KOHO is a Canadian fintech that combines a prepaid Visa with high-interest banking and an optional Credit Building feature. Launched in 2017, it has grown to 1M+ users by combining 1-2% cash back, 3.50% standing interest on savings, free Interac e-Transfers, and a $7/month credit-building add-on that genuinely helps users improve their credit scores.
KOHO sits at a unique intersection in Canadian banking: prepaid + high-interest savings + credit building. Founded in 2017, KOHO targets younger Canadians who want fintech polish without the complexity of multiple accounts. The product is a Visa prepaid card linked to a banking account paying 3.50% standing interest (or 5% with KOHO Extra subscription).
The credit-building feature is genuinely innovative. KOHO Credit Building ($7/month) gives users access to a small line of credit that reports to credit bureaus. By making on-time payments toward a $5-50/month deposit, users build payment history. Independent reviews and user reports show average credit score increases of 25-60 points over 6 months. For newcomers, students, or anyone rebuilding credit, this is a genuinely useful feature unavailable at traditional banks.
Beyond credit building, KOHO offers: 1% cash back on Visa Card purchases (2% with KOHO Extra), 0% FX markup on international purchases (matching EQ Bank Card), free Interac e-Transfer + bill pay, auto-savings tools (round-up + scheduled transfers), and spending insights. Trustpilot rates KOHO at 4.0 / 5 across 2,800+ reviews — among the highest in Canadian banking.
CDIC question: Like Wealthsimple Cash, KOHO is not a direct CDIC member. Funds are held at Peoples Trust Company (CDIC member), providing $100,000 protection per category. Same partner-bank structure as several other Canadian fintechs.
Where KOHO loses to EQ Bank and Wealthsimple Cash: 3.50% standing rate trails EQ's 4.00% and Wealthsimple's 3.75%. KOHO Extra ($9/month) bumps the rate to 5% but the $108/year subscription requires $20,000+ in average savings to break even. 1% cash back is lower than typical credit cards (2-5% on category cards). For pure rate optimization, KOHO loses; for credit building + simplicity, KOHO wins.
Who should bank with KOHO? Newcomers or students building Canadian credit, users wanting fintech simplicity with prepaid discipline, FX-free travelers, and parents teaching kids financial responsibility. Who shouldn't? Maximum rate seekers (use EQ Bank), credit card optimizers (Cobalt earns 5x), and borrowers needing mortgages.
KOHO's unique combination of prepaid + 3.50% interest + credit building + 0% FX serves a real audience: newcomers, students, credit rebuilders, and parents teaching kids money. Credit Building genuinely works — user reports show 25-60 point increases in 6 months. Not the highest rate (EQ Bank wins) or best cash back (Amex Cobalt wins) but unmatched for the credit-building use case.
Aggregated from Trustpilot, BBB, Reddit (r/PersonalFinanceCanada), and Google Reviews. We pulled the most-helpful reviews — both positive and negative — to give you a balanced picture.
"KOHO Credit Building took me from 580 to 650 in 8 months. Couldn't get approved for a regular card. Now I qualify for Amex Cobalt. Genuinely changed my financial life."
"Newcomer to Canada. KOHO was the easiest first bank account. Credit Building got me to 700 in 10 months. Now have credit cards and a mortgage in process. Recommend to all immigrants."
"Teaching my 18 year old daughter to budget with KOHO. Prepaid means no overdraft. App is clean and shows spending categories. She actually engages with it."
"Rate dropped from 5% to 3.5% when I cancelled Extra. Cash back is just 1%. Decent fintech but EQ Bank pays more and Wealthsimple has nicer features. Niche product for credit building."
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