Canada
activeNeobank
- HQ
- Toronto
- Fee
- No monthly on core chequing (conditions apply)
KOHO
Canadian money app. Not CDIC on the brand. Eligible cash sits in trust at partner banks — and only if you opt into Earn Interest.
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6.2Mixed
AlternativesFive questions
At a glance
Is it a bank?
No. KOHO is not a bank. The money sits with Partner CDIC members (trust) — KOHO Financial Inc. is not the bank.
If it fails?
KOHO is not CDIC-insured. When you opt into Earn Interest, funds sit in trust at CDIC member institutions — up to $100,000 per beneficiary per member, if pass-through conditions hold. Accounts not earning interest are not CDIC-eligible on KOHO’s own copy.
Salary?
Not listed. An IBAN or sort code is not automatically a salary account.
Open from abroad?
Residency and KYC are gated. An App Store listing is not proof you can onboard.
Monthly fee
Essential free; paid Extra/Everything plans
Account number
No IBAN-class local rail on this file.
NeoBankDB Verdict
Licence first · score second
6.2
/10 · Mixed
KOHO Financial Inc. is a Toronto fintech. It is not a CDIC member. Eligible protection, on KOHO’s own footnote, applies when you opt into Earn Interest and funds sit in trust at CDIC members. Other balances are not. Tangerine is Scotiabank CDIC. This is a prepaid-shaped money app with a bank-licence ambition. Keep salary at a member institution.
What it is
Founded 2014. Mastercard spend, credit-builder, subscriptions. A June 2026 write-up still says KOHO is not a deposit-taker. Until OSFI issues a Schedule 1 and CDIC membership is live, this desk will not upgrade the class.
Best for: Canada residents who want a money app and already keep salary at a CDIC bank (Tangerine, EQ).
Last checked 2026-08-30. Not advice.
What it does well
- +Honest that KOHO itself is not CDIC
- +Earn Interest opt-in is named as the CDIC path
- +Strong app ratings
- +Schedule-1 application is a 2026 story, not a licence today
What to watch
- −Not a bank
- −Non-interest balances are not CDIC on their copy
- −Paid plans for the useful bits
- −Directories say neobank
Who holds the money
The account
- Partner bank
- CDIC member institutions (named in-app / legal — confirm live)
How money actually moves
- Who holds the cash
- E-money / stored-value — not a bank deposit
- How money moves
- In-app ledger
- Built for
- Personal
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Fintech reviews can pause inbound while they check a transfer
- Card
- KOHO lists a physical card and a virtual card on mastercard, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
KOHO is not CDIC-insured. When you opt into Earn Interest, funds sit in trust at CDIC member institutions — up to $100,000 per beneficiary per member, if pass-through conditions hold. Accounts not earning interest are not CDIC-eligible on KOHO’s own copy.
Who holds the money: Partner CDIC members (trust) — KOHO Financial Inc. is not the bank
- OSFI / CDIC (partners)Fintech. Not a bank. Not currently a CDIC member. Partner-bank trust structure · Canada
Fees
- Monthly
- Essential free; paid Extra/Everything plans
- FX markup
- Plan-gated
- ATM
- Plan-gated then network
- Interest
- Earn Interest opt-in — rates move
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- CAD spend account
- Credit-builder adjacency
- Paid plans
- Partner-bank CDIC on Earn Interest only
- Not a bank
Score
- Safety25%
- 5.4
- Fees20%
- 6.8
- Features15%
- 7.4
- App15%
- 8.2
- Global15%
- 3.2
- Support10%
- 6.6
Change log
Full logSafety
Not CDIC on the brand; Earn Interest is the partner-bank path
Toronto fintech. Schedule-1 ambition is not a licence today.
Available in
Straight answers
FAQ
01Is KOHO a bank?
KOHO is not a licensed deposit-taker in the classic sense. Money, if any, sits with Partner CDIC members (trust) — KOHO Financial Inc. is not the bank.
02How is money protected?
KOHO is not CDIC-insured. When you opt into Earn Interest, funds sit in trust at CDIC member institutions — up to $100,000 per beneficiary per member, if pass-through conditions hold. Accounts not earning interest are not CDIC-eligible on KOHO’s own copy.
03Where is KOHO available?
We list 1 market on NeoBankDB. Residency and onboarding rules still sit with KOHO.
04Card and wallets?
KOHO lists a physical card and a virtual card on mastercard, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
05Can I open KOHO remotely?
Residency and KYC are gated. An App Store listing is not proof you can onboard from your country.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
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