KOHO is a Canadian fintech company that offers reloadable prepaid Mastercard cards combined with a mobile app. Unlike a traditional bank, KOHO provides a modern, low-fee way to spend, save, earn cashback, and build credit. Their plans range from free options to premium subscriptions, designed for Canadians looking to take control of their everyday finances.

Once you sign up, you receive a KOHO Mastercard (physical and/or virtual). You load money into your KOHO account via direct deposit, e-Transfer, or linking a bank account. From there, you can: - Spend anywhere Mastercard is accepted - Earn cashback on everyday purchases - Set savings goals and use automatic round-up features - Earn interest on your balance (up to 4% with premium plans) - Use credit-building tools to improve your credit score

KOHO currently offers three main plans: - Essential (Free): $0 monthly, 1% cashback on groceries, dining & transport, earn up to 2.5% interest. - Extra ($12/mo): 1.5% cashback on groceries, dining & transport, earn up to 3% interest, no foreign exchange fees. - Everything ($14.75/mo): 2% cashback, earn up to 4% interest, priority support, waived FX fees, and 50% off KOHO Credit Building.

The KOHO card is available to everyone in Canada, including residents of Quebec.

Sign up within the KOHO app for iOS or Android. Your KOHO card will come within 10 days. All you need is a Canadian bank account to send your first e-Transfer from.

Simply using a KOHO account will not impact your credit score. However, KOHO offers an optional Credit Building program that reports your on-time payments to a major credit bureau, helping you improve your score over time. Premium subscribers get discounts on this service.

Yes. The KOHO Mastercard works anywhere Mastercard is accepted worldwide. With Extra and Everything plans, you’ll also enjoy no foreign transaction fees, making KOHO a strong choice for frequent travelers.

No, KOHO is not a bank. KOHO is a fintech platform that partners with federally regulated financial institutions, including Peoples Trust and Mastercard, to deliver secure banking-like services. All funds in KOHO accounts are held by Peoples Trust, a member of the Canada Deposit Insurance Corporation (CDIC). This makes KOHO safe, trusted, and compliant with Canadian regulations.

Yes. KOHO is regulated in partnership with Peoples Trust, which is CDIC-insured. That means eligible deposits are protected up to $100,000. The KOHO Mastercard also comes with standard security protections like zero liability for unauthorized purchases, plus in-app card lock/unlock features.

Yes. You can have personal or joint accounts so the KOHO card could be good for couples who are just starting to merge their finances.

- Essential Plan: No monthly fee. - Extra Plan: $12/month or $120 annually. - Everything Plan: $14.75/month or $149 annually. Other common fees include $2 for ATM withdrawals, while many transactions (like e-Transfers and card spending) are completely free.

Yes. KOHO works everywhere prepaid Mastercards are accepted. All you need to do is enter your card info — card number, your name, CVV, and expiration date.

KOHO is designed for cost savings and simplicity. Unlike many banks, KOHO doesn’t charge monthly account fees for its basic plan, offers higher cashback on everyday spending, and provides budgeting tools directly in the app. However, KOHO doesn’t yet offer services like mortgages or investment accounts, so it works best as a daily spending and saving tool alongside other financial products.

KOHO reviews are generally positive, with users praising the ease of use, cashback rewards, and budgeting tools. Many Canadians appreciate the transparency compared to big banks. Some negative reviews mention occasional delays with customer support or technical glitches, but overall KOHO is highly rated as one of Canada’s top challenger financial apps.