KOHO Financial is a digital bank that offers a no-fee spending account with instant cash back and a money management app designed to simplify personal finances. Canadians can sign up for KOHO’s prepaid Mastercard to budget, save, and earn cash back on groceries, bills, services, and shopping online or in-store with partners. The company aims to prioritize financially empowering its users over things like branded ATMs to keep its costs low and pass these savings to its users.
KOHO offers a prepaid reloadable Mastercard that gives users all the spending power of a credit card without any fees or interest. Unlike a credit card, the KOHO card draws from funds that are already the user’s money, making them spend more mindfully and save more. The KOHO card is connected to a smart budgeting app that simplifies day-to-day finances with spending insights and balance updates after each purchase. As a result, the average KOHO user saves 7% of whatever money they load into their account.
Users can add funds to their KOHO account in one of three ways: e-Transfer from their regular bank account, loading through an existing Mastercard or Visa debit, or by having their work’s payroll directly deposit their paycheque. KOHO users can earn cash back on their spending, earn interest on their entire balance, and use in-app features that’ll help them manage their money like a pro. KOHO runs on the Mastercard network, so merchants can treat the KOHO card just like a normal credit card transaction.
KOHO has partnered with Peoples Trust, a federally regulated bank, to hold any money loaded onto the KOHO card. Users’ funds will be eligible for CDIC insurance if they place them in interest-bearing accounts. KOHO has three plans: Easy (free), Essential, Extra, or Everything, each offering something different. Users can switch plans at any time. The company charges a $1.00 inactivity fee and foreign transaction fees for non-Canadian transactions on the Easy and Essential plans.
KOHO’s virtual card is a digital card that lives in the app, which users can use to make online purchases or add it to Apple, Samsung, or Google pay to use in stores. The virtual card uses a different number than the physical card, protecting users’ physical card number when shopping online. Users can get a physical card by tapping the card image on the home screen, selecting “Get a Card,” and following the prompts. Using or applying for a KOHO card does not impact users’ credit score.
1. Take advantage of cash back: KOHO Financial offers cash back on everyday purchases, such as groceries, transportation, and dining. By using your KOHO card for these purchases, you can earn up to 2% cash back. Additionally, you can earn up to 5% extra cash back when you shop online or in-store with KOHO's partners. By taking advantage of these cash back offers, you can save money on your everyday expenses.
2. Use the budgeting app: KOHO's mobile app is designed to simplify your personal finances by providing spending insights and balance updates after each purchase. By using the app to track your spending, you can identify areas where you may be overspending and adjust your budget accordingly. This can help you save money by reducing unnecessary expenses.
3. Choose the right plan: KOHO offers four different plans, each with different features and benefits. By choosing the plan that best fits your spending and saving habits, you can maximize your savings. For example, the Essential plan offers boosted cash back on specific categories, while the Extra plan offers high interest on both your spending and savings account. By selecting the plan that aligns with your financial goals, you can save money in the long run.
4. Take advantage of direct deposit: You can add funds to your KOHO account through direct deposit, such as having your work's payroll directly deposit your paycheck or signing up for Canada Revenue Agency (CRA) direct deposit to receive government payments directly to your KOHO account. By using direct deposit, you can avoid fees associated with other methods of adding funds to your account, such as e-Transfers or loading through an existing Mastercard or Visa debit.
5. Use the virtual card: KOHO offers a virtual card that can be used for online purchases or added to Apple, Samsung, or Google pay to use in stores. The virtual card uses a different number than your physical card, which can help protect your physical card number when shopping online. By using the virtual card for online purchases, you can avoid potential fraud and save money by taking advantage of online deals and discounts.
6. Take advantage of interest-bearing accounts: KOHO offers interest-bearing accounts that allow you to earn interest on your entire balance. By placing your money in these accounts, you can earn a high interest rate and potentially grow your savings. Additionally, funds in these accounts are eligible for CDIC insurance, which can provide added security for your money.
7. Lock your card in-app: KOHO's mobile app allows you to lock your card in-app, which can help prevent unauthorized transactions if your card is lost or stolen. By locking your card when you're not using it, you can avoid potential fraudulent charges and save money by not having to dispute these charges with your bank.
8. Avoid overdraft fees: KOHO offers zero-interest overdraft protection, which can help you avoid costly overdraft fees associated with traditional banks. By using KOHO's overdraft protection, you can avoid these fees and potentially save money in the long run.
9. Take advantage of Autodeposit: KOHO now offers Autodeposit, which allows you to set up Interac Autodeposit with your personal email address. This makes adding funds to your account even easier and faster. By taking advantage of Autodeposit, you can save time and potentially avoid fees associated with other methods of adding funds to your account.
10. Refer friends and family: KOHO offers a referral program that rewards you for referring friends and family to the platform. By referring others to KOHO, you can earn cash bonuses that can be used to offset your own expenses. Additionally, by referring others to KOHO, you can help them save money on their own expenses.
KOHO Financial FAQs
Does KOHO Financial have any working coupons or deals at this moment?
Yes, there are 21 active coupons for KOHO Financial. You can get up to 5% off with those coupons.
How often does KOHO Financial release new coupon codes?
Our coupon specialists are on the lookout for new KOHO Financial promos daily. New codes are added to this page as soon as they are discovered. Over the past year, we've discovered 21 new coupons from KOHO Financial.
How do I use my KOHO Financial discount code?
To use your KOHO Financial discount code, add any items you'd like to purchase to your shopping basket and click on the "View Basket or "Checkout" button. On the checkout page, enter your discount code in the "Promo Code" box and click "Apply". Just make sure you follow the coupon restriction.
Why didn't my coupon code work?
There are several reasons that your coupon code may not work: It may not be valid for the items you have in your cart, it may only be valid for a first-time purchase, it may be expired, or specific requirements need to be met.
How do I keep myself updated with the latest deals from KOHO Financial?
Enter your email below to subscribe to our email's alert for KOHO Financial and we will send out an email as soon as we find a new discount code.
Can I submit a working KOHO Financial coupon code?
Of course! We appreciate any contributions from our shoppers so that we can create the most accurate and up-to-date coupon database.You can submit a new working coupon code by using our submission page. Thanks!
How We Find the Best KOHO Financial Coupons
Coupon Lawn was created to assist consumers in saving money while doing online shopping. Every month, we assist millions of shoppers in finding the best deals online by providing them with the most up-to-date coupons, promo codes, and discounts available from their preferred retailers.
Our team has spent numerous hours researching and organizing this information to bring you the best KOHO Financial coupons and sales. As a result, thousands of new codes are released daily. To help you save money at KOHO Financial, even when you can't find a working coupon, we actively search for the best coupons, non-coupon deals, and other ways to save.
Every day, we scour the web and publish coupons for hundreds of new retailers, so you can always find discounts on the latest and greatest products.
How We Ensure the Quality of Our KOHO Financial Promo Codes
We understand how annoying it is when promo codes are invalid. As consumers, however, we know how important it is to share the most up-to-date promo codes available. Therefore, to guarantee that you have access to the most up-to-date and useful KOHO Financial promo codes and deals, we do the following:
We will bring the coupon to you as fast as we can
We discover and publish coupon codes rapidly; we find thousands of new codes every day and make them available to you right away. Due to the short lifespan of some discounts and sales, we make every effort to get them posted as soon as possible.
We validate each coupon with a community of passionate shoppers
When you use a coupon code from Coupon Lawn, we'll always check in with you to see if it was successful. With your help, we can spread the word about the best currently-active coupons so that other shoppers can save time and money.
We work with brands to help you save even more via exclusive deals.
Finding the best coupon in the least amount of time is a challenge that Coupon Lawn is aware of. Thus, we work with hundreds of brands and have a massive database of online retailers to cover every conceivable category, ensuring that our users always find the best exclusive deals in the market.
How To Use Your KOHO Financial Coupon Code
Find the KOHO Financial coupon you want to use on this page and copy them. The code will be copied to your phone or computer's clipboard, ready to be used.
To begin the checkout process on KOHO Financial website, select Checkout or View cart. Then, locate the Promotion code box and paste your code when checking out.
To apply the promo code to your purchase, click the Apply button and save money on your purchase.
Why Your Coupon Code May Not Work
Here are some of the most frequent explanations for why a discount code is invalid:
It has expired
Every KOHO Financial promo code eventually ends up being invalid, and ours are no exception.
You can only use one at a time
There may be multiple coupons for the same store, but you can only use one once.
Specific requirements need to be met
It's important to note that there are other limitations; for example, a coupon might only be redeemable for a single product, need a minimum purchase quantity, or be limited to use in a specific country.
Item is already on sale
Sometimes, sales and discounts are offered without the need for coupons. In addition, most stores will post information about bargains and promotions on their websites and social media pages, so watch out for those details.
Subscribe to their social media channels for exclusive contests, information and savings.
About Author
Carolyn Harris
Personal Finance Enthusiast/Writer
Carolyn is a mom of 3, and a personal finance enthusiast. She knows her way on how to save money, make money, and to handle different types of financial situations. As a side hustle in college, she started 3 profitable businesses and majored in Financial Planning. On her free time, she loves to travel and spend time with her family.
