Canada Post and KOHO Launch MyMoney Account

What if the money sitting in your everyday spending account could earn up to 3.5% interest, give you up to 2% cash back, and help you build your credit?

That's what Canada Post is offering with its new MyMoney Account, a spending and savings account delivered with KOHO.

Customers sign up through a KOHO partner page, manage everything through the KOHO app, and get a prepaid Mastercard that lets you spend money you've already loaded into the account.

Why Choose Canada Post MyMoney vs. KOHO?

MyMoney offers Essential, Extra, and Everything tiers, which are the same 3 plan names currently offered by KOHO. The pricing and headline benefits are also very similar. The Essential tier costs $0 per month, earns 2% interest and 1% cash back on eligible groceries, transportation, food and drinks. Extra costs $12 per month when billed annually and earns 2.5% interest plus 1.5% cash back on the same categories listed above.

Everything costs $14.75 per month when billed annually, and bumps up those rates to 3.5% interest and up to 2% cash back. Extra and Everything also include discounts on KOHO Credit Building.

Until October 31, 2026, eligible new MyMoney customers can get their first month of a paid plan free, plus $50 cash back after spending $100 within 60 days.

Free Non-Member Tier

If you decide the paid perks aren't worth a monthly fee, you don't have to close your account.

After the free trial, you can switch to the Non-Member plan, which has no monthly fee. It currently offers 0.5% interest, ATM access, unlimited transactions and optional Credit Building.

Fund Your Account at Canada Post

On its own, KOHO is a digital-only platform without physical bank branches. This partnership with Canada Post offers a brick-and-mortar option for funding your account.

Canada Post MyMoney lets customers add money to their account at participating Canada Post locations, which could be useful for people who still deal with cash or want an in-person experience.

Keep in mind: MyMoney is specifically available to new KOHO customers. Existing KOHO customers aren't eligible.

How does MyMoney compare with Canada Post's other prepaid options?

MyMoney isn't the first prepaid credit card offered by Canada Post. Canada Post also offers the Cash Passport Prepaid Mastercard, which is largely focused on travel as it can be used at millions of ATMs and locations around the world. There is also a Canada Post Prepaid Reloadable Visa card, which is a simple card with a simple process: add funds, spend them, then reload (online or at your local post office) to get instant access to those funds.

So how does this compare to MyMoney? Well, MyMoney adds a lot more banking perks, like interest earned on your balance, free Interac e-Transfers, and bonus rewards for popular spending categories.

Canada Post MyMoney vs. other prepaid credit cards

If you like the idea of a prepaid credit card, MyMoney isn't the only option in town.

The EQ Bank Card has no monthly fee or foreign transaction fee, earns up to 2.75% interest on your balance, earns 0.5% cash back on purchases, with free ATM usage and no credit checks required. The Wealthsimple Prepaid Mastercard also has no monthly or foreign exchange fees, earns 2.25% interest on your account balance (based on your total Wealthsimple assets), and offers free ATM usage and Interac e-Transfers.

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FAQ

What is the Canada Post MyMoney Account?

The Canada Post MyMoney Account is a spending and savings account delivered with KOHO. It includes a virtual prepaid Mastercard, with a physical card available through the KOHO app. There are 3 plan tiers, and each helps you earn interest and cash back.

Is Canada Post MyMoney the same as KOHO?

The products are extremely similar. MyMoney uses KOHO's app and offers the same Essential, Extra and Everything plan names, prices and core benefits. However, MyMoney customers can also fund their accounts at select Canada Post locations, while KOHO does not have physical branches.

Does Canada Post MyMoney have a Non-Member plan?

Yes. The Non-Member plan has no monthly fee and currently offers 0.5% interest after you opt in. It also includes unlimited transactions, ATM withdrawals and access to Credit Building.

Is the Canada Post MyMoney Account CDIC insured?

While Canada Post and KOHO are not CDIC members, when you opt in to earn interest, MyMoney funds are held in trust with CDIC member institutions and insured up to $100,000 per beneficiary, per institution. Balances that don't earn interest aren't eligible for CDIC protection.

Can existing KOHO customers open a Canada Post MyMoney Account?

No. Canada Post states that existing KOHO customers aren't eligible to open a MyMoney Account. The current promotional offer is also limited to eligible customers who don't already have a relationship with KOHO when they open the account.