KOHO vs. Moka 2022 Comparison

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by Enoch Omololu


Advertiser Disclosure

KOHO and Moka are financial technology companies designed to give Canadians more options when they are saving their money, investing, or earning cash back.

Specifically, KOHO is a cash back app and prepaid card that rewards you on every purchase. More recently, it also introduced a high-interest savings account.

The Moka app on the other hand is a micro-investing app you can use to invest your spare change. It also recently introduced cashback, debt management, and financial coaching services.

This KOHO vs. Moka comparison covers what you need to know.

What is KOHO?

KOHO was launched in 2017 and offers its prepaid cards in participating with Peoples Trust and Mastercard. It is backed by large financial companies like Portage3, Power Group, and Drive Capital.

KOHO’s financial products and services lineup include:

Cashback Prepaid Cards: KOHO’s prepaid cards are offered as three types of accounts:

  • KOHO
  • KOHO Premium
  • KOHO Joint

The standard KOHO account and joint accounts are free and offer 0.50% cashback on all purchases.

After loading your card with cash, you can use it to make payments wherever Mastercard is accepted (both online and in-store). The card can be reloaded easily using Interac e-Transfer or direct deposit.

KOHO Mastercard prepaid cards also support unlimited and free bill payments and Interac e-Transfer transactions.

If you have a direct deposit linked to your KOHO account, you earn a 1.20% interest rate on your balance.

Lastly, KOHO’s budgeting app can be used to track your income/expenses and set up automatic savings by rounding up your purchases.

For even more cashback rewards (up to 2%) and no FX fees, you can upgrade to a paid account, KOHO Premium.

KOHO Premium costs $84 per year or $9 per month, and new users get a free 30-day trial period.

KOHO Earn Interest: With both free and paid KOHO accounts, you earn 1.2% interest on your entire balance. The only catch is that you need to set up at least one direct deposit such as a paycheque or government benefit.

KOHO Early Payroll: Users can access $100 from their paycheque 3 days early. This service is free. You can also opt for the paid service that costs $5 and gives you access to a financial coach and $100 for 15 days.

The $100 is debited from your paycheque on the day it hits your account. No interest or hidden fee is charged.

KOHO Credit Building: If you are struggling to increase your credit score, you can subscribe to an optional Credit Building service for $7 per month.

The monthly fee payments are reported to the credit bureaus, and this can help grow your credit score after some months.

Easily view your credit score in-app to see how you are progressing.

Learn more about how KOHO works.

Sign up for KOHO (use referral code CASHBACK) and get a $20 bonus after making your first purchase with the card.

What is Moka?

The Moka app was formerly known as Mylo.

It was founded in 2017 and was recently acquired by Mogo, a Canadian financial technology company that is traded on the TSX and Nasdaq.

Moka’s core offerings include:

Automated Investing: After connecting your bank account and cards (debit and/or credit) to Moka, it will automatically round up your purchases and invest the difference in a diversified portfolio made up of ETFs.

Your investments are held in a non-registered or registered account (e.g. TFSA and RRSP).

The fee to use this service is $3.99 per month.

Cashback Rewards: Moka users get access to exclusive cashback deals from various brands and retailers. For example, as of this writing, offers include:

  • Apple Music: $9.16 cash back
  • UberEats: 22.5% cash back
  • Warby Parker: 7.5% cash back
  • Motley Fool: $37.50 cash back
  • Indigo: 5% cash back, and more

In addition to its investing service, Moka offers a paid subscription service via Moka 360 that includes:

Debt Management: They help you develop a personalized plan to pay off debt faster. This includes helping you pay your credit balance with roundups and recurring deposits.

Perks: With this service, you earn even more cashback at select partners and brands.

Financial Advice: Get advice from a financial coach. Simply ask questions through the app and a financial expert will get back to you.

Moka 360 costs $15 per month. Learn more about Moka in this review.

Open a Moka account ($5 bonus after linking your bank account).

KOHO vs. Moka

Cashback: The free KOHO account gets you 0.50% cashback on all purchases. If you upgrade to KOHO Premium, this increases up to 2% on some purchases.

With Moka, the cashback offers vary depending on what partner retailers like UberEats, Footlocker, or Indigo are offering at any one time. If you don’t shop at these stores, you won’t be able to benefit.

Savings Interest: KOHO users who set up at least one regular deposit to their account earn 1.20% interest on every dollar. This is one of the highest savings rates in Canada today.

Moka does not currently offer a savings account.

Investing: Moka is one of two micro-investing apps in Canada. The other is Wealthsimple Invest. KOHO does not invest your money in an ETF portfolio.

Financial Advice: Both Moka and KOHO offer financial coaching when you subscribe to Moka 360 or KOHO Premium.

Safety: Your deposits in KOHO are eligible for Canada Deposit Insurance Corporation protection up to $100,000. The funds you invest through Moka are insured by the Canadian Investor Protection Fund (CIPF).

Fees: A regular KOHO account is free and includes all the main benefits (cashback, early payroll, and savings interest). KOHO Premium costs $84/year or $9/month.

A regular Moka account costs $3.99/month. Moka 360 is a $15/month subscription service.


Overall, Moka and KOHO can be useful additions to your current personal finance setup.

For cash or debit purchases, my KOHO prepaid Mastercard pays at least 0.50%. Any unused balance earns 1.20% interest.

Moka makes it easy to invest effortlessly even when you can’t afford to set aside a lot of money. And, with the goal-setting option, you can save towards specific financial goals.


Do you use KOHO or Moka? Tell us about your experience in the comments.

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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