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KOHO Earn Interest Review (formerly KOHO Save)

KOHO has revolutionized how we think about prepaid cards. Since the introduction of the KOHO prepaid Visa, Canadians can now earn cash back when they spend cash…as opposed to using rewards credit cards and the interest fees that come with them.

The KOHO app is versatile, serving as a budgeting app, a roundup saver, and a spending account all in one place.

KOHO has gotten even better since it now pays customers interest on their account balance.

While there are other prepaid cards like STACK and Mogo, KOHO is the only prepaid card to offer interest on your balance in Canada.

This KOHO Earn Interest (KOHO Save) review covers how it works.

What is KOHO?

KOHO is a reloadable Mastercard prepaid card (formerly KOHO Visa) and app designed to help Canadians improve their finances.

The KOHO Mastercard works like a chequing account. You can fund and use it for purchases and bill payments, similar to a debit card.

Unlike a traditional debit card, however, you earn cash back on every dollar you spend using your KOHO prepaid Mastercard.

Here’s a detailed KOHO review.

Some of the benefits offered by KOHO are:

  • Cash back on your purchases (0.25% to 5%).
  • Automatically save your spare change using the Roundup function.
  • Earn interest on your entire account balance.
  • No monthly account fees (not applicable to KOHO Essential or Premium).
  • A versatile app and card you can use to pay your bills, send free e-Transfers, shop online, withdraw money from an ATM, and budget your finances.
  • Joint spending account.
  • Extra cash back at select partners.
  • $20 bonus for every friend you refer to KOHO (up to 50 friends).
  • Apple Pay compatibility.
  • Your funds are held by a CDIC-insured Canadian bank.
  • Free financial coaching.
  • No foreign exchange transaction fees when you spend money abroad (KOHO premium).
  • Price matching (KOHO Premium).

Open a KOHO account and get a $20 welcome bonus after making your first purchase (use CASHBACK referral code).

What is KOHO Earn Interest?

KOHO recently upped the ante by paying its customers interest on their balances. This new feature pays you 0.50% to 2.00% interest on every dollar held in your KOHO account. The rate you earn depends on your account type.

The savings rates on this hybrid account are competitive compared to the 0% interest rates many big banks offer on their chequing accounts.

KOHO essentially converts your account into a high-interest savings account with unlimited debit transactions.

Benefits of KOHO Earn Interest

  • Up to a 2% non-promotional interest rate on your account balance.
  • No monthly fees or minimum balance.
  • Interest is calculated daily and paid out monthly.
  • Funds are held at a CDIC-insured financial institution.

Interest earned in your account is calculated daily and paid directly to your account monthly.

When you add in the regular cash back earn rate of 0.25% to 5% on purchases, KOHO becomes a super-charged savings package!

The KOHO interest rate applies to your spendable, roundups, and savings goals.

KOHO Earn Interest

koho logo

Up to 2.00% savings interest on your balance

$20 sign up bonus after first purchase (use promo code CASHBACK)

Earn up to 5% cash back

Unlimited Interac e-Transfers

Is KOHO Free?

KOHO offers four types of accounts – KOHO Easy, KOHO Essential, KOHO Joint, and KOHO Premium (now KOHO Extra).

The regular and joint accounts have no monthly fees and give you 1% cash back on groceries and transportation. You also earn up to 5% cash back at partner stores. It also pays 0.50% interest.

KOHO Essential pays 1% cash back on groceries, dining in or out, transportation, and 0.25% instant cash back on all other purchases. You also earn up to 5% cash back at partner stores, and it pays 1.50% interest. This plan costs $4 monthly.

KOHO premium offers all the benefits of a basic account and 2% cash back on transportation, groceries and restaurant purchases. You also enjoy 0% FX fees, 1 free international ATM withdrawal monthly, and price matching. It pays 2% interest on your balance.

KOHO premium costs $9 per month or $84 per year.

Are KOHO Accounts Safe?

Your KOHO account funds are held in trust at a CDIC member bank.

Cash deposits in your savings and chequing accounts at a CDIC-member institution are insured up to $100,000 per eligible category.

Is KOHO Right For You?

If you want to minimize using credit cards while still earning rewards, you will find KOHO a great option.

KOHO can help you save money even if all you can afford is to set aside your spare change.

With the KOHO Earn Interest feature, you not only earn cash back, but you also earn a competitive interest rate on your entire account balance.

Get a $20 cash bonus when you sign up.


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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Business Insider, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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