KOHO Referral Code “CASHBACK”: Up to $1,000 Referral Bonus

koho referral code

KOHO is a financial technology company that offers Canadians access to a free prepaid cash back card and app.

When you sign up for a new account using our exclusive KOHO referral code “CASHBACK” and make a first purchase, you get a $20 bonus.

KOHO’s prepaid credit card combines the benefits of debit and credit cards, giving users the best of both worlds.

Read on to learn how to earn cash back when you shop, get your sign-up bonus, and make $1,000 referring others.

KOHO $20 Referral Code “CASHBACK”

Opening a KOHO account is easy. Here are the steps to follow in order to take advantage of the $20 sign-up bonus:

  1. Visit KOHO using this link (includes the “CASHBACK” promo referral code).
  2. Provide your email address and a new password, and proceed to enter your full name, date of birth, and occupation.
  3. Agree to the terms and enter your referral code. The “CASHBACK” should already be populated in the referral code field. If not, enter the code.
  4. Verify your phone number and choose the card type that catches your fancy.
  5. Complete a transaction using your virtual or physical card within 30 days of signing up for KOHO. THis transaction can be of any amount.
  6. Get a $20 cash bonus credited to your balance.

What Is KOHO?

KOHO is one of the challenger banks in Canada that aim to cut bank fees for the average Canadian and simplify cash back rewards.

It offers a variety of financial products, including its popular cash back cards, as well as:

  • High interest savings account
  • Credit building
koho prepaid visa card canada

KOHO Prepaid Card

The KOHO Card is not a credit card. Rather, it is a reloadable prepaid Mastercard that works alongside a free budgeting app.

The card is available in several formats:

  • KOHO Easy Prepaid card
  • KOHO Essential Prepaid Card
  • KOHO Extra Prepaid Card
  • KOHO Everything Prepaid Card
  • KOHO Joint Card

The standard KOHO Easy prepaid and joint cards have no annual fees and offer:

  • 1% cash back on groceries, gas, and transportation purchases
  • Extra cash back (up to 5%) at select partners and brands
  • Earn 3.00% interest on your balance
  • Automatic savings using a feature that rounds up your purchases and saves the difference
  • Access to a budgeting app
  • Unlimited free Interac e-Transfers and bill payments

You can select from four card colours: Sunkissed skinny dip, Gilded cotton candy, blueberried caviar, and frozen cherry soda.

KOHO Essential: This KOHO card offers extra perks for a $4 low monthly fee (this fee is waived if you set up a recurring direct deposit to your account). You get:

  • 1% cash back on groceries, transportation, food, and drink
  • Earn 5% interest on your balance
  • Access to credit building and more.

KOHO Premium (KOHO Extra): This KOHO Card is an upgrade from the other two and has a $9 monthly fee.

In addition to all the features offered by the standard KOHO card, KOHO Extra also offers:

  • 1.5% cash back on transportation, groceries, and restaurant purchases (0.5% cash back on all other purchases)
  • Up to 5% cash back at partners
  • 5% interest on your balance
  • No foreign currency conversion fees when you shop abroad
  • Access to free financial coaching
  • 1 free ATM withdrawal per month when abroad
  • Price matching

Power users can sign up for KOHO Everything at $19 monthly to take advantage of extra benefits and perks:

  • 2% cash back on groceries, transportation, food, and drink (up to 5% cash back at participating retailers)
  • 5% interest on your entire balance
  • 50% off Credit Building (pay only $5 monthly instead of $10)
  • No foreign transaction fees
  • Real-time e-Transfers, and more

KOHO Earn Interest

All KOHO users can earn interest on their balance.

In addition to the 1% to 5% cash back, you earn up to 5% interest on your entire balance.

KOHO Credit Building

If you want to improve your credit score, KOHO can help.

KOHO Credit Building is a separate service you can subscribe to for $5 to $10 per month.

Every month, KOHO reports this transaction to the credit bureaus, and this process can help you increase your credit score within six months.

Note that KOHO does not do a hard credit check on your profile, so using the service won’t damage your score.


How much does it cost to use KOHO?

KOHO Easy Mastercard$0
KOHO Essential Mastercard$4 monthly
KOHO Extra$9/month or $84/year ($24 savings)
KOHO Joint card$0
KOHO Earn Interest$0
KOHO Everything Mastercard$19 monthly
KOHO Credit Building$5 to $10 per month

KOHO Referral Bonus ($1,000)

When you refer a friend to KOHO, you both earn $20 when they verify and use the card at least once within 30 days of signing up.

To refer friends, simply send them your KOHO referral code (e.g. CASHBACK) as shown on your dashboard.

Since you can refer up to 50 people, this referral program is worth up to $1,000.

Best KOHO Promo Codes

The best promo code for KOHO offers a $20 bonus. See them below:

  • KOHO Promo Code: CASHBACK
  • KOHO Referral Code Free: CASHBACK
  • KOHO Coupon Code: CASHBACK
  • KOHO Sign Up Bonus 2024: CASHBACK
  • KOHO Offer Code 2024: CASHBACK
  • KOHO Welcome Offer Code: CASHBACK

Is KOHO Safe?

KOHO is a legitimate company backed by several leading financial institutions in Canada.

The funds in your account are held in a Canadian bank (Peoples Trust Company) that is a member of the Canada Deposit Insurance Corporation (CDIC).

CDIC membership means your money is insured against insolvency up to $100,000.

KOHO Referral FAQs

How do I get a valid KOHO code?

Simply sign up using the links and the $20 KOHO bonus is automatically applied to your new account.

Can I trust KOHO?

Yes, KOHO is a safe and legitimate company backed by top investors like Power Group, Drive Capital, and People’s Trust.


Which is better? KOHO offers a specific cash back reward (0.25% – 5%) on purchases, while the STACK Mastercard only provides cash back on a few purchases. Both are prepaid cards.

Does KOHO affect my credit score?

No, a regular KOHO account does not affect your credit score since it is a prepaid card. If you’d like to improve your score, you can subscribe to KOHO Credit Building.

Is KOHO better than a bank?

KOHO can help you save on banking fees through free Interac e-Transfers, bill payments, and unlimited free transactions. There’s no monthly fee for a regular KOHO account.

KOHO Savings Account Review: Features, Cons & Alternatives

The KOHO savings account is one of the most popular online savings accounts offered by Fintech companies in Canada. 

Depending on the KOHO plan you subscribe to, this savings account allows you to earn up to 5% interest on your entire balance and 5% cash back on your purchases, which are often better than what traditional banks offer. 

This review article covers the KOHO savings account’s features, downsides, and expected fees. 

KOHO Savings Account Features

KOHO offers 4 versions/plans of its savings account, namely the Easy, Essential, Extra, and Everything plans. 

The Easy plan is completely free to use. On the flip side, the Essential plan costs $4 a month, the Extra plan costs $9 monthly, and the Everything plan, which offers the most features, costs $19 per month. 

Below are the features you can expect from these KOHO savings account plans. 

3% to 5% interest rates

All paid KOHO plans allow you to earn 5% interest on your entire balance. The only free plan, which is the Easy plan, slightly limits interest earnings to only 3%.

Up to 5% cash back

How much cash back you can earn when using your KOHO savings account for purchases varies depending on your chosen plan. 

Here’s a brief rundown of how much cash back each plan offers: 

  • Easy plan ($0/month): 1% cash back exclusively on groceries and transportation. 
  • Essential plan ($4/month): 1% cash back on groceries, transportation, and eating & drinking, as well as 0.25% cash back on all purchases. 
  • Extra plan ($9/month): 2% cash back on groceries, transportation, and eating & drinking, as well as 0.5% cash back on all purchases. 
  • Everything plan ($9/month): 2% cash back on groceries, transportation, and eating & drinking, as well as 0.5% cash back on all purchases. 

Note: You can earn up to 5% cash back when you shop at one of KOHO’s partnered merchants using the KOHO app. 

Open a Free KOHO Account and get a $20 Bonus.

No minimum balance

All KOHO savings account plans have no required minimum balance. You can keep any amount from $0 to $200,000 in your account.

Virtual and physical Mastercard

Every KOHO savings account plan has instant free access to a virtual prepaid card and an optional physical Mastercard. These cards can be used just like any “debit” card, but their cash back perks make them more of a credit card alternative among users. 

Optional Credit Building Program 

KOHO also offers paid secured and unsecured Credit Building programs to its account holders. 

The monthly fee for this program ranges from $5 to $10, depending on your KOHO plan. It’s reported that the average KOHO user can increase their credit score by as much as 22 points in just 3 months through Credit Building. 

KOHO Savings Account Downsides 

The KOHO savings account is known as a “hybrid” account that allows you to manage your spending and savings in just one place. While this feature is convenient, it can also make it easier for you to spend money that could otherwise stay in your savings long-term. 

Moreover, if you exclusively want to use the Easy KOHO plan as a free savings account, there are a few alternatives that can offer higher interest rates. 

Fees to Expect From a KOHO Savings Account

These are the fees you can expect when using a KOHO savings account: 

  • KOHO plans’ monthly subscription fees: $0 to $19 per month.
  • Optional Credit Building fee: $5 to $10 per month. 

Since KOHO doesn’t own any ATM, you will be charged a $2 to $3 out-of-network fee when you withdraw from ATMs that support Mastercard. If you’re not subscribed to the Everything plan, you can also expect 1.5% FX fees when making international transactions. 

How to Open a KOHO Savings Account

Opening a KOHO savings account is as simple as applying for a plan through the company’s official website and following the on-screen prompts to complete the application process. 

Once your account has been verified and you’ve already deposited funds into it, you can immediately use your virtual KOHO card to make purchases while you wait for your physical Mastercard. 

Learn more about the KOHO referral program.

KOHO Savings Account vs Alternatives 

Here are the KOHO savings account alternatives you may also be interested in.

EQ Bank Personal Account

Similar to the KOHO savings account, the EQ Bank personal account acts like chequing but allows you to earn as much as 4% interest on your balance, just like a savings account. 

Despite having zero monthly fees, this account lets you enjoy everyday transactions such as paying bills, withdrawing money, and sending or receiving Interac e-Transfers for free.

Neo Financial High Interest Savings Account 

The Fintech company NEO Financial also has a High Interest Savings Account that offers up to 4% interest on your balance with no minimum deposit threshold.

It has zero monthly fees and allows you to open up to 10 separate accounts to make your saving journey more organized and manageable.

Simplii Financial

Unlike KOHO’s hybrid savings account, the no-fee Simplii Financial’s High Interest Savings Account is built exclusively to save money. 

It lets you earn anywhere from 0.40% to 5.50% of interest, depending on how much your account balance is and allows you to set up automatic deposits to continuously grow your savings. 

Also read: KOHO Canada Reviews

KOHO Canada Review: Products Offered, Pros and Cons

KOHO is a Fintech company that lets you manage both your savings and spending in a single platform. 

Despite not being a bank, KOHO offers a hybrid account that offers up to 5% cash back and interest, a physical prepaid Mastercard and access to an optional credit-building program. 

This article covers every aspect of KOHO Canada, including its financial products, signing up process, and pros and cons. 

KOHO Canada Summary  

  • KOHO Canada offers a hybrid account that allows you to spend like a chequing account and earn interest like a savings account. It costs $0 to $19 per month, depending on which KOHO plan you choose.
  • With a KOHO savings account, you can earn up to 5% cash back and interest and access a physical prepaid Mastercard, an optional Credit Building program and the KOHO app that allows you to easily manage your finances. 

KOHO Canada Accounts and Financial Products

Here are the financial products you can access through KOHO. 


If you want to use KOHO, the very first thing you’ll need to do is to pick a plan that’ll decide the features of your hybrid KOHO account. 

All KOHO plans, including the free Easy Plan, allow you to order a physical card, earn interest on your balance and earn cash back on your purchases. 

However, if you choose to pay a monthly subscription fee for paid plans like Essential, Extra, and Everything, you’ll be able to access more extensive benefits, such as better cash back rates, better interest rates, discounts and access to a Premium card. 

The table below compares the primary features and benefits of the 4 plans KOHO offers. 

Price$0 per month$4 per month$9 per month$19 per month
Welcome offer$20 bonus$20 bonus$20 bonus$20 bonus
Cash back rate 1% on groceries and transportation1% on groceries, transportation, and food, 0.25% on all purchases 2% on groceries, transportation, and food, 0.5% on all purchases 2% on groceries, transportation, and food, 0.5% on all purchases 
Interest rate (on your entire balance) 3%5%5%5%
Credit Building Price$10$7$7$5
1 free monthly credit score checkNOYESYESYES

Prepaid Mastercard

Once you’ve picked a plan and signed up for a KOHO account, you can opt to get a physical KOHO Mastercard. 

Since it’s a prepaid card, you must deposit money into your KOHO Mastercard before using it for purchases. After loading it, you can use your KOHO Mastercard just like any other credit card and earn high cash back rates.

Note: The KOHO Mastercard comes in 5 different colour combinations, and you can choose whichever suits your preferences the most. 

Virtual Card

This is the virtual version of your prepaid Mastercard. Apart from online purchases, you may use it to make in-store purchases through Apple, Samsung, or Google Pay.

Credit Building Program

For users who want to increase their credit score, KOHO also offers a secured or unsecured credit-building program that reportedly can increase the average user’s credit score by 22 points in just 3 months. 

If you’re interested in the Secured Credit Building program, here’s the usual process: 

  1. Open a secured line of credit in your KOHO account. 
  2. Deposit anywhere from $30 to $500 to your line of credit. 
  3. Withdraw from your secured line of credit anytime you need to.
  4. Repay what you owe from the line of credit by the end of the month. 
  5. Your credit score builds up as you continue paying your line of credit on time. 

Note: The unsecured Credit Building program works similarly to the secured version but doesn’t require any deposited amounts. You may use both the secured and unsecured Credit Building programs simultaneously. 


The KOHO app is a platform that allows you to easily manage the financial activities of your KOHO account, as well as your virtual and physical Mastercard. 

Similar to many banking applications, the KOHO app allows you to: 

  • Transfer your funds in and out of your KOHO account
  • Set budgeting goals
  • See your KOHO account’s financial transactions 
  • Pay bills
  • Contact KOHO’s customer support 
  • Check your credit score 

The KOHO app is available on both iOS and Android devices. It’s protected by robust security features, ensuring your data are secured and encrypted.

How to Open a KOHO Canada Account 

Opening a KOHO Canada account usually takes less than 5 minutes online. To start, simply visit KOHO’s official website (link includes a $20 bonus after your first purchase) and choose one of the 4 plans offered by the platform. 

After that, just follow the prompts you see on your screen, which will ask for your basic information, such as your email address, full name, date of birth, and phone number. 

The last step to opening a KOHO account is the identity verification process, which can be completed as easily as linking your bank account to the app or submitting a valid proof of identity.

KOHO Canada Pros and Cons

Every bank and Fintech company has pros and cons, so let’s discuss KOHO’s advantages and disadvantages when managing your finances.


  • There’s a free plan available 
  • The cash back and interest rates are relatively high
  • The KOHO app has extensive finance-related features 
  • You can build your credit score through the Credit Building program 


  • Prepaid cards need deposited amounts to work 
  • Your Mastercard spending won’t automatically build your credit score
  • Unlike banks, you won’t be able to visit physical KOHO branches 

KOHO Canada Review: Is it Worth it? 

Whether or not having a KOHO account and prepaid Mastercard is worth it highly depends on your spending habits and financial needs. 

Many people, including me, have found KOHO helpful in maximizing cash back and easily setting up budgets. 

However, others prefer using traditional bank accounts instead of those from Fintech companies like KOHO due to wider access to other financial services and their existing familiarity. 

The best way to know whether KOHO Canada is worth it? 

Thoroughly review the features offered by KOHO Canada and reflect on whether you’ll find them handy when managing your finances. Or better yet, take advantage of the free trial KOHO offers and test it out for several weeks yourself before committing to it in the long run. 

Open a KOHO account ($20 Bonus)