Interest is calculated daily on your balance as of midnight MST. We take your annual interest rate and divide it by 365 days (366 in leap years) to determine your daily interest.
Your interest compounds monthly, meaning you'll earn interest on your previously earned interest too! 💸
Good news: You'll earn interest on your Spendable balance, RoundUps, Goals, and Vault. That's right - you're earning interest on almost your entire KOHO account!
Note: Interest is not earned on Cover balance.
Example Calculation
If you have $1,000 in your KOHO account with a 3% annual interest rate and maintain this balance for a year:
Annual interest: $1,000 × 3% = $30
Monthly interest payment (January example): $30 × (31/365) = $2.55
Remember that since interest is calculated daily and paid monthly, your actual earnings may vary slightly based on balance changes throughout the month.