Known primarily for their pair of prepaid Mastercards, KOHO has since branched out, adding a credit building service and now a high interest savings account to its portfolio of products. KOHO Earn Interest is a unique savings account offering with several interesting and valuable features, including an impressive interest rate.
You see, KOHO Earn Interest is more than just a HISA. It's actually part of your KOHO Prepaid Mastercard, making it a hybrid spending and savings account. Not only do you earn cash back on all the purchases you make with your KOHO card, you'll also earn interest on the balance of your account. Win win.
KOHO Earn Interest features
Here's what you'll get with KOHO Earn Interest.
Why You Want It
Get 2 accounts in 1 with up to 3.5% interest + Cash back on every purchase.
Special Features
- Comes with a KOHO Prepaid Mastercard which you can upgrade for even more perks
- Earn up to 6.5% cash back on your spending
- Free app for setting saving goals and tracking spending
- Savings paid on a monthly basis
- KOHO International Money Transfer allows you to send money abroad to people in over 190 countries, right from your KOHO balance
Eligibility
- You must meet your province's age of majority
Provinces
ALL
Interest Rates
KOHO Everything Plan
3.5%
KOHO Extra Plan
2.5%
KOHO Essential Plan
2%
Features
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
KOHO Earn Interest product rating: 4.3 stars
KOHO Earn Interest is a new kind of savings account, giving you the convenience of a prepaid credit card, which you can use anywhere Mastercard debit and credit cards are accepted, including when shopping online. You'll also earn whether you're spending or saving, which is a unique and compelling feature. Plus, you can earn up to 3.5% cash back with your purchases.
If you get the KOHO Extra Mastercard, with only $12/month subscription, you can also get 1.5% boosted cash back on food, groceries, and transportation.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of KOHO Earn Interest
KOHO Earn Interest has a lot going for it.
Pros
No transaction fees
There are no transaction fees for this account at all, including Interac e-Transfers. This means you can use this account for pretty much everything without getting dinged for extra or unexpected fees.
Earn 3.5% interest on every dollar
Most regular chequing accounts have very low interest rates, if they earn any interest at all, so the 3.5% offered with this account is especially valuable. It's an exceptionally high interest rate even for a hybrid spending/savings account, though it's only offered to Everything Plan KOHO customers.
Comes with a free cash back prepaid Mastercard
All KOHO accounts come with a prepaid Mastercard, and while you pay for your chosen subscription tier ($4, $18, or $22 per month), the Mastercard itself has no annual fee. You'll also earn between 1% and 2% cash back when using your card on groceries, transportation, and food and drinks, depending on your tier.
Supports major digital wallets
KOHO supports Apple Pay, Google Pay, and Samsung Pay, making it incredibly simple and convenient to use with your smartphone or smartwatch. Why carry a physical card at all? You automatically get a virtual card as well, which means carrying the physical card isn't even necessary.
Free app for tracking spending and setting savings goals
The KOHO app is more than just a way to see how much money is in your account. It also helps you track your spending, and lets you set savings goals to help you stay on track and better manage your financial life.
Automate your savings with RoundUps
RoundUps is a unique feature that helps you save as you spend. You can set up your account so that every purchase made with your KOHO card is rounded up to the next $1, $2, $5, or $10. These are set aside in your savings account and can be cashed out at a later date. If you have problems forcing yourself to save, this is a quick and easy way to get started.
The cons of KOHO Earn Interest
While KOHO Earn Interest has a number of upsides, there are a few things you'll want to watch out for.
Cons
Monthly fees
Each of the 3 KOHO subscription tiers requires a monthly fee. The Essential tier can be had for $0 per month if you set up a direct deposit or add $1,000 to your account each month, but it isn't automatically free.
KOHO Earn Interest alternatives
Here are a few alternatives to KOHO Earn Interest that you may be interested in.
 |  | |
|---|---|---|
| Account | Neo Everyday Account | Scotiabank MomentumPLUS Savings Account |
| Genius Rating | ||
| Why You Want It | 0.1% interest on your balance + ~3% cash back on purchases. | Get up to 4.75%* interest on your money + No monthly fees. |
| Interest Rates |
|
|
| # Of Free Transactions | Unlimited | 0 |
| # Of Free Interac E-Transfers | Unlimited | 0 |
| Max Promotion Rate | N/A | 4.75% |
| Welcome Bonus Value | N/A | N/A |
| Promo End Date | N/A | See Issuer for Details |
| Open an account See more Neo Financial products Compare | Open an account See more Scotiabank products Compare |
FAQ
Is KOHO legit?
KOHO is a new, online only financial services company in Canada. It is a legitimate company, and offers some interesting financial products for Canadians, including a high interest savings account (KOHO Earn Interest), prepaid credit cards, and a simple credit building service (KOHO Credit Building).
Does KOHO build credit?
KOHO Prepaid Mastercards don't help you build your credit. KOHO does offer an alternative service that can help, however: KOHO Credit Building. For a low monthly fee, KOHO will help you improve your credit score in just 6 months.
Is KOHO a bank?
KOHO is a financial services company, but not technically a bank itself. KOHO partners with Peoples Trust, a federally regulated bank to hold any money you load onto your KOHO card. This means that if anything were to happen to us (and that’s a big if!), your money would be safe and you’d be able to access it through Peoples Trust. Not only will you get a high interest rate with your KOHO account, but your funds will also be eligible for CDIC insurance.
Where is KOHO accepted?
KOHO Prepaid cards are accepted anywhere Mastercard credit cards and debit cards can be used, including when shopping online.
Who owns KOHO?
KOHO isn't owned by anyone else. They're an independent Canadian fintech company headquartered in Toronto, Ontario.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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