This webpage contains affiliate links. We may earn commissions for purchases made through affiliate links in this webpage. For more information, please read our Affiliate Disclaimer Policy.
KOHO is a Fintech company rooted in the belief that better financial solutions for all Canadians exist. We’ve set out to build it for all Canadians, from Tofino to Fogo Island. No hidden fees, no fine print, no catch — just the ultimate way to spend and save.
Our Mission
For us, our values are more than just words. They are a way of living. We only create financial products that are open, intuitive, and designed to help you live a better life. Everything we do is for our customers.
The best account for better finances
KOHO is a free spending and savings account designed for all Canadians. Equipped with our prepaid Visa card and mobile app, you’ll be able to budget, spend, and save like a pro.
Stay connected and protected
Lock your card in-app, securely shop online, and rest assured your money is protected with top-tier security. It’s no wonder why KOHO is trusted by over half a million Canadians.
What exactly is KOHO?
KOHO is a free spending and savings account where you can get instant cash back and earn interest on your entire account. You get a prepaid reloadable Visa that gives you all the spending power of a credit card without any fees or interest. Unlike a credit card, however, the KOHO card draws from funds that are already your money. This key difference makes you spend more mindfully and effectively save more. It’s connected to a smart budgeting app that simplifies day-to-day finances with spending insights and balance updates after each purchase. As a result, the average KOHO user saves 7% of whatever money they load into their account.
How does KOHO work?
It’s pretty simple. You add funds to your KOHO account in one of three ways: e-Transfer from your regular bank account, loading through an existing Visa debit, or by having your work’s payroll directly deposit your paycheque (we call this direct deposit). Then, you use your KOHO card, either in person or online, to make purchases just like you would with any debit or credit. Plus, KOHO runs on the Visa network, so merchants can treat your KOHO card just like a normal credit card transaction.
Okay, so where does KOHO put my money?
We’ve partnered 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. If you place your money in interest-bearing accounts, not only will you get a high interest rate, but your funds will also be eligible for CDIC insurance.
What makes KOHO different from a regular debit account?
The big difference is that we’re digital-first. We prioritize financially empowering our users over things like branded ATMs (though KOHO works at any ol’ ATM, and we won’t charge you for using one). Consequently, we can keep our costs low and aim to pass these savings to our users. Plus, you get at least 0.5% cash back on all your purchases, and 2% on 3 major categories with a KOHO Premium account. You can make even more when you shop at our brand partners. Also, our app is pretty awesome.
Do I still need a regular bank account if I have KOHO?
Honestly? Probably, yes – but you can use KOHO for most of your day-to-day needs and have your regular bank as back-up. If you’re down to have your paycheque deposited directly and never need to write paper cheques, you can use KOHO for all your personal finance needs. It’s super simple to pay your bills from your KOHO account. You can also send unlimited free e-Transfers, and, of course, use the card anywhere Visa is accepted. Also, you can instantly deposit e-Transfers from other KOHO users. However, if you need to write cheques or receive e-Transfers from non-KOHO accounts, you’ll still need a regular bank account for those functions.