Make Essential your no fee account

The plan that gets you more from your everyday spending, fee free¹.

Get Essential
Calendar
$0 monthly fee¹
Coins
2% interest
Cart
1% unlimited Cash Back on essentials
Globe
International Money Transfers

No-fee account, all the essentials

Get Essential
Essential $0*/month

Unlock the Essential plan with no fees by setting up direct deposit or adding $1,000.

KOHO app - Spendable

Grow your savings with a better rate on your entire balance.

Grocery shopping

Earn great 1% Cash Back on groceries, eating & drinking, transportation.

KOHO user

Send money to 190+ countries quickly and securely with the best exchange rates and no hidden markups or other-worldly fees.

How to get Essential for $0—plus $100 in value?

At KOHO, we believe in rewarding you for making smart financial choices. That's why we've introduced a straightforward way for you to enjoy all the benefits of Essential for $0/month—delivering over $100/year in value.

Choose either of these easy options to activate Essential Unlock

Get Essential

Set up Direct Deposit

Simply set up a recurring direct deposit for your paycheque or government benefits. We process payments as soon as we get them. How fast is your bank?

Add $1,000+ Each Month

Put a total of $1,000 or more into your KOHO account each month. How it gets there is up to you—cash deposits, e-Transfers and transfers from other accounts all count. The money doesn’t have to stay there, so spend like usual.

More features. More savings.

Credit check card

Instant card access

Get your virtual prepaid Mastercard instantly, plus receive a physical card

Dollar sign

$500 cash advance

Access up to $500 cash advance with Cover bundle

Credit meter

Free Credit Score

Monitor your Credit Score from Equifax at no cost

Send

Free e-Transfers

Send money with zero fees

Coins

Up to 6.5% extra Cash Back

Earn additional Cash Back at 1,000+ merchant partners

Receipt check

Unlimited transactions

Make as many transactions as you need with no limits

Pick a plan and try it at no cost

All KOHO plans come with a free 30 day trial so you can see if it suits you.

The perfect plan for your needs
Essential

$0/mo*

Over $100/year in value**
Get rewarded on everyday spending with Cash Back on the essentialsStart with Essential
Extra

$12/mo

Over $200/year in value**
Get extra perks, extra cash back, and extra savingsSave now with Extra
Everything

$14.75/mo

Over $500/year in value**
Get more than your money’s worth and earn the most rewards on KOHOEarn more with Everything

Benefits

Unlimited Cash Back on groceries, transportation, food & drinks1%1.5%2%
Earn interest2% 2.5% 3.5%
Free Credit Score
Crypto trading fees0.5%0.5%0.5%
Instant e-Transfers
No Foreign Transaction Fees-
Discount on Credit Building-30%50%
Phone support

*Get Essential for free! Learn more
**This is an estimate. Actual savings may vary depending on individual spending habits and service usage

Not sure which one speaks to you? Take our quiz to find the best plan for you.

Find a plan

The reviews speak for themselves

We’ve earned the trust of more than 2 million Canadians using KOHO—not to mention their praise.

5 stars
4.8 App Store Rating
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2.5M+ Happy Customers
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#1 Rated Canadian Financial App
Read our reviews

How KOHO compares

See how the Essential plan compares to accounts with traditional banks.

KOHO EssentialTraditional No Fee Bank Accounts
e-TransfersFreeNone
Unlimited TransactionsFree
Credit ScoreVaries
Interest Rate2%None
Minimum Opening Deposit$0Up to $25
Maintain Daily Balance$0Up to $6,000

All the essentials.
None of the fees¹.

Open your account and start saving in just 5 minutes.

Get Essential

FAQFrequently Asked Questions

Think of a prepaid card as a hybrid of a debit card and a credit card. It combines all the benefits of both into one, easy-to-use card.
A prepaid card is essentially a card that you load with money before using it for everyday purchases. They work just like regular debit cards, except you don't need a bank account to use them. With prepaid cards, you have more control over your spending and you can't spend more money than what you load onto the card.
You can withdraw cash from an ATM using your physical KOHO card. Look for ATMs on the "Cirrus" network as they'll support withdrawals using a Mastercard.
Important:
  • You may be charged a $2-3 out-of-network fee to use an ATM (KOHO doesn't own any ATMs for free withdrawals).
  • We do have withdrawal limits in place. You can review your account limits directly in-app by tapping on the profile icon (top left) > Account velocity limits.
  • Get one free withdrawal at ATMs outside Canada each month with an Extra or Everything plan. International ATM fees are usually at least $2-3 a pop. Reach out to our support team for a reimbursement to your account!
You can earn Cash Back on everyday essentials like groceries, eating & dining, and transportation. Just use your KOHO card like usual. You can earn additional Cash Back on top of what you earn with your KOHO plan when you shop with our merchant partners. Learn more on our Cash Back page.
Take a look below to understand the different ranges for your credit score—and keep in mind you can always give your credit history a boost with Credit Building.
Credit Score Ranges:
Excellent: 750-900
Get the best rates and terms available
Good: 650-749
You should qualify for most loans and credit products with this range
Fair: 550-649
A score in this range can leave you with limited loan options and higher rates
Poor: 300-549
In this range, you will likely have a hard time qualifying for credit
The Credit Building feature is available as an add-on across all plans. You simply take out a line of credit with KOHO and on time repayments build your credit history which can build your credit score.
Opening an online account with KOHO is simple, and only takes 5 minutes.
To get started, you'll need:
  • To be a Canadian resident
  • To be at least 18 years old (19 in some provinces)
  • A Government-issued ID (like a driver's license or passport)
  • A phone number and email address
That's it. No minimum deposit or credit check. Quick and easy.
Of course! KOHO is all about giving you options to find the plan that’s right for you. Here’s how you can switch:
From the KOHO app:
  • In-app > click on My Plan > scroll down and select Change my plan.
  • On the Manage Plan page, select Change and choose your preferred KOHO plan.
From the web portal:
  • Login via web.koho.ca/login and select My Plan > Manage my plan.
  • On the Manage my plan page, choose your preferred KOHO plan and select Change my plan.
Once you sign up for Essential you’ll need to opt in on the Interest page in-app to start earning on everything in your spending and savings account. 2% is an annual rate that’s calculated daily and paid out monthly to maximize your earnings. Once you choose to opt in, you’ll start earning right away.

Still have questions?

Can't find the answer you're looking for? Please chat to our friendly team.Visit our FAQs

¹Get Essential for free! Learn more

²This is an estimate. Actual savings may vary depending on individual spending habits and service usage