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.