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KOHO Financial Inc.
Written by Lauren Brown
Last updated on July 5, 2026
Fact Checked
FinlyWealth rating
🏅
4.0
Products they offer:
Best for:
Digital users looking for a fintech that combines spending, saving, cash back and budgeting tools.
Open account
on KOHO Financial Inc.'s website
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.
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
Product Reviews
Savings Accounts
Best for: Cashback
KOHO Essential Plan
KOHO Essential Plan
4.9 Our rating
OPEN ACCOUNT
on KOHO's website
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)
The KOHO Essential Plan gives Canadians a digital account that combines spending and savings. It pays interest on all balances and allows the accountholder to earn cashback on certain purchases. Unlimited free transactions, including e-Transfers, are included as well. You can also receive a fee waiver by receiving a direct deposit or adding money into the account each month.
While KOHO is not a full-service bank, the plan is highly competitive for those who are comfortable banking online or in-app.
- 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
Best for: Cashback, no FX fees and savings
KOHO Everything Plan
KOHO Everything Plan
4.6 Our rating
OPEN ACCOUNT
on KOHO's website
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26, plus 10 years of groceries(1)
Regular Interest
3.5%
Monthly Fee
$14.75
KOHO’s Everything Plan is the fintech’s top-tier digital plan which offers the strongest rewards and savings features of the company’s lineup. It has a better interest rate than the lower-tier plans and premium rewards like elevated cash back rates and no foreign transaction fees.
The main drawback of the plan is its monthly fee, which comes in at an elevated cost of $14.75 per month. For those who make use of the plan’s benefits, it provides sound value. If you prefer in-branch access, though, you may want to consider a traditional financial institution instead.
- 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 Everything Account, members receive:
- 2% cash back on groceries, transportation, food & drinks
- Up to 6.5% extra cash back at selected merchants
- 3.5% interest earned on balance
- No foreign transaction fees
- Unlimited transactions
- Unlimited Instant e-Transfers
- International money transfers to 190+ countries
- Free 3GB of eSim for staying connected abroad
- Free credit score monitoring
- 50% discount on credit building
- Advanced phone support
Pros
- Impressive cash back rates
- Extra cash back at selected merchants
- Interest earned on balance
- No foreign transaction fee
- Free 3GB of eSim
- Discount on credit building
- Advanced phone support
Cons
- Monthly fee
- ATM fees
KOHO Extra Plan
KOHO Extra Plan
4.1 Our rating
OPEN ACCOUNT
on KOHO's website
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26, plus 10 years of groceries(1)
Regular Interest
2.5%
Monthly Fee
$12
The KOHO Extra Plan is a mid-tier digital plan with enhanced rewards and a higher interest rate. Users can earn cash back on eligible purchases while making unlimited transactions. Additional perks include free eSims, no foreign transaction fees, credit score monitoring and a discount on KOHO’s credit building plan. It also provides access to the Cover bundle, allowing for cash advances.
At a cost of $12 per month, the plan’s fee is in line with other institutions, though customers need to make use of the rewards and features to justify the cost. It’s also just a couple of dollars per month less than the plan at the next tier, which provides more relative value.
- 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 Extra Account, members receive:
- 2.5% interest earned on balance
- 1.5% unlimited cash back on groceries, transportation, food & drinks
- Up to 6.5% extra cash back at selected merchants
- No foreign transaction fees
- Free credit score monitoring
- Unlimited transactions
- Unlimited instant e-transfers
- 30% discount on credit building
- 30-day free trial
Pros
- Interest on balance
- Bonus cash back at selected merchants
- No foreign transaction fees
- Unlimited transactions and e-transfers
- Discount on credit building
- 30-day trial
Cons
- Monthly fee
- ATM fees
- No phone support
Customer Experience
3.8/5
KOHO has a sound customer experience score, benefiting from its well-ranking mobile app and its customer reviews. The fintech receives an “excellent” score of 4.5 on Trustpilot, where many customers write about positive interactions on the platform. Customers go as far as to say “Koho is amazing,” praising its “easy to use website.”
The complaints against the company center around a reported lack of fraud investigations and even a delay in processing refunds. There are also reviews suggesting its AI customer service center can make it difficult to reach a real representative. Without branch access, it can also be a challenge for those who prefer in-person service. This makes KOHO less competitive than institutions with a broader service capability.
Rating Methodology
How We Rate KOHO Financial Inc.
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
KOHO originally issued Visa cards but, in 2022, they announced they switched their offering to Mastercard. Today, the firm only has Mastercard.