Essential
Get Essential on us $4 $0
The plan that gets you more from your everyday spending, fee free*
Earn 5% interest on your entire balance
Get extra cash back at 1000+ merchants
Set up Direct Deposit and get Essential for $0*
Earn 5% interest on your entire balance
Get extra cash back at 1000+ merchants
Set up Direct Deposit and get Essential for $0*
Choose Essential if you like the sound of:
1% cash back on groceries, eating & drinking, and transportation
5% interest on your entire balance
Unlimited e-Transfers
Up to 5% extra cash back at selected merchants
Up to $100K of your money earning interest is protected by CDIC
Get all of this on us, $0*
Enjoy the Essentials, On Us
At KOHO, we believe in rewarding you for making smart financial choices—choices that not only benefit you today but pave the way for a brighter tomorrow. That's why we've introduced a straightforward way for you to enjoy all the benefits of Essential on us, no fee.
How to get Essential for $4 $0?
Here’s how you can take control and transform your everyday banking into an opportunity for financial progress, at no extra cost:
Direct Deposit
Simply set up a recurring direct deposit of your paycheque or government benefits. It's not only convenient but also a gateway to experiencing KOHO's full suite of features at no cost.
OR
Monthly Contributions
Ensure a total of $1000 or more finds its way into your KOHO membership each month. How you get it there is up to you—e-transfer and transfers from other accounts both count.
Don’t just take our word for it
Love KOHO! The cash back helps me a lot!
I love KOHO it’s easy and convenient! It’s a great way to build your credit and earn cash back.
My ride and die app is Koho!!!!
Love KOHO! The cash back helps me a lot!
I love KOHO it’s easy and convenient! It’s a great way to build your credit and earn cash back.
My ride and die app is Koho!!!!
With every plan you can:
Shop securely online with a virtual card
Build your credit history with Credit Building
Save on the app with features like RoundUps, Savings Goals, and Vaults
Pick a plan and try it with no cost
All KOHO plans come with a free 30 day trial so you can see if it suits you.
Essential
Earn more on the essentials your wallet cares about.
Starting from*
$4 $0/month
- 1% cash back on groceries, transportation, food, and drink
- 5% interest on your entire balance
- Earn Essential for $0 when you set up Direct Deposit or load $1000 per month
Best deal
Extra
Earn extra on your spending and savings.
Starting from*
$9/month
- 1.5% cash back on groceries, transportation, food, and drink
- 5% interest on your entire balance
- 30% off Credit Building
- No foreign transaction fees
- Real-time e-Transfers
Most popular
Supercharge everything in your KOHO account.
Starting from*
$19/month
- 2% cash back on groceries, transportation, food, and drink
- 5% interest on your entire balance
- 50% off Credit Building
- No foreign transaction fees
- Real-time e-Transfers
Essential
Earn more on the essentials your wallet cares about.
Starting from*
$4 $0/month
- 1% cash back on groceries, transportation, food, and drink
- 5% interest on your entire balance
- Earn Essential for $0 when you set up Direct Deposit or load $1000 per month
Best deal
Extra
Earn extra on your spending and savings.
Starting from*
$9/month
- 1.5% cash back on groceries, transportation, food, and drink
- 5% interest on your entire balance
- 30% off Credit Building
- No foreign transaction fees
- Real-time e-Transfers
Most popular
Supercharge everything in your KOHO account.
Starting from*
$19/month
- 2% cash back on groceries, transportation, food, and drink
- 5% interest on your entire balance
- 50% off Credit Building
- No foreign transaction fees
- Real-time e-Transfers
Questions?
The Canada Deposit Insurance Corporation, or CDIC, is a Crown Corporation that provides deposit insurance to banks and financial institutions like KOHO. It insures Canadians' deposits, held up to C$100,000, in case of a bank failure. Once you opt-in to earn interest, you can rest assured your money is safe with us.
The Credit Building feature is available as an add-on across all plans. You can sign up for Credit Building for $10 per month. You simply take out a line of credit with KOHO and on time repayments build your credit history which can build your credit score.
Cash back on transportation includes things like your transit card top-up, train or bus ticket, gas purchases, Ubers or Lyfts, and more. It’s worth noting, a flight purchase doesn’t qualify as transportation as it’s typically categorized as travel.
You sure can. If you want to switch to another plan you can do it at the end of your next billing cycle in the app. You can find a bit more on this here.
Once you sign up for Essential you’ll need to opt in on the Interest page in-app to start earning on everything in your spending and savings account. 5% is an annual rate that’s calculated daily and paid out monthly to maximize your earnings. Once you choose to opt in, you’ll start earning right away.
The Essential plan is $48 annual or $4/month with a 30 day free trial. No more, no less, and no hidden fees. But it’s worth keeping in mind that FX fees still apply and there’s a daily maximum amount of $3000 on outbound e-Transfers. Take a peek at this article if you’d like more info.