Question 1

What exactly is KOHO?

Accepted Answer

KOHO is a free spending and savings account where you can get instant cash back and earn interest on your entire account. You get a prepaid reloadable Mastercard that gives you all the spending power of a credit card without any fees or interest. Unlike a credit card, however, the KOHO card draws from funds that are already your money. This key difference makes you spend more mindfully and effectively save more. It’s connected to a smart budgeting app that simplifies day-to-day finances with spending insights and balance updates after each purchase. As a result, the average KOHO user saves 7% of whatever money they load into their account.

Question 2

How does KOHO work and what can I use it for?

Accepted Answer

It’s pretty simple. You add funds to your KOHO account in one of three ways: e-Transfer from your regular bank account, loading through an existing Mastercard or Visa debit, or by having your work’s payroll directly deposit your paycheque (we call this direct deposit). You can now set up Interac® Autodeposit with your personal email address to your KOHO account too so adding funds has never been easier!

Then, you use your KOHO card, either in person or online, to make purchases just like you would with any debit or credit. KOHO runs on the Mastercard network, so merchants can treat your KOHO card just like a normal credit card transaction. You can use KOHO for everyday spending as well as stashing away your savings, all from one account. You can earn cash back on your spending, earn interest on your entire balance, and use in-app features that’ll help you manage your money like a pro.

Question 3

Okay, so where does KOHO put my money?

Accepted Answer

We’ve partnered with Peoples Trust, a federally regulated bank to hold any money you load onto your KOHO card. This means that if anything were to happen to us (and that’s a big if!), your money would be safe and you’d be able to access it through Peoples Trust. If you place your money in interest-bearing accounts, not only will you get a high interest rate, but your funds will also be eligible for CDIC insurance.

Question 4

What makes KOHO different from a regular debit account?

Accepted Answer

The big difference is that we’re digital-first. We prioritize financially empowering our users over things like branded ATMs (though KOHO works at any ol’ ATM, and we won’t charge you for using one). Consequently, we can keep our costs low and aim to pass these savings to our users. Plus, depending on which plan you choose, you can earn up to 2% cash back on things like your weekly shop, your phone bill, or your sushi take-out. And up to 5% cash back when you shop with our partners. Also, our app is pretty awesome.

Question 5

What makes the KOHO app awesome?

Accepted Answer

We’ve put in the research time to make it dead simple to use, and there are lots of built-in ways to make the most of your money. We tweak and improve our app in order to release updates every three weeks. Which, to be frank, is not a thing banks can say. Banks usually release a new version of their apps once a year.

Question 6

What are KOHO plans?

Accepted Answer

KOHO has four plans you can choose from: Easy (this is the free one), Essential, Extra, or Everything. Each plan offers something different, so depending on how you want to use KOHO you can choose a plan that will work for you. And remember, you can switch plans at any time.

Question 7

How do most people use KOHO?

Accepted Answer

Most people start out by using KOHO for the fun kind of spending – loading their account with what’s left over after accounting for standard expenses and savings. The guilt-free spendable, if you will. Some financial experts recommend around 30% of each paycheque should go toward guilt-free spending, but your specific budget might vary. It’s just as easy as reaching for a credit card, but it won’t cost you 20% to finance your life and since it’s already your money, you know you’re staying within your means.

Question 8

What fees do you pay with a KOHO account?

Accepted Answer

1. $1.00 Inactivity fee: This monthly fee is applied to accounts that have been open for 13 months and inactive for 6 months. “Inactive accounts” are defined as accounts that have not made any transactions or loaded money onto the account. So, just make sure to load your account or make a purchase every 6 months to avoid the charge.

2. Foreign Transaction Fees (FX fees): on the Easy and Essential plans, you will be charged 1.5% on non-Canadian transactions made with your KOHO card. Want to skip the fee? Sign up for the Extra or Everything plan to have all FX fees waived.

Deep-dive into the details of our Card Holder Agreement

Question 9

So, what is a virtual card?

Accepted Answer

A virtual card is basically a digital card that lives in the app. You can use it to make online purchases or add it to Apple, Samsung, or Google pay to use in stores. The virtual card uses a different number to your physical one, so it helps protect your physical card number when you’re shopping online.
 All plans comes with a virtual card that you can start spending right away. Just tap the card image in the top right corner of the app to find yours.

Question 10

Can I get a physical card?

Accepted Answer

You sure can, once you’ve opened your account and downloaded the app, tap the card image on the home screen, scroll down and select "Get a Card" then follow the prompts to get set up. Your card should land on your doorstep within 10 days once your account is verified.

Question 11

Does using or applying for a KOHO card impact my credit score?

Accepted Answer

When you set up your KOHO account we run what’s called a soft credit check, which doesn’t affect your credit score (phew!). We have to do this part to adhere to strict Canadian financial regulations and in order to make sure your account is secure and protected against fraud.

Question 12

Is KOHO considered a credit card?

Accepted Answer

Your physical and virtual KOHO cards are prepaid cards. However, if you're asked whether you're paying with "debit or credit" at the checkout line, advise the cashier you're paying with credit. The same will apply when using an ATM to withdraw cash.

Question 13

How long does it take for money to arrive in my KOHO account?

Accepted Answer

You can now set up Autodeposit for your KOHO account using your own email. That means you don't have to manually accept an Interac e-Transfer and your funds will be in your account once the transfer has been sent by the sender — whether that’s you or someone else. There’s no need to answer a security question, so your funds are less at risk of being intercepted by fraudsters.

Keep tapping with our virtual card while Canada Post catches up on their backlog.

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