KOHO is an online-only financial institution founded in 2014. It's reached more than 1.7 million users since then, many who are millennials looking for a quick, easy, and valuable alternative to big banks. While it isn't a full-service bank, it's worked hard to find inventive ways to meet Canadians' financial needs.
These days, KOHO provides a suite of products and services, ranging from a no-fee hybrid bank account to an inventive credit-building program. The KOHO Earn Interest is now the best high interest savings account in Canada, which shows just how far this company has come in a few short years.
Overview
- Online-only Canadian fintech company, founded in 2014
- Over 1.7 million users
- Hybrid account with exceptionally high interest rate
- Top prepaid Mastercard
- Unique financial software and tools
Rating methodology
KOHO's overall rating is 3.8 out of a possible 5 stars. This number is an average of all the individual products we've rated so far, which you can find more info on below. Each of these are scored by breaking them down into their main parts, then comparing each feature to similar products on the market.
KOHO bank accounts
It may only have one account option, but as a hybrid chequing-savings account, the KOHO Earn Interest provides free, unlimited transactions and a high interest rate. It really is the best of both worlds.
This is a tiered account, which means you can choose your price point and level of benefits. The Everything tier is the highest, offering 2% cash back on spending, 3.5% interest, no FX fee for your KOHO Mastercard, a 50% discount on KOHO Credit Building services, and personal phone support.
KOHO credit cards
Technically, KOHO only offers one prepaid credit card, but it has three different tiers. The base tier (Essential) has no monthly fee but earns the least cash back and interest, while the highest tier (Everything) costs up to $22 per month and offers double the cash back and nearly double the interest.
KOHO cards are prepaid credit cards, which means there's no credit check required and acceptance is essentially guaranteed, making them a particularly attractive option for students and young adults. They also have low to no FX fees, and have a swanky metal card option. Adding funds is quick and easy via the KOHO mobile app.
| Credit Card | Score | Welcome Bonus | Annual Fee | Avg. Rate of Return | Apply | Card |
|---|---|---|---|---|---|---|
KOHO Extra Mastercard  | $20 (Terms) | $144 | 0.8% | Apply | ||
KOHO Essential Mastercard  | $20 (Terms) | $48 | 0.5% | Apply | ||
KOHO Everything Mastercard  | $20 (Terms) | $177 | 1.09% | Apply |
KOHO insurance
KOHO offers just one insurance product: travel insurance. It's offered an add-on for clients with an Extra or Everything-tiered account. Coverages available include emergency medical services, trip cancellation, trip interruption, and lost or damaged baggage. Clients can customize their coverage to fit their trip, with plans starting around $20.
While it's not insurance-related, KOHO clients get other travel perks, like a free eSIM with up to 3GB per month. The Extra and Everything Mastercards don't charge FX fees either.
Visit the KOHO site to learn more about its travel insurance.
KOHO loans
The KOHO line of credit is a lending product offered in partnership with Fora. Through a quick and easy online application, clients can qualify for revolving credit between $1,000 and $15,000, with interest rates starting at 19.9%. Once approved, the funds are available the next day, possibly even the same day.
Interestingly, the KOHO Credit Building service is also a line of credit. The $10 per month fee (or less, depending on your account tier) is reported to the credit bureau, so your "good behaviour" can help your score gradually increase. If you pay your rent through your KOHO account, KOHO Credit Building will report this to Equifax too, further helping your credit score.
FAQ
Is KOHO a legitimate bank?
Technically, KOHO isn't a bank, but a financial technology company offering high-quality products and services, including cards protected by Mastercard's Zero Liability Protection. KOHO isn't CDIC insured, but balances are held in trust with one or more CDIC member institutions.
How much money can I have in my KOHO account?
The maximum amount of money you can hold in a KOHO account is $200,000, no matter which account tier you have. You can deposit between $10 and $3,000 per transaction, capped at $10,000 per 30 days.
Is the KOHO Mastercard any good?
Yes, both of KOHO's Mastercards are excellent prepaid credit card options. They offer cash back, which is unusual for prepaid cards, and you earn interest on your balance too. It's all managed via KOHO's highly-rated mobile app.
How does KOHO credit building work?
Without requiring interest or a hard credit check, the KOHO Credit Building service creates a line of credit and reports the user's small monthly payments to Equifax. Regular, on-time payments can help improve your credit score over time.
What are the downsides of KOHO?
KOHO isn’t a full-service bank, so it lacks insurance, investment, and mortgage products. While that may disappoint some users, it’s expected since KOHO is a fintech company, not a bank, and doesn’t market itself as a one-stop financial solution.
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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