About your interest rate
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 but paid out monthly. It will be paid right into your KOHO account, on the 5th business 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.
How do I learn more?
To be eligible for this feature, you will need to have a direct deposit set-up to KOHO. Visit us here to learn more!