Simplii Financial vs KOHO: Which one is right for you?

Simplii Financial is well worth checking out if you want a no-fee daily chequing account, a high-interest savings account, a personal loan or line of credit. And while KOHO doesn’t offer the same wide range of products as Simplii, its hybrid spending and savings accounts combine convenient access to funds with competitive interest and cash back rates.

Keep reading to find out how Simplii Financial and KOHO stack up against one another in terms of banking, borrowing, investing and more.

Simplii Financial vs KOHO: An overview

Simplii Financial is CIBC’s digital banking division, and it offers a lot of the products and services you’d expect from a traditional bank. These include a no-fee chequing account, savings account, personal loans and lines of credit, a credit card and mortgages. As it’s an online-only bank, Simplii doesn’t operate any physical branches — but you do get fee-free access to CIBC’s nationwide network of 2,800 ATMs.

KOHO is a Toronto-based fintech that offers a spending and savings account with a prepaid reloadable Mastercard. It combines the interest-earning power of a savings account with the convenient access to funds of a chequing account. You can also earn cash back on your spending, but the earn rate varies depending on the plan level you choose. KOHO accounts can be managed online or via an Android and iOS app.

You can read our full guide to KOHO here and our full guide to Simplii Financial here.

Simplii Financial vs KOHO: Banking

If you’re looking for one of the best no-fee chequing accounts in Canada that lets you manage your everyday banking, Simplii Financial might be a perfect fit. But if you want easy access to your money along with the ability to earn interest at a competitive rate, KOHO is the better choice.

The Simplii No Fee Chequing Account has no monthly fee, no minimum balance requirements and it supports unlimited debits, bill payments and withdrawals. You can also withdraw cash without fees from over 2,800 CIBC ATMs.

But this account only pays limited interest, so you’ll need to open a High Interest Savings Account if you want to build your savings balance. You’ll enjoy one of the best new bank account offers as this account pays an introductory interest rate of 5% for the first 5 months before reverting to a lower standard rate.

Meanwhile, sign up for a KOHO plan and you’ll get unlimited transactions, earn up to 3.5% interest on your balance, and get cash back on your spending. The interest rate and cash back you earn depend on your plan, with the paid plans earning more.

And, if you’re worried about overspending and paying huge fees, you can access KOHO Cover for a monthly fee starting at $2. It provides access to an interest-free cash advance that can cover eligible purchases and bill payments when your Spendable balance reaches $0.

Who’s the winner?

KOHO takes a narrow win here for its blend of convenience and rewards. But if you just want no-fee everyday banking, Simplii Financial is well worth a look.

Simplii vs. KOHO: Borrowing

Simplii Financial is a better choice than KOHO if you want to borrow money. It offers fixed and variable rate personal loans, as well as secured and unsecured lines of credit. Simplii can also connect customers with CIBC mortgage specialists for mortgage products.

And if you’re looking to fund your day-to-day spending, you could also consider the no-annual-fee Simplii Financial Cash Back Visa Card. This card has a 3-month introductory period when you can earn up to 8% (up to $80) cash back on eligible purchases, and it then reverts to paying:

• 4% cash back on restaurant, bar and coffee shop purchases (up to $5,000 per year)
• 1.5% cash back on gas, groceries, drugstore purchases and pre-authorized payments (up to $15,000 per year)
• 0.5% on all other purchases with no limit

KOHO also offers a couple of borrowing options. 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 in the KOHO app or can withdraw cash from an ATM.

For larger borrowing needs, KOHO partners with Fora to offer a line of credit, allowing eligible users to borrow between $1,000–$15,000. Interest rates start at 19.9% and you only pay interest on what you use.

You can also use KOHO Pay Later to split eligible purchases into installment payments over 3, 6 or 9 months. There’s no fee to use the service, but you do have to pay interest. You’ll see the rate and total cost of the repayment plan before you sign up.

Who’s the winner?

Simplii thanks to the wide range of products on offer.

Simplii vs. KOHO: Investments

Simplii helps you save for your retirement with RRSPs, earn tax-free interest and income in a TFSA, and invest in Conservative, Balanced and Growth mutual fund portfolios. Simplii customers can also access CIBC Investor’s Edge, CIBC’s self-directed investing platform, to trade stocks, ETFs and other investment products.

With KOHO, you can buy and sell cryptocurrencies like Bitcoin, Ethereum and Solana directly through the app. KOHO just charges a 0.5% trading fee and allows you to invest with as little as $1.

Who’s the winner?

Simplii wins in the investment category with its wider range of investment products but if you want to trade cryptocurrency, you’ll need to go with KOHO instead.

How do the mobile apps for Simplii vs KOHO compare?

Simplii Financial and KOHO both offer user-friendly apps for managing your money.

Who’s the winner?

KOHO’s mobile app has higher user ratings on both app stores and more unique features.

Other features we like about Simplii vs. KOHO

Let’s compare Simplii vs KOHO across a few other key categories.

International money transfers

Simplii’s Global Money Transfer service allows you to send money to over 130 countries. There are no transfer fees, and you can send money to your recipient’s bank account, Visa debit or credit card, China UnionPay card, digital wallet or cash pickup location.

KOHO also lets you send money internationally through its app, with transfers available to more than 190 countries. KOHO uses live exchange rates with no hidden markup, but a transfer fee applies.

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.

Simplii Financial USD Savings Account

If you regularly deal with US currency, you’ll be happy to know that Simplii Financial offers a USD savings account. Whether you’re shopping online from American retailers, travelling to the US or getting paid in USD, this account helps you avoid costly conversion fees. You can transfer funds easily between your Simplii CAD and USD accounts and access your money through online banking or mobile app. Plus, you can earn a 2.8% interest rate and there’s no monthly fee to maintain the account.

KOHO Credit Building

KOHO’s Credit Building program is designed to help you establish or improve your credit history through regular monthly payments on a dedicated line of credit. There’s no hard credit check or interest and your payment activity is reported to Equifax each month. You can also monitor your credit score and report through the KOHO app so you can see whether it’s going up.

What does Reddit think of the Simplii vs KOHO debate?

While there aren’t many dedicated “Simplii vs KOHO” Reddit threads, you’ll find plenty of individual reviews of both providers — especially on the r/PersonalFinanceCanada subreddit.

Simplii is often cited as a solid no-fee option for everyday banking, with multiple users saying they’ve had long-term accounts without major issues. Many users enjoy its CIBC ATM access, high-interest savings promotions and more traditional banking features.

KOHO, on the other hand, gets praise from users who like its modern interface, cash back rewards and flexibility for people with no or poor credit. However, there are also several complaints about inaccurate balances, delays in fund transfers and poor customer service.

Alternatives to Simplii Financial and KOHO

Not sure whether Simplii Financial or KOHO is the right choice for you? Consider some of the other best banks in Canada as alternatives.

• Tangerine. Tangerine is a completely digital bank with a range of savings accounts, a no-fee chequing account, GICs, mutual funds and even business accounts to take care of all your banking needs. Learn more about Tangerine with our Tangerine Bank review.
• Neo
  . Neo combines banking with budgeting tools and cashback rewards. It offers flexible accounts with perks like 2.25% - 3.00% interest. Get a more in-depth look with our Neo review.
• EQ Bank. EQ Bank’s Personal Account pays up to 3% interest on your balance, 0.5% cashback on your purchases, and has no monthly or ATM withdrawal fees. Read our EQ Bank review to find out more.
• Wealthsimple. Wealthsimple offers a cash account that pays 1.75%–2.25% interest on your balance, while it also provides a stock, ETF and crypto trading platform. Check out 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 Simplii vs KOHO

• What are the downsides of Simplii Financial?

  One of the main downsides of Simplii Financial is its low interest rates, especially when compared to KOHO. Its services also aren't available in Quebec and there's no business banking available.

• What are the downsides of KOHO?

  KOHO has no physical branches or ATMs, which means you'll have to pay $2–$3 to withdraw your funds, depending on the ATM. And, if you want to earn more interest or cashback, you'll need to upgrade to a paid KOHO Extra or Everything account.

• Do Simplii Financial and KOHO have physical branches?

  No, Simplii Financial and KOHO are digital-only institutions. However, since Simplii is part of CIBC, customers have access to over 2,800 CIBC ATMs across Canada.

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Written by

Rebecca Low

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