How do I sign up?
To opt-into earning interest go to the Home page (in-app only) > click on "Unlock Earn interest" to complete the confirmation of information > and agree to the terms and conditions 💰
Upon registering, your interest payment will appear on the 6th day of the next month. For instance, if you signed up for Earn Interest on July 30th, your first interest payment will be visible in September.
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!
When is interest paid?
Interest is calculated daily and paid monthly, deposited directly into your KOHO account on the 1st of each month. Depending on your time zone, the interest may appear in your account either on the last day of the month or the first day of the following month.
For example, your October interest might be deposited on either October 31st or November 1st.
What type of account is this?
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.
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!