If you’re looking to open an account online or get a cash advance in Canada, you may have noticed there’s a lot to choose from. KOHO is one of Canada’s most popular online financial institutions, but if you’re looking to expand your search to other fintechs and banks, there are plenty of alternatives worth your consideration.

Jump to:

• Banking alternatives to KOHO
• Cash advance apps like KOHO

Is KOHO a real bank?

KOHO is a financial technology company, rather than a traditional bank. It offers online financial services that work like a bank account, by allowing you to use a prepaid Mastercard attached to a no-fee spending account.

KOHO is backed by its investors, which include Rockefeller Capital, Drive Capital and Portag3, and is partnered with Mastercard.

Top 4 banking alternatives to KOHO

1. Neo Financial

Neo is another Canadian financial technology company offering competitive, low-fee and high-interest banking. Beyond its chequing account and savings account, Neo offers a range of products including credit cards, mortgages and investment management services.

The Neo Money card is a prepaid Mastercard with no monthly fees, free everyday transactions as well as some of the highest cash back rates at thousands of local businesses.

Plus, the Neo app makes it easy to automate and track payments, budget and manage your money.

9 Excellent

Go to site Read review

Neo Savings Account

2.00% - 2.75%
Interest Rate

$0 - $14.99
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

Finder Reward

Get an $80 digital Visa Card from FinderOpen a Neo Chequing or Savings Account through Finder and make a minimum total deposit of $50 within 30 days. Become a Finder Member for free to claim your reward. Offer ends October 31, 2026. T&Cs apply.

T&Cs apply.

The Neo Savings Account offers a tiered interest rate with one of the highest ongoing rates in Canada. You'll need to be a Neo Grow member to earn the highest rate. Earn 2.00% interest on your balance with a Neo Essentials membership, 2.50% interest with a Neo Build membership, and 2.75% with a Neo Grow membership..

• Earn a high interest rate
• No minimum balance
• CDIC insured for up to $100,000

• No physical branches for in-person service
• Mixed reviews on Trustpilot

Ongoing Interest Rate	2.75%
Promotional Interest Rate	No promotional rate available
Monthly Account Fee
Minimum Balance	$0
CDIC Deposit Insurance	$100,000

2. EQ Bank

EQ Bank is an online bank that is insured by the Canada Deposit Insurance Corporation (CDIC) and offers customers a wide range of personal and business banking products.

Its primary offering is the EQ Bank Personal Account, which is a chequing account that comes with up to 2.75% in high-interest savings, and zero fees on everyday banking.

EQ Bank also offers dedicated savings accounts for TFSA and FHSA, as well as investment accounts. It also has a robust mobile app iOS and Android that makes it easy and convenient to manage your account.

And like KOHO, EQ Bank offers cashback where you can earn 0.5% cashback on your purchases when you make purchases with the prepaid EQ Bank Card.

9.4 Excellent

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EQ Bank Personal Account

Earn 2.75%
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Earn 1.5% - 2.75% interest with an EQ Bank Personal Account. Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes. Plus, you can also apply for a Joint account if you're looking to save with your partner or family.

• $0 account fee
• unlimited transactions
• $0 Interac eTransfers
• Earn interest on your balance
• Earn 0.5% cashback on your purchases
• EQ Bank will refund withdrawal fees for using any ATM across Canada

• No physical branches for in-person service
• Some standard banking features not available such as overdraft protection and the option to have paper statements

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$0
Foreign Transaction Fee	0%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn 2.75%

3. Tangerine

A subsidiary of Scotiabank, Tangerine is an online bank offering chequing and savings accounts, as well as credit cards and investment products. They also have lending options including mortgage, HELOC and line of credit borrowing.

Tangerine’s No-Fee Daily Chequing Account is a popular choice among Canadians looking for a hassle-free, low-cost online bank account.

And if you’re into cash back rewards, the World Mastercard can provide unlimited money back at up to 2% rewards, with no annual fee.

8.5 Great

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Tangerine No-Fee Daily Chequing Account

Earn $250
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

The Tangerine No-Fee Daily Chequing Account comes with a $0 monthly fee and unlimited free transactions and Interac e-Transfers. Easily manage your money 24/7 with Tangerine's highly-rated mobile app. Plus, earn up to 0.1% interest on every dollar.

• Earn decent interest rates
• Unlimited transactions
• Free Interac e-Transfers
• Free cheques
• Mobile cheque deposits
• CDIC coverage

• No in-person service
• You can only earn the welcome bonus if you're a new Tangerine customer

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$10
Foreign Transaction Fee	2.5%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn $250

4. Simplii Financial

An offshoot of CIBC, Simplii Financial offers a range of different account and product types. From a no fee chequing account, to a high interest savings account (up to 4.6%) and even a student bank account, there is plenty to choose from.

Simplii also offers personal loans and lines of credit, as well as mortgages and investing products.

Simplii Financial’s credit card is also worth a look, with cash back rewards from 0.5% to 20% and no annual fee.

8.5 Great

Go to site Read review

Simplii No Fee Chequing Account

Earn $350
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

The Simplii No Fee Chequing Account offers a $0 monthly fee, free transactions, free e-Transfers and no minimum deposit requirements. Earn up to 0.01% interest on your balance, and make purchases with a Debit Mastercard.

• Earn a welcome bonus of up to $350 welcome bonus
• Enjoy unlimited free transactions and e-Transfers
• No monthly account fee
• Earn 0.01% interest on your balance
• No minimum deposit requirements
• Earn a referral bonus
• Free access to over 3,400 CIBC ATMs across Canada

• Simplii is an online-only provider
• You can only earn the welcome bonus if you're a new Simplii customer
• Residents of Quebec cannot open a Simplii account

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$10
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn $350

5. Wealthsimple

Like KOHO, Wealthsimple offers a fully online banking experience. It offers some of the most competitive interest rates in Canada. It also lets you earn different types of cashback and has a highly-rated mobile app. Plus, banking with Wealthsimple gives you access to its investment accounts for stocks, ETFs and crypto, which are some of the most popular investment options in Canada.

9.3 Excellent

Go to site Read review

Wealthsimple Chequing Account

Earn up to 2.25% interest
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Wealthsimple offers a no-fee chequing account with all the benefits of a high-interest savings account. Perks include earning 1.75% to 2.25% interest (depending on the total value of your assets held with Wealthsimple), being able to access your pay a day early, CDIC deposit insurance of up to $1,000,000, and the ability to earn 1% cash back in stock or cash when you make a purchase with your card.

• No monthly fees
• Earn up to 2.25% interest on your account balance
• Unlimited free transfers
• No minimum balance
• Access to $0 commission stock trading

• No free ATM access (fee typically $3/withdrawal)
• Fees apply to managed investment accounts

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$0
Foreign Transaction Fee	0%
CDIC Deposit Insurance	$1,000,000
Bonus Offer	Earn up to 2.25% interest

Summary: Compare KOHO to alternative banking apps

Popular cash advance apps like KOHO

One of the products offered by KOHO is interest-free cash advances of up to $500. KOHO is among the few fintechs in the Canadian market that offer small, no-interest cash advances. Alternatives to consider include Nyble and Bree.

1. Nyble

9.3 Excellent Nyble Credit Line

9.3 Excellent

0%

$30 - $250

31 days, extendable

Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.

Go to siteView details Compare product selection Compare

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Why we like it Apply online for an interest-free line of credit of up to $250 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99, get access to premium services, including funding in 1-30 minutes, credit monitoring and identity theft protection. Pros & cons Pros Easy application process No credit check No interest Can improve your credit score Roll over your loan Cons $11.99 for fast transfers, a full credit report and other premium perks Small loan amounts only

2. Bree

8.8 Great Bree Early Pay

8.8 Great

0%

$20 - $750

Next pay cycle

Refer a friend and get a $20 credit limit increase on your next withdrawal. T&Cs apply.

Go to siteView details Compare product selection Compare

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Why we like it Bree lets you borrow up to $750 to help cover expenses until your next payday. You won't have to pay any interest or fees for standard funding, but a transfer fee applies if you want funding within minutes. Pros & cons Pros Easy application process No credit check 0% interest and no late fees Cons $2.99 – $45.99 for instant transfers Loan amount may not be enough for your needs May not improve your credit, unlike Nyble

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Is there a cheaper alternative to KOHO for cashback benefits?

Yes, EQ Bank is a cheaper alternative to KOHO if you’re looking for cash back benefits. It offers a prepaid Mastercard where you can earn up to 0.5% cashback, similar to KOHO, but with a $0 monthly fee.

When you get the EQ Bank Card you’ll also be able to earn interest on your balance. Earn 2.75% on your balance when you set up $2,000/month or more in direct deposit of your pay to a Personal Account or Joint Account. Conditions apply. Thereafter, you'll earn 1.50% on your balance.

EQ Bank Card

• Earn up to 2.75% on your balance, plus 0.5% cashback on every purchase you make. You'll get this card when you sign up for the EQ Bank Personal Account.

Go to site

What to consider when choosing an online bank like KOHO

With so much on offer when it comes to online banking, it can be an exciting time shopping around for the best deal. But the wealth of options also makes it a bit of a challenge to find the right bank like KOHO for you. Here are some key points to keep in mind when making your choice:

Low fees

The majority of online banks come with zero monthly fees, as well as no minimum account balance fees and unlimited transactions. However, watch out for other fees such as foreign transaction or non-sufficient funds fees, which can often come in at around $45.

Take a detailed look at the fees for any bank you’re considering seriously, and keep in mind which of those fees you’re more likely to trigger depending on your banking habits.

Interest rates

One of the biggest benefits of online banking is the significantly higher interest rates when compared with traditional brick-and-mortar banks. These rates are possible for online banks because of their overhead savings, coupled with an extremely competitive and growing fintech industry.

Consider what kind of account(s) you’ll use with an online bank, and whether you’d prefer chequing, savings or a hybrid account. Interest rates can vary a lot, especially when taking promotional rates into account. Even though online banks offer great interest rates, it’s always worth checking the fine print.

Customer service

This aspect can make or break an online bank. With no possibility of face-to-face interactions, online banks have a huge gap to fill when it comes to customer service, and some do it better than others.

Online banks typically offer a range of phone, email or chat services. Whether your bank is online or not, good service is still a vital aspect of business and will be crucial if you ever face any issues with your account.

You can browse online review sites and social media in order to learn about how well your potential online bank is doing in this regard.

Money transfers

When working with an online-only bank, it can help to have access to Interac e-Transfer or some alternative, easy money transfer solution.

You won’t have access to services such as wire transfers, as you would with a traditional bank, so if sending or receiving money is something you do often you’ll want to keep your eyes open for an online bank that can facilitate that. You can also look out for banks offering free Interac transfers.

Account protection

When you deposit money with KOHO, your funds are held by Peoples Trust, a Vancouver-based financial institution that runs the Peoples Bank of Canada. Peoples Trust is federally regulated by the Office of the Superintendent of Financial Institutions (OSFI). It must cooperate with policies designed to prevent money laundering and fraud.

Security measures usually employed by banks to protect customers’ information and money include data encryption, multi-factor authentication and automatic session timeouts.

When looking for alternatives to KOHO, find an institution that is (or that works with) a member of the Canada Deposit Insurance Corporation (CDIC) to ensure that your money will be covered up to $100,000 per eligible category if the institution goes out of business.

How Canadians see alternatives like KOHO

In our recent Finder: Consumer Sentiment Survey March 2026, we asked Canadians what type of financial providers they would consider opening an account with among the Big 5 Banks (RBC, TD, BMO, Scotiabank and CIBC), other brick-and-mortar banks (e.g. National Bank and ATB), digital banks or fintechs (e.g. Tangerine, Simplii Financial, EQ Bank or KOHO) and credit unions (e.g. Coast Capital, Meridian, Vancity or Alterna).

It turns out, that almost half of Canadians (40.91%) would consider opening an account with digital banks and fintechs, like KOHO.

Bottom line

KOHO is among the top online financial institutions in Canada, but the landscape is competitive, and there are a host of other strong options to choose from. Whether it’s no-fee chequing, high-interest savings, investment tools or competitive mortgage lending, you’ll find it all online – perhaps even in one place.

BMO Performance Chequing Account

• Earn up to an $900 bonus
• Exclusive: Get an extra $175 reward from Finder
• Enjoy up to 4.65% promo interest

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FAQ about KOHO and other digital banks

• Is KOHO safe?

  While KOHO is not a bank, per se, it is a legitimate financial technology company offering banking services. They are backed by a range of private investors, and although bank failure is very rare – if not unheard of in Canada – KOHO does claim to be insured by the CDIC.

• What app is like KOHO?

  Some Canadian apps that are most like KOHO are EQ Bank's mobile banking app and Simplii Financial's banking app. Both of these alternative apps offer access to your money, transfer options, spending tracking and more financial management features.

• What is the CDIC?

  The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that provides insurance for deposit holdings at banks and other financial institutions. Any customer who opens a bank account at a CDIC-insured bank will be covered for up to $100,000 in the unlikely event that the bank fails.

• Is KOHO Financial Canadian?

  Yes. KOHO is based in Toronto, Canada. You also have to provide a valid Canadian ID to sign up for an account.

• Does KOHO actually build your credit?

  KOHO does offer both standard and flexible credit-building programs, and payments are reported to Equifax. By making regular purchases and payments through KOHO, users can build up a positive history of payment, which should be reflected in their credit score over time.

• What are the downsides of online banks?

  Online banks offer a lot that we wouldn't usually find at traditional banks – primarily high-interest savings. However, the major downside with online banks is the limitation around customer service. With no physical locations or stores, online banks can only provide service either online or over the phone, which doesn't suit everyone.

  That said, online banks can still offer good customer service. Just check out some reviews before you make your final decision when choosing a new bank.

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Steven Brennan

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Steven Brennan is a freelance finance writer working from Vancouver, B.C. He has a BA and an MA in English Literature at the University of Ireland, Maynooth, and also spent time working in Italy and Vietnam as an English teacher. Today, he writes regularly on a range of personal finance topics including banking, loans, mortgages, insurance and tax. His work has appeared on sites such as LowestRates.ca and WealthRocket, as well as in print with Canadian MoneySaver. See full bio

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Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio

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