KOHO Earn Interest review

In this in-depth review, we take a look at how KOHO Earn Interest works including its main features, advantages and drawbacks and what you need to open an account.

Features

• Interest rate: 1.2%
• Fee: $0
• Minimum balance: $0
• Automatic savings option: Daily automatic savings option via Savings Goals
• Deposit insurance: up to $100,000

What are the benefits of the KOHO Earn Interest account?

When using the KOHO Earn Interest account, users can get the following benefits:

• Cash back rewards. Earn 0.5% cash back on all purchases.
• Earn high interest. The annual interest rate is 1.2%. Interest is calculated daily on your entire balance and paid monthly.
• No minimum balance or deposit. Obtain all the benefits of this account without worrying about minimum balances or deposits.
• Calculating tax is easier. Interest earnings are taxable. KOHO provides tax statements in-app for every user.
• Your money is safe. Account balances are held in a federally-regulated financial insitution.
• No additional fees. There are no account opening, money transfer or account closing fees.
• Free Interac e-Transfers. It’s free to send and receive Interac e-Transfers with this account.
• Compatible with major digital wallets. Your KOHO card is compatible with Google Pay and Apple Pay.
• English & French mobile app. There is both an English and fully translated French version of the KOHO app.
• KOHO Early Payroll feature. Get instant access to a no fee, no interest $100 paycheque advance with no impact on credit scores by setting up direct deposit to your KOHO account from your employer.

What should I look out for?

Consider the following items to ensure that the KOHO Earn Interest account is right for you:

• Direct deposit requirement. In order to earn 1.2% interest on your balance, you must set up a direct deposit. Paycheques, disability benefits, childcare benefits and other similar direct deposits are eligible.
• Interest rate is subject to change. While this is not a promotional rate, interest rates may vary if KOHO’s service providers change or if the Bank of Canada announces an interest rate decrease or increase. Keep in mind that the 1.2% interest rate is not introductory, exclusive to certain users or designed to expire.
• Limited services. KOHO is not a financial institution. It is a financial services business. For this reason, many standard banking services are not available.

How do I open an account?

To apply for a KOHO Earn Interest prepaid card, you need to fill out an online application. KOHO operates entirely online, so the entire application process can be handled from the comfort of your home.

You’ll need to have the following information handy:

• Email
• Password created by you
• Full legal name
• Mobile number
• Date of birth
• Intended use for account (savings, day-to-day spending or payroll)
• Occupation
• Address
• SIN number (only if you want to use the tax features)

KOHO accounts

Eligibility

Qualifying for a KOHO Earn Interest account is pretty simple. All you need to do is meet the following criteria:

• Be the age of majority in your province or territory
• Have a valid email address

Required information

• Contact information (email address, phone number and address)
• Personal information (legal name, date of birth and occupation)

How do I deposit and withdraw money?

When you sign up with KOHO, you’ll receive a Mastercard debit card. KOHO has partnered with the Mastercard network. You can withdraw money for free from any Mastercard network ATM. It is possible to withdraw cash from other ATMs, but a $2 to $3 fee may apply. KOHO has not explicitly stated if you can deposit cash at an ATM. Use Mastercard’s ATM finder to locate an ATM near you.

You can load your KOHO debit card with cash using an Interac e-Transfer, direct deposit or Mastercard debit loading. Mastercard debit loading can be done through the KOHO app using the following steps:

1. Open the KOHO app on your phone.
2. Click $, then Add Funds, then Mastercard Debit.
3. Enter the details of your Mastercard debit card.
4. Enter how much you want to load.
5. Click Add Funds.

The first load is free. Additional loads are free if the amount is greater than $500. For loads under $500, a $0.75 fee will apply.

How can I get in touch with KOHO customer service?

Contact the Canadian KOHO customer service team using one of the following methods:

• Chat in app. Use the online chat feature in the app to talk with an expert.
• Email. Send the customer service team an email at team@koho.ca or support@koho.ca.
• Phone. Call KOHO support at 1-855-564-6999.
• Security contact. If you suspect fraud or security breaches on your account, send an email to fraud@koho.ca.

Compare Koho prepaid cards

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Name	Product	Monthly fee	Cost per transaction	Foreign transaction fee	Rewards with this card	Feature
OFFER KOHO Prepaid Mastercard KOHO Prepaid Mastercard	OFFER	$0	$0	1.5%	0.5% cash back	Use promo code FINDERCODE and receive a $20 cash bonus into your KOHO balance once you make your first purchase within 30 days of signing up.	Earn 0.5% cash back on every eligible purchase. KOHO offer credit-building through their prepaid card for an extra monthly fee.	Go to site More Info	Compare	loading Fetching your data...
OFFER KOHO Premium Prepaid Card KOHO Premium Prepaid Card	OFFER	$9/month or $84 annually	$0	0%	Up to 2% cash back	Use promo code FINDERCODE and receive a $20 cash bonus into your KOHO balance once you make your first purchase within 30 days of signing up.	Earn 2% cash back on transportation, grocery and restaurant purchases. Plus, get a 30 day free trial. KOHO offer credit-building through their prepaid card for an extra monthly fee.	Go to site More Info	Compare	loading Fetching your data...
OFFER KOHO Joint Prepaid Card KOHO Joint Prepaid Card	OFFER	$0	$0	1.5%	0.5% cash back	Use promo code FINDERCODE and receive a $20 cash bonus into your KOHO balance once you make your first purchase within 30 days of signing up.	Earn 0.5% cash back on every eligible purchase. KOHO offer credit-building through their prepaid card for an extra monthly fee.	Go to site More Info	Compare	loading Fetching your data...

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Compare other digital banking products in Canada

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Name	Product	Interest Rate	Promotional Interest Rate	Min. Bal / Min. Deposit	Account Fee
Simplii High Interest Savings Account		0.10%	3.00%	$0 / $0	$0	Earn 3.00% interest on your savings. Open an account and get a special interest rate for deposits up to $1,000,000. Conditions apply. Valid until October 31, 2022.	Go to site More Info	Compare	loading Fetching your data...
KOHO Earn Interest		1.20%	N/A	$0 / $0	$0	Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days. Opt into earning interest for free and earn 1.20% on your balance, plus an additional 0.50% in cash back on every purchase you make.	Go to site More Info	Compare	loading Fetching your data...
Neo Money Account		1.80%	N/A	$0 / $0	$0	Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.	Go to site More Info	Compare	loading Fetching your data...
EQ Bank Savings Plus Account		1.65%	N/A	$0 / $0	$0	Get a $150 signup bonus when you open an account and switch your eligible recurring payroll direct deposit to EQ. Apply by July 13, 2022. Plus, enjoy zero everyday banking fees, free transactions and no minimum balance.	Go to site More Info	Compare	loading Fetching your data...

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Frequently asked questions about KOHO

• Where is my money being held?

  Your account is opened and held with Canadian ShareOwner Investments Inc., an IIROC regulated broker. ShareOwner deposits your money into a trust account with one or more federally regulated, Schedule 1, Canadian bank. Unfortunately, balances in the ShareOwner Account are not insured under the Canadian Investor Protection Fund (CIPF). This KOHO account is CDIC insured.

• How does this KOHO account interact with other KOHO accounts?

  Once you open a KOHO account, you will begin to earn 1.2% interest on all your money. In addition, you can spend money from your account to earn cashback. Other account features with your existing KOHO accounts won’t change.

• How do I set up direct deposit?

  You can set up a direct deposit using the KOHO app and following these steps:

  1. Open the KOHO app on your phone.
  2. Click $, then Set up direct deposit, then download the direct deposit void cheque.
  3. Contact the entity that you’d like to set up direct deposit with. Provide them with the direct deposit void cheque.

  You have the option to have all or a portion of your payment deposited via direct deposits. It can take three to five business days to be paid into your account.

• Is KOHO a bank?

  KOHO is not a formal bank because it does not have a financial institution license in Canada. It partners with financial service providers, such as Peoples Trust and Mastercard, to service its customers. This is why certain services, including international wire transfers and branch banking, are not available with KOHO.