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.<\/p>
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.<\/p>
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.<\/p>
KOHO review<\/a><\/p> When you open a KOHO account, you\u2019ll need to choose the plan you want \u2014 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.<\/p> 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.<\/p> Core pays 2% interest. If you want a higher interest rate on your KOHO savings account, you\u2019ll need to upgrade to the Extra<\/a> plan ($18\/month) to earn 2.5% interest or the Everything plan ($22\/month) to earn 3.5% interest.<\/p> These higher-level plans also offer higher cashback rates and other perks like no foreign transaction fees.<\/p> Check the table below to find out how the 3 KOHO plans stack up side-by-side.<\/p>How does the KOHO savings account work?<\/h3>
| <\/th> | Core<\/th> | Extra<\/th> | Everything<\/th><\/tr><\/thead> |
|---|---|---|---|
| Savings interest rate<\/td> | 2%<\/td> | 2.5%<\/td> | 3.5%<\/td><\/tr> |
| Unlimited cashback on groceries, transportation, food & drinks<\/td> | 1%<\/td> | 1.5%<\/td> | 2%<\/td><\/tr> |
| Unlimited cashback on everything else<\/td> | 0%<\/td> | 0.25%<\/td> | 0.5%<\/td><\/tr> |
| Up to 6.5% cashback at partners<\/td> | \u2713<\/td> | \u2713<\/td> | \u2713<\/td><\/tr> |
| Free credit score<\/td> | \u2713<\/td> | \u2713<\/td> | \u2713<\/td><\/tr> |
| Foreign transaction fee<\/td> | 1.5%<\/td> | 0%<\/td> | 0%<\/td><\/tr> |
| Free international ATM withdrawals<\/td> | None<\/td> | 1 per month<\/td> | 1 per month<\/td><\/tr> |
| Crypto trading fee<\/td> | 0.5% to 1.5%<\/td> | 0.5% to 1.5%<\/td> | 0.5% to 1.5%<\/td><\/tr><\/tbody><\/table>What is the best KOHO account plan?<\/h3>Of the three KOHO account plans, we think KOHO Core is the best choice for most people.<\/p> Why? We like it because it:<\/p>
|