KOHO alternatives in Canada (2026): 4 honest picks

What are the best KOHO alternatives in Canada?

If you are shopping past KOHO, four options cover almost every reason to switch. For the highest plain savings rate with no monthly fee, look at EQ Bank. For investing and banking in one app, Wealthsimple. For cards, rewards and savings bundled together, Neo Financial. And for a free chance at cash prizes on top of saving, Lodavo. The table above lines them up side by side. Below, here is how each one actually works and who it suits, so you can match the pick to your goal instead of the marketing.

Why look for a KOHO alternative?

People leave KOHO for ordinary, sensible reasons, not because anything is wrong with it. The most common one is the fee. KOHO’s higher savings rates and perks live on paid plans (roughly 2% to 3.5% interest depending on the plan, with monthly fees from about $4 to $14.75 as of 2026), and some people would rather not pay a subscription to earn interest. Others want a plain bank account instead of a prepaid card, or they are ready to start investing, or they simply want a free upside layered on top of whatever they already do.

It helps to name what KOHO actually is. It is a spending and savings app built on a reloadable prepaid Mastercard, and it is not a bank. Eligible balances are held in trust at CDIC-member banks. That structure is fine, but it is different from a standalone high-interest account, and that difference is exactly what some of the alternatives below fix.

The best KOHO alternatives in Canada, at a glance

Behind that comparison table sit four very different products, and that is the point. One is a plain high-interest bank account, one is an investing-and-banking platform, one is a savings-plus-rewards bundle, and one is a free prize-draw layer that holds no money at all. Read the short sections below for the dated rate, the honest limitation, and the one job each does best. Then jump to the decision table at the end to pick.

EQ Bank, best for a plain high-interest rate

EQ Bank is the cleanest swap if KOHO’s fees are what pushed you out. It is the digital arm of Equitable Bank, a CDIC member, and its Personal Account pays a 1.00% base rate, rising to 2.75% when you add a qualifying recurring direct deposit of at least $2,000 a month (as of 2026), with no monthly fee. You get a real account number, free Interac e-Transfers, and notice accounts and GICs if you want to lock in a higher rate.

The honest limitation: the top rate is conditional. If you cannot route $2,000 a month in direct deposits, you sit closer to the base rate, and that direct-deposit hurdle is steeper than KOHO’s. EQ Bank also leans saving-first rather than spending-first, so it is less of an everyday card. For pure rate and CDIC protection with no subscription, though, it beats the others here.

Wealthsimple, best for investing plus banking together

Wealthsimple is the pick when you want more than a savings account. It is a large Canadian fintech that puts investing, trading, crypto and a spending Chequing account in one polished app, with no monthly account fee and Chequing interest from about 1.25% to 2.25% depending on your tier (as of 2026). The more you hold across the platform, the higher your rate and perks climb, which rewards people who consolidate.

Be clear-eyed about two things. The headline Chequing rate sits below EQ Bank’s top rate unless you reach the higher tiers, and your investments carry market risk. They can lose value, and they are protected by CIPF, not CDIC like a deposit. So Wealthsimple wins on breadth and on getting you investing, not on paying the highest guaranteed rate on cash. If your goal is one app for your whole financial life, it is hard to beat. If you just want a safe place for an emergency fund, EQ Bank is the simpler answer.

Neo Financial, best for cards plus rewards plus savings

Neo Financial is the bundle. It pairs a no-fee high-interest savings account with cash-back cards and a rewards marketplace, all in one app, with the savings side delivered through Peoples Bank of Canada (a CDIC member, so eligible balances are covered up to $100,000 per category). Neo currently advertises a stable 4% high-interest savings rate (as of 2026), which is strong for an everyday savings product, and the cards earn cash back at partnered merchants.

The trade-off is that Neo is at its best when you actually use the ecosystem. The richest rewards come from spending through Neo’s network, so if you only want a savings account and will not touch the cards, a plain EQ Bank account is simpler. But if you liked KOHO’s cash back and want a real savings rate alongside it, Neo is the closest like-for-like upgrade.

Lodavo, a free prize-linked layer, no money moved

Lodavo is the odd one out here, on purpose. It is Canada’s first prize-linked savings app, and it is not a bank account. It connects read-only to the bank you already use (through Plaid, which covers over 99% of deposit accounts in Canada), watches your savings balance each week, and gives you free tickets to a weekly draw based on what you save. Save more, get more tickets. The draw pays out up to $10,000, and a guaranteed weekly prize of at least $100 always goes to a member.

Here is the honest part. Lodavo holds none of your money and pays no interest, so it cannot replace EQ Bank, Wealthsimple or Neo. It is a free upside that sits on top of them. The right move for most people is to keep a high-interest account for the rate and add Lodavo so the act of saving also buys you a shot at cash. If you only care about the maximum guaranteed return and do not want a prize element, Lodavo is the wrong fit, and that is fine. If you want to learn more about why a prize draw on savings is not the same as gambling, we explain the no purchase necessary and skill-testing question rules here, and you can see who has won on the winning numbers page.

How to choose the right KOHO alternative for you

There is no single best answer, only the best fit for what you are trying to do. Match your goal to the pick:

Most people land on a pairing, not a single product. A high-interest account like EQ Bank does the real saving, and Lodavo rides on top for the free upside. If you want to dig deeper, our head-to-head on Lodavo versus KOHO breaks down the differences in detail, the pillar guide to prize-linked savings in Canada covers how the whole category works, and the best savings apps in Canada roundup widens the field if none of these four is your match.

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at /contest-rules.