EQ Bank vs KOHO: Which one is best for you?

EQ Bank is an online bank that offers everyday, savings and investment accounts. It’s best known for its Personal Account, a hybrid chequing/savings account that offers unlimited transactions, easy access to your funds and interest of up to 2.75%.

KOHO offers a spending and savings account with a prepaid reloadable Mastercard. It pays 5% interest on your balance while providing cash back on your purchases.

But is EQ Bank or KOHO the right choice for you? It all depends on what you’re looking for in a bank.

EQ Bank vs KOHO: An overview

EQ Bank, known as one of the best banks in Canada, provides digital banking services, including chequing, savings and investment accounts. While it doesn’t have a branch network, you can take advantage of free ATM withdrawals across Canada with the EQ Bank Card, a prepaid card you can load with funds from your linked account.

KOHO, a fintech company based in Toronto, offers a hybrid account with multiple tiers, allowing you to earn interest on your balance and cash back on your spending. While the base Essential account is available for free when you set up a direct deposit or load $1,000 per month, the two premium tiers come with an $18 or $22 monthly fee. And like EQ Bank, KOHO doesn’t have a branch network

EQ Bank vs KOHO: Chequing accounts

The EQ Bank Personal Account and the KOHO Essential Plan are strong contenders for fee-free banking. They’re both hybrid accounts as they blend chequing and savings features, like unlimited transactions, competitive interest rates and cashback.

Both accounts also come with a prepaid card that works anywhere Mastercard is accepted, so you can shop and withdraw money with ease. However, you’ll have to pay the ATM fees yourself with KOHO. EQ Bank reimburses all ATM fees charged to your Personal Account, which is why it’s one of the best chequing accounts.

Who’s the winner?

It’s a tie. EQ Bank has free ATM access and a higher promotional interest rate, but KOHO offers better cashback rewards.

EQ Bank vs KOHO: Savings accounts

Again, neither bank has a traditional savings account. EQ Bank’s Notice Savings Account is more of a hybrid between a high-interest savings account and a GIC, as it lets you earn a superior interest rate by giving 10 or 30 days’ notice before you withdraw funds. It also comes with no monthly fees or minimum balances, making it one of the best new bank account offers.

The KOHO Extra and Everything accounts are hybrid chequing and savings accounts offering higher interest and cashback rates than the Essential account. But, you’ll have to pay an $18 or $22 monthly fee to enjoy these rewards.

Who’s the winner?

EQ Bank. While both banks offer hybrid accounts, EQ Bank comes out ahead with no monthly fees, higher interest rates and fewer barriers to accessing your rewards — provided you don’t mind giving advance notice to withdraw your money.

EQ Bank vs KOHO: Investments

Digital banks aren’t known for their investment products, but EQ Bank does have a few options, including TFSAs, RSPs, FHSAs and GICs. These accounts come with no fees or minimum balance and competitive interest rates to help you grow your money tax-free or tax-deferred.

In contrast, KOHO doesn’t currently offer any type of investments, focusing instead on prepaid spending and cash back solutions.

Who’s the winner?

EQ Bank is the clear winner. Although EQ Bank doesn’t offer a ton of investment products, KOHO has none to compete with.

EQ Bank vs KOHO: Other loan options

EQ Bank and KOHO offer some loan options, but mostly through a third party. EQ Bank provides access to mortgages and HELOCs through its parent company, Equitable Bank, giving customers options for home financing and borrowing against home equity.

KOHO offers a $1,000 to $15,000 line of credit through Fora with interest rates starting at 19.9%.

And, if you sign up for KOHO Cover, starting at $2 a month, you can access an interest-free cash advance of up to $250. There are no credit checks to apply, and you get instant access to funds in the KOHO app or you can withdraw cash from an ATM.

Who’s the winner?

It’s a tie. EQ Bank wins for home financing, while KOHO is better for short-term borrowing, so it depends on your financial needs.

How do the mobile apps for EQ Bank vs KOHO compare?

EQ Bank and KOHO both offer Android and iOS apps you can download for free to manage your finances from anywhere. Both apps support essential everyday features, including:

• Bill payments
• Money transfers
• Interac e-transfers
• Account balance and transaction tracking
• Mobile access to customer support

However, each app has unique features as well. KOHO’s app offers real-time cashback tracking, credit-building tools and in-app savings goals, while EQ Bank’s app has high-interest savings tracking, international money transfers and mobile cheque deposit.

Who’s the winner?

KOHO’s mobile app has a slightly higher score on Google Play and has more ratings on both app stores.

Other features we like about EQ Bank vs KOHO

EQ Bank Global Money Transfers

EQ Bank offers an international money transfer service through a partnership with Wise, allowing you to send funds in 49 currencies with competitive exchange rates and low fees. Transfers arrive instantly or within three business days. KOHO doesn’t offer international transfers.

EQ Bank business banking

EQ Bank has a business account in beta that’s only available to existing customers (for now), but it offers no monthly fees, free transactions and 2.25% interest. It also has short- and long-term business GICs with rates ranging from 2.8% to 3.80%. KOHO doesn’t currently offer any business financial products or services.

EQ Bank USD account

If you deal with US currency, you can take advantage of EQ Bank’s US Dollar Account. It offers a 3.00% interest rate, no monthly fees and no minimum balance requirement. You can seamlessly transfer CAD into USD (and vice versa) between accounts at favourable exchange rates with no transfer fees. If you want to send funds internationally, you can do so through EQ’s Wise integration.

KOHO credit-building program

KOHO offers a credit-building program that allows users to improve their credit. When you sign up, you’re guaranteed to be approved for a special line of credit with no interest. Then, you set a utilization rate (KOHO recommends keeping it at 10% or lower) and make on-time payments each month, which will be reported to Equifax. You’ll have access to your credit report and a financial coach to help keep you on track.

KOHO virtual card

KOHO also offers a virtual card when you sign up for an account, so you can start spending instantly without having to wait for a physical card to arrive. The card can be used for in-store and online shopping, and it works with Apple, Samsung or Google pay.

What does Reddit think of the EQ Bank vs KOHO debate?

Reddit users have mixed opinions on EQ Bank and KOHO, with each platform appealing to different banking needs. EQ Bank is generally praised for its reliable savings features, simple interface and strong performance as a backup prepaid card, though some users complain about app glitches and strict withdrawal limits.

KOHO stands out for its budgeting tools, cashback tracking and credit-building options. However, several users report frustrating customer service experiences. Overall, EQ Bank is favoured for saving and stability, while KOHO appeals more to those focused on everyday spending or with poor credit.

Who’s the final winner?

EQ Bank is better overall than KOHO. It has a wider range of accounts, low fees, easier access to customer service and the ability to earn interest and cash back at competitive rates. It’s also backed by Equitable Bank, which was founded in 1970 and manages over $70 billion in assets.

But if you’re looking for a hybrid chequing/savings account that offers high savings interest, cash back and overdraft protection, KOHO is well worth a look. Just be aware that to enjoy access to a full range of perks, you may need to pay a monthly fee.

Alternatives to EQ Bank and KOHO

Looking for some of the other best online banks in Canada? Compare these alternatives.

• Tangerine. Tangerine has one of the best no-fee chequing accounts on the market, as well as a savings account that offers 4.5% for 5 months. Want more info? Read our in-depth Tangerine review.
• Neo. Neo is known for having one of the best high-interest savings accounts, as it offers an ongoing rate of Neo Savings Account. Learn more about it with our Neo Financial review.
• KOHO. The KOHO Essential Plan provides a spending and savings account that pays 2% interest on your savings and cash back when you spend with your prepaid Mastercard. Check out our full KOHO review to find out more.
• Wealthsimple. Wealthsimple’s Cash Account pays 1.75%–2.75% interest on your balance and offers cash back on spending, while the provider also offers stock, ETF and crypto trading. Read our Wealthsimple review for more information.
• PC Financial. PC Financial provides a no-fee chequing account linked to its popular loyalty program, PC Optimum. It’s a good option for those who want to earn points on everyday purchases and take advantage of the 2.2% interest rate on savings balances. If you’re interested, read our PC Money Account review to learn more.

Frequently asked questions about EQ Bank vs KOHO

• What are the downsides of EQ Bank?

  EQ Bank doesn't offer credit cards or in-person banking, and some users have reported app glitches or delays when transferring large amounts. And, if you want to take advantage of the Notice Savings Account's higher interest rates, you need to give advance notice to access funds, which may not suit those needing instant liquidity.

• What are the downsides of KOHO?

  KOHO's tiered account structure means you'll need to pay a monthly fee to unlock the highest cashback and interest rates. Its accounts also lack features like mobile cheque deposit and free ATM access. And, KOHO doesn't offer any investment accounts or mortgage products.

• Do EQ Bank and KOHO have physical branches?

  No EQ Bank and KOHO are digital-only banks and don't have any physical branches. All services are accessed online or via their mobile apps.

• Do EQ Bank and KOHO offer credit cards?

  Neither EQ Bank nor KOHO offer traditional credit cards, but they each provide prepaid Mastercards that you can reload with your linked account.

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Written by

Rebecca Low

Writer

Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel. See full bio