Koho vs TD : Which is Better?

KOHO vs TD Canada Trust Which One Is Better?

If you want to manage your money in Canada, you may be looking at KOHO or TD. These are very different options. KOHO is a money app with a prepaid Mastercard. TD is one of the biggest banks in Canada. This article will show you what each one offers so you can pick the best fit.

What You Get with KOHO

KOHO is not a regular bank. But it gives you a way to spend, save, and earn money. It works with a bank partner called Peoples Trust. KOHO has three plans:

• Essential plan

  • Free to use

  • 1% cashback on food, groceries, and transit

  • 2.5% interest on your full balance

• Extra plan

  • $12 per month

  • 1.5% cashback on the same categories

  • 0.25% cashback on everything else

  • 3% interest on your balance

• Everything plan

  • $14.75 per month or $177 per year

  • 2% cashback on food, groceries, and transit

  • 0.5% cashback on everything else

  • 4% interest on your balance

  • No foreign transaction fees

Other KOHO features:

• Credit building for $10 per month

• KOHO Cover for overdraft with a $5 monthly max

• No credit check to open an account

• Mobile app only with no branches

What You Get with TD Canada Trust

TD offers many account types. These are the most common ones:

• TD Minimum Chequing Account

  • $3.95 per month

  • 12 transactions included

• TD Every Day Chequing

  • $10.95 per month

  • 25 transactions included

  • Fee waived with a $3,000 minimum balance

• TD Unlimited Chequing

  • $16.95 per month

  • Unlimited transactions

  • Free Interac eTransfers

  • Fee waived with a $4,000 minimum balance

Savings:

• TD high interest savings rate is about 0.1%

• Sometimes there are short term bonus rates

Credit Cards:

• TD Cash Back Visa Infinite

  • 3% cashback on groceries, gas, and recurring bills

  • 1% on everything else

  • Requires good credit and has an annual fee

Overdraft:

• TD offers overdraft protection

• Charges daily fees and interest

• No flat monthly cap like KOHO

Extra services:

• Branches across Canada

• Loans, mortgages, and credit cards

• CDIC insurance protects your deposits

Which One Is Right for You

KOHO is a good choice if you want:

• Simple money tools

• High cashback and savings interest

• Low fees and easy sign up

• No credit check

• Mobile only banking

TD is a better choice if you need:

• Loans and mortgages

• Face to face help at a branch

• Full service banking

• Access to many ATMs

Some people use both. You can use KOHO for daily spending, saving, or a simple prepaid Mastercard. Use TD for other credit cards, loans, and long term banking. Pick what fits your life best.

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.