KOHO vs EQ Bank: Which is Better?

KOHO and EQ both offer app based ways to earn interest and spend with a prepaid card, but they’re built a bit differently.

KOHO leans into cash back, day-to-day spending, and credit building, while EQ focuses more on high interest saving with a free bank account and card.

The KOHO Side

For this comparison, we’ll look at KOHO Essential as your main KOHO option:

• It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.

• Use a prepaid Mastercard® for groceries, bills, subscriptions, and travel.

• Grow your savings with a 2% interest savings rate on your entire balance.

• Earn 1% cash back on groceries, eating & drinking, and transportation.

• You can subscribe to Credit Building for $10/month, it's an affordable way to build your credit history.

• Enjoy unlimited transactions and free Interac e-Transfers (never worry about fees when sending money to someone again).

• No minimum balance required, ever.

The EQ Side

On the EQ side, the most comparable setup is:

• EQ Bank Personal Account

  • No monthly account fees

  • High everyday interest rate on your balance

  • Unlimited free Interac e-Transfers and bill payments

paired with the:

• EQ Bank Card

  • Cash back on card purchases

  • No FX fees

  • Free withdrawals from any ATM in Canada

When KOHO Essential Makes Sense

KOHO is usually stronger if you:

• Want credit building via Credit Building without a traditional credit card

• Care about category based cash back (1% on groceries, eating & drinking, and transportation)

• Prefer an app that feels more for budgeting + rewards

• Like the idea of a prepaid card that still behaves like a modern everyday card (online, in store, travel)

• You get 2% high interest savings, no minimum balance required

Bottom Line

Both KOHO and EQ gives you a modern way to spend, and grow your money.

If you want high interest + cash back + credit building, KOHO Essential leans more into that space.

If you want a high-interest online bank account with a straightforward prepaid card, EQ.