{"id":1041032,"date":"2024-06-24T23:47:54","date_gmt":"2024-06-25T03:47:54","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1041032"},"modified":"2026-11-02T14:42:08","modified_gmt":"2026-11-02T19:42:08","slug":"eq-bank-vs-koho","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/eq-bank-vs-koho","title":{"rendered":"EQ Bank vs KOHO: Which one is best for you?"},"content":{"rendered":"

EQ Bank is an online bank that offers everyday banking, savings and investment accounts. It\u2019s 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.<\/p>

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.<\/p>

But is EQ Bank or KOHO the right choice for you? It all depends on what you\u2019re looking for in a bank.<\/p>

EQ Bank vs KOHO: An overview<\/h3>
<\/th>EQ Bank<\/th>KOHO<\/th><\/tr><\/thead>
Owned by<\/strong><\/td>EQB Inc.<\/td>KOHO Financial Inc.<\/td><\/tr>
Chequing account monthly fee<\/strong><\/td>$0<\/td>Free \u2013 $22<\/td><\/tr>
Savings interest rate<\/strong><\/td>Earn 3.00% interest with a 30-day withdrawal notice period, or 2.5% interest with a 10-day notice period.<\/td>Up to 3.5%<\/td><\/tr>
Apple App Store rating<\/strong><\/td>4.8\/5 based on 62K ratings<\/td>4.8\/5 based on 91K ratings<\/td><\/tr>
Google Play rating<\/strong><\/td>4.3\/5 based on 13.8K ratings<\/td>4.4\/5 based on 75.7K ratings<\/td><\/tr>
CDIC insured?<\/strong><\/td>Yes<\/td>Yes<\/td><\/tr>
Products summary<\/strong><\/td>
  • No-fee personal or joint account<\/li>
  • Notice Savings Account<\/li>
  • GICs<\/li>
  • TFSA, RRSP and FHSA accounts<\/li>
  • USD account<\/li>
  • Business account<\/li>
  • Business GICS<\/li>
  • Prepaid business Mastercard<\/li>
  • Mortgages<\/li>
  • International money transfers<\/li><\/ul><\/td>
  • Prepaid Mastercard spending accounts<\/li>
  • Joint account<\/li>
  • Cash advance<\/li>
  • Line of credit<\/li>
  • Free credit report<\/li>
  • Credit building<\/li>
  • Crypto trading<\/li>
  • International money transfers<\/li>
  • Travel insurance and eSIMs<\/li>
  • Pay Later plan<\/li><\/ul><\/td><\/tr>
Notable differences<\/strong><\/td>
  • Free ATM access nationwide<\/li>
  • Business account<\/li>
  • No monthly account fees<\/li><\/ul><\/td>
  • Higher interest and cashback potential<\/li>
  • Credit building program<\/li>
  • Cash advances and lines of credit<\/li><\/ul><\/td><\/tr>
Get started<\/strong><\/td>
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EQ Bank, known as one of the best banks in Canada<\/a>, provides digital banking services, including chequing, savings and registered investment accounts. While it doesn\u2019t 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>, a prepaid card you can load with funds from your linked account.<\/p>

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\u2019t have a branch network<\/p>

EQ Bank vs KOHO: Chequing accounts<\/h3>
<\/th>EQ Bank Personal Account<\/th>KOHO Core<\/b><\/th><\/tr><\/thead>
Monthly transactions<\/strong><\/td>Unlimited<\/td>Unlimited<\/td><\/tr>
Monthly fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Minimum balance<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Interac e-Transfers<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Overdraft protection<\/strong><\/td>Not available<\/td>Overdraft protection starts at $2 a month with KOHO Cover<\/td><\/tr>
ATM access<\/strong><\/td>$0 EQ Bank ATM in Canada and internationally<\/td>Any Cirrus network ATM (fees may apply)<\/td><\/tr>
Mobile cheque deposit<\/strong><\/td>Yes<\/td>No<\/td><\/tr>
Standard interest rate<\/strong><\/td>Earn 3.00% interest on your money with qualifying direct deposits of $2,000\/month, and 1.50% otherwise.<\/td>2%<\/td><\/tr>
Cashback<\/strong><\/td>0.5% on most purchases (excluding fees, ATM withdrawals, cash advances and credits)<\/td>1% cash back on groceries, transportation, eating and drinking purchases<\/td><\/tr>
Get started<\/b><\/td>
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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.<\/p>

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.<\/p>

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\u2019ll have to pay most of the ATM fees yourself with KOHO. EQ Bank doesn\u2019t charge ATM fees and reimburses third-party Canadian ATM fees up to $5 per withdrawal, 5 times per month, which is why it\u2019s one of the best chequing accounts<\/a>.<\/p>

\"AwardWho\u2019s the winner?<\/h4>

EQ Bank.<\/strong> 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.<\/p>

EQ Bank vs KOHO: Savings accounts<\/h3>
<\/th>EQ Bank Notice Savings Account<\/th>KOHO Core<\/th>KOHO Extra<\/th>KOHO Everything<\/strong><\/th><\/tr><\/thead>
Account fee<\/strong><\/td>$0<\/td>$0<\/td>$12\/month billed yearly or $18 billed monthly<\/td>$14.75<\/span><\/td><\/tr>
Minimum balance<\/b><\/strong><\/td>$0<\/td>$0<\/td>$0<\/td>$0<\/td><\/tr>
Standard interest rate<\/b><\/strong><\/td>2.5% \u2013 3%<\/td>2%<\/td>2.50%<\/td>3.50%<\/td><\/tr>
Cashback<\/b><\/td>No<\/td>1.5% on groceries, transportation, food and drinks
Up to 6.5% at select merchants<\/td>		1.5% on groceries, transportation, food and drinks
0.25% on everything else
Up to 6.5% at select merchants
<\/td>		2% on groceries, transportation, food and drinks
0.5% on everything else
Up to 6.5% at select merchants
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Get started<\/b><\/td>
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Again, neither provider has a traditional savings account. EQ Bank\u2019s 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\u2019 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<\/a>.<\/p>

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.<\/p>

\"AwardWho\u2019s the winner?<\/h4>

KOHO.<\/strong> 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\u2019ll need to pay for Extra or Everything to get higher rates.<\/p>

EQ Bank vs KOHO: Investments<\/h3>

EQ Bank investment options<\/h4>