KOHO Overview
| Feature | Details |
|---|---|
| Type | Fintech / prepaid Mastercard |
| Deposits held at | Peoples Trust (CDIC insured) |
| Monthly fee | $0 (Essential) / $4-$9-$19 (paid plans) |
| Card type | Prepaid Mastercard |
| Cash back | 0.5-2% depending on plan |
| Savings interest | 0.5-5% depending on plan |
| Credit building | ✅ Available |
Plans Comparison
| Feature | Essential (Free) | Extra ($4/mo) | Everything ($9/mo) | Premium ($19/mo) |
|---|---|---|---|---|
| Cash back (all purchases) | 0.5% | 0.5% | 1% | 2% |
| Partner cash back | Up to 5% | Up to 5% | Up to 10% | Up to 10% |
| Savings interest | 0.5% | 3.0% | 4.0% | 5.0% |
| Rounds up savings | ✅ | ✅ | ✅ | ✅ |
| Instant e-Transfer | ❌ | ✅ | ✅ | ✅ |
| Credit building | $7/mo add-on | Included | Included | Included |
| Virtual card | ✅ | ✅ | ✅ | ✅ |
| Joint account | ❌ | ❌ | ✅ | ✅ |
| No FX fee | ❌ (1.5%) | ❌ (1.5%) | ❌ (1.5%) | ✅ (0%) |
| Price match guarantee | ❌ | ❌ | ❌ | ✅ |
KOHO Savings
| Plan | Interest Rate | $10K Savings Earnings/Year |
|---|---|---|
| Essential | 0.5% | $50 |
| Extra | 3.0% | $300 |
| Everything | 4.0% | $400 |
| Premium | 5.0% | $500 |
Savings Features
| Feature | Details |
|---|---|
| Round-ups | Rounds purchases up to nearest dollar, saves the difference |
| Automated savings | Set percentage of deposits to auto-save |
| Savings goals | Create named goals with targets |
| No withdrawal limits | Access savings anytime |
KOHO Credit Building
| Feature | Details |
|---|---|
| How it works | KOHO reports a monthly “instalment loan” to Equifax |
| Cost | Free with paid plans / $7/month on Essential |
| Impact | Builds credit history and payment history |
| Credit bureau | Equifax |
| Best for | Newcomers, rebuilding credit, first-time credit |
| Hard credit check | No |
Pros and Cons
| Pros | Cons |
|---|---|
| ✅ No-fee option available | ❌ Not a real bank account |
| ✅ Instant cashback on purchases | ❌ Prepaid card (some merchants may not accept) |
| ✅ Up to 5% savings interest | ❌ High savings rate requires $19/mo plan |
| ✅ Credit building feature | ❌ No debit card (Mastercard only) |
| ✅ Round-up savings | ❌ No chequing features (no cheques) |
| ✅ No FX fee on Premium | ❌ Can’t deposit cash |
| ✅ Good mobile app | ❌ No RRSP/TFSA/GIC products |
| ✅ Partner cashback offers | ❌ Limited customer service |
| ✅ Instant virtual card |
KOHO vs Competitors
| Feature | KOHO (Free) | KOHO Premium | Wealthsimple Cash | Neo Financial |
|---|---|---|---|---|
| Monthly fee | $0 | $19 | $0 | $0 |
| Cash back | 0.5% | 2% | 1% | Up to 5% (partners) |
| Savings interest | 0.5% | 5.0% | 3.5% | 4.0% (promo) |
| Card type | Prepaid MC | Prepaid MC | Visa | Mastercard |
| FX fee | 1.5% | 0% | 0% | 0% (some plans) |
| Credit building | $7/mo | Included | ❌ | ❌ |
| ATM cash | ❌ | ❌ | ❌ | ❌ |
| CDIC insured | ✅ (Peoples Trust) | ✅ | ✅ | ✅ |
Who Is KOHO Best For
| Profile | Verdict |
|---|---|
| Budgeting / spending control | ✅ Excellent — prepaid prevents overspending |
| Building credit (newcomers, youth) | ✅ Credit building feature is unique |
| Maximizing cashback on everyday spending | ✅ Good (especially Premium plan) |
| Primary bank account replacement | ❌ Missing chequing, ATM, cash deposit |
| Need to deposit cash | ❌ Not possible |
| International travellers (Premium) | ✅ No FX fees on Premium |
| Saving automatically (round-ups) | ✅ Great tools |
How to Sign Up
| Step | Action |
|---|---|
| 1 | Download KOHO app (iOS/Android) |
| 2 | Create account, verify identity |
| 3 | Get instant virtual card |
| 4 | Physical card arrives in 5-10 business days |
| 5 | Load money via e-Transfer or direct deposit |
| 6 | Start earning cashback |