KOHO Save – A Way To Earn Interest On Your Balance And Rewards On Purchases

Please note KOHO Save is now called KOHO Earn Interest.

An alternative to regular credit cards are prepaid credit cards.

Our top prepaid cards in Canada function like credit cards – rewards and all – except there’s no interest to worry about since you’re paying with your own money. And since there’s no credit involved, you get to skip the credit check.

One top option is the KOHO Essential Mastercard & its big brother the KOHO Extra Mastercard.

A new feature for these prepaid credit cards is on its way in the near future.

Earn interest on your KOHO account balance

Coming soon, you’ll be able to earn interest on your KOHO balance – 2% to be exact. Your interest is calculated daily, and paid out monthly.

One catch to getting this interest rate – you have to make direct deposits to unlock it.

But it’s easy to move your money somewhere else thanks to unlimited Interac e-Transfers from your KOHO account.

Here are a few questions you may have about KOHO Save.

Are there changes to KOHO’s cards to accommodate this?

Nope! Everything you love about KOHO is staying the same, from earning rewards on purchases, to unlimited Interac e-Transfers.

When will KOHO save be available?

At this time, it’s not known when KOHO Save will be available. If you’re a current KOHO member, they’ll let you know as soon as it’s available. You will have to accept the terms for KOHO Save for the interest rate to kick in.

What if I’m not a member yet?

If you’re not a member yet, the best thing to do is sign up now. It’s easy to do, and there’s no credit checks required.

To get a no fee card, you can click here. For KOHO Premium, click here.

Anything else I should know about KOHO Save?

The only thing you need to remember apart from agreeing to the terms for KOHO Save is you’ll need to make direct deposits into your KOHO account to unlock the 1.2% interest rate.

What are your thoughts on KOHO Save? Let us know in the comments below.

All about KOHO prepaid cards

Don’t have a KOHO prepaid credit card and are curious what it offers? Here are the basics on KOHO.

First we’ll go over the no fee version – the

For rewards, you'll earn:

• 1% cash back on groceries, restaurants, and transportation

It’s also got these other features:

• the ability to earn bonus rewards at select merchants with KOHO PowerUps,
• a lower foreign transaction fee of 1.5%, and
• unlimited Interac e-Transfers.

And if you want even more from your KOHO card, there’s also KOHO Extra Mastercard.

For $9 per month or $84 per year, you’ll earn even more rewards:

• 1.5% cash back on groceries, restaurants, and transportation
• 0.25% cash back on all other purchases

And you also get some upgraded features, including no foreign exchange fees, and 1 free international ATM withdrawal per month.

And if you decide it isn’t worth it, you can switch back to the no fee KOHO card whenever you like.

Your thoughts

KOHO is offering a unique product – the ability to earn rewards on purchases, and accumulate interest on your prepaid card’s balance.

What are your thoughts on KOHO Save?

Let us know in the comments below.