KOHO: Award-winning Money App

About

KOHO offers a modern spending and savings account designed for Canadians seeking to manage their finances effectively. It suits individuals aiming for fee-free banking, instant cashback on purchases, and interest on savings. For example, it helps users easily track grocery spending while automatically earning rewards.

What Stands Out

• •Earn up to 2% cash back on groceries, food, and transportation, reducing everyday expenses.
• •Build credit history through the Credit Building program by making timely repayments.
• •Receive a 5% annual interest rate on the entire balance in your savings account.
• •Benefit from a fee-free experience, eliminating charges for e-transfers and ATM withdrawals.

Things to Consider

KOHO is a fintech service, not a traditional bank, partnering with other institutions to provide its features. While the app is free to download, users should verify details about optional paid plans for enhanced benefits and confirm current interest rates directly within the app.

Useful Tips

1. 01Sign up for a KOHO plan like Extra or Everything to maximize your cash-back rewards on specific spending categories.
2. 02Utilize the app's goal-setting features to create custom savings targets for future purchases or emergencies.
3. 03Secure your virtual card instantly upon signup to begin spending and earning rewards immediately.
4. 04Refer friends to KOHO to earn a $20 bonus for each successful referral, while they also receive a bonus.