Earn up to 5% with a High Interest Savings Account
Simply pick a plan, opt-in to Earn Interest, and start earning straight away with a KOHO account.
Earn Interest
Why save with KOHO?
Earn up to 5% interest and up to 5% cash back
Up to $100k of your funds are eligible for CDIC protection when you opt in to Earn Interest
No NSF fees, and no minimum balances — ever
Interest is calculated daily and paid out monthly to maximize your earnings
Sign up easily in less than 5 minutes
How KOHO stacks up
Earn 4x more interest with KOHO than with Canada’s best banks.*
4x
Interest rates
1.29%
5%
Canada's best banks
KOHO
KOHO plans interest rates
Easy
3%
on your entire balance.
Essential
5%
on your entire balance.
Extra
5%
on your entire balance.
5%
on your entire balance.
How to start saving
1
Compare KOHO plans and pick the one that works for you
2
Add money to your shiny new account
3
Opt in to Earn Interest in the app and start earning
4
Save even more with the Vault, Goals, and RoundUps
1
Compare KOHO plans and pick the one that works for you
2
Add money to your shiny new account
3
Opt in to Earn Interest in the app and start earning
4
Save even more with the Vault, Goals, and RoundUps
Don’t just take our word for it
I’m saving for fertility treatments to be able to have a baby as a single woman. Using KOHO allows me to split up the different costs involved. I’m hoping to welcome my baby into the world in 2024!
- Joanna
I saved to buy my first home through KOHO. I was able to pay for a downpayment in less than a year and I’m happy to say that I just received an accepted offer on a beautiful place!
- Derek
I saved for a trip to finally see my long distance partner after 6 months of planning and even less time saving.
- Anne
I saved for a used car, so that I can get from point A to point B. Goals allowed me to save for the car in just 6 months!
- Nikita
I’m saving for fertility treatments to be able to have a baby as a single woman. Using KOHO allows me to split up the different costs involved. I’m hoping to welcome my baby into the world in 2024!
- Joanna
I saved to buy my first home through KOHO. I was able to pay for a downpayment in less than a year and I’m happy to say that I just received an accepted offer on a beautiful place!
- Derek
I saved for a trip to finally see my long distance partner after 6 months of planning and even less time saving.
- Anne
I saved for a used car, so that I can get from point A to point B. Goals allowed me to save for the car in just 6 months!
- Nikita
Questions?
When you deposit money into a High Interest Savings Account (HISA), the bank or credit union uses those funds to make loans to other customers. The interest that these borrowers pay on their loans is, in part, returned to your account as interest earnings. The interest rate on a HISA is typically higher than on a standard savings account, meaning you earn more on your deposits. Interest is generally compounded daily or monthly and paid monthly, although payment frequency varies depending on your financial institution.
Depending on what plan you choose, you’ll earn up to 5% interest on your entire KOHO balance — your Spendable, RoundUps, Savings Goals, all of it. This is an annual rate, which will be calculated daily and paid out monthly to maximize your earnings. Plus, unlike other cards, you can access these earnings at any time!
Rounding up is a great way to save. You can choose the amount you’d like to round each purchase up to and we’ll set that amount aside for you in your KOHO app. Even better? You can cash out your RoundUps whenever you want!
The best high-interest savings account rates in Canada can vary over time due to changes in the prime rate, which is closely tied to the Bank of Canada's overnight rate. When the overnight rate increases, financial institutions can offer more competitive interest rates on high-interest savings accounts as well as on GICs (Guaranteed Investment Certificate) and other savings vehicles.
How High Interest Savings Accounts (HISAs) earn interest is relatively straightforward. When you deposit money into a HISA, the bank or credit union uses those funds to make loans to other customers. The interest that these borrowers pay on their loans is, in part, returned to your account as interest earnings. The interest rate on a HISA is typically higher than on a standard savings account, meaning you earn more on your deposits. Interest is generally compounded daily or monthly and paid monthly, although payment frequency can vary by financial institution.
HISAs offer high, variable interest rates and allow for flexible withdrawals and deposits. In contrast, GICs lock in your money for a set period, offering a fixed interest rate but penalizing early withdrawals. Both are generally insured by the CDIC. The choice between the two depends on your financial goals.
Our customer support team is ready to answer any of your questions 24/7 either through email or the chat functionality in the app. We’re always happy to help no matter how big or small your query, so don’t be shy!
*Best banks is defined as the top 5 best banks in Canada as set out in The World’s Best Banks list for 2023 by Forbes (“Best Banks”). The KOHO interest rate was measured against the average posted interest rate for the Best Banks on July 24th, 2023 for savings accounts with balances less than $50,000. Individuals may, from time to time, receive rate offers for savings accounts, including high interest savings accounts, which differ from the posted rates due to promotions, campaigns or other specified terms and conditions.