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KOHO Review 2026 | Accounts, Credit Building, Rewards

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Updated On: October 21, 2026

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KOHO is a Canada-based financial technology company that helps Canadians spend, save, and build their credit history with a prepaid Mastercard and an easy-to-use app. It offers three plans: Core, Extra, and Everything. Core is free, while Extra and Everything add higher cash back, more interest, and no foreign transaction fees.

In this review, we break down what each KOHO plan costs and earns, how KOHO's Credit Building and Cover work, whether upgrading to a paid plan is worth it, and who KOHO is best for.

Key Points

KOHO offers three plans, Core, Extra, and Everything, each with a prepaid Mastercard that earns interest¹ and cash back².
Core is KOHO's free account, with up to 1% cash back² on groceries, transportation, and food and drink, and up to 2% interest¹.
The paid plans (Extra at $18/month and Everything at $22/month) add higher cash back (up to 2%)², higher interest (up to 3.5%)¹, no foreign transaction fees, and discounts on Credit Building. You can try both free for 30 days.
Every plan includes free e-Transfers, no NSF fees, and a free credit score. Once you opt in to Earn Interest, up to $100,000 in your account is eligible for CDIC protection.
Credit Building costs $5 to $10 a month, depending on your plan. KOHO members have seen their credit scores go up by an average of 31+ points in just 4 months*.
Cover is an add-on you can get with any KOHO plan, including the free Core plan. Starting at $2 a month, it offers a cash advance of up to $500³.

KOHO's Three Plans At A Glance

KOHO offers three plans, each with a prepaid Mastercard that works like a hybrid debit/credit card. You spend your own money, like a debit card, but you can earn cash back rewards, like a credit card. You can also earn interest on the balance in your account and use the KOHO app to track your spending, set budgets, and get balance updates. Core is KOHO's free account, and you can try Extra and Everything free for 30 days.

How The Plans Compare

Swipe to see all plans →

	KOHO Core$0/monthFree plan	KOHO Extra$18/month30-day free trial	KOHO Everything$22/month30-day free trial
Earn
Interest On Your Balance¹	Up to 2%	Up to 2.5%	Up to 3.5%
Cash Back On Groceries, Transportation, And Food And Drink²	Up to 1%	Up to 1.5%	Up to 2%
Cash Back On All Other Purchases	—	Up to 0.25%	Up to 0.5%
Extra Cash Back With Select Merchants	Up to 6.5%	Up to 6.5%	Up to 6.5%
Build Credit
Credit Building	$10/month	$7/month30% off	$5/month50% off
Free Credit Score	Yes	Yes	Yes
Free Credit Report	—	—	Yes
Fees & Support
Foreign Transaction Fees	1.5%	None	None
Free ATM Withdrawal Outside Canada	—	1/month	1/month
Phone Support	—In-app chat only	Yes	Yes
e-Transfers, NSF Fees, And Transaction Fees	$0	$0	$0
	Open Account	Open Account	Open Account

KOHO Core: The Free Plan

Core is KOHO's free plan, with no monthly fee. You can earn up to 2% interest¹ on your balance and up to 1% cash back² on groceries, transportation, and food and drink.

It's the best place to start if you want to try KOHO without paying for it. The main trade-off is the 1.5% fee on purchases in foreign currencies.

Open Account

KOHO Core Account

Account Fee: $0
Interest Earned: Up to 2%
e-Transfers: Free
FX Fees: 1.5%

Cash Back, Fees & FeaturesUpdated Oct 2026

Cash Back

Up to 1%Unlimited cash back on groceries, transportation, and food and drink
Up to 6.5%Extra cash back with select merchants

Fees & Access

Transactions: Unlimited
ATM Fees: May be charged a $2–$3 out-of-network fee
Deposit Insurance: Accounts earning interest are eligible for CDIC deposit protection
Available In Quebec: Yes
Referral Program: Yes

Extra Features

Free in-app credit score
Credit Building for $10/month
Joint accounts available
International money transfers
No NSF fees

Rates and fees as of October 2026. Actual interest may vary depending on your KOHO Account plan. Interest Rate is subject to change without prior notice. Interest is per annum calculated daily but paid monthly. Actual Cash Back may vary depending on your KOHO Account plan or merchant. Cash back rate and merchants subject to change. Terms and Conditions apply. Check KOHO's website for current terms.

KOHO Extra: More Cash Back, No FX Fees

Extra costs $18 a month and pays you more: up to 1.5% cash back² on groceries, transportation, and food and drink, up to 0.25% on everything else, and up to 2.5% interest¹.

It's built for people who shop or travel outside Canada, since there are no foreign transaction fees and you get one free ATM withdrawal outside Canada each month. You can try it free for 30 days.

Open Account

KOHO Extra Account

Account Fee: $18/month
Interest Earned: Up to 2.5%
e-Transfers: Free
FX Fees: None

Cash Back, Fees & FeaturesUpdated Oct 2026

Cash Back

Up to 1.5%Unlimited cash back on groceries, transportation, and food and drink
Up to 0.25%Unlimited cash back on all other purchases
Up to 6.5%Extra cash back with partners

Fees & Access

Transactions: Unlimited
ATM Fees: May be charged a $2–$3 out-of-network fee
Deposit Insurance: Accounts earning interest are eligible for CDIC deposit protection
Available In Quebec: Yes
Referral Program: Yes

Extra Features

Free in-app credit score
30% discount on Credit Building
Joint accounts available
International money transfers
No NSF fees
1 free ATM withdrawal outside Canada each month

KOHO Everything: The Top Plan

Everything costs $22 a month and has KOHO's highest rates: up to 2% cash back² on groceries, transportation, and food and drink, up to 0.5% on everything else, and up to 3.5% interest¹. You get everything in Extra, plus a free credit report and 50% off Credit Building ($5 a month).

It pays off if you keep a larger balance or use Credit Building. Our cost breakdown shows when it's worth it, and you can try it free for 30 days.

Open Account

KOHO Everything Account

Account Fee: $22/month
Interest Earned: Up to 3.5%
e-Transfers: Free
FX Fees: None

Cash Back, Fees & FeaturesUpdated Oct 2026

Cash Back

Up to 2%Unlimited cash back on groceries, transportation, and food and drink
Up to 0.5%Unlimited cash back on all other purchases
Up to 6.5%Extra cash back with partners

Fees & Access

Transactions: Unlimited
ATM Fees: May be charged a $2–$3 out-of-network fee
Deposit Insurance: Accounts earning interest are eligible for CDIC deposit protection
Available In Quebec: Yes
Referral Program: Yes

Extra Features

Free in-app credit score
Free credit report
50% discount on Credit Building
Joint accounts available
International money transfers
No NSF fees
1 free ATM withdrawal outside Canada each month

How KOHO Works Day To Day

KOHO works like an everyday spending account with a prepaid Mastercard. Here's how you'd use it day to day:

Add money: Send yourself an Interac e-Transfer, load funds instantly with a linked debit card, set up direct deposit so your pay lands in KOHO, or deposit cash at participating locations like Canada Post.
Spend with your card: Use your KOHO prepaid Mastercard online and in-store anywhere Mastercard is accepted. You get a virtual card right away and can add it to Apple Pay or Samsung Pay.
Earn cash back as you go: Everyday purchases on groceries, transportation, and food and drink earn cash back automatically, and it lands right in your KOHO account.
Grow your balance: Opt in to Earn Interest and the money sitting in your account earns interest, calculated daily and paid monthly.
Track your spending: The KOHO app shows where your money goes, so you can check your balance and stick to a budget.
Send and receive money: Send and receive Interac e-Transfers, or send money to 190+ countries from the app.
Get cash when you need it: Withdraw cash with your physical card at any ATM on the Cirrus network.

For more options, see our list of the best prepaid credit cards in Canada.

Is KOHO Legit? How Your Money Is Protected

Yes, KOHO is a legitimate financial technology company based in Canada, and more than 2.5 million Canadians have signed up. KOHO isn't a bank. Your KOHO Mastercard® Prepaid card is issued by KOHO Financial Inc., and it works with your own money, so there's no risk of overdraft.

When you opt in to Earn Interest, the money in your account is held in trust with CDIC member institutions, which means up to $100,000 is eligible for CDIC protection. If you don't opt in to Earn Interest, your balance isn't CDIC insured, so it's worth turning on as soon as you open your account.

KOHO also lets you lock your card instantly in the app if it's lost or stolen, or if you notice a transaction you don't recognize.

What KOHO Costs

Depending on the plan you choose, KOHO costs anywhere between $0 and $22 a month. The Core account is free. The Extra Account costs $18 a month, and the Everything Account costs $22 a month, and you can try either one free for 30 days.

Should You Pay For Extra Or Everything?

It depends on how much you spend and how much you keep in your account. The paid plans earn more cash back and interest, but they need to earn back their monthly fee before you come out ahead. Here's how a year with each plan could look in two examples, assuming you earn the full "up to" rates and have opted in to Earn Interest.

Example 1: Everyday Spender

Spends $1,500 a month on groceries, transportation, and food and drink, plus $500 a month on everything else (including $1,000 a year in foreign purchases), keeps an average balance of $10,000, and uses Credit Building.

Swipe to see all plans →

	Core	Extra	Everything
Per Year
Cash Back	+$180	+$285	+$390
Interest	+$200	+$250	+$350
Foreign Transaction Fees	-$15	$0	$0
Credit Building	-$120	-$84	-$60
Plan Fee	$0	-$216	-$264
You Come Out Ahead By	$245	$235	$416 Best value

Example 2: Light User

Spends $600 a month on groceries, transportation, and food and drink, plus $300 a month on everything else, keeps an average balance of $2,000, and doesn't use Credit Building.

Swipe to see all plans →

	Core	Extra	Everything
Per Year
Cash Back	+$72	+$117	+$162
Interest	+$40	+$50	+$70
Foreign Transaction Fees	$0	$0	$0
Credit Building	$0	$0	$0
Plan Fee	$0	-$216	-$264
You Come Out Ahead By	$112 Best value	-$49	-$32

In short, the paid plans tend to pay off if you keep a larger balance, spend a lot on everyday categories, use Credit Building, or shop in foreign currencies. If you're a lighter user, Core will usually leave you with more money. Since you can try Extra and Everything free for 30 days, you can test a paid plan before you commit. Keep in mind that cash back isn't earned on ATM withdrawals, e-Transfers, KOHO transfers, bill payments, pre-authorized debits, direct deposits, crypto, remittances, or gambling.

What We Like (And Don't) About KOHO

When you sign up for a KOHO account, you'll notice the pros far outweigh the cons. Below, we've listed the benefits and drawbacks of using KOHO.

Pros

Fast and easy application: Opening an account takes only a few minutes, and you get a virtual prepaid card you can use right away.
Free plan available: KOHO Core has no monthly fee, and you can try Extra and Everything free for 30 days.
No transaction fees: Unlimited Interac e-Transfers, ATM withdrawals, and electronic fund transfers with no per-transaction fee from KOHO (ATM operators may charge their own fee).
Earn cash back: Up to 2% cash back² on groceries, transportation, and food and drink, and up to 6.5% extra with select merchants, depending on your plan.
Earn interest: Up to 3.5% interest¹ on the balance in your account, with no minimum balance required.
Money management tools: Track and budget your spending with real-time data in the KOHO app.
Third-party e-Transfers: Accept e-Transfers to your KOHO account from friends and family.
International money transfers: Send money to 190+ countries right from the KOHO app.

Cons

Foreign transaction fees: The Core plan charges 1.5% on foreign purchases. To avoid this, you need an Extra or Everything account.
No direct effect on your credit score: The prepaid card itself is not reported to the credit bureaus. To build credit history, you need KOHO's Credit Building, which costs $5 to $10 a month depending on your plan.
Account limits: KOHO sets limits on daily spending, ATM withdrawals, e-Transfers, and bill payments, which vary by account.
No phone support on Core: Core members can reach KOHO through in-app chat, but phone support is only included on paid plans.

Building Your Credit With KOHO

In addition to its accounts, KOHO offers two ways to build your credit history: Credit Building and Secured Credit Building. They work together, so you can use either one or both. For a closer look, read our full KOHO Credit Building review.

Credit Building

Credit Building is the hands-off option. KOHO opens a $225 line of credit in your name with no interest, makes the payments for you, and reports your activity to Equifax and TransUnion each month. It costs $5 to $10 a month depending on your plan, and there's no hard credit check. KOHO members have seen their credit scores go up by an average of 31+ points in just 4 months*.

Open Account

KOHO Credit Building

Monthly Fee: $5–$10/month
Interest: 0%
Credit Check: Soft check
Reports To: 2 bureaus

Cost, Eligibility & FeaturesUpdated Oct 2026

Cost By KOHO Plan

$10/monthKOHO Core
$7/monthKOHO Extra (30% off)
$5/monthKOHO Everything (50% off)

How It Works

Line Of Credit: $225, with no interest; it shows up on your credit report
Payments: KOHO makes the monthly payments for you and reports them to Equifax and TransUnion; you don't need to make purchases or take on debt
Utilization: You pick the amount reported each month in the app; KOHO recommends 1% or lower
Eligibility: Fully verified KOHO account (not a joint account), with enough money in your Spendable balance to cover the fee (savings don't count)
Available In Quebec: Yes

Extra Features

Renews automatically, and you can cancel anytime
No hard credit check
No deposit needed for Credit Building
Access to your Equifax credit report and score in the app
Financial coaching in the app
Secured Credit Building also available
KOHO members have seen their credit scores go up by an average of 31+ points in just 4 months*

*Based on members with a starting score of 500 or less and who signed up for credit building in October 2024. Credit Building is not a credit repair tool and does not guarantee an improvement in credit score. Credit scores are based on complex models involving a variety of factors. Consistent on-time payments help improve scores and missed or late payments may cause credit scores to decrease. Outcomes may vary among members.

Rates and fees as of October 2026. Check KOHO's website for current terms.

Secured Credit Building

Secured Credit Building lets you build your credit history with your own money. You put down a refundable deposit of $30 to $500, which becomes your credit limit, and KOHO reports your monthly payments to Equifax and TransUnion.

Open Account

KOHO Secured Credit Building

Monthly Fee: See app
Interest: 0%
Deposit: $30–$500
Reports To: 2 bureaus

Cost, Eligibility & FeaturesUpdated Oct 2026

Security Deposit

$30–$500Refundable deposit that becomes your credit limit

How It Works

Product Type: Secured line of credit backed by your own deposit
Using It: Move money to your Spendable balance; KOHO suggests using no more than 10% of your deposit
Repayment: KOHO moves the money back automatically on your next billing date
Recommended Length: At least 3 months
Eligibility: Fully verified KOHO account (not a joint account), with the deposit and monthly fee in your account
Available In Quebec: Yes

Extra Features

Available with any KOHO plan
No interest charged
Uses your own money, so there's no debt risk
Payments reported to Equifax and TransUnion every month
Change your deposit anytime in the app
Access to KOHO's in-house Financial Coach

Rates and fees as of October 2026. Check KOHO's website for current terms.

Short On Cash? How KOHO Cover Works

If you're hit with an unexpected expense, KOHO's Cover gives members a short-term, interest-free cash advance of up to $500³ to help pay for it. The funds go straight into your KOHO account, so you can use them right away, and getting a cash advance through Cover doesn't affect your credit scores.

The Cover cash advance is only available through the Cover bundle, a monthly subscription that starts at $2 a month. Along with the cash advance, the bundle includes a free credit report, financial coaching from an in-house KOHO coach, and Fast Lane support. You'll need a KOHO account to subscribe, and you can use the free Core account.

KOHO Cover

Cash Advance: Up to $500*
Interest: 0%
Fees: From $2/month
Credit Check: None

Available InCanada wide

Costs, Repayment & EligibilityUpdated Oct 2026

What It Costs

From $2/monthCover bundle subscriptionKOHO account required to access Cover bundle.

Example

$0 interestGet a $200 cash advance and repay $200, plus your Cover subscription

How It Works

Product Type: Interest-free cash advance, only available through the Cover bundle
Bundle Includes: Cash advance, free credit report, financial coaching from an in-house KOHO coach, and Fast Lane support
Funding Time: Instant
Proof Of Income: Not required
Eligibility: KOHO account with a Cover subscription

Features

Cash advance of up to $500*
No interest charged
Doesn't affect your credit scores
Free credit report included
Financial coaching from an in-house KOHO coach
Instant access to funds

*Eligibility criteria and Terms and Conditions apply. Rates and fees as of October 2026. Check KOHO's website for current terms.

Are There Limits On What You Can Spend?

Yes. Like most financial institutions, KOHO sets limits to help keep your account secure. Limits can apply to daily spending, ATM withdrawals, Interac e-Transfers, and bill payments, and they can vary depending on your account. You can see the current limits for your account at any time in the KOHO app.

KOHO doesn't charge a fee for ATM withdrawals, but because KOHO doesn't own any ATMs, the ATM operator may charge you a $2 to $3 fee.

Getting Help When You Need It

KOHO is an app-based service, so there are no branches. Every member can use in-app chat at any time. If you're on Extra or Everything, phone support is also included, and you can start a call from the app between 8:00 AM and 8:00 PM EST, 7 days a week. If you're locked out of the app or lose your phone, you can call KOHO at 1-866-612-5646 during the same hours.

Opening A KOHO Account, Step By Step

You can open a KOHO account right in the app, and it only takes a few minutes. Here's how it works:

Sign up in the app. Download the KOHO app and create your account with your email address and phone number.

Enter your promo code. Use code LOANSCANADA when you sign up to get $40 free when you add funds to your account.

Add your details. Provide some basic personal information, like your name, date of birth, and address.

Verify your identity. KOHO may verify you automatically using your credit file. If not, you'll take a quick selfie with a valid government-issued photo ID.

Choose your plan. Start with the free Core plan, or try Extra or Everything free for 30 days.

Add money. Load your account by Interac e-Transfer, a linked debit card, direct deposit, or cash at participating locations.

Turn on Earn Interest. Opt in to Earn Interest in the app to start earning interest on your balance and make it eligible for CDIC protection.

If KOHO can't verify you automatically, you'll need one of the following valid, non-expired government-issued photo IDs:

Canadian passport
Driver's licence or provincial photo ID
Permanent Resident card
Secure Certificate of Indian Status
Photo health card from Quebec or British Columbia

Already a KOHO member? Find out how you can earn rewards by inviting friends with the KOHO refer-a-friend program.

Who KOHO Works Best For

People with low or no credit history: You don't need good credit to open an account, and Credit Building can help you build your credit history.
Newcomers to Canada: You can open an account online in minutes and start building a Canadian credit history right away.
Budget-conscious spenders: Core has no monthly fee and still earns cash back and interest, and the app makes it easy to track your spending.
Travellers and online shoppers: Extra and Everything have no foreign transaction fees.
Savers with larger balances: Everything earns up to 3.5% interest¹ on your balance.

KOHO may not be the right fit if you want in-person service at a branch, or if you're looking for a traditional credit card, since the KOHO card uses your own money and doesn't build credit on its own.

Our Verdict

KOHO is a strong choice if you want a simple, low-cost way to spend, save, and build your credit history from one app. For most people, Core is the best place to start: it's free and still earns cash back and interest. Everything is worth a look if you keep a larger balance, spend a lot on everyday categories, or use Credit Building, since its higher rates and 50% Credit Building discount can more than make up for the $22 monthly fee. Extra makes the most sense if you often shop in foreign currencies and want to avoid foreign transaction fees.

The main drawbacks are the monthly fees on the paid plans, no phone support on Core, and the fact that the card itself doesn't build credit, so you'll need Credit Building for that. Since you can try Extra and Everything free for 30 days, you can test a paid plan before you commit.

KOHO Account FAQs

Can I build credit with KOHO's prepaid cards?

While KOHO's prepaid Mastercard can be used like a credit card, it is not a credit product. Purchases made on your card use the money you've loaded into it. As such, these payments are not reported to the credit bureaus and cannot help you build credit. However, KOHO offers Credit Building, which reports your monthly payments to Equifax and TransUnion to help you build your credit history. It costs $5 to $10 a month, depending on your plan.

What is a prepaid Mastercard?

A prepaid Mastercard works like a credit card when you pay, but it uses money you've added to your account instead of borrowed money. You don't need to be approved for credit to get one, and since you can only spend what you've loaded, you can't overspend or go into debt.

Can I use my KOHO card online?

Yes. You can use your KOHO prepaid Mastercard online and in-store anywhere Mastercard is accepted. You can also add it to a digital wallet like Apple Pay or Samsung Pay.

Is KOHO free?

The Core account is free, with no monthly fee. The Extra Account costs $18 a month and the Everything Account costs $22 a month, and you can try either one free for 30 days.

Does KOHO offer loans?

KOHO doesn't offer traditional loans, but it does offer Cover, a short-term, interest-free cash advance of up to $500³. The cash advance is only available through the Cover bundle, which starts at $2 a month.

Can I withdraw cash from my KOHO account?

Yes. You can withdraw cash with your physical KOHO card at any ATM on the Cirrus network, which accepts Mastercard. KOHO doesn't charge ATM fees, but the ATM operator may charge $2 to $3. Withdrawal limits apply, and you can check yours in the app.

Is KOHO a bank?

No. KOHO is a Canadian financial technology company, not a bank. Your KOHO Mastercard® Prepaid card is issued by KOHO Financial Inc., and when you opt in to Earn Interest, your money is held in trust with CDIC member institutions.

Is KOHO a credit card or a debit card?

The KOHO card is a prepaid Mastercard. It works like a debit card because you spend the money you've added to your account, so there's no risk of overdraft. But since it's a Mastercard, you can use it anywhere Mastercard is accepted, including online, and earn cash back like you would with a credit card.

How do I add money to my KOHO account?

You can add money by sending yourself an Interac e-Transfer, loading funds instantly with a linked debit card, setting up direct deposit, or depositing cash at participating locations, like Canada Post. KOHO doesn't accept cheques or wire transfers.

Is KOHO available in Quebec?

Yes. KOHO is available across Canada, including Quebec, and offers support in both English and French.

Is KOHO safe?

Yes. When you opt in to Earn Interest, the money in your KOHO account is held in trust with CDIC member institutions, and up to $100,000 is eligible for CDIC protection. KOHO also has extra security features, like in-app card locking.

*_{Based on members with a starting score of 500 or less and who signed up for credit building in October 2024. Credit Building is not a credit repair tool and does not guarantee an improvement in credit score. Credit scores are based on complex models involving a variety of factors. Consistent on-time payments help improve scores and missed or late payments may cause credit scores to decrease. Outcomes may vary among members.}

¹ _{Actual interest may vary depending on your KOHO Account plan. Interest Rate is subject to change without prior notice. Interest is per annum calculated daily but paid monthly. Terms and Conditions apply.}

² _{Actual Cash Back may vary depending on your KOHO Account plan or merchant. Cash back rate and merchants subject to change. Terms and Conditions apply.}

³ _{Cover cash advance: Eligibility criteria and Terms and Conditions apply.}

_{Plans, prices and benefits are current as of October 2026 and subject to change.}

_Sources

KOHO, "Credit Building," koho.ca, accessed October 2026.
KOHO, "Fees & Cardholder Agreement," koho.ca, accessed October 2026.
KOHO Help Centre, "How do I create my KOHO account?," help.koho.ca, accessed October 2026.
KOHO Help Centre, "Using ATMs with your KOHO card," help.koho.ca, accessed October 2026.
KOHO Help Centre, "Can I contact KOHO support by phone?," help.koho.ca, accessed October 2026.