What Is KOHO Save?
KOHO is now a well established digital bank that has been serving the Canadian market for a few years now. Recently, KOHO decided that although their product is fairly robust, the saving feature was slightly lacking. With this in mind, they have developed and launched KOHO Save which aims to make saving a seamless and easy experience compared to traditional banks where saving is often complicated and tedious.
KOHO Save which is now live and available to use on your KOHO bank account.
KOHO Save is available to KOHO customers who have Direct Deposit enabled. Once enabled a rate of 1.2% will be paid on the the total balance of the KOHO account. Although the interest is totalled each day, the amount is calculated at the end of each month, then paid on the 5th business day in the new month. The best thing is that there is no minimum deposit needed!
With KOHO Direct Deposit you can opt to have the full amount of your paycheck or a percentage paid into your account. They also have a feature called KOHO Early Payroll which allows you to receive an advance on your paycheck when the month is tight financially. All deposit methods mentioned above will count towards the total interest at the end of the month.
If you match the criteria explained above, you can activate KOHO Save in within the KOHO App. Once opted in, you will need to enter your SIN number and then you are good to go. All tax statements can be viewed after the end of each month.
More About The Interest Rate
The rate of interest is fixed at 1.2%. Unlike most traditional banks, this rate is the same for ALL KOHO customers. There are no confusing terms and conditions or complicated financial explanations. The idea is to keep things as simple as possible, which KOHO have managed to do with this product. However, it is worth being aware that this rate is tethered to the Bank of Canada, so if their rate decreases then this could affect the current 1.2% rate. Eligible customers will earn interest on the total amount held within KOHO. This includes any money within savings goals or round ups on purchases.
💸 If you are not a KOHO customer but wish to take advantage of KOHO Save, click here to sign up FREE!