Kenyon Ndezi
  • Home
  • Discover
  • Finance
    • Business
    • Banking
    • Invest
  • Lifestyle
    • Travel
    • Food
  • Blogging
    • SEO
    • Troubleshoot
    • Themes
    • Plugins
    • WordPress Tips
featured
  • Airbnb is Surprisingly Lucrative in Tanzania: Here’s How to Tap Into It
    • May 13, 2025
  • How to Avoid Credit Card Interchange Fees | Canada
    • October 22, 2022
  • Shared Hosting Vs VPS Hosting Vs Dedicated Server
    • September 5, 2021
  • Read This Before You Buy NFTs
    • December 21, 2021
  • How Important Is Your Credit Score?
    • May 8, 2021
Kenyon Ndezi
  • Home
  • Discover
  • Finance
    • Business
    • Banking
    • Invest
  • Lifestyle
    • Travel
    • Food
  • Blogging
    • SEO
    • Troubleshoot
    • Themes
    • Plugins
    • WordPress Tips
Home Posts KOHO Review: Spend And Save In Style.
  • Banking

KOHO Review: Spend And Save In Style.

  • June 20, 2021
  • Kenyon Ndezi
Total
4
Shares
0
0
4

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

Total
4
Shares
Share 0
Tweet 0
Pin it 4
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!

You May Also Like
View Post
  • Banking

How to Check Your Credit Score for Free in Canada: Credit Karma and Borrowell

  • Kenyon Ndezi
  • July 23, 2023
View Post
  • Banking

The Pros and Cons of Using Credit Cards for Travel

  • Kenyon Ndezi
  • April 17, 2023
View Post
  • Banking

Banking Without the Fees: My Experience with Koho

  • Kenyon Ndezi
  • March 30, 2023
View Post
  • Banking
  • Canada

How to Avoid Credit Card Interchange Fees | Canada

  • Kenyon Ndezi
  • October 22, 2022
girl pushes friend on a cart
View Post
  • Banking

Mydoh Review: Make Your Kids Money Smart

  • Kenyon Ndezi
  • September 10, 2022
woman dancing infront of a painting with shopping bags
View Post
  • Banking

KOHO Introduces A New Over-drafting Service Called “Cover”

  • Kenyon Ndezi
  • July 30, 2022
View Post
  • Banking

Learn How To Save And Build An Emergency Fund

  • Kenyon Ndezi
  • March 27, 2022
View Post
  • Banking

Wise Review: Multiple Currencies, One Bank Account

  • Kenyon Ndezi
  • November 22, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Featured
  • How to Monetize Your Blog with Affiliate Marketing
    • April 16, 2023
  • girl pushes friend on a cart
    Mydoh Review: Make Your Kids Money Smart
    • September 10, 2022
  • It’s Not Too Late To Change Careers
    • January 30, 2022
  • Make An Extra $1000 A Month With Buildbox
    • June 4, 2022
  • How To Monetize Your Blog In 2023
    • April 25, 2022
Latest
  • New to Canada and Unsure About Your Career? Here Are Two Industries You Can Break Into With Just a High School Education
    • May 21, 2025
  • Micro-Business Boom: How Gen Z Is Turning Side Hustles into Six-Figure Empires
    • May 14, 2025
  • Airbnb is Surprisingly Lucrative in Tanzania: Here’s How to Tap Into It
    • May 13, 2025
  • Conquer That Interview: Your Guide to Ace Your Next Opportunity
    • February 2, 2024
  • Why I usually finish my Google searches with Reddit
    • February 1, 2024
Categories
Banking
11 Posts
View Posts
Blogging
5 Posts
View Posts
Business
12 Posts
View Posts
Finance
15 Posts
View Posts
Food
3 Posts
View Posts
Invest
14 Posts
View Posts
Lifestyle
9 Posts
View Posts
Travel
16 Posts
View Posts
Wordpress Tips
5 Posts
View Posts
You Might Like
  • 1
    Tips for Saving Money on Your Next Vacation
    • April 17, 2023
  • 2
    How To Start A Successful Blog That Makes More Money Than Any Conventional Job.
    • August 16, 2021
  • A man using his laptop for online work. 3
    Productivity hacks for remote work
    • February 1, 2023
  • 4
    All You Need To Know About An RRSP Account
    • April 10, 2022
  • A picture showing a laptop (for productivity) in bed next to a coffee mug. 5
    23 Strategies for Maintaining Organization and Increasing Productivity
    • January 24, 2023
SUBSCRIBE TO OUR NEWSLETTER
Kenyon Ndezi
  • Contact
  • About
  • Privacy Policy
Business & Lifestyle

Input your search keywords and press Enter.