Why save with KOHO?
- Earn up to 5%** interest and up to 5% cash back
- Up to $100k of your funds are eligible for CDIC protection when you opt in to Earn Interest
- No NSF fees, and no minimum balances — ever
- Interest is calculated daily and paid out monthly to maximize your earnings
- Sign up easily in less than 5 minutes
How KOHO stacks up
Earn up to 4x more interest with KOHO than with Canada’s best banks.*
How to start saving
Compare KOHO plans and pick the one that works for you
How to start saving
Add money to your shiny new account
How to start saving
Opt in to Earn Interest in the app and start earning
How to start saving
Save even more with the Vault, Goals, and RoundUps
Don’t just take our word for it
I’m saving for fertility treatments to be able to have a baby as a single woman. Using KOHO allows me to split up the different costs involved. I’m hoping to welcome my baby into the world in 2024!
- Joanna
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
I saved for a trip to finally see my long distance partner after 6 months of planning and even less time saving.
- Anne
I saved for a used car, so that I can get from point A to point B. Goals allowed me to save for the car in just 6 months!
- Nikita
FAQS
Depending on what plan you choose, you’ll earn up to 5% interest on your entire KOHO balance — your Spendable, RoundUps, Savings Goals, all of it. This is an annual rate, which will be calculated daily and paid out monthly to maximize your earnings. Plus, unlike other cards, you can access these earnings at any time!
Rounding up is a great way to save. You can choose the amount you’d like to round each purchase up to and we’ll set that amount aside for you in your KOHO app. Even better? You can cash out your RoundUps whenever you want!
The best high-interest savings account rates in Canada can vary over time due to changes in the prime rate, which is closely tied to the Bank of Canada's overnight rate. When the overnight rate increases, financial institutions can offer more competitive interest rates on high-interest savings accounts as well as on GICs (Guaranteed Investment Certificate) and other savings vehicles.
How High Interest Savings Accounts (HISAs) earn interest is relatively straightforward. When you deposit money into a HISA, the bank or credit union uses those funds to make loans to other customers. The interest that these borrowers pay on their loans is, in part, returned to your account as interest earnings. The interest rate on a HISA is typically higher than on a standard savings account, meaning you earn more on your deposits. Interest is generally compounded daily or monthly and paid monthly, although payment frequency can vary by financial institution.
HISAs offer high, variable interest rates and allow for flexible withdrawals and deposits. In contrast, GICs lock in your money for a set period, offering a fixed interest rate but penalizing early withdrawals. Both are generally insured by the CDIC. The choice between the two depends on your financial goals.
Our customer support team is ready to answer any of your questions 24/7 either through email or the chat functionality in the app. We’re always happy to help no matter how big or small your query, so don’t be shy!
**Actual Interest may vary depending on your KOHO Account plan. Interest Rate is subject to change without prior notice. Interest is per annum calculated daily but paid monthly. Terms and Conditions apply.