KOHO alternatives in Canada (2026): 4 honest picks

What are the best KOHO alternatives in Canada?

Whether you already use KOHO or you’re just weighing it up, four options cover almost every reason to look elsewhere. 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 comparison table up top stacks them on rate, fees and CDIC status. Below is the part a table can’t show: how each one actually works, and who it’s really for.

Why look for a KOHO alternative?

People look past 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 $18 to $22 a month, or $12 to $14.75 billed yearly, as of 2026 (opens in a new tab)), 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’re 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’s a spending and savings app built on a reloadable prepaid Mastercard, and it’s not a bank. Eligible balances are held in trust at CDIC-member banks. That structure is fine, but it’s 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

These four cover four different jobs: a plain high-interest account, an investing-and-banking platform, a savings-plus-rewards bundle, and a free prize-draw layer that holds no money at all. Here’s the dated rate, the honest catch, and what each does best.

EQ Bank, best for a plain high-interest rate

EQ Bank is the cleanest swap if KOHO’s fees are the sticking point for you. It’s 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 (opens in a new tab) (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 can’t 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’s 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’s 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 (opens in a new tab) (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’re 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’s 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 Savings currently pays a tiered rate, 2.00% up to 2.75% on balances over $20,000 (opens in a new tab) (as of 2026), which is solid 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 won’t 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, free draw tickets just for saving

Lodavo is the different pick on this list, and that’s deliberate. It’s Canada’s first prize-linked savings app, not a spending account or a card. It connects read-only to the bank you already use (through Plaid, which covers over 99% of deposit accounts in Canada (opens in a new tab)), looks at your savings balance each week, and turns what you save into free tickets for a weekly draw. The more you save, the more tickets you collect. The draw pays out up to $10,000, and every week at least $100 goes to a user as a guaranteed prize.

Since it rewards your saving rather than replacing your account, Lodavo pairs with any of these picks. Keep a high-interest account for the rate, add Lodavo, and saving comes with a free weekly shot at a prize instead of feeling like a chore. It stores no cash and pays no interest, so it’s an upside on top, never the account itself. If you want to learn more about why a prize draw on savings isn’t 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

It depends on the job you want done. Match your goal to the column:

Plenty of people end up combining two: a high-interest account to earn the rate, and Lodavo to make saving fun with a free weekly draw. 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 our contest rules.