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)

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