KOHO Review
Comprehensive review and analysis of KOHO's digital banking services
Quick Facts
- Founded
- 2014
- Head Office
- Canada
- Active Customers
- 500,000+
- Total Funding
- CAD 265 million
- Employees
- 250+
- App Store Rating
- 4.6/5
Pros & Cons
Pros
- Instant cashback rewards
- No monthly fees
- Early payroll access
- Automated savings features
- Credit building option
- Joint accounts available
Cons
- Limited to Canada
- Some features require premium
- No international transfers
- Cash deposits through third parties
Supported Countries
- Canada
Fees
- Basic Account Free
- KOHO Premium $9/month or $84/year
- Credit Building $7/month
- Foreign Transactions Free with Premium, 1.5% otherwise
- ATM Withdrawals Free at participating ATMs
Overview
KOHO has revolutionized personal finance in Canada since 2014 by combining spending, saving, and rewards in one seamless platform. With its prepaid Visa card and comprehensive app features, it offers a modern alternative to traditional banking.
Key Features
Banking Services
- Prepaid Visa card
- Joint accounts
- Direct deposit
- Early payroll
- Bill payments
- e-Transfers
Savings Features
- RoundUp automation
- Savings goals
- PowerUp rewards
- High-interest savings
- Savings buckets
- Automated savings rules
Credit Building
- Credit score monitoring
- Credit building program
- Payment reporting
- Credit coaching
- Score tracking
- Educational resources
Premium Benefits
- Higher cashback
- No FX fees
- Price matching
- Financial coaching
- Extended warranties
- Premium support
Security Features
- Biometric authentication
- Instant card lock
- Transaction alerts
- Fraud protection
- PIN management
- 256-bit encryption
Customer Support
- In-app chat
- Email support
- Phone support
- Help center
- Video tutorials
- Social media support
Verdict
KOHO excels in providing a user-friendly financial platform that combines spending, saving, and rewards. Its cashback program and automated savings features make it particularly attractive for Canadians looking to better manage their money and earn rewards on everyday purchases.
While some advanced features require a premium subscription, the free tier offers comprehensive functionality for most users. The addition of credit building and joint accounts shows KOHO’s commitment to providing a full-featured banking alternative.
The main limitations are its availability only in Canada and the reliance on third parties for cash deposits. However, for Canadians seeking a modern financial tool with strong savings features and rewards, KOHO offers an excellent combination of functionality and value.