If you find it challenging to cover your bills just before your next payday arrives, KOHO Early Payroll is here to help.
This new feature on the innovative KOHO app makes $100 available 3 days before your paycheque is deposited into your account.
Early Payroll is free of charge, and the KOHO app and prepaid Mastercard also pay you up to 5% cash back on all your purchases.
Read on to learn about how the KOHO Early Payroll feature works.
What is KOHO?
KOHO is a free chequing account that offers a versatile mobile app and a prepaid card you can use from anywhere (online and in-store) where Mastercard is accepted.
Unlike a traditional chequing account, a KOHO account is free and can help you save on outrageous bank fees.
The KOHO app and prepaid Mastercard offer a ton of benefits, including:
- 1% cash back on groceries and bill payments; up to 2% cash back with KOHO premium
- Up to 5% cash back at participating retailers
- Interest is paid on your entire balance
- Automatic saving of your spare change
- $0 monthly account fees, e-Transfer fees, or NSF fees
- Expense tracking and budgeting capabilities
- Security of your funds via CDIC
- Free financial coaching
- Payment options via Apple Pay and Google Pay
KOHO is available as a personal, joint, or premium account. It is not a credit card and does not affect your credit score.
Get more details about what KOHO offers in this KOHO Mastercard Prepaid Card review.
When you sign up here, you receive a $20 bonus (use our CASHBACK referral code).
What is KOHO Early Payroll?
**Note that KOHO Early Payroll has been replaced by “Instant Pay for Employees,” a service that gives employees on-demand access to their pay.**
This new KOHO feature gives users access to $100 three days before their paycheque arrives. What this means is that if funds are tight before your payment date, you may no longer need to seek out a payday loan.
Early Payroll gives you access to $100 for free (no fees or interest), and when your paycheque arrives, the amount is deducted. Simple as that!
To use Early Payroll, simply get KOHO and set up a direct deposit. Once you have completed this step, you can opt into the Early Payroll program.
You also earn an extra 0.50% in cash back for 90 days when you select direct deposit and receive your first deposit of $500 or more.
With KOHO, there are just so many ways to earn cash back. And this service saves you the ridiculous interest rates charged by predatory payday loan services in Canada.
Is KOHO Safe?
KOHO is legit. They have partnered with Peoples Trust, a federally regulated bank so that your money is insured by Canada Deposit Insurance Corporation for up to $100,000.
Over 500,000 Canadians use KOHO to save on fees and earn cash back. It’s no wonder the app is featured on our list of the best cash back apps in Canada.
What Does KOHO Cost?
A regular KOHO account is free and has no monthly maintenance fee. You earn cash back when making purchases using the card.
Users can choose to upgrade their account to KOHO Premium and earn up to 2% cash back on transportation, groceries, and restaurant spending, plus pay no FX fees when they shop abroad.
KOHO Premium has a $9 monthly fee.
I have been a KOHO user for close to 2 years now and have enjoyed it so far.
$0 fees and a ton of cash back earned since joining make it a no-brainer, and I happily recommend it to others.