No Monthly Fee Bank Account

A no fee monthly bank account is an everyday spending account that doesn’t charge an ongoing monthly maintenance fee.

You can usually get the basics—paycheque deposits, debit purchases, bill payments, and e-Transfers.

You may still see other fees (like out-of-network ATM fees or certain service charges), but you’re not paying a fixed monthly fee just to keep the account open.

How KOHO Essential Works as a No Fee Account

KOHO isn’t a bank—We are a financial service company that offers a spending and savings account with a prepaid Mastercard®.

KOHO Essential is designed to work like a no fee monthly account for most people because:

• It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.

• Grow your savings with a 2% interest savings rate on your entire balance.

• Earn 1% cash back on groceries, eating & drinking, and transportation.

• Enjoy unlimited transactions (never worry about sending money to someone again).

Add-On: Build Credit History with KOHO

Traditional no fee bank accounts usually don’t help you build credit on their own.

With KOHO, you can add Credit Building on top of your Essential plan for a small monthly cost.

KOHO’s Credit Building:

• Gives you access to a dedicated line of credit that’s reported to credit bureaus

• Charges no interest on that line—just a flat $10 monthly subscription fee

• Reports your on time payments to help you build your credit history

• KOHO members have seen their credit scores go up by an average of 31+ points in just 4 months¹.

Who Is a No Fee Monthly Account Good For?

A no fee monthly account is especially helpful if you:

• Are tired of paying $10–$30+ per month just to keep an account open at a traditional bank

• Want a simple, mobile experience for everyday spending

• Prefer to keep more of your money working toward savings and credit goals instead of bank fees

With KOHO, you can:

• Use KOHO Essential as your no fee everyday account (when you meet the deposit requirement)

• Turn on Credit Building to actively work on your credit history

• Still earn interest on your balance while you spend and save

^{¹Based on users with a starting score of 500 or less and who signed up for credit building in October 2024. Credit Building is not a credit repair tool and does not guarantee an improvement in credit score. Credit scores are based on complex models involving a variety of factors. Consistent on-time payments help improve scores and missed or late payments may cause credit scores to decrease. Outcomes may vary among users.}