Back in November of last year, it was reported that Canada Post was set to launch bank accounts with no fees, and it has officially debuted today.
Canada Post has introduced the MyMoney Account, a new spending and savings option now available to Canadians nationwide.
Offered in partnership with Canadian fin-tech KOHO, the account includes low-fee and no-fee plans. Customers can earn interest on their entire account balance, receive up to 2% cash back on select purchases, and use tools to help build credit history. Deposits can be made easily through the KOHO app or at Canada Post locations.
The MyMoney Account comes with a virtual card, and customers can also order a physical card through the KOHO app. The card works like a debit card using the Mastercard network, allowing purchases almost anywhere Mastercard is accepted, including online and at ATMs. The KOHO virtual card also supports Apple Pay and Google Pay.
New customers will also receive special cash-back offers. When funding the account, users receive a coupon for $5 cash back, which can be used for up to three in-person MoneyGram send transactions at Canada Post locations within 90 days.
Also, those who receive two MoneyGram transfers within the first 60 days of opening the account will get $5 cash back for each transaction.
For security, funds in the MyMoney Account are held by Peoples Trust, a fully regulated Canadian bank. The account is also protected by Mastercard’s Zero Liability policy, offering full protection against unauthorized use. For those who opt to earn interest, funds will be eligible for Canada Deposit Insurance Corporation (CDIC) insurance.
However, existing KOHO customers cannot sign up for the MyMoney Account. The card is accepted everywhere Mastercard is, except for gambling and adult entertainment sites, and some countries that don’t accept prepaid Mastercards.
The launch of the MyMoney Account is part of a plan to expand access to financial services, particularly for people in rural, remote, and Indigenous communities, said Canada Post on Monday.
You can click here to sign up for KOHO and get $10 bonus cash.
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This is exactly the same as Koho's existing product. It is just being rebranded. It does not offer anything new. A waste of time by a failing crown corp.
Actually no. Many countries have "postal banking" (look it up) and it's usually seen as a good idea b6 some for variety of reasons. Bring a crown Corp, Canada Post will be about service first rather than money first which often means cheaper basic services for those who need it. Additionally since the postal service is usually one of the few things on any country that has almost universal access to all the people who live in the country (think about Remote locations, indigenous communities etc) they're very well positioned to bring a crucial service to everyone. The point is, it's not a normal bank that does a bunch of stuff. In many countries postal banking is just very basic but importantly it means banking is something everyone can access (and it's traditionally done that where postal banking has been implemented) and bonus: is possible for Canada Post to make money from this as a crucial service many depend on.
if it helps, think of this as just nothing more than koho setting up a bunch of new branches everywhere
Copying pc financial. Wonder what they will have to say about it.