What is KOHO?

What is KOHO?

KOHO is a no-fee spending and savings account here to simplify your personal finances.

It’s a bit like a spending account, with the perks of a credit card. Think of KOHO as a collection of features designed to help you reach your goals faster and spend your money on things you like, rather than things that you don’t, like credit card interest or hidden fees.

Just like a spending account, you can put money into your KOHO account and then use it however you see fit (we like snacks and vacations!). And we’re like a credit card in that we offer cash back and other perks, plus you can use your KOHO reloadable prepaid Mastercard anywhere.

The key difference is that unlike a traditional credit card, it’s already your money—there’s no interest to pay, and the funds on your card are, well ... all yours. Plus, unlike pretty much everyone with just a bank-issued credit card.

The long and short of it is that KOHO makes it easier (dare we say even fun) to manage your spending and savings habits.

The features of KOHO

People use KOHO as their financial helper with a spending account, high interest savings account, prepaid Mastercard, and handy app all in one.

The basic flow is simple:

• Load money to your account through e-Transfer or direct deposit

• Use your prepaid mastercard for purchases and earn cash back on groceries, eating & drinking, and transportation

• Check the app to track spending habits and build better saving routines

What else does KOHO offer?

KOHO has more than just the basics. You can earn up to 4% interest* on your money.

There's also a Credit Builder feature, which helps build your credit history. Just subscribe in the app and make sure you've got the fee covered for the next six months. We report to a major credit bureau.

And when you tell friends about us, you both get $20. Or two free months of Everything plan which means more cash back, interest, and more money in your account.

*Interest rates are per year, calculated daily, paid monthly, and can change at any time without notice.

How do most people use KOHO?

People usually start with KOHO for fun spending - loading money that's left after paying bills and saving. Think of it as your guilt-free spending cash. Some money experts suggest about 30% of your paycheque should go toward things like food, fun, and social stuff. But everyone's different, so your numbers might not match this exactly.

Many KOHO users put their spending money on their prepaid Mastercard and use it for daily purchases. It's clever because it's as easy as using a credit card, but you won't pay 20% interest since you're using your own money. This helps you stay within budget.

KOHO also makes saving pretty simple. Our data shows users save about 7% of the money they load (through RoundUps and Savings Goals), compared to the average 2% millennials typically save.

Over time, more people are using KOHO as their main account - getting their paycheque deposited directly and paying bills straight from the app. Makes sense - who wants fees or interest? Plus, you get cash back and RoundUps. Users who deposit their paycheque save twice as much through RoundUps and Savings Goals compared to those who don't.

Where does KOHO put my money?

Your money sits with Peoples Trust, a federally regulated financial institution. If anything happened to KOHO, your money would stay safe and you could still access it through Peoples Trust.

What's different about KOHO vs. a debit account?

The biggest difference is we're digital-first—no branches or lineups. We keep costs low and focus on helping you feel good about your money decisions.

You also get cash back on purchases (1% on everything with a regular KOHO card, and extra on major categories with KOHO Extra). We've partnered with brands like Crocs, Sephora, Walmart, and Well.ca for even more cash back.

And our app is actually good. Banks might update their apps yearly, but we make improvements every three weeks.

What makes the app worth using?

We update it constantly based on research to help you manage your money better.

It's simple to use with features like RoundUps, which let you round purchases to the nearest dollar (or more) and automatically save the difference. These small amounts add up quickly and you can use that money anytime.

Do I still need a regular bank account?

Probably yes. But if you set up direct deposit for your paycheque and never write paper cheques, you could use KOHO for most banking needs.

You can pay all your bills from KOHO—utilities, phone & internet, credit cards, subscriptions—and send unlimited free e-Transfers. The card works anywhere that takes Mastercard.

If you need to write cheques or only want to deposit part of your paycheque to KOHO, you'll still need a bank account.

Why do 2+ million customers love KOHO?

We give Canadians the tools to make their money grow, and make life better, every single day. KOHO members get up to 5% cash back, earn up to 4% interest, build credit, and easily borrow money.

Plus, you can get exclusive perks for day-to-day life stuff like rent and travel. Simply put, KOHO is one place for your money and your life.

» See why Canadians love KOHO.

What's next for KOHO?

Thanks for asking! Our future plans are public, and we love hearing what you want. Our team uses your suggestions to plan our next steps. KOHO exists to help you feel good about your money.

We're building KOHO for the people who use it. Every Canadian who joins us and speaks up helps create a better KOHO.