What is a High Interest Savings Account?

A high interest savings account (HISA) is a type of savings account that pays a higher interest rate than a standard savings account, while still letting you access your money when you need it.

It’s designed for cash you want to keep safe, but also want to grow faster than it would in a regular savings account or chequing account.

KOHO High Interest Savings

With KOHO High Interest Savings, you can:

• Earn a competitive high interest rate on your balance

• Keep your money flexible and easy to access through the KOHO app

• Use it as a hub for goals like an emergency fund, travel, or a future purchase

How a High Interest Savings Account Works

A HISA works similarly to a regular savings account, with one key difference: it typically pays more interest on your money.

In general:

• You deposit money into the account

• The institution pays interest on your balance (often calculated daily, paid monthly)

• You can usually move money in and out without locking it in

• Over time, your savings can grow faster than in a standard savings account

It’s a simple way to earn more on cash you don’t plan to spend right away but still want access to.

When a High Interest Savings Account Makes Sense

A high interest savings account is especially useful for:

• Emergency funds

• Short- to medium-term goals (travel, car, home upgrades, etc.)

• Cash you’re not ready to invest yet, but don’t want sitting idle

It’s a good fit if you want a balance of safety, growth, and flexibility.