Koho vs CIBC : Which is Better?

KOHO vs CIBC: Which One Should You Pick?

If you want to open an account in Canada, you might be looking at KOHO and CIBC. They are both good options, but they work very differently. This guide will help you understand which one is better for your needs.

KOHO is a money app with a prepaid Mastercard. It is not a bank, but it partners with one called Peoples Trust. You get cashback, interest, and credit building tools. CIBC is one of Canada’s largest banks. It has physical branches, ATMs, and many types of accounts. Here's how KOHO and CIBC compare.

KOHO Features and Plans

KOHO has three plans:

• Essential: Free

• Extra: $12/month

• Everything: $14.75/month or $177/year
  
  

Cashback:

• Essential: 1% on groceries, restaurants, and transit

• Extra: 1.5% on those, 0.25% on everything else

• Everything: 2% on those, 0.5% on everything else
  
  

Interest on savings:

• Essential: 2.5%

• Extra: 3%

• Everything: 4%
  
  

Other KOHO features:

• Credit Building for $10/month (discounted with paid plans)

• KOHO Cover: overdraft with max fee of $5/month

• No foreign transaction fees (Everything plan)

• No credit check to sign up

• Mobile app only, no branches
  
  

CIBC Features and Accounts

CIBC offers many bank accounts:

• Smart Account: $16.95/month, may drop to $6.95 based on usage

• Everyday Chequing: $4/month, 12 free transactions

• eAdvantage Savings: 1.6% interest if you deposit $200 or more that month
  
  

CIBC also offers:

• Credit cards like CIBC Dividend Visa: 2% cashback on groceries, 1% on gas and recurring bills, 0.5% on other spending

• Loans, mortgages, and credit lines

• In-person service at branches

• CDIC insurance on deposits
  
  

Which One Should You Choose?

Use KOHO if you want:

• High cashback and savings interest

• Low fees and clear pricing

• A way to build credit safely

• A simple money app with no branches
  
  

Use CIBC if you want:

• Access to branches and ATMs

• Loans, mortgages, and credit cards

• Full banking features in one place

• CDIC insured savings and chequing
  
  

Many people use both. KOHO can be great for saving and daily spending. CIBC can help with long-term banking. Choose what works best for you.

Is There a Koho Promotion to Save Me Money?

Yes, sign up for Koho using the Koho referral link https://web.koho.ca/referral/TJDAD9Y9 and make a purchase of $20 or more within 30 days to get your choice of $20 or 3 free months of Koho's Extra plan.

If you don't like clicking links (we know, you can never be too careful!) you can do it manually. Just use code TJDAD9Y9 when you sign up with Koho and make a purchase of $20 or more within 30 days to get your choice of $20 or 3 free months of Koho's Extra plan.