KOHO Review 2026 — Account, Fees & Rates
Our Verdict
KOHO offers a prepaid Mastercard with cashback and three plans: Essential ($0 per month under conditions), Extra ($12) and Everything ($14.75), which earn 2% to 3.5% interest and 1% to 2% cashback. CDIC protection, up to $100,000, only applies once the Earn Interest option is activated.
KOHO is a Canadian financial app based on a physical and virtual prepaid Mastercard and an account that earns interest once the Earn Interest option is activated: 2% with Essential, 2.5% with Extra and 3.5% with Everything, on the entire balance. Funds are then held in trust with CDIC member institutions, eligible for CDIC protection up to $100,000; KOHO's partner is Peoples Trust Company. The app also offers cashback, an interest-free cash advance of up to $500 (subscription starting at $2 per month), credit building, cryptoasset purchases and investments. Support is provided via live chat, at all times, 7 days a week.
Fee Comparison Table
KOHO offers three plans, each with a physical and virtual prepaid Mastercard and a 30-day free trial: Essential at $0 per month, free in any month when you receive a direct deposit or deposit at least $1,000 (1% cashback, 2% interest); Extra at $12 per month (1.5% cashback, 2.5% interest, no foreign transaction fees); Everything at $14.75 per month (2% cashback, 3.5% interest, no foreign transaction fees). With Essential, foreign currency transactions cost 1.5%; KOHO does not charge for ATM withdrawals.
Detailed Scores
| Criterion | Score | Weight | Comment |
|---|---|---|---|
| Deposit insurance & regulatory compliance | 7/10 | 15 % | KOHO is not a bank: funds loaded onto the card do not constitute a deposit and are not insured by CDIC. Once the Earn Interest option is activated, they are held in trust with one or more CDIC member institutions and eligible for CDIC protection up to $100,000 per client, per member institution and per insured category. KOHO's partner is Peoples Trust Company, which is federally regulated. |
| Mobile & web app experience | 9/10 | 20 % | App rated 4.8/5 on the App Store (91k ratings) and 4.4/5 on Google Play (75.5k reviews). Virtual card usable upon approval, card blocking in the app, Interac transfers, bill splitting and rent payment from the app. |
| Complementary products & services | 8/10 | 10 % | Physical and virtual prepaid Mastercard, cashback, interest-earning account, interest-free cash advance up to $500, Pay Later in 3, 6 or 9 months, credit building, credit report and score, cryptoasset purchases (0.5% fee), investments, joint account and international transfers. |
| Security & fraud protection | 8/10 | 10 % | 256-bit encryption, cybersecurity protection with 24/7 monitoring, Mastercard Zero Liability protection and card blocking in the app in case of loss or theft. |
| Customer support | 7/10 | 10 % | Live chat support, at all times, 7 days a week, and online help center; no phone line is listed on the contact page. |
| Pricing & fees | 7/10 | 20 % | Three plans: Essential at $0 per month, free in any month when you receive a direct deposit or deposit at least $1,000; Extra at $12 per month; Everything at $14.75 per month, each with a 30-day free trial. Foreign currency transactions cost 1.5% with Essential and are fee-free with Extra and Everything; KOHO does not charge for ATM withdrawals. |
| Interest rate & yield | 6/10 | 10 % | Once the Earn Interest option is activated: 2% with Essential, 2.5% with Extra and 3.5% with Everything, on the entire balance, with no minimum balance or cap. Interest is calculated daily and paid monthly. |
| Transparency & governance | 7/10 | 5 % | KOHO publishes its cardholder agreement, with its fee schedule, and its system status; its interest rates can vary, and the Earn Interest program may be modified without notice. |
Strengths
- App rated 4.8/5 on the App Store (91k ratings) and 4.4/5 on Google Play (75.5k reviews), with a virtual card and card blocking in the app.
- CDIC protection up to $100,000 once the Earn Interest option is activated, with Peoples Trust Company as a partner.
- Physical and virtual prepaid Mastercard with automatic category cashback.
- Instant Interac transfers, and interest-free cash advance up to $500 with a subscription starting at $2 per month.
- Security: 256-bit encryption, 24/7 monitoring and Mastercard Zero Liability protection.
- Essential plan free in any month when you receive a direct deposit or deposit at least $1,000.
Weaknesses
- Without the Earn Interest option, the card balance is not protected by CDIC.
- The best rates and cashback require a paid plan: 3.5% interest and 2% cashback with Everything, at $14.75 per month.
- 1.5% fee on foreign currency transactions with the Essential plan.
- Live chat support only, but available at all times, 7 days a week.
Who Is It For?
- Mobile users looking for a complete and responsive banking app
- People wanting a prepaid Mastercard with category cashback
- Users willing to pay a subscription to maximize cashback and savings rates
- People who receive a direct deposit: it makes the Essential plan free the following month
- Profile wanting an integrated credit builder to improve their credit score
Not Ideal For…
- Savers who want the highest rate without a subscription: 3.5% requires the Everything plan, at $14.75 per month
- People who want a traditional debit card: the KOHO card is a prepaid Mastercard
- Users attached to direct phone support or to the model of a bank with its own charter
Alternatives
- Wealthsimple Cash — Chequing account with no monthly fees, protected by CDIC up to $1 million through member institutions, in an app that also brings together investments and trading.
- EQ Bank — Current account with no everyday banking fees, at 2.75% with a direct payroll deposit of at least $2,000 per month (1.00% without), with a CDIC member bank.
How this review was conducted
This review is a documentary assessment. It is based on KOHO's public interface, its published pricing and publicly available information, as recorded on 2026-05-27. No field test was carried out: no subscription, no purchase and no exchange with customer support took place. Some items were checked again on 2026-10-05 against the official pages cited. Pricing and terms change: check them on KOHO's own site before you decide.
Documentary evaluation conducted based on the public interface, displayed pricing terms and available public data. No actual purchase or subscription was made, and no field test, lived use, or contact with support underpins this analysis.
Depending on the institution, this product falls under federal regulation (OSFI) or under that of Quebec's Autorité des marchés financiers (AMF). See our AMF disclosure page for more information.
Pricing information is indicative — verify current terms on the provider's website before subscribing. Affiliate disclosure.
