The new highest savings account means KOHO now acts as a chequing and savings account, targeted at younger generations seeking a no-fee digital banking offering that’s also a CDIC member. All banking is handled within KOHO’s iOS and Android apps.
“We’re excited to add KOHO Save to our product line as a simple and valuable money earning tool for Canadians,” founder and CEO of KOHO Daniel Eberhard said in a statement.
“We’ve been able to build a savings tool that doesn’t follow the same restrictions of most other savings products on the market. People just want to access their money freely and earn a great interest rate. We think Save is a wonderful step in that direction,” added Eberhard.
KOHO includes a reloadable prepaid Visa card that also supports Apple Pay and Google Pay, to allow you to make purchases both at stores and online. Every purchase earns 0.5% cash back, while KOHO Premium accounts get an extra 2% on select spending categories.
Back in February, KOHO launched a Credit Building product, offering to help people grow their credit score within six months.
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