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Home Posts KOHO Review: Spend And Save In Style.
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KOHO Review: Spend And Save In Style.

  • June 20, 2021
  • Kenyon Ndezi
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KOHO Financial Inc. famously known as KOHO, is a Canadian Fintech (Financial Technology) company based in Toronto. While it’s not considered a bank, Koho offers financial tools and services that are innovative and convenient. From the simple online sign-up process; to its well-designed mobile app and colorful aesthetic, Koho establishes a business model that will appeal to millennials.

Sign up process

The signup process can be summarized into one word. Absolutely “brilliant”. Unlike conventional brick-and-mortar banks that require documents and physical presence, Koho’s sign-up process can all be completed online through their mobile app. Click this link to create an account. You can also use the code YXI8EBQV when you sign up to receive up to 10% cashback.

Prepaid cards (Plastic and Metal)

After signing up, Koho will send you a prepaid card that works like a debit card. If you need to make immediate online purchases, Koho will provide you with a virtual card while you wait to receive your card in the mail. Depending on your style and budget, Koho also offers a metal card that looks neat. You can order the metal card for a one-time fee of $159.

It’s official, you don’t have to be a millionaire to flex with a metal card. If you do decide to go metal, check out their Gilded Cotton Candy card. It’s gold, stylish, and adds some weight to your wallet. Note: Koho allows you to create a joint account. This is a useful feature for people who wish to share expenses.

(Update: The metal card is no longer available)

Cashback

  • Anytime you make a purchase, you’ll accumulate 0.5% cashback in the form of powerapps. This is money you can save or use for future purchases.
  • Earn up to 6% cashback at selected merchants such as Indigo, Mary Browns, Rakuten, Sunwing, and many more.
  • You can also earn 2% cashback with a premium account for buying essentials such as groceries and takeout. There is a 30-day free trial and the account costs $9 monthly or $84 annually. If you do a lot of groceries and 2% cashback sounds like a good deal, then you should consider the premium account.
  • The premium account also comes with a shiny new card. Koho calls it “the ultimate cashback card” because you get 2% cashback with every purchase. In addition to this, Koho will not charge you the 1.5% foreign transaction fees when you purchase goods outside of Canada and you’ll receive faster customer service. However, the free account might be the most beneficial for most people.

Early Pay-roll

If you have expenses that need to be paid off early, or you’re short on money. Early Payroll allows you to access $100 off your next paycheque. You will receive the funds 3 days before your next pay. Once you get paid, Koho will simply take back the $100.

If you need the funds faster, you can sign up for Early Payroll Instant. For only 5$, you’ll be able to access the funds. To unlock this feature, set up a direct deposit with your employer. Note: Early Payroll Instant is not available in Saskatchewan yet!

To my knowledge, Koho is the only service in Canada that offers early payroll. In comparison to the Even app that is only available in the US, Koho’s early payroll feature still has a long way to go, however, it’s quite promising.

Credit Building

Building good credit can be one of the hardest tasks for anyone; especially if you have poor credit. Koho’s credit-building tool can help boost your score by reporting to major credit bureaus such as Transunion and Equifax. This service only costs $7 a month. Just make sure to have money in your account to avoid any negative impact on your credit score.

-Learn more about the importance of building credit here.

Savings and Roundups

  • Koho offers a convenient way of stashing away spare change by rounding up every transaction to the nearest $1, $2, $5, or $10. Extra change will be purposefuly added to the savings section on the app.
  • earn 1.2% interest rate on your entire account
  • 0.5% cashback on every purchase. More with partnered brands.
  • Unlimited e-transfers
  • no minimum balance or account fee. This is a great alternative if your current bank charges you monthly fees. To put it in perspective, when your bank charges you $10 a month, that’s about $120 a year that you’ll be saving.

Safety & security

Is your money safe with KOHO? What if something happens and they are forced to close? KOHO has assured its users that all deposits are with Peoples Trust; a federally regulated and CDIC-insured bank. Similar to the big five banks, your money will be safe and accessible in case anything happens to KOHO. CDIC will cover you for any deposits that you make.

DOWNLOAD THE APP

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Kenyon Ndezi

Kenyon Ndezi is a recent graduate, writer, creator of vividbay.com, and the owner of Neonbuild.com, which is a company focused on building apps for small businesses and individuals. Follow along and get inspired!

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