We're improving how you view your account balances 🚀
Soon, you'll see updated balance displays in your KOHO app that will make it easier to understand and manage your money. These changes are designed to give you better visibility into your finances.
These updates are being rolled out gradually, so you'll see the changes in your account soon.
How will my balance change?
To find your balance summary in the KOHO mobile app, tap Balance in the top left corner.
1. Total Savings
This represents all the money you've set aside for savings. It includes:
Vault: A separate savings space where you can tuck away extra cash anytime. Money in your Vault cannot be spent, making it perfect for a rainy day fund.
RoundUps: Money automatically saved by rounding up your purchases to the nearest $1, $2, $5, or $10 (you choose the amount). Unlike Vault, your RoundUp balance can be used when your Spendable balance reaches $0.
Goals: Money set aside for specific targets with automatic daily contributions. Unlike Vault, your Goals balance can be used when your Spendable balance reaches $0.
2. Total Cash
This is money available for spending, such as card purchases, paying bills, or more. It includes:
Spendable: The amount available to spend before using your savings. If you spend more than this amount, your Spendable will show a negative balance and automatically use money from your RoundUp and Goals savings. Cover balance is not included in this amount.
Cover: A cash advance to cover payments and prevent declined transactions (for members subscribed to Cover).
💡 After you make a purchase, you'll receive a transaction alert showing your updated Spendable balance. If the alert shows $0.00 or a negative amount, it means the purchase exceeded your available Spendable, and your Cover balance was automatically used to complete the transaction.
3. Total Balance
This gives you the complete picture of all your money in KOHO. It includes:
Spendable
Vault
RoundUps
Goals
Just a heads up: Interest is only earned on the Total Amount in your account. Interest is not earned on your Cover balance.
How These Balances Work Together
Total balance = Spendable + Vault + RoundUps + Goals
Total cash = Spendable + Cover
Total savings = Vault + RoundUps + Goals
Knowing how these different balances work together gives you better control over your finances and maximizes the benefits of your KOHO account.