Note: We may earn a commission from affiliate links on this page. These do not affect our ratings or recommendations.
KOHO Review At a Glance
What Is KOHO?
KOHO is an online banking platform that offers fee-free prepaid accounts, reloadable Mastercards, high-yield savings, and other financial tools to help members save money, track their finances, build credit, and more. Founded in 2014, the platform claims to have over 1M members and has received over $250M in venture funding.
General Details 📜
|Helps You:||Budget Money Move Money Save Money Store Money Track Money|
|Platform Type:||Digital Banking|
|Opportunities:||Cashback Credit Building Financial Tracking Personal Budgeting Recurring Savings |
Contact Info ☎️
|Socials:||LinkedIn • Facebook • Twitter • Instagram • YouTube • Pinterest • Spotify|
|Emails:||email@example.com (for general support) • firstname.lastname@example.org (for privacy-related inquiries) • email@example.com (for fraud-related inquiries) • firstname.lastname@example.org (for accessibility inquiries)|
|Support Pages:||Helpdesk • Contact|
Company Details 🏢
|Legal Name:||KOHO Financial Inc.|
|Also Known As:||KOHO app|
|Founders:||Daniel Eberhard • Jonathan Bixby • Joshua Bixby • Mike Benna|
|Headquarters:||Toronto, Ontario, Canada|
Who Is KOHO For?
KOHO is for anyone looking for a simple way to manage their spending, save more money (and prevent overspending), and generally optimize their finances. It's a great tool for those not interested in getting (or unable to get) an actual credit card as well. It's also a great option for those looking to open up a joint account quickly and easily.
|Minimum Age:||18 years old|
Minimum age varies by province. Must be age of majority (18-19).
|Supported Languages:||English, Français|
|Supported Devices:||Android Phone, Computer Browser, iPhone, Smartphone Browser, Tablet Browser|
KOHO can be accessed via web browser with limited features (user experience may vary) or via the KOHO app on the Google Play or Apple App store.
How Does KOHO Work?
There's 1 type of user on KOHO:
- Members (depositors / investors)
Here's how KOHO works for them:
How KOHO Works For Members
KOHO members can utilize most of the platform's features for free. This includes individual and joint accounts, virtual and physical prepaid Mastercards, cash back, financial insights, and more. Paid plans are available for additional perks.
Key Points 🔑
|Costs / Fees:||1.5% foreign transaction (FX) fee for those on the Easy or Essential plans. Paid plans have no fees and range from CA$9-CA$19/month.|
|Deposit Options:||Debit Card, Direct Deposit, Interac e-Transfer|
Getting Started 🔢
Becoming a KOHO member is free. To get started, head over to the website or download the app and create your account. You'll be asked to provide your email address, full name, date of birth, address, and phone number.
From there, you'll be asked to verify your identity. This can be done in a few ways:
- Uploading a photo of yourself and a piece of government-issued photo ID.
- Linking a supported bank account that matches the name you signed up with.
- Uploading a photo of a recent financial statement or bill.
Whichever route you choose, your identity should be reviewed and verified by KOHO within 2-4 business days. After that, you can start depositing money into your account(s) via direct deposit, e-transfer, or debit card.
Intro offer: 30 day free trial of any paid plan.
Managing Finances 📈
KOHO offers two main types of accounts:
- Personal prepaid account. This is the basic account you'll start off with.
- Joint prepaid account. This is almost identical to a personal account but can be shared with one other person. You can only have ONE joint account at a time.
All accounts are CDIC insured, which means up to $100,000 of your funds (in each account) will be returned if KOHO (or its partner bank) fails.
Each KOHO account comes with a variety of features:
- Interest. Earn a varying amount of interest on your personal KOHO balance (not available for joint accounts) by opting in. Rates depend on your plan (more info in pricing section).
- Prepaid Mastercard. With each account you have, you'll get a virtual Mastercard (which exists digitally only) and a physical Mastercard. You can only spend as much as you have deposited in your KOHO account. You can lock either card (i.e. freeze spending) at any time. The card works almost anywhere Mastercard is accepted, and can be used for ATM withdrawals as well.
- Cashback. Earn cashback on purchases made with your prepaid KOHO card. Cashback rates vary depending on your KOHO plan (more info in pricing section) and the type of purchase being made.
- Cashback partners. Shop at KOHO partners within the cashback section of the app to get extra cashback on your purchase.
- Round-up savings. Enable this feature to round up your purchases to $1, $2, $5, or $10, and save the rest. For example, if you round up to $1 and make a $5.50 purchase, KOHO will round that purchase to $6 and save the $0.50 for you automatically.
- Savings goals and recurring savings. Set up savings goals with a recurring deposit (daily, weekly, bi-weekly, or monthly). KOHO will automatically calculate how long it'll take for you to reach your goal.
- Free e-Transfers. You can send unlimited Interac e-transfers from your KOHO account for free.
- Financial insights. When viewing your transaction history, you can open KOHO's insights page, which will tell you things like your monthly and weekly spending, savings, spending categories, average spending, and more.
- Budgeting. KOHO offers a basic budgeting tool where you can input your monthly income, set up target monthly spending for different categories, and then get a simple overview of your progress and potential savings.
- Bill payments. Add payees, pay bills, and set up automatic payments. (You won't earn cashback on these.)
Other KOHO features include:
- Credit building. More info available in pricing section.
- Cover. More info available in pricing section.
- Referrals. Refer other members to KOHO using your unique referral link to earn $20 per referral. To qualify, the person you refer must sign up and make a min. $20 transaction within 30 days. You can only refer up to 50 people.
KOHO offers four (4) different plans:
- Easy (Free). Includes all basic features + 1% cashback on groceries and transportation and 0.5% interest on your entire balance.
- Essential ($4/month). Adds 1% cashback on eating and drinking, 0.25% cashback on all other purchases, and 4.5% interest on up to $500 (2% on the rest).
- Extra ($9/month). Adds 2% cashback on groceries, transportation, and eating and drinking, 0.5% cashback on all other purchases, 4.5% interest on up to $1,000 (3% on the rest), no foreign transaction fees, and 1 free international ATM withdrawal/month.
- Everything ($19/month). Adds 4.5% interest on your entire balance and real-time e-transfers.
They also offer separate subscription plans for other services:
- Cover (variable pricing). Available to a specific set of users, Cover is a subscription service offered by KOHO that allows you to spend a bit more than what's in your account.
- Credit building (variable pricing, ~$10/month). With this service, KOHO opens up a fee-free and interest-free account (aka tradeline) that'll show up on your credit report. Simply make payments into your line of credit to establish your credit history and build your score.
Pricing for these subscription services will vary based on your account history and plan.
Free Platform Discovery Tool
Find other helpful platforms for making money, managing your finances, growing your business, and more!Try It!