Get the most out of your savings account

KOHO is a financial platform that provides no-fee spending and savings accounts with higher cash back perks and interest rates. It works just like a prepaid Mastercard that you can use online and in store — and you'll earn up to 5% cash back on your transactions.

Their platform helps you be mindful about your daily purchases through a connected budgeting app. On average, it could save you around 7% of whatever money you load into your account just by reducing your spending.

While your typical credit card can give you some cash back on your everyday purchases after a waiting period, KOHO gets you that cash back instantly and helps you earn interest on your entire account.

And unlike a credit card, KOHO pulls from the funds you put in your account, which means you’re not tempted by credit limits to overspend.

Unexpected vet bills don’t have to break the bank

Life with pets is unpredictable, but there are ways to prepare for the unexpected.

Fetch Insurance offers coverage for treatment of accidents, illnesses, prescriptions drugs, emergency care and more.

Plus, their optional wellness plan covers things like routine vet trips, grooming and training costs, if you want to give your pet the all-star treatment while you protect your bank account.

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Put your money where it’s valued

KOHO prioritizes empowering you on your financial journey. They make their products simple to use and update their app every three weeks to help you hit your financial targets using built-in features like RoundUps and Savings Goals.

Your KOHO account doesn’t have any hidden fees. That means no monthly charge, no e-transfer fee, no upfront deposit requirements, no credit card interest rate and no ATM fee — so the money you save is yours to keep.

You’ll earn 0.5% cash back on every purchase you make with KOHO and up to 5% cash back for partnered merchants like Indigo and Chef's Plate. You can also earn an extra 2% cash back on groceries, eating and drinking, and transportation with a KOHO premium account.

Make your money work for you

With all these perks and no minimum deposit required, signing up for KOHO is one of the easiest things you can do to improve your financial future.

When you set your paycheques to direct deposit into your KOHO account, you can earn 1.2% interest on your entire account balance. That’s twice the national average, and all you have to do is opt in using the app.

Just look at the math: If you transferred $3,000 into a KOHO account and let it sit there for a year at their interest rate, you’d be getting back $432 as opposed to $108 from a big bank’s high-interest savings account at .30%.

Not only is it easy to apply, but there are also no hard credit checks to worry about because the cards are pre-paid by you.

Any Canadian resident over the age of majority can apply, so trying KOHO is an easy, risk-free decision you can make today to help you save smarter.


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About the Author

Chris Middleton

Chris Middleton

Freelance Contributor

Chris Middleton is a freelance writer at He’s written for CBC News, blogTO, Parton and Pearl and a number of other places. He has a Master’s in Creative and Critical Writing from the University of Gloucestershire.

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