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

EQ Bank is an online bank that offers everyday banking, savings and investment accounts. It’s best known for its Personal Account, a hybrid chequing and savings account that offers unlimited transactions, easy access to your funds and interest of up to 3% when you meet the direct deposit requirements.

KOHO offers a spending and savings account with a prepaid reloadable Mastercard. It pays interest on eligible account balances and offers cash back on purchases, with rates and rewards that vary by plan.

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	KOHO
Owned by	EQB Inc.	KOHO Financial Inc.
Chequing account monthly fee	$0	Free – $22
Savings interest rate	Earn 3.00% interest with a 30-day withdrawal notice period, or 2.5% interest with a 10-day notice period.	Up to 3.5%
Apple App Store rating	4.8/5 based on 62K ratings	4.8/5 based on 91K ratings
Google Play rating	4.3/5 based on 13.8K ratings	4.4/5 based on 75.7K ratings
CDIC insured?	Yes	Yes
Products summary	No-fee personal or joint account Notice Savings Account GICs TFSA, RRSP and FHSA accounts USD account Business account Business GICS Prepaid business Mastercard Mortgages International money transfers	Prepaid Mastercard spending accounts Joint account Cash advance Line of credit Free credit report Credit building Crypto trading International money transfers Travel insurance and eSIMs Pay Later plan
Notable differences	Free ATM access nationwide Business account No monthly account fees	Higher interest and cashback potential Credit building program Cash advances and lines of credit
Get started	Go to site	Go to site

EQ Bank, known as one of the best banks in Canada, provides digital banking services, including chequing, savings and registered investment accounts. While it doesn’t have a branch network, you can take advantage of no EQ Bank fees for ATM withdrawals across Canada and internationally 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 Core account is available for $0, the two premium tiers come with an $18 or $22 monthly fee that can be discounted if you pay annually instead. And like EQ Bank, KOHO doesn’t have a branch network

EQ Bank vs KOHO: Chequing accounts

	EQ Bank Personal Account	KOHO Core
Monthly transactions	Unlimited	Unlimited
Monthly fee	$0	$0
Minimum balance	$0	$0
Interac e-Transfers	$0	$0
Overdraft protection	Not available	Overdraft protection starts at $2 a month with KOHO Cover
ATM access	$0 EQ Bank ATM in Canada and internationally	Any Cirrus network ATM (fees may apply)
Mobile cheque deposit	Yes	No
Standard interest rate	Earn 3.00% interest on your money with qualifying direct deposits of $2,000/month, and 1.50% otherwise.	2%
Cashback	0.5% on most purchases (excluding fees, ATM withdrawals, cash advances and credits)	1% cash back on groceries, transportation, eating and drinking purchases
Get started	Go to site	Go to site

The EQ Bank Personal Account and the KOHO Core Plan are strong contenders for fee-free banking. Both are hybrid accounts that blend chequing and savings features, like unlimited transactions, competitive interest rates and cashback.

KOHO also offers two paid plans: Extra and Everything. They come with higher interest and cashback rates, no foreign transaction fees, a free eSIM each month and 1 international ATM fee reimbursement per month. EQ Bank also charges no foreign transaction fees.

KOHO and EQ Bank both offer a prepaid card that works anywhere Mastercard is accepted, so you can shop and withdraw money with ease. However, you’ll have to pay most of the ATM fees yourself with KOHO. EQ Bank doesn’t charge ATM fees and reimburses third-party Canadian ATM fees up to $5 per withdrawal, 5 times per month, which is why it’s one of the best chequing accounts.

Who’s the winner?

EQ Bank. EQ Bank has free ATM access, a higher interest rate if you meet direct deposit requirements and cashback on almost all spending, though KOHO does offer a slightly higher cashback rate.

EQ Bank vs KOHO: Savings accounts

	EQ Bank Notice Savings Account	KOHO Core	KOHO Extra	KOHO Everything
Account fee	$0	$0	$12/month billed yearly or $18 billed monthly	$14.75
Minimum balance	$0	$0	$0	$0
Standard interest rate	2.5% – 3%	2%	2.50%	3.50%
Cashback	No	1.5% on groceries, transportation, food and drinks Up to 6.5% at select merchants	1.5% on groceries, transportation, food and drinks 0.25% on everything else Up to 6.5% at select merchants	2% on groceries, transportation, food and drinks 0.5% on everything else Up to 6.5% at select merchants
Get started	Go to site	Go to site	Go to site	Go to site

Again, neither provider 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.

KOHO offers hybrid spending and savings accounts with interest up to 3.50%. Even its free plan earns interest, 2% once you opt in, and unlimited cashback on groceries, transportation, food and drinks. The Extra and Everything plans offer higher rates for a fee, but you can save by opting for annual rather than monthly billing.

Who’s the winner?

KOHO. KOHO offers higher interest rates, cashback on everyday spending and immediate access to your money without a withdrawal notice period. Its free Core plan offers interest and cashback, but you’ll need to pay for Extra or Everything to get higher rates.

EQ Bank vs KOHO: Investments

EQ Bank investment options

• TFSAs
• RRSPs
• FHSAs
• GICs

KOHO investment options

• Cryptocurrency

Digital banks aren’t usually known for their investment products, but EQ Bank does have a few options, including TFSAs, RRSPs, FHSAs and GICs. Its registered savings accounts let you earn interest with tax advantages, while its GICs offer guaranteed returns of up to 4.30% over a set term.

KOHO offers cryptocurrency trading through KOHO Crypto, powered by CIRO-registered crypto platform Ndax. Users can buy and sell crypto directly in the KOHO app, with as little as $1. There are no hidden spreads or FX fees, just a 0.5% trading fee.

Who’s the winner?

It’s a tie. EQ Bank and KOHO offer very different investment options, so the right choice depends on your investment goals, risk tolerance and timeline. EQ Bank may suit you better if you prefer predictable returns and tax-advantaged savings, while KOHO is worth considering if you’re comfortable with the risks and volatility of crypto.

EQ Bank vs KOHO: Other loan options

	EQ Bank	KOHO
Personal loan	No	No
Line of credit	No	Yes (partnered through Fora)
HELOC	Yes	No
Mortgage	Yes, powered by nesto	No
Cash Advance	No	Yes

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 of 19.9%–34.9%. It also has a Pay Later feature that lets eligible members spread the cost of qualifying purchases over 3, 6 or 9 monthly installments.

And, if you sign up for KOHO Cover, starting at $2 a month, you can access an interest-free cash advance of up to $500. There are no credit checks to apply, and you get instant access to funds through the KOHO app to pay for eligible purchases and bills, or avoid declined transactions when your KOHO balance reaches $0.

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
• International money transfers

However, each app has unique features as well. KOHO’s app lets you track cashback, build your credit history, trade cryptocurrency and set savings goals, while EQ Bank’s app supports mobile cheque deposits.

	EQ Bank	KOHO
Apple App Store	4.8 – ★★★★★ 62K reviews	4.8 – ★★★★★ 91K reviews
Google Play	4.3 – ★★★★★ 13.8K reviews	4.4 – ★★★★★ 75.7K reviews

Who’s the winner?

KOHO’s mobile app has more unique features.

Other features we like about EQ Bank vs KOHO

International money transfers

EQ Bank offers international money transfers through its partnership with Wise, allowing you to send funds in 49 currencies using the mid-market exchange rate. Transfer fees are shown upfront, and transfers can arrive instantly or take up to three business days.

KOHO also offers international money transfers through its app, supporting transfers to more than 190 countries that can arrive within 30 minutes. KOHO uses the mid-market exchange rate and charges a transparent fee that varies by payout method, destination and transfer amount.

EQ Bank business banking

EQ Bank offers a business account with no monthly fees, free everyday transactions and 2.25% interest. It also has short- and long-term business GICs with rates ranging from 2.35% to 4.30%, depending on the term. 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 2.5% interest rate, a $0 monthly fee 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 designed to help users establish or improve their credit. When you sign up, you’re guaranteed to be approved for a $225 line of credit with no interest. Then, you set a utilization rate (KOHO recommends keeping it at 1% 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.

Virtual cards

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.

EQ Bank also allows you to add your card to a mobile wallet, but you must order a physical card first.

Travel perks

KOHO offers travel benefits through its paid plans, including an international eSIM and access to optional travel insurance. The paid plans also come with no foreign transaction fees and one free international ATM withdrawal per month.

EQ Bank also offers no foreign transaction fees and doesn’t charge its own fee for international ATM withdrawals. However, it doesn’t reimburse fees charged by international ATM operators, as its ATM fee reimbursement applies only to third-party fees at Canadian ATMs.

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 2.25% - 3.00%. Learn more about it with our Neo Financial review.
• 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, which is also owned by EQB Inc., 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 registered 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.