KOHO allows Canadians to budget, spend, and save smartly.
The KOHO app is not only FREE to use, but they are also offering a $20 cash bonus to readers of this blog when you use the KOHO referral code CASHBACK during sign-up.
Click here to download the app! This KOHO referral code has no limits!
After signing up, you receive a $20 bonus when you make your first purchase with the KOHO card within 30 days. You also earn a 1.20% interest rate on your entire balance if you set up a direct deposit.
Note that the referral code is applied automatically when you click on the referral link.
There are many reasons for using the KOHO app and reloadable Visa card, including:
Zero monthly fees: They charge zero monthly fees on your account.
Earn cash back on debit purchases: Your bank does not pay you when you spend cash, however, KOHO rewards your good financial habit with 0.5% in cash back.
Earn Interest: You can earn a high interest rate of 1.20% on your entire balance when you set up a direct deposit to your KOHO account. This is one of the highest savings account rates in Canada.
Free Early Payroll: When you link your payroll deposits to your KOHO account, you can get $100 three days early before your paycheque hits your account. The service is free and has no interest or fee charges.
Real-time financial insights: Gain useful insights into your spending, budgeting, and savings. See where your money is going and if your budget is intact…all on one dashboard.
Increase your savings: The app has options for increasing how much you are putting away for savings, and can help you save your spare change using their Roundups feature.
Easy investing: You can easily transfer funds from KOHO to your Wealthsimple investing account.
Financial coaching: KOHO is working on giving you access to free financial advice via the app when you have a direct payroll deposit setup. Have a question about investing, debt, savings, or budgeting? The answers are now at your fingertips.
Earn referral cash bonuses: When you refer friends and family to sign up, you both receive a $20 bonus and you can refer up to 50 friends (easy $1,000 benefit).
Metal Card: Get a premium limited metal card if you so desire in the Gilded Cotton Candy format.
KOHO Referral Code Welcome Bonus
KOHO wants Canadians to not only save on banking fees but, also, to be rewarded for building frugal financial habits when they pay with cash. This is why they have offered a 0.5% cash back when you make purchases using your KOHO card.
Additionally, you get a $20 cash bonus when you sign up here and enter the KOHO referral code CASHBACK.
KOHO now also offers a premium service “KOHO Premium” with even more rewards! You earn up to 2% on everyday purchases, as well as extra cashback at select partners.
You can read my detailed KOHO Premium review.
Is KOHO Safe?
Yes, KOHO is safe and legit. The company has been around since 2017 and has partnerships with some of the biggest financial institutions in Canada, including Power Group, Drive Capital, and Portag3.
The funds in your account are held at a Canada Deposit Insurance Corporation-member bank (Peoples Trust Company) and you are protected up to $100,000 if KOHO becomes insolvent.
KOHO Referral Code FAQs
What is the KOHO referral bonus?
When you sign up for a new KOHO account using a valid KOHO referral code (CASHBACK), you get a $20 cash bonus after making a purchase with your card within 30 days.
How many KOHO referrals and bonuses can I get?
You can refer up to 50 friends to KOHO using your referral code and link, and earn up to $1,000.
Is KOHO Legit?
Yes, KOHO is a legitimate company and it is ranked on our list of the best cash back apps in Canada.
KOHO Cash Back Bonus Referral Code 2022
Use the KOHO referral code “CASHBACK” to get a $20 cash bonus when you sign up. The KOHO app and reloadable card are great for earning cash back on your debit purchases and saving your spare change.