How to Open a Savings Account

Opening a savings account is pretty simple—you just need to pick where you want to save, provide some basic info, and make your first deposit.

Start With KOHO Essential

If you want something that works for everyday spending and saving in one place, KOHO Essential gives you a savings experience with interest on your whole balance:

• It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.
• Use a prepaid Mastercard® for groceries, bills, subscriptions, and travel.
• Grow your savings with a 2% interest savings rate on your entire balance.
• Earn 1% cash back on groceries, eating & drinking, and transportation.
• You can subscribe to Credit Building for $10/month, it's an affordable way to build your credit history.
• Enjoy unlimited transactions and free e-transfers (never worry about fees when sending money to someone again).
• No minimum balance, ever.

Steps to Open a Savings Account

1. Choose Where You Want to Save

Decide whether you want to use:

• A money management app like KOHO
• An online bank
• A traditional bank or credit union

Look for no or low fees and a decent interest rate.

2. Gather Your Information

Most places will ask for:

• Your full name and date of birth
• Address and contact info
• Government-issued ID
• SIN (sometimes) for tax reporting

Having this ready makes the process faster.

3. Apply Online or In-App

With many providers, you can:

• Download the app or visit their website
• Fill out a short application
• Verify your identity with ID and sometimes a selfie or verification questions

Approval is usually quick if everything checks out.

4. Make Your First Deposit

Once the account is open, add money by:

• Linking another bank account and transferring funds
• Setting up direct deposit for your pay
• Moving money from an existing account

5. Automate Your Savings

To actually grow your balance:

• Set a small amount to move into savings every payday
• Keep savings separate from everyday spending so you’re not tempted to dip in
• Let interest and (where available) cash back help your money grow over time

Even small, regular contributions add up quickly once they’re on autopilot.