{"id":1041501,"date":"2024-07-02T23:46:55","date_gmt":"2024-07-03T03:46:55","guid":{"rendered":""},"modified":"2026-04-29T17:16:32","modified_gmt":"2026-04-29T21:16:32","slug":"simplii-financial-vs-koho","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/simplii-financial-vs-koho","title":{"rendered":"Simplii Financial vs KOHO: Which one is right for you?"},"content":{"rendered":"

Simplii Financial is well worth checking out if you want a no-fee daily chequing account, a high-interest savings account or personal loan or line of credit. And while KOHO doesn\u2019t offer the same wide range of products as Simplii, its spending and savings accounts combine convenient access to funds with competitive interest and cash back rates.<\/p>

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

Simplii Financial vs KOHO: An overview<\/h3>
<\/th>

Simplii Financial<\/p>

\"Simplii\"<\/p><\/th>

KOHO<\/p>

\"Koho<\/p><\/th><\/tr><\/thead>

Owned by<\/td>CIBC<\/td>KOHO Financial Inc.<\/td><\/tr>
Chequing account monthly fee<\/td>\u00a0$0<\/td>$4\u2013$22<\/td><\/tr>
Savings interest rate<\/td>\u00a0

Promo rate: 4.60% for the first 5 months<\/p>

Ongoing rates:<\/p>

  • 0.3% on $50,000.01 or less<\/li>
  • 0.5% on $50,000\u2013$100,000<\/li>
  • 0.6% on $100,000.01\u2013 $500,000<\/li>
  • 0.7% on $500,000.01\u2013$1,000,000<\/li>
  • 1% $1,000,000 and up<\/li><\/ul><\/td>
\u00a02%\u20133.5%<\/td><\/tr>
Apple App Store rating<\/td>4.2\/5 based on 13K reviews<\/td>4.8\/5 based on 82K reviews<\/td><\/tr>
Google Play rating<\/td>3.9\/5 based on 18.3K reviews<\/td>4.7\/5 based on 71.7K reviews<\/td><\/tr>
CDIC insured?<\/td>Yes<\/td>Yes<\/td><\/tr>
Products summary<\/td>
  • No-fee daily chequing account<\/li>
  • High-interest savings account<\/li>
  • USD and foreign currency savings accounts<\/li>
  • Cash back credit card<\/li>
  • Mortgages<\/li>
  • Personal loans and lines of credit<\/li>
  • GICs<\/li>
  • RRSP, TFSA, RRIF, RESP and mutual fund accounts<\/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<\/td>
  • Full product suite<\/li>
  • Fee-free chequing and savings accounts<\/li>
  • CIBC ATM access<\/li><\/ul><\/td>
  • Higher interest and cashback potential<\/li>
  • Lacks physical branch and no-fee ATM access<\/li><\/ul><\/td><\/tr>
Get started<\/td>

Simplii No Fee Chequing Account:<\/p>

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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/p>

Simplii High Interest Savings Account:<\/p>

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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/p><\/td>

KOHO Essential Plan:<\/p>

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\r\n\t\t\t\t\t \r\n\t\t\t\t\t\tRead review\r\n <\/a><\/div>\r\n\t\t\t\t <\/section>

KOHO Extra Plan:<\/p>

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\r\n\t\t\t\t\t \r\n\t\t\t\t\t\tRead review\r\n <\/a><\/div>\r\n\t\t\t\t <\/section><\/p>

KOHO Everything Plan:<\/p>

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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr><\/tbody><\/table>

Simplii Financial is CIBC\u2019s digital banking division, and it offers a lot of the products and services you\u2019d expect from a traditional bank. These include a no-fee chequing account<\/a>, savings account, personal loans and lines of credit, a credit card and mortgages. As it\u2019s an online-only bank, Simplii doesn\u2019t operate any physical branches \u2014 but you do get fee-free access to CIBC\u2019s nationwide network of 3,400 ATMs.<\/p>

KOHO is a Toronto-based fintech that offers a spending and savings account along 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.<\/p>

You can read our full guide to KOHO<\/a> here and our full guide to Simplii Financial here<\/a>.<\/p>

Simplii Financial vs KOHO: Banking<\/h3>
<\/th>

Simplii Financial No Fee Chequing Account<\/p><\/th>

Simplii Financial High Interest Savings Account<\/p><\/th>

KOHO Essential<\/p><\/th>

KOHO Extra<\/p><\/th>

KOHO Everything<\/p><\/th><\/tr><\/thead>

Monthly transactions<\/td>unlimited<\/td>N\/A<\/td>Unlimited<\/td>Unlimited<\/td>Unlimited<\/td><\/tr>
Monthly fee<\/td>$0<\/td>$0<\/td>$4 (waived if you set up a qualifying recurring direct deposit or deposit $1,000 per month)<\/td>$18<\/td>$22<\/td><\/tr>
Minimum balance<\/td>$0<\/td>$0<\/td>$0<\/td>$0<\/td>$0<\/td><\/tr>
Interac e-transfers<\/td>Free<\/td>No<\/td>Free<\/td>Free<\/td>Free<\/td><\/tr>
Overdraft protection<\/td>$4.97 when used. Interest rate of 19% on overdraft balances. Up to $5,000 protection available.<\/td>N\/A<\/td>$5 a month for KOHO Cover<\/td>$5 a month for KOHO Cover<\/td>$5 a month for KOHO Cover<\/td><\/tr>
ATM access<\/td>Over 3,400 CIBC ATMs<\/td>No<\/td>Any Mastercard ATM (fees may apply)<\/td>Any Mastercard ATM (fees may apply)<\/td>Any Mastercard ATM (fees may apply)<\/td><\/tr>
Mobile cheque deposit<\/td>Yes<\/td>Yes<\/td>No<\/td>No<\/td>No<\/td><\/tr>
Standard interest rate<\/td>0.01%<\/td>4.6% for the first 5 months

Then,<\/p>

  • 0.3% on $50,000.01 or less<\/li>
  • 0.5% on $50,000\u2013 $100,000<\/li>
  • 0.6% on $100,000.01\u2013 $500,000<\/li>
  • 0.7% on $500,000.01\u2013$1,000,000<\/li>
  • 1% $1,000,000 and up<\/li><\/ul><\/td>
2%<\/td>2.5%<\/td>3.5%<\/td><\/tr>
Cashback<\/td>No<\/td>No<\/td>1% cash back on all grocery, transportation, eating and drinking purchases
<\/div><\/td>
1.5% cash back on all grocery, transportation, eating and drinking purchases and 0.25% cash back on all other spending
<\/div>Up to 6.5% at select merchants<\/td>
2% cash back on groceries, transportation, eating and drinking purchases plus 0.5% cash back on all other spending
<\/div>Up to 6.5% at select merchants<\/td><\/tr>
Get started<\/td>

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If you\u2019re looking for one of the best no-fee chequing accounts in Canada<\/a> 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.<\/p>

The Simplii No Fee Chequing Account<\/a> 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 3,400 CIBC ATMs.<\/p>

But this account only pays limited interest, so you\u2019ll need to open a High Interest Savings Account<\/a> if you want to build your savings balance. You\u2019ll enjoy one of the best new bank account offers<\/a> as this account pays an introductory interest rate of 4.6% for the first 5 months before reverting to a lower standard rate.<\/p>

Meanwhile, sign up for a KOHO plan and you\u2019ll get unlimited transactions, earn up to 3.5% interest<\/a> on your balance, and get cash back on your spending.<\/p>

And, if you\u2019re worried about overspending and paying huge fees, you can pay $5 a month for KOHO Cover to get access to zero-interest overdraft protection of 50 for any account.<\/p>

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

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.<\/p>

Simplii vs. KOHO: Borrowing<\/h3>
<\/th>

Simplii Financial<\/p><\/th>

KOHO<\/p><\/th><\/tr><\/thead>

Personal loan<\/td>Yes<\/td>No<\/td><\/tr>
Line of credit<\/td>Yes<\/td>Yes (partnered through Fora)<\/td><\/tr>
Home equity line of credit (HELOC)<\/td>Yes<\/td>No<\/td><\/tr>
Mortgage<\/td>Yes<\/td>No<\/td><\/tr>
Cash advance<\/td>No<\/td>Yes<\/td><\/tr><\/tbody><\/table>

Simplii Financial is a better choice than KOHO if you want to borrow money. It offers fixed and variable rate personal loans, secured and unsecured lines of credit, and fixed and variable rate mortgages with cash back offers.<\/p>

And if you\u2019re looking to fund your day-to-day spending, you could also consider the no-annual-fee Simplii Financial Cash Back Visa Card<\/a>. This card has a 3-month introductory period when you can earn 20% (up to $80) cash back on eligible purchases, and it then reverts to paying:<\/p>