Choose Essential if you like the sound of:
1% cash back on groceries, eating and drinking, and transportation
3.5% interest on your entire balance
Instant e-Transfers
Unlimited Transactions
Up to 5% extra cash back at selected merchants
Up to $100K of your money earning interest is protected by CDIC
Free Credit Score
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 $0?
Here’s how you can take control and transform your everyday finances into an opportunity for financial progress, at no extra cost.
Recurring
Direct Deposit
Simply set up a recurring direct deposit of your paycheque or government benefits. It's convenient and a gateway to experiencing KOHO's full suite of features at no cost.
or
$1000 or more
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
“After years of bad financial dealing along came KOHO...now I am finally rebuilding my credit. Thank you for doing what other can but have not. Giving individuals like myself a second chance.”
— Rewertou
“My credit has been poor since I can remember. To my surprise my credit has improved from the 500's to the mid 600's in just 5 months! I finally feel like I'm on my way to a bright financial future."
— Kristie
"I saved to buy my first home through KOHO. I was able to pay for a downpayment in less than a year and I’m happy to say that I just received an accepted offer on a beautiful place!"
— Derek
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.
1% cash back on groceries, transportation, food, and drink
3.5% interest on your entire balance
Free Credit Score
Instant e-Transfers
Discount on Credit Building
No foreign transaction fees
FAQS
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. 3.5% 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.