No, KOHO is not a bank but a fintech company that offers a range of financial services. It is registered as a Money Services Business by FINTRAC. However, the Toronto-based company is in the process of working to obtain a Schedule 1 banking licence.

Is Neo Financial a bank?

No, Neo Financial is a fintech, not a bank. It offers a range of financial products and services to Canadians, including a savings account, an account for everyday transactions, and a range of credit cards.

Is my money CDIC insured with KOHO and Neo Financial?

Yes. Neither KOHO nor Neo Financial is a CDIC member institution. However, if you opt in to KOHO Earn Interest or if you have a Neo Savings Account or Everyday Account, your funds are held in trust with CDIC member institutions.

Do KOHO and Neo have any branches?

No, KOHO and Neo Financial are online only and do not operate any physical branches. If you want to do your banking with a provider that offers in-person customer service, you’ll need to consider other options.