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KOHO Earn Interest review

Earn relatively higher interest on your savings balance and cash back rewards on your spending with the KOHO account.

KOHO Earn Interest allows you to earn 1.2% interest on all the funds you have in your KOHO account when you opt in for direct deposit.

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Interest Rate


Minimum Balance


OfferOpt into earning interest for free and earn 1.2% on your entire balance in KOHO plus an additional 0.5% in cash back on every purchase you make.
Minimum Balance$0
Deposit Insuranceup to $100,000
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More Info
KOHO Earn Interest is a prepaid card account with a highly competitive interest rate on your savings plus cashback rewards on your purchases. With no hidden fees, no account opening fee, no e-transfer fees, no minimum balance and no minimum deposits, KOHO Earn Interest is one of the top prepaid cards on the market today.

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.


  • 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


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 Visa debit card. KOHO has partnered with the Visa Plus ATM network. You can withdraw money for free from any Visa Plus 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 Visa’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 visa debit loading. Visa 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 Visa Debit.
  3. Enter the details of your Visa 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 or
  • 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

Expert review: Our final verdict

We love the high interest rate offered on KOHO Earn Interest account balances, which is way higher than what many of Canada’s biggest banks offer with traditional savings accounts. We also love KOHO’s simple, transparent fee structure and low entry requirements (no minimum balance, account opening fees or required deposits). But if you need access to a wide range of banking features, you might want to keep comparing savings accounts to find a better fit for you.

Compare Koho prepaid cards

Name Product Monthly fee Cost per transaction Foreign transaction fee Rewards with this card
KOHO Prepaid Visa card
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.
KOHO Joint Prepaid Card
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.
KOHO Premium Prepaid Card
$9/month or $84 annually
Up to 2% cash back
Earn 2% cash back on transportation, grocery and restaurant purchases. Plus, get a 30 day free trial. 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.

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Compare other digital banking products in Canada

Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
EQ Bank Savings Plus Account
$0 / $0
Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank.
Neo Financial High Interest Savings Account
$0 / $0
Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.
KOHO Earn Interest
$0 / $0
Opt into earning interest for free and earn 1.2% on your entire balance in KOHO plus an additional 0.5% in cash back on every purchase you make.
CI Direct Investing High Rate Savings Account
$0 / $0
With no fees and no restrictions, you'll earn 0.5% interest with the CI Direct Investing High Rate Savings Account.

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Frequently asked questions about KOHO

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