KOHO Save review

Our verdict

Our verdict

KOHO Save works as a high interest savings account, earning a competitive interest rate of 2% your savings. You'll also earn cashback rewards on your purchases using a prepaid card. With no hidden fees, no account opening fee, no e-transfer fees, no minimum balance and no minimum deposits, KOHO Save is one of the top prepaid cards on the market today in Canada.

Best for: Those looking to not only earn interest but also cashback rewards.

Pros

• Earn 2% interest
• Earn CashBack rewards
• Get a prepaid card
• Unlimited Free transactions
• No minimum balance required

Cons

• Interest rate and account fee differs depending on your plan
• You'll need to load money onto your prepaid card
• KOHO is 100% online with no physical branches

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Bonus Interest Rate

N/A

Ongoing Interest Rate

2%

Monthly Account Fee

$0

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KOHO Save

Learn more on KOHO's secure site

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KOHO Save features

• Interest rate: up to
• 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 Save account?

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

• Cash back rewards. Unlimited instant cash back on all eligible purchases.
• Earn high interest. The annual interest rate is up to . 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.

What should I look out for with KOHO Save?

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

• Interest rate is different depending on your plan. The basic no-fee KOHO Easy account gives 0.5% interest. In order to earn interest on your balance, you will need to opt-in KOHO Essential plan which costs $4/month but has a 30-day free trial for you to try it out.
• In order to earn 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 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 a Koho Save account?

To apply for a KOHO Save 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

Koho Save account eligibility

Qualifying for a KOHO Save 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 with KOHO Save?

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.
• 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	Feature
OFFER KOHO Easy Prepaid Mastercard KOHO Easy Prepaid Mastercard	OFFER	$0	$0	1.5%	1% 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 1% cash back on groceries, billing and services. Plus, earn 0.5% interest on your entire balance.	Go to site More Info	Compare	loading Fetching your data...
OFFER KOHO Extra Prepaid Card KOHO Extra 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% instant cash back on groceries, eating and drinking and bills and services, and 0.5% cash back on all other purchases. Plus, earn 2.00% interest on your entire balance.	Go to site More Info	Compare	loading Fetching your data...
OFFER KOHO Easy Joint Prepaid Card KOHO Easy Joint Prepaid Card	OFFER	$0	$0	1.5%	1% 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 1% cash back on groceries, billing and services. Plus, earn 0.5% interest on your entire balance.	Go to site More Info	Compare	loading Fetching your data...
KOHO Essential Prepaid Card KOHO Essential Prepaid Card		$4/month or $48 annually	$0	1.5%	Up to 1% 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 1% cashback on groceries, bills and services, and eating & drinking – and collect 0.25% on everything else. Plus, earn 1.50% interest on your card balace.	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	Promo Rate	Regular Interest Rate	Monthly Account Fee	Transaction Fee	e-Transfer Fee	Offer
EQ Bank Savings Plus Account		N/A	2.50%	$0	$0	$0		Go to site View details	Compare	loading Fetching your data...
Simplii High Interest Savings Account		5.25% for 5 months	0.40%	$0	$0	$0		Go to site View details	Compare	loading Fetching your data...
Neo Money Account		N/A	2.25%	$0	$0	$0	Earn 2.25% interest on your balance + get up to 15% cashback on first-time purchases with your Neo Money card.	Go to site View details	Compare	loading Fetching your data...
KOHO Save		N/A	2.00%	$0	$0	$0	Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days.	Go to site View details	Compare	loading Fetching your data...

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KOHO Save FAQs

• Where is my money being held with my KOHO Save account?

  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 up to $100.000. Also, you can also access your funds at any time.

• How does KOHO Save interact with other KOHO accounts?

  Once you open a KOHO account, you will begin to earn 0.5% interest on all your money. If you choose KOHO Essential plan, you can earn interest on your entire KOHO account balance. With KOHO Extra, the interest rate will be 2%. 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 with KOHO?

  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.