What’s happening to my earn interest account?
Previously the interest you earned on your KOHO balance was powered by Wealthsimple. While Wealthsimple will no longer be powering your earn interest account, there will be no disruption to your service. You will continue to earn interest on your KOHO balance.
Is any action required on my end for this change?
Nope! We’ll take care of migrating your account to our new provider. The change was completed on September 29th.
How will this impact my interest? Will my interest rate change?
Interest will continue to be calculated and posted monthly to your account. Your interest rate will remain the same.
💡 Due to the migration of services, you will receive two interest payments for October 2024.
Will my funds remain protected?
Yes! When you opt in to Earn Interest, your entire account balance will continue to be eligible for CDIC coverage up to $100,000 per institution where your money is held. Here’s how it works:
The Canada Deposit Insurance Corporation, or CDIC, is a Crown Corporation that provides deposit insurance for eligible deposits held at CDIC member institutions in case of a member institution’s failure. KOHO is not a CDIC member institution, but when you opt-in to Earn Interest, your KOHO balance is held in trust with one or more CDIC member institutions. CDIC insures eligible deposits held in trust up to $100,000 per beneficiary, per member institution, provided that KOHO meets certain disclosure requirements. For more information visit cdic.ca. Just a heads up: KOHO accounts not earning interest are not eligible for CDIC protection.
Just a heads up: KOHO accounts not earning interest are not eligible for CDIC protection.
How will this impact my monthly statements?
Your last statement from Wealthsimple will be for September 2024. Effective October 1st, your earn interest information will now be included in your regular monthly account statement. We’ll no longer be issuing two statements. You can access these statements in-app by going to Profile icon > Monthly statements.
How will this impact my 2024 tax filing?
You will receive two T5s for 2024, one from Wealthsimple and one from KOHO. You will need to use both T5s when it’s time to file your 2024 taxes.
Will I be able to access historical information from my earn interest account?
Yes, you will continue to have access to your historical interest statements and T5s issued by Wealthsimple.