{"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":"2025-07-17T16:31:36","modified_gmt":"2025-07-17T20:31:36","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, savings and investment accounts. It\u2019s best known for its Personal Account, a hybrid chequing\/savings account that offers unlimited transactions, easy access to your funds and interest of up to 2.75%.<\/p>

KOHO offers a spending and savings account with a prepaid reloadable Mastercard. It pays 6.5% interest on your balance while providing cash back on your purchases.<\/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>$4 \u2013 $22<\/td><\/tr>
Savings interest rate<\/strong><\/td>Earn 2.75% interest with a 30-day withdrawal notice period, or 2.35% interest with a 10-day notice period.<\/td>2% \u2013 3.5%<\/td><\/tr>
Apple App Store rating<\/strong><\/td>4.8\/5 based on 52K ratings<\/td>4.8\/5 based on 82K ratings<\/td><\/tr>
Google Play rating<\/strong><\/td>4.2\/5 based on 12K ratings<\/td>4.7\/5 based on 71.7K ratings<\/td><\/tr>
CDIC insured?<\/strong><\/td>Yes<\/td>Yes<\/td><\/tr>
Products summary<\/strong><\/td>
  • No-fee personal or joint account<\/li>
  • GICs<\/li>
  • TFSA, RSP and FHSA accounts<\/li>
  • USD account<\/li>
  • Business account<\/li>
  • Business GICS<\/li>
  • Mortgages<\/li>
  • Cash back credit card<\/li><\/ul><\/td>
  • Prepaid Mastercard spending accounts<\/li>
  • Cash advance<\/li>
  • Line of credit<\/li>
  • Free credit report<\/li>
  • Credit building<\/li><\/ul><\/td><\/tr>
Notable differences<\/strong><\/td>
  • Free ATM access nationwide<\/li>
  • Business account<\/li><\/ul><\/td>
  • Higher interest and cashback potential<\/li>
  • Credit building program<\/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 investment accounts. While it doesn\u2019t have a branch network, you can take advantage of free ATM withdrawals across Canada 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 Essential account is available for free when you set up a direct deposit or load $1,000 per month, the two premium tiers come with an $18 or $22 monthly fee. 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 Essential<\/b><\/th><\/tr><\/thead>
Monthly transactions<\/strong><\/td>unlimited<\/td>Unlimited<\/td><\/tr>
Monthly fee<\/strong><\/td>$0<\/td>$4 (waived if you set up a qualifying recurring direct deposit or deposit $1,000 per month)<\/td><\/tr>
Minimum balance<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Interac e-Transfers<\/strong><\/td>Free<\/td>Free<\/td><\/tr>
Overdraft protection<\/strong><\/td>Not available<\/td>$5 a month for KOHO Cover<\/td><\/tr>
ATM access<\/strong><\/td>Free withdrawals from any ATM in Canada<\/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 2.75% interest on your money with qualifying direct deposits of $2,000\/month, and 1.00% otherwise.<\/td>2%<\/td><\/tr>
Cashback<\/strong><\/td>Yes<\/td>No<\/td><\/tr>
Get started<\/b><\/td>
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The EQ Bank Personal Account and the KOHO Essential Plan are strong contenders for fee-free banking. They\u2019re both hybrid accounts as they blend chequing and savings features, like unlimited transactions, competitive interest rates and cashback.<\/p>

Both accounts also come with a prepaid card that works anywhere Mastercard is accepted, so you can shop and withdraw money with ease. However, you\u2019ll have to pay the ATM fees yourself with KOHO. EQ Bank reimburses all ATM fees charged to your Personal Account, which is why it\u2019s one of the best chequing accounts<\/a>.<\/p>

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

It\u2019s a tie.<\/strong> EQ Bank has free ATM access and a higher promotional interest rate, but KOHO offers better cashback rewards.<\/p>

EQ Bank vs KOHO: Savings accounts<\/h3>
<\/th>EQ Bank Notice Savings Account<\/th>KOHO Extra<\/th>KOHO Everything<\/strong><\/th><\/tr><\/thead>
Monthly fee<\/strong><\/td>$0<\/td>$18<\/td>$22<\/td><\/tr>
Minimum balance<\/b><\/strong><\/td>$0<\/td>$0<\/td>$0<\/td><\/tr>
Standard interest rate<\/b><\/strong><\/td>2.35% \u2013 2.75%<\/td>2.50%<\/td>3.50%<\/td><\/tr>
Cashback<\/b><\/td>No<\/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 bank 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>

The KOHO Extra and Everything accounts are hybrid chequing and savings accounts offering higher interest and cashback rates than the Essential account. But, you\u2019ll have to pay an $18 or $22 monthly fee to enjoy these rewards.<\/p>

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

EQ Bank.<\/strong> While both banks offer hybrid accounts, EQ Bank comes out ahead with no monthly fees, higher interest rates and fewer barriers to accessing your rewards \u2014 provided you don\u2019t mind giving advance notice to withdraw your money.<\/p>

EQ Bank vs KOHO: Investments<\/h3>

EQ Bank investment options<\/h4>