Canada Post Launching Bank Accounts with No Fees: Here are the Details

Canada Post is trying banking services again, this time with a chequing and savings account.

Partnering with Koho Financial, Canada Post plans to launch these accounts nationwide in 2025, with its employees getting early access as a trial run.

Lisa Liu, a spokesperson for Canada Post, explained to the Canadian Press that the postal service sees a need for accessible banking options, especially for people in rural, remote, and Indigenous communities, as well as new Canadians. “Canada Post is uniquely positioned to fill some of these demands,” she said, adding that existing services are helpful but don’t meet all needs.

Called “MyMoney,” the new account will offer features like high interest, cashback, and credit-building tools. It will operate with a prepaid, reloadable Mastercard (supports Apple Pay, Google Pay, etc), which works like a debit card but offers some credit card perks. MyMoney will also come with various account options, from no-fee accounts to paid ones with extra features.

This move follows Canada Post’s short-lived lending program with TD Bank in 2022, which ended due to “processing issues.” Since then, Canada Post has shifted its focus to core financial services rather than loans.

The project continues Canada Post’s collaboration with Koho, which recently enabled cash deposits through post offices. Koho is now seeking a Canadian banking license to expand its offerings further. Koho’s CEO, Daniel Eberhard, said he’s excited to work with Canada Post, emphasizing their shared values and vision for accessible financial services.

Recently, Koho rebranded itself at the beginning of November, switching to new graphics, imagery and slogans.

Click here to sign up for KOHO and get $20 free when you make your first purchase in 30 days. Alternative free bank accounts to consider include Wealthsimple, which gives $25 free on your first deposit.

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