KOHO Online Banking
At-a-Glance
KOHO is Canada's no-fee digital banking platform offering high-interest savings up to 4%, cash-back prepaid Mastercard plans, and credit building programs. Sign up entirely through the mobile app, receive an instant virtual card, and start banking immediately with no hidden fees, no credit checks, and powerful money management tools.
Key Features
- No Hidden Fees: Zero monthly fees, no e-Transfer fees, free ATM withdrawals across Canada
- High-Interest Savings: Earn up to 4% annual return on your savings balance
- Cash-Back Prepaid Cards: Earn cash back on everyday purchases with flexible spending plans
- Instant Virtual Card: Get a virtual card immediately upon signup for instant spending
- Credit Building Program: Build credit history with KOHO's credit building features
- Savings Goals: Set and track multiple savings goals with visual progress indicators
- Spend Tracking: Categorize and analyze spending patterns automatically
- Bill Payments: Pay bills and set up automatic payments
- Interac e-Transfer: Send and receive money transfers with no fees
- Zero Liability Protection: Full protection against unauthorized card use
- 24/7 Customer Support: In-app chat support available anytime
How It Works
- Download KOHO App: Install the app from App Store or Google Play
- Sign Up: Create account with email and phone verification
- Choose Your Plan: Select from free or premium prepaid card plans
- Verify Identity: Complete identity verification with government ID
- Get Virtual Card: Receive instant virtual card for immediate use
- Fund Your Account: Add money via e-Transfer or direct deposit
- Start Banking: Begin earning interest, cash back, and building credit
Fees & Limits
| Service | Fee | Details |
|---|---|---|
| Monthly fee | Free | No monthly fees on all KOHO plans |
| Cash-back earning | Up to 2% | Earn cash back on everyday purchases |
| High-Interest Savings | Up to 4% | Competitive interest rates on savings |
| Interac e-Transfer | Free | Send and receive money transfers at no cost |
| ATM withdrawals | Free | No fees at any ATM in Canada |
Mobile App
The KOHO mobile app is your complete banking platform, offering instant account opening, real-time spending insights, savings goal tracking, and credit building tools. Everything is designed to be simple, transparent, and accessible from your smartphone.
KOHO Plans & Products
Free Plan
- No monthly fees or hidden costs
- High-interest savings account
- Prepaid Mastercard for spending
- Basic budgeting and spending tools
- Free Interac e-Transfers
Premium Plans
- Enhanced cash-back rates on purchases
- Higher interest rates on savings (up to 4%)
- Advanced budgeting and analytics tools
- Credit building features and monitoring
- Priority customer support
Credit Building Program
- Build credit history without traditional credit card
- Reports to major credit bureaus
- Monitor credit score improvements
- Educational resources and tips
- No credit check required to start
Money Management Tools
- Savings Goals: Create multiple goals with automatic saving features
- Spending Categories: Automatic categorization of expenses
- Budget Tracking: Monitor spending against budget limits
- Real-Time Notifications: Instant alerts for all transactions
- Spending Insights: Weekly and monthly spending analysis
- Round-Up Savings: Automatically save spare change from purchases
- Cash-Back Tracking: Monitor cash-back earnings and redemptions
Security & Protection
- Prepaid Card Security: No risk of overspending beyond loaded amount
- Zero Liability Protection: Full protection against unauthorized transactions
- Bank-Level Security: 256-bit encryption and secure data storage
- Mastercard Security: All the fraud protection benefits of Mastercard network
- Funds Protection: Customer funds held in trust accounts at partner banks
- Instant Card Lock: Temporarily disable card through the app
Common Tasks
- Sign up instantly and get virtual card for immediate use
- Set up direct deposit for automatic account funding
- Create savings goals for emergency fund, vacation, or major purchases
- Enable cash-back earning on everyday purchases
- Start credit building program to establish credit history
- Pay bills and send e-Transfers with no fees
- Track spending across categories and set budget limits
- Use round-up savings to build savings automatically
Support & Hours
- In-App Chat: 24/7 customer support through the mobile app
- Email: Support available at help@koho.ca
- Help Center: Comprehensive online knowledge base
- Social Media: @KOHOBank on Twitter and Instagram
- Blog & Resources: Financial education and tips at koho.ca/blog
Frequently Asked Questions
Is KOHO a real bank?
KOHO is a financial technology company that partners with regulated financial institutions. Your funds are held in trust accounts at FDIC-insured partner banks for security.
How can KOHO offer such high interest rates?
KOHO operates with lower overhead costs by being digital-only and passes these savings to customers through higher interest rates and no fees.
What's the difference between prepaid and credit cards?
KOHO prepaid cards use money you've already loaded, so there's no risk of debt or overspending. You can still earn cash back and build credit through their program.
Can I use KOHO for direct deposit?
Yes, KOHO provides routing and account numbers for direct deposit setup with employers or government benefits.
How does the credit building program work?
KOHO reports your positive financial behavior to credit bureaus, helping you build credit history without needing a traditional credit card.