KOHO is a financial app with a prepaid Mastercard® that helps you spend smarter, save with market-leading interest, build credit, and get a cash advance when you need it. Think of it like a chequing account with extra helpful tools.

Think of a prepaid card as a hybrid of a debit card and a credit card. It combines all the benefits of both into one, easy-to-use card.

A prepaid card is essentially a card that you load with money before using it for everyday purchases. They work just like regular debit cards, except you don't need a bank account to use them. With prepaid cards, you have more control over your spending and you can't spend more money than what you load onto the card.

You can withdraw cash from an ATM using your Physical KOHO card. Look for ATMs on the "Cirrus" network as they'll support withdrawals using a Mastercard.

Important:
You may be charged a $2-3 out-of-network fee to use an ATM (KOHO doesn't own any ATMs for free withdrawals). We do have withdrawal limits in place. You can review your account limits directly in-app by tapping on the profile icon (top left) > Account velocity limits.

You can earn 1% Cash Back on everyday essentials like groceries, eating & dining, and transportation. Just use your KOHO card like usual. You can earn additional Cash Back on top of what you earn with your KOHO plan when you shop with our merchant partners found in the app.

Take a look below to understand the different ranges for your credit score—and keep in mind you can always give your credit history a boost with Secured Credit Building, including free with your Core account.

Credit Score Ranges:

Excellent: 750-900
Get the best rates and terms available

Good: 650-749
You should qualify for most loans and credit products with this range

Fair: 550-649
A score in this range can leave you with limited loan options and higher rates

Poor: 300-549
In this range, you will likely have a hard time qualifying for credit

Opening your free Core account with KOHO is simple, and only takes 5 minutes.

To get started, you'll need:
• To be a Canadian resident
• To be at least 18 years old (19 in some provinces)
• A Government-issued ID (like a driver's license or passport)
• A phone number and email address

That's it. No minimum deposit or credit check. Quick and easy.

Once you sign up for the free Core account, you’ll need to opt in on the Interest page in-app to start earning on everything in your spending and savings account. 2% is an annual rate that’s calculated daily and paid out monthly to maximize your earnings. Once you choose to opt in, you’ll start earning right away.

You can earn 1% Cash Back on everyday spending categories like groceries, transportation, and food & drink with the Core account.

With the free KOHO Core account, you earn 2% interest on your entire balance. No caps and no minimum balance required.

No catch. Just a free account with great interest, Cash Back, and a free way to build credit history, not to mention other great tools for managing your money.

Secured Credit Building is a tool that helps you build your credit history by reporting monthly payments to Equifax. You put down a small refundable security deposit (starting at $30), which becomes your credit limit. Each month, KOHO reports your on-time payments to the credit bureau, building your credit history over time. There's no interest, no debt risk (you're using your own money as collateral), and it's included free with your KOHO Core account. Your deposit is fully refundable if you cancel.

Yes. Secured Credit Building is included with your KOHO Core account at no cost. No trial, no time limit. Your payments are reported to Equifax every month as long as you're active.