KOHO Core
Aug 31, 2026
9.8
9.8
BestMoney Score
Cost
9.8
Experience
9.8
Flexibility
9.8
Support
9.8
BestMoney User Recommendation
BestMoney.ca User Rating
BestMoney users do not recommend this product giving it a score of -36, or 2.2 stars.
The recommendation score shows how satisfied customers are with a provider. A perfect +100 means all customers recommend it, while -100 means no one does. These ratings come solely from community votes and are never affected by partner payments. BestMoney also monitors and removes fraudulent reviews once identified.
BestMoney scores are objectively determined by our editorial team. Our scoring...
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KOHO Core
BestMoney.ca's take: *Limited time only – Get a $40 cash bonus by opening an account and making a purchase with KOHO card within 30 days after registration (this works with both virtual and physical cards). Plus get 2 months of KOHO Everything FREE ($29.50 value)!
Features
Welcome Bonus
Get $40 for joining
Fee-free
Spend & save for free
Interest & Cash Back
2% interest, 1% cash back
Credit Building
Credit building tools included
If you’re tired of monthly account fees eating into your balance, KOHO Core is worth a serious look. It’s a fee-free spending and savings account that pays 2% interest on every dollar, gives you 1% cash back on everyday purchases, and throws in free credit-building tools, all without a minimum balance or hoops to jump through. And right now, opening an account through our link gets you an exclusive $40 welcome bonus that isn’t available if you sign up directly with KOHO.
Below, we break down exactly what KOHO Core offers, how it stacks up, who it’s best for, and how to claim the bonus.
What Is KOHO Core?
KOHO is a Canadian fintech that pairs a prepaid Mastercard with a spending and savings account, all managed through a mobile app. Think of it as a hybrid between a debit card and a chequing account: you load money onto it (or set up direct deposit), spend with the card in-store or online, and manage everything from your phone. Because it’s not a traditional credit account, there’s no credit check required to open one, and you can’t rack up debt on everyday spending.
Core is KOHO’s free tier, sitting below the paid Extra and Everything plans. It used to come with a 30-day free trial model, but KOHO has since made Core permanently free, with no trial period, no monthly fee, and no catch.
Key Features of KOHO Core
2% interest on your whole balance. Both your spending and savings funds earn 2% annual interest, calculated daily and paid monthly. There’s no minimum balance requirement and no cap on how much you can earn. Funds held with KOHO are also eligible for CDIC coverage, which adds a layer of protection you’d expect from a traditional bank.
1% cash back on everyday spending. You earn cash back automatically on groceries, transportation, and eating and drinking out, with no need to activate categories or hit spending thresholds. KOHO also partners with select merchants where you can earn up to 6.5% extra cash back on top of the base rate.
Free secured credit building. This is one of Core’s standout features. You put down a small refundable deposit (starting around $30), which becomes your credit limit, and KOHO reports your on-time payments to Equifax every month. Since there’s no interest and no debt risk (you’re using your own money as collateral), it’s a genuinely low-risk way to build or repair credit history. KOHO says members who use its credit-building tools see meaningfully higher scores over time.
Free credit score monitoring. You can check your credit score in the app anytime without it affecting your score.
Cover cash advance. Core account holders can access a cash advance of up to $250 at 0% interest through KOHO’s Cover feature, useful for bridging a gap between paycheques without resorting to high-interest options.
Everyday banking tools. Core includes instant virtual and physical cards in a choice of colours, Apple Pay, Samsung Pay, and Google Pay support, unlimited free Interac e-Transfers, and no minimum balance requirement. On the savings side, Goals let you set targets for specific purchases, RoundUps automatically stash spare change from every purchase, and Vault separates money you don’t want to touch from your everyday spending balance.
International money transfers. KOHO lets you send money to more than 190 countries with competitive exchange rates, transparent fees, and delivery that’s often within 30 minutes.
What It Costs (and Doesn’t)
The headline feature here is simply the price: $0 per month, permanently. There’s no minimum balance, no direct deposit requirement, and no fine print forcing you into a paid tier after a trial period. The only fees to be aware of are standard prepaid card costs, like a $2 to $3 charge for out-of-network ATM withdrawals, since KOHO doesn’t operate its own ATM network. Interest rates are variable and can change without notice, which is standard across high-interest accounts in Canada.
Who KOHO Core Is Best For
Core makes the most sense if you want a straightforward, no-fee account that beats what most big banks pay on a chequing balance, plus a low-effort way to build credit. It’s particularly strong for:
- People without an existing credit card who want to establish or rebuild credit history without taking on debt
- Anyone consolidating multiple bank fees into a single free account
- Newcomers to Canada, since there’s no credit check and setup takes about five minutes
- Budget-conscious spenders who want automatic cash back on groceries and transit without tracking categories
If you spend heavily in categories outside groceries, transit, and food and drink, or you want a higher cash back ceiling, KOHO’s paid Extra or Everything plans offer broader multipliers. But for a genuinely free account, Core is hard to beat.
How to Open an Account
Opening a KOHO Core account takes about five minutes. You’ll need to be a Canadian resident at least 18 years old (19 in some provinces), have a government-issued ID like a driver’s licence or passport, and provide a phone number and email address. There’s no minimum deposit and no credit check required to get started.
Claim Your Exclusive $40 Welcome Bonus
Signing up for KOHO Core directly gets you all the features above at no cost. But through our link, you can claim an exclusive $40 welcome bonus on top of everything Core already offers, an offer you won’t find by going straight to KOHO’s website.
Open your KOHO Core account and claim your $40 bonus →
As with any welcome offer, terms and conditions apply, so check the current requirements (such as making a purchase within a set window) before you sign up, and confirm the bonus amount and eligibility at checkout since promotional terms can change.
The Bottom Line
KOHO Core is one of the few genuinely free financial accounts in Canada that pairs competitive interest with real, no-cost credit-building tools. There’s no monthly fee, no minimum balance, and no trial period to worry about, just an account that earns you money for using it. Combined with our exclusive $40 welcome bonus, it’s an easy way to upgrade from a fee-heavy bank account without giving up any of the conveniences you’re used to.
KOHO Core Details
KOHO Core Community Reviews
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BestMoney.ca User Rating
BestMoney users do not recommend this product giving it a score of -41, or 2.2 stars.
The recommendation score shows how satisfied customers are with a provider. A perfect +100 means all customers recommend it, while -100 means no one does. These ratings come solely from community votes and are never affected by partner payments. BestMoney also monitors and removes fraudulent reviews once identified.
