About your interest rate

You’ll earn 1.2% interest on your Spendable, RoundUps, Goals, and Vault. That's right - you're earning interest on almost your entire KOHO account! 

Will the interest rate ever change?

We want to be clear that the interest rate is not an introductory rate, or a rate that expires. It’s the rate that’s available to all users, new or existing. What you see is what you get.

For transparency, it’s possible that your interest rate could change if the Bank of Canada announces an interest rate decrease.

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 ShareOwner 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 KOHO Save account(s) are held in trust at a Canada Deposit Insurance Corporation (CDIC) (https://www.cdic.ca/about-us/) member institution. CDIC is a federal Crown corporation. CDIC is not a bank or a private insurance company. CDIC protects eligible deposits held at CDIC member institutions (List of Members - cdic.ca) in case of a member’s failure.For eligible deposits held in trust at a CDIC member institution, CDIC insures up to $100,000 for each beneficiary named in a trust, provided certain disclosure rules are met. Coverage is free and automatic. For more information on how CDIC trust protection works, click here.

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 More tab and tapping on Statements.

*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!

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