In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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KOHO Earn Interest
Finder score
Promotional Rate
Interest Rate
Up to 5.0%
Transaction Fee
Minimum Balance

Our verdict

Earn high interest on your savings balance and cash back rewards on your spending with a KOHO Earn Interest account.

KOHO Earn Interest works as a high interest savings account, earning a competitive interest rate of up to 5% on 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 Earn Interest 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.


  • Earn 5.0% interest
  • Earn CashBack rewards
  • Get a prepaid card
  • Unlimited Free transactions
  • No minimum balance required


  • 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

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

KOHO Earn Interest features

  • Interest rate: up to 5%
  • 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. Unlimited instant cash back on all eligible purchases.
  • Earn high interest. The annual interest rate is up to 5%. 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.
  • Cover. KOHO savings account holders can have access to its overdraft protection service (“Cover”). However, a monthly subscription fee applies.

What should I look out for with KOHO Earn Interest?

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

  • Interest rate is different depending on your plan. In order to earn 5% interest on your balance, you will need to opt-in KOHO Essential plan which costs $4/month (with the ability to pay $0) but has a 30-day free trial for you to try it out.
  • In order to earn 5% 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 5% 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 Earn Interest 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

Koho Earn Interest account 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 with KOHO Earn Interest?

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 or
  • Security contact. If you suspect fraud or security breaches on your account, send an email to

Expert review: Our verdict on KOHO Earn Interest

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.

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