Extra: the plus account that adds value

Yes! Up to $100,000 of the money in your KOHO account is eligible for CDIC protection. The Canada Deposit Insurance Corporation, or CDIC, is a Crown Corporation that provides deposit insurance for eligible deposits held at CDIC member institutions in case of a member institution’s failure. KOHO is not a CDIC member institution, but when you opt-in to Earn Interest, your KOHO balance is held in trust with one or more CDIC member institutions. CDIC insures eligible deposits held in trust up to $100,000 per beneficiary, per member institution, provided that KOHO meets certain disclosure requirements. For more information visit cdic.ca. Just a heads up: KOHO accounts not earning interest are not eligible for CDIC protection.

It means that whenever you use your KOHO card outside of Canada, you won’t be charged any additional foreign transaction fees. Most credit cards charge anywhere from 2-3% in foreign transaction (FX) fees, so the savings can add up quickly on your next trip abroad.

The Pay Later feature isn't available to everyone yet. With the Extra plan, you can apply to get access. Once you qualify for Pay Later and make an eligible transaction, you'll receive a notification inviting you to convert the eligible transactions into a payment plan. To improve your chances of getting Pay Later, we suggest that you keep using KOHO regularly and make sure to pay any subscription fees for other KOHO features on time.

With KOHO, you get paid faster*. We process payments as soon as we receive them, usually the night before pay day. If anything comes up during the process, we’ll contact you directly with the next steps.

Heads up: we don’t process direct deposits on Sundays or holidays.

*While Direct Deposits are typically received and processed the evening before your scheduled payday, the actual timing may vary depending on when the payment is issued. Please allow up to 2 business days for complete processing.

You can unlock the Essential plan with no fees by setting up direct deposit (like your pay cheque or government benefits) or adding $1,000 to your account each month. How it gets there is up to you—cash deposits, e-Transfers and transfers from other accounts all count. The money doesn’t have to stay there, so you can spend like usual.

KOHO Credit Building is a feature that helps you build or rebuild your credit history through a secure line of credit that reports your payment activity to Equifax. A line of credit is a set amount of money you can borrow from and repay over time. In this case, it's a $225 credit that helps build your credit history. With Credit Building, KOHO members have seen their credit scores go up by an average of 31+ points in just 4 months*. Learn more about *Based on users with a starting score of 500 or less and who signed up for credit building in October 2024. Credit Building is not a credit repair tool and does not guarantee an improvement in credit score. Credit scores are based on complex models involving a variety of factors. Consistent on-time payments help improve scores and missed or late payments may cause credit scores to decrease. Outcomes may vary among users.

Of course! KOHO is all about giving you options to find the plan that’s right for you. You can earn and save more with the Everything plan, which has higher interest and cash back rates. Here’s how you can switch:

From the KOHO app:

• In-app > click on My Plan > scroll down and select Change my plan.
• On the Manage Plan page, select Change and choose your preferred KOHO plan.

From the web portal:

• Login via web.koho.ca/login and select My Plan > Manage my plan.
• On the Manage my plan page, choose your preferred KOHO plan and select Change my plan.