Earn more on the essentials your wallet cares about

The Canada Deposit Insurance Corporation, or CDIC, is a Crown Corporation that provides deposit insurance to banks and financial institutions like KOHO. It insures Canadians' deposits, held up to C$100,000, in case of a bank failure. Once you opt-in to earn interest, you can rest assured your money is safe with us.

The Credit Building feature is available as an add-on across all plans — on the Essential plan you can sign up for an extra $7 instead of the usual $10. You simply take out a line of credit with KOHO and on time repayments build your credit history which can build your credit score.

Cash back on transportation includes things like your transit card top-up, train or bus ticket, gas purchases, Ubers or Lyfts, and more. It’s worth noting, a flight purchase doesn’t qualify as transportation as it’s typically categorized as travel.

You sure can. If you want to switch to another plan you can do it at the end of your next billing cycle in the app. You can find a bit more on this here.

Once you sign up for Essential you’ll need to opt in on the Interest page in-app to start earning on everything in your spending and savings account. 5% 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.

The Essential plan is $48 annual or $4/month with a 30 day free trial. No more, no less, and no hidden fees. But it’s worth keeping in mind that FX fees still apply and there’s a daily maximum amount of $3000 on outbound e-Transfers. Take a peek at this article if you’d like more info.