Koho is a financial service offering a spending and savings account, paired with a prepaid Mastercard and a robust mobile app. Throughout the years, the company has worked on introducing new features such as cash back on all purchases, early payroll, credit building and premium membership. A new upcoming feature is Cover, which is a subscription-based over-drafting service.
What is Koho Cover?
Cover is an overdraft protection service that allows Koho users to access an extra $50/month for a fee of $5. The service is flexible with zero late fees, no interest and no penalties. If you fail to pay, you may no longer be eligible for the service.
Who is this service for?
I can think of many scenarios where anyone could use an extra $50 as overdraft protection. From buying groceries, and paying bills, to monthly subscriptions, overdraft protection gives people peace of mind. However, it is advisable to use the funds only in emergency situations.
Can you sign up for Koho Cover?
Currently, the service is only available to select users, but should be widely available in the future. On the other hand, Koho offers Early Payroll, which is a different service that allows you to have early access to your paycheque. You can get immediate access to $100, 3 days before your paycheque for free; or you can have immediate access to $100 at any time for a fee of $5.