30-second answer: KOHO is a Canadian fintech (not a bank) that issues a prepaid Mastercard through Peoples Trust. Funds are CDIC-insured up to $100,000 via Peoples Trust, and KOHO is registered with FINTRAC. It's a reasonable no-fee account for cashback and budgeting — but for traditional banking, GICs, or large balances, a Schedule I bank or EQ Bank is a better fit.

What KOHO is (and what it isn't)

KOHO Financial Inc. is a Toronto-headquartered fintech founded in 2014. It is not a Schedule I or Schedule II bank — it doesn't hold a Canadian banking licence. Instead, it operates as a registered Money Services Business (MSB) with FINTRAC and partners with Peoples Trust Company, a federally regulated Canadian trust company, to hold customer deposits and issue its prepaid Mastercard.

That arrangement matters for one reason: deposit insurance. Funds in your KOHO spending and savings accounts sit on Peoples Trust's balance sheet, which is a CDIC member. So your eligible deposits are insured up to $100,000 per account category — same as any other CDIC member. The insurer is Peoples Trust, not KOHO.

Is KOHO safe?

For everyday use, yes — within reasonable limits:

• Deposit insurance: Up to $100,000 CDIC-insured via Peoples Trust.
• Card security: Prepaid Mastercard with chip + PIN, in-app card freeze, virtual card numbers, and transaction notifications.
• Regulatory oversight: Registered MSB (FINTRAC), partner bank regulated by OSFI.
• 2FA + biometric login: App-level protections standard since 2023.

Where to be cautious: KOHO is not designed as a place to park a large emergency fund or six-figure savings — for that, an EQ Bank, Tangerine, or Schedule I bank savings account is structurally simpler. And as with any fintech, customer service is digital-only — there is no branch network and no published phone support line.

Plan tiers (2026)

KOHO publishes four monthly plan tiers. The exact pricing and feature list change through the year, so always confirm on koho.ca before signing up:

• Easy — $0/month. Basic spending account, prepaid Mastercard, base cashback on select categories.
• Essential — Low monthly fee. Adds higher-interest savings on deposits, free e-Transfers above a daily limit.
• Extra — Mid-tier fee. Higher cashback rate and bigger savings rate.
• Everything — Top-tier fee (around $19/month historically). Top cashback, top savings rate, free credit-building add-on, financial coaching.

The KOHO prepaid Mastercard

KOHO's flagship product is its prepaid Mastercard, issued by Peoples Trust. It works at any merchant that accepts Mastercard, supports tap, chip + PIN, Apple Pay, and Google Pay. Importantly, it is a prepaid card, not a credit card — there is no revolving credit, no APR, no minimum payment. You can only spend funds you've already loaded.

That distinction matters for two groups:

• Newcomers without Canadian credit history — KOHO doesn't help you build credit by default. For that, see KOHO Credit Building (a separate add-on) or our no-SIN credit card guide for newcomers.
• Anyone trying to rebuild after collections — KOHO won't appear on your credit report unless you opt into the credit-building product, which you may want to combine with a secured credit card.

KOHO vs the alternatives

Pros and cons

Pros:

• Free tier is genuinely free — no monthly fee, no minimum balance.
• Cashback on everyday spending categories is real.
• Clean, modern app with budgeting tools built in.
• Direct deposit accepted by CRA and most employers.

Cons:

• Prepaid card — does not build credit on its own.
• No GICs, no investments, no mortgage products.
• Customer support is digital-only — no phone line.
• Higher tiers only pay off with high monthly spend in cashback categories.

How KOHO connects to other KOHO products

KOHO has expanded beyond the prepaid card. The two other products you'll see marketed are:

• KOHO Line of Credit — a separate revolving credit product (formerly powered by Fora). Read our KOHO Line of Credit review (2026).
• KOHO Cover — a no-interest cash advance bundled into paid plans. Compared head-to-head against Bree and Nyble in our cash advance app showdown.

How to log in or get help

If you're locked out of your account or need to reach support, see our KOHO app & login help guide. Important: never call any phone number you find through a Google ad claiming to be KOHO support — KOHO does not run a public phone line and these are impersonation scams.

Related reading

• Best banks for international students in Canada
• Best cash advance apps in Canada (2026)
• How to build credit as a newcomer in Canada
• Credit card comparison tool