How do I sign up?
To opt-into earning interest go to the main Spend page (in-app only) > click on "Unlock Earn interest" to complete the confirmation of information > and agree to the terms and conditions 💰
About your interest rate
You can see your interest rate by clicking on the Earn Interest home card in-app. For your full plan benefits, just navigate to My Plan.
You’ll earn interest on your Spendable, RoundUps, Goals, and Vault. That's right - you're earning interest on almost your entire KOHO account!
How does the new interest rate work?
To get 5% interest on your entire balance, check out our paid KOHO Plans here.
When is interest paid?
Interest is calculated daily but paid out monthly. It will be paid right into your KOHO account, on the 6th day of the following month.
How do I access my money?
You’ll use your regular KOHO card to spend the money in this account. So, it’s like a chequing account with the earnings of a savings account. Win-win!
What type of account is this?
This is a cash brokerage account in which you receive a high rate of interest. This means that when you put money in, it automatically earns interest. Your account at Wealthsimple Investments Inc. is self-directed, and not a portfolio-managed product. This means that no one is making investment decisions for you.
All cash balances from your Earn Interest account(s) are held in trust at a Canada Deposit Insurance Corporation (CDIC) (https://www.cdic.ca/about-us/) member institution. Coverage is available for eligible deposits.
What’s the difference between interest and cash back?
Cash back is earned when you make a transaction and is paid to you almost instantly. Interest is earned on money you have sitting in your account and is paid out monthly.
What are the tax implications on the interest I earn?
The interest that you earn will be taxed. Don’t worry, we’ll provide your monthly statements and tax slips in the Statements section of your app. You can find these by going to the profile icon > Documents.
*Interest rates are per year, calculated daily, paid monthly, and can change at any time without notice.
**Just a heads up, Earn Interest is only available for Personal Accounts. In order to enjoy these benefits, be sure you're using your Personal card!