KOHO makes waves in the FinTech space with the launch of KOHO Save

By Pavithra R

Toronto-based FinTech startup KOHO, offering Canadians an alternative to their traditional banking experience, has announced the launch of its first no-fee savings account, KOHO Save. 

The new product is available in the KOHO app and offers a highly competitive 1.2% interest on a user’s entire balance, with no teaser rates and no minimum balance required. According to Equifax,on an average, Canadian now owes $73,523 in debt, up 2.2% from 2019. Canadians are increasingly looking for financial tools that make their hard-earned money work just as hard for them.

“We’re excited to add KOHO Save to our product line as a simple and valuable money earning tool for Canadians. We’ve been able to build a savings tool that doesn’t follow the same restrictions as most other savings products on the market. People just want to access their money freely and earn a great interest rate. We think Save is a wonderful step in that direction,” said Daniel Eberhard, Founder and CEO, KOHO.

Users on KOHO Save will also have their entire balance held in trust at a CDIC member institution. In doing so, the company provides an increased level of insurance and peace of mind for users looking to load and save more money. CDIC insures eligible cash balances payable in Canada up to $100,000 per client per member institution within each insured category.

Customers can simply opt into KOHO Save in the app, and their entire balance will start earning 1.2% interest right away. Additionally, users will always earn a minimum of 0.5% (up to 10%) cashback on every purchase as well, and an additional 2% on three major spending categories with the KOHO Premium account.

Founded in 2014, KOHO is a full-service chequing account that comes with a reloadable prepaid Visa card and integrated app. The addition of KOHO Save will enable the firm to operate both as a chequing and savings account. The FinTech, through its app and a reloadable card, offers Canadians a new approach to spending and saving. It takes no monthly fees, no interest charges, no e-Transfer fees, and no NSF fees.