The ultimate way to spend and save
Get cash back, earn interest, and grow your savings. No fees, no catch, no BS — bank stuff, that is.
Technically, KOHO is not a bank per se. But you can do all your spending and saving with it. Plus, a whole lot more.
Funds held securely
The ultimate way to spend and save
Technically, KOHO is not a bank per se. But you can do all your spending and saving with it. Plus, a whole lot more.
Funds held securely
Earn 1.2% interest
All direct deposit cash balances from your KOHO account(s) are held in trust at a Canada Deposit Insurance Corporation (CDIC) member institution. CDIC is a federal Crown corporation. CDIC is not a bank or a private insurance company. CDIC protects eligible deposits held at CDIC member institutions (List of Members) in case of a member’s failure.
For eligible deposits held in trust at a CDIC member institution, CDIC insures up to $100,000 for each beneficiary named in a trust, provided certain disclosure rules are met. Coverage is free and automatic. For more information on how CDIC trust protection works, click here.
Save. Spend. Budget.
KOHO is a free chequing account that makes it easy to feel good about saving and spending.
Your app and prepaid Visa card work together to make day-to-day finances smart and stress-free.
KOHO is a free chequing account that makes it easy to feel good about saving and spending.
Your app and prepaid Visa card work together to make day-to-day finances smart and stress-free.
Cut the fees.Boost your savings.
Automate your savings with Goals and RoundUps. Rounding up every purchase lets you stash away some savings, while Goals make it easier to save for whatever it is that makes you happy.
Get instant 0.5% cash back on every purchase, or 2% on 3 major categories with KOHO Premium. Plus, get more cash back with our Partner Powerups.
Track your spending habits and plan for everything life throws at you. Know where you're at in real time with instant notifications every time you spend.
Customize your KOHO account
Personal
An account just for you.
Joint
Combined finances for two.
Metal
A 16g card for any account.
Premium
The ultimate cash back card
The no-brainer cash back account
It's time to step up your cash back game with Premium. Start getting 2% cash back for buying the daily essentials, like almond milk, your Thai takeout, and bus fare!
$9 monthly / $84 annual
Start 30 day free trial
4.8 star rating
Not bad for a financial product. Join over 280,000 Canadians using KOHO.
Questions?
KOHO is a bit like a chequing account, with the perks of a credit card.
Just like a chequing account, you can put money into your KOHO account and then spend that money however you see fit. And like a credit card, you’ll get cashback and other perks, plus you can use your card anywhere Visa is accepted.
The key difference is that unlike a credit card, it’s already your money, which tends to make you spend more mindfully and save more. In fact, the average KOHO user saves 7% of whatever money they load into their account.
It’s pretty simple: you add funds to your KOHO account either through e- Transferring from your regular bank account or by having your work’s payroll deposit your paycheque directly (Direct Deposit).
Then, you use your KOHO card, either in person or online, to make purchases, just like you would with debit or credit.
The card is a prepaid Visa, and we run on the Visa network, so for merchants your card acts just like a normal credit card transaction.
We’ve partnered with Peoples Trust, a federally regulated and CDIC-insured bank to hold any money you load onto your KOHO card. This means that if anything were to happen to us, your money would be safe and you’d be able to access it through Peoples Trust.
The big difference is that we’re digital first.
Our costs are low and we prioritize making our users feel empowered about their financial decisions over things like brick and mortar bank branches and street corner ATMs (though KOHO works at any ol’ ATM, and we won’t charge you for using one).
And, you get cashback (PowerUps) on all your purchases. With a regular KOHO account, you earn 0.5% cashback on every purchase. With KOHO Premium, you earn an extra 1.5% on 3 major categories.
Also, our app is pretty awesome.
We’ve put in the research time to make it dead simple to use, and there are lots of built-in ways to make the most of your money.
We tweak and improve our app in order to release updates every three weeks. Which, to be frank, is not a thing most banks can say. Most banks usually release a new version of their apps once a year.
Honestly? Probably, yes – but you can use KOHO for most of your day-to-day needs and have your other bank as back up.
If you’re down to have your paycheque deposited directly and you never need to write paper cheques, you can use KOHO for all your chequing account needs.
It’s super simple to pay your bills from your KOHO account. You can also send unlimited free e-Transfers, and, of course, use the card anywhere Visa is accepted. And you can deposit e-Transfers from other KOHO users instantly.
If you need to write cheques, or receive e-Transfers from non-KOHO accounts, you’ll still need a regular bank account for those functions.
Most people start out by using KOHO for the fun kind of spending – loading their account with what’s left over after accounting for standard expenses and savings. The guilt-free spendable, if you will.
Some financial experts recommend around 30% of each paycheque should go toward guilt-free spending, but your specific budget might vary.
It’s just as easy as reaching for a credit card, but it won’t cost you 20% to finance your life and since it’s already your money, you know you’re staying within your means.
