KOHO Account Review: A Savings and Spending Account

What is a KOHO account?

A KOHO account is a hybrid account for spending as well as saving. Think of it as a cross between a chequing account and a savings account.

Like a chequing account, you can use a KOHO account to get your pay direct deposited, to pay bills and to send e-Transfers. It comes with a prepaid reloadable Mastercard too, which you can use to pay for in-store and online purchases, earn cash back and withdraw cash at ATMs.

At the same time, the KOHO savings account pays a high interest rate on your entire balance. The interest rate you get varies depending on the KOHO plan you sign up for. The entry-level Core plan pays 2% when you opt into Earn Interest, but you can earn up to 3.5% with a paid plan.

KOHO review

How does the KOHO savings account work?

When you open a KOHO account, you’ll need to choose the plan you want — Core, Extra or Everything. Each plan offers a physical card as well as a virtual one, supports unlimited transactions and e-Transfers, and can be managed via a user-friendly mobile app.

The Core plan is free, but the Extra and Everything plans come with a monthly fee. The higher the fee, the more perks and better rewards you get.

Core pays 2% interest. If you want a higher interest rate on your KOHO savings account, you’ll need to upgrade to the Extra plan ($18/month) to earn 2.5% interest or the Everything plan ($22/month) to earn 3.5% interest.

These higher-level plans also offer higher cashback rates and other perks like no foreign transaction fees.

Check the table below to find out how the 3 KOHO plans stack up side-by-side.

What is the best KOHO account plan?

Of the three KOHO account plans, we think KOHO Core is the best choice for most people.

Why? We like it because it:

• Has a competitive savings interest rate;
• Provides convenient access to your funds whenever you need; and
• Lets you earn cashback on popular everyday spending categories.

Best of all, there are no monthly fees chipping away at your balance, so your hard-earned dollars stay where they belong. Previously, KOHO’s Essential plan (which Core replaced) cost $4 per month unless you either received a direct deposit to your account each month or added $1,000 or more to your account each month.

Now, there’s no fee at all. You also don’t need to worry about depositing a minimum amount every month, so you don’t have to jump through any hoops.

But if you’re not sure whether you’d prefer a free or paid plan, all KOHO plans come with a free 30-day trial so you can try them for yourself.

KOHO Core key features

Here’s a rundown of the key features you get from KOHO’s new Core plan:

• $0 monthly fee. Get all the features of KOHO Core with no monthly fee.
• Unlimited transactions. You get unlimited free day-to-day transactions with this KOHO account, including e-Transfers.
• 2% interest. KOHO Core pays 2% interest on your entire balance.
• 1% cashback. Earn 1% back on groceries, transportation, and food & drinks when you spend with your reloadable KOHO prepaid Mastercard. You can also get up to 6.5% extra cashback at selected partner merchants.
• Free Secured Credit Building. Take advantage of free access to KOHO’s Secured Credit Building feature to help improve your credit score. You can also check your credit score for free at any time.
• Instant virtual card. Get an instant virtual prepaid card so you can start spending straight away.

What we like about the KOHO account plans

Earn up to 3.5% interest

Depending on the plan you choose, you can earn up to 3.5% interest on your KOHO savings account. Even the base interest rate of 2% on a fee-free Core plan is competitive when compared to other top high interest savings accounts, allowing you to reach your savings goals sooner.

No monthly fee or minimum deposit

You can open a KOHO Core plan and start earning interest without having to pay a monthly fee. There’s no minimum deposit required to open an account either, and you don’t have to meet a monthly deposit requirement to earn interest on your balance.

Unlimited transactions

You can use your KOHO account to perform unlimited monthly transactions. You can use it to get your regular paycheque, pay bills, send e-Transfers, pay for in-store and online purchases, withdraw cash and manage your everyday banking tasks.

Earn 1–2% cashback

You can also get rewarded for the spending you do with your KOHO prepaid reloadable Mastercard. You’ll get 1% cashback on groceries, transportation, and food & drinks with a Core plan. Paid plans come with a higher earn rate along with the ability to earn up to 0.5% cashback on all other purchases. Best of all, cashback is unlimited.

RoundUps, Goal Savings and Vaults

Your KOHO account includes a range of features designed to help you build your savings balance. RoundUps allow you to round up KOHO card purchases to the nearest $1, $2, $5 or $10, with the rounded-up amount tucked away in your savings. You can also set savings goals and create savings plans to help you realize them, plus set money aside in Vaults to keep it separate from your spending balance and make sure you have funds you can call on for a rainy day.

CDIC insured

The interest-earning balance in your KOHO account is covered by the Canada Deposit Insurance Corporation. Up to $100,000 you deposit is protected by CDIC insurance.

Highly-rated mobile app

The KOHO app has picked up tens of thousands of five-star reviews from both iOS and Android users. The user-friendly app presents a streamlined interface and makes it easy to track your spending and manage your money.

What are the downsides?

Monthly fees

You have to pay a monthly fee on two out of KOHO’s three monthly plans. And if you want the highest savings interest rate, you’ll need the $22/month Everything plan. This means fees will chip away at your balance each month.

If your main goal is to save money, compare the fee-free KOHO Core plan with the best high interest savings accounts with no monthly fees.

No cheque deposits

There’s no option to deposit cheques into your KOHO savings account. So if you receive a cheque, you’ll need to deposit it into a separate chequing account and then transfer those funds over to your KOHO account.

No ATM network

KOHO doesn’t operate an ATM network. If you withdraw cash at an ATM using your KOHO card, the ATM operator may charge you an out-of-network withdrawal fee of around $2 – $3.

Foreign transaction fee

If you have a KOHO Core account, you’ll pay a 1.5% fee for foreign transactions.

No physical branches

KOHO is a financial technology company and doesn’t operate any physical branches. So if you want the convenience of being able to visit a branch and access face-to-face customer service, you may prefer a traditional bank.

Can’t receive wire transfers

KOHO savings accounts are unable to receive wire transfers. You’ll need to use other payment methods to deposit funds into your account.

Limited cashback categories

You can’t earn cashback on all spending with your KOHO prepaid card. Instead, cashback only applies to grocery, transportation, and eating & drinking purchases.

KOHO account fees and access

How does KOHO compare to other hybrid accounts in Canada?

KOHO isn’t the only provider in Canada that offers a spending and saving account.

The EQ Bank Personal Account is a popular alternative. It pays 1.5% interest as standard, but you can earn up to 3% when you get up to $2,000/month of your pay direct deposited into the account. You also get unlimited transactions, fee-free ATM withdrawals across Canada, 0.5% cashback on your purchases and no monthly fee. Learn more about the pros and cons in our KOHO vs EQ Bank guide.

Another KOHO competitor worth checking out is the Wealthsimple Chequing Account. It has no monthly fee, pays 1.25% – 2.25% interest and also pays 1% cash back on card purchases. However, it’s worth mentioning that you’ll need at least $500,000 in assets with Wealthsimple to earn the maximum available interest rate.

Finally, the PC Money Account is another worth adding to your shortlist of options. With 2.2% interest on your savings, no monthly fee, and the ability to earn PC Optimum reward points on your spending and other everyday transactions, it’s also a competitive choice.

Alternatives to KOHO

Are my deposits in the KOHO savings account CDIC insured?

Yes, the money you deposit in your account that earns interest is eligible for CDIC protection. KOHO itself is not a CDIC member, but once you opt in to Earn Interest, the funds you deposit are held in trust with CDIC members. This means up to $100,000 you deposit will be covered by CDIC insurance.

How to send money to a KOHO account

There are four ways to deposit money into your KOHO account.

1. e-Transfer

You can deposit funds via e-Transfer by completing these steps:

1. Log in to the KOHO app.
2. Tap “Add money”, then “e-Transfer” and “KOHO (Instant)”.
3. Copy your e-Transfer email address.
4. Log in to online or mobile banking and select the account from which you’ll be transferring funds.
5. In the e-Transfer section, create a new contact for KOHO and paste your e-Transfer email address.
6. Transfer the funds.

2. Debit card

You can use a debit card to load funds to your KOHO savings account. Here’s how:

1. Log in to the KOHO app.
2. Tap “Add money” and then “Debit card”.
3. Enter the amount you want to load.
4. Take a photo of the card and upload it or manually enter your card details. Alternatively, you can pay by selecting the Apple Pay logo.
5. Confirm the card details and amount.

3. Direct deposit

Here’s how to get your pay direct deposited into your KOHO account:

1. Log in to the KOHO app.
2. Tap “$” and then “Set up direct deposit”.
3. Download the direct deposit void cheque.
4. Ask your payroll department to have your paycheque deposited to the account details shown on your void cheque.

4. Cash

You can deposit cash into your KOHO account in a few simple steps:

1. Log in to the KOHO app and navigate to the “$” section.
2. Tap “Add money”, “Add cash” and then “Find your nearest Canada Post location”.
3. Take your cash and government-issued photo ID to your closest Canada Post location.
4. Show the unique QR code to a Canada Post employee and hand over your cash deposit.

How do I withdraw money from my KOHO account?

If you want to withdraw cash using your KOHO prepaid card, you’ll need to use an ATM on the Cirrus network that supports Mastercard withdrawals. However, as KOHO doesn’t have its own ATM network, you may be charged a fee of around $2 to $3 by the ATM operator for the transaction.

You can also withdraw money from your KOHO account by sending an e-Transfer, transferring money to a bank account, or sending money to another KOHO account. To do so, log in to the KOHO app and tap “Send money”, then follow the instructions for the transfer method you want.

KOHO reviews and ratings

Customer reviews for KOHO are generally positive. Head to the Android or iOS app stores and you’ll see that the KOHO app has picked up tens of thousands of five-star reviews. It also has a high average rating on Trustpilot, but it doesn’t fare as well with Better Business Bureau reviewers.

Positive KOHO reviews mention factors such as the user-friendly app, the cashback rewards and the ability to earn a high interest rate on your entire savings balance. Negative reviews mention disappointing service and sometimes feature customer complaints about getting locked out of their accounts.

What do people on Reddit say?

Feedback for KOHO on the PersonalFinanceCanada Subreddit is mixed. On the positive front, users praise KOHO’s high interest rates, cashback earning potential and ease of use. But poor customer service seems to be a common complaint in negative reviews, while some other users mention their KOHO account displaying an inaccurate balance.

How to open a KOHO account

Want to open a KOHO account? Here’s what you need to do.

1. Download the KOHO app from the App Store or Google Play.
2. Provide your personal information and contact details to create an account.
3. Upload a valid, government-issued photo ID to verify your identity.
4. Wait for your application to be approved. KOHO says this process usually takes minutes.
5. Deposit funds and start using your account.

Bottom line

There’s a lot to like about KOHO Core. It offers convenient access to your money for everyday spending, plus pays competitive interest on your savings and lets you earn cashback on your purchases. And with no monthly fees or pesky minimum deposit requirements to worry about, it’s a solid option for anyone who needs a hybrid bank account.

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