold more money with the bank
Offers investing through GICs and mutual funds
Cons
Limited product selection compared to full-service banks
No in-branch service available
Mortgages and insurance products not available in-house, only through its parent, CIBC
Pays relatively low interest rates versus competitors
Rewards program is limited to cash back only
Cannot buy stocks, only mutual funds
Not available to Quebec residents
Top chequing accounts
KOHO Financial Inc. has no chequing account listed.
Best for: Great signup bonus and no fee everyday banking with access to CIBC ATMs
GET OFFER
on Simplii Financial™'s website
Exclusive · From FinlyWealth$50 rebate
+ Earn $300 and a $50 Skip gift card (terms apply)
Welcome Bonus
Earn $300 and a $50 Skip gift card (terms apply)
Regular Interest
Up to 0.01%
Monthly Fee
$0
Account Type
Chequing • Personal
Earn $300 and a $50 Skip gift card when you become a new client and open a No Fee Chequing Account and set up an eligible direct deposit of at least $100 for 3 straight months. Offer ends on Sept 30, 2026.
Save over $200/year with free daily banking.
It's simple. With a no-fee chequing account, you get free daily banking. Life’s always busy and you work hard every day for your money – it’s time for your bank account to do the same.
Product Highlights:
- Free daily banking – Enjoy unlimited debit purchases, bill payments and withdrawals.
- Skip the monthly fees - No monthly fees with no minimum balance
- Free access to over 3,400 CIBC ATMs across Canada
- Unlimited Interac e-Transfer® and debit transactions
- Earn interest on every dollar
Additional Features:
- 24/7 access to bank account via mobile app and online banking
- Setting up direct payroll deposits, account-to-account transfers and pre-authorized bill payments is easy. Overdraft Protection (optional extra): Fixed interest rate of 19.00% will be applied on overdraft balances, in addition to a monthly charge when ODP is used
- Send Digital Gift Cards
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$1.5
USA
$3
International
$3
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
19% annually (if used)
Bank Draft
$7.5
Top savings account
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
GET OFFER
on Simplii Financial™'s website
Exclusive · From FinlyWealth$30 rebate
+ 4.6% rate for 5 months
Welcome Bonus
4.6% rate for 5 months
Regular Interest
Up to 1%
Monthly Fee
$0
From May 1st 2026, earn 4.60% interest† on your first Simplii Financial High Interest Savings Account for the first 5 months. Only on eligible deposits up to $100,000. Terms apply. Offer ends on July 31, 2026.
Put your savings in the fast lane with great rates and no monthly fees.
Grow your savings. No matter what you’re saving for, it’s easier with Simplii™.
Product Highlights:
- No minimum balance needed
- No monthly or transaction fees
- Access your savings if you need them
- Easily set up automatic deposits
Top credit card
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
APPLY NOW
on Simplii Financial™'s website
Welcome Bonus
20% cashback† up to $500 in spending
Annual Fee
$0
Interest Rates
20.99%* / 22.99%*
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.3/5
If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
Awards & Recognition
Best Dining Cash Back Credit Card
2026
Pros
- High restaurant optimization
- Decent cashback rates
- No annual fee
Cons
- Basic insurance
- No benefits
- Capped rewards
Rewards
- 4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
- 1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
- 0.5% cashback on all other purchases†
Insurance
Coverage
Purchase Protection
Up to 90 days
Extended Warranty
Up to 1 year
Eligibility
Credit Score
GoodAnnual Income
$15,000 household
All products offered
3 products
Credit cards
Simplii Financial™ Cash Back Visa* Card