So, it’s an add-on to my existing KOHO account?
To take advantage of KOHO Save, we’ll open a new account for you with our Service Provider, ShareOwner. We’ve worked closely with ShareOwner to make sure that this is a seamless experience that you can do with a few clicks within your KOHO app.
When KOHO Save becomes available to you, you'll be able to opt-in within your app to get this added feature. Your other account features (e.g. cashback and account fees for Premium) won’t change.
Why an opt-in? What additional info will you need from me?
As part of financial regulations, we’ll require your Social Insurance Number (SIN) to open the account, as well as a few other minor things. If you choose to opt-in within the app, we'll ask for this additional information during the sign up process.
ShareOwner requires your SIN for tax reporting purposes. Since interest is a form of income, you’ll need to report it during tax time. ShareOwner will provide the forms and these will be available to download in your KOHO app.
Does this mean I have 2 accounts with KOHO?
For your day to day usage you will spend and save seamlessly, and you’ll see all of your money in one place in your app. You still have only one account with KOHO for all of your spending, but your money will now be held by ShareOwner.
Once you sign up for KOHO Save, all the money in your KOHO account will earn interest and you can still spend from it to make your purchases.
Are there additional fees to me as a user for this feature?
Nope! There are no account opening, account closing, moving money, or e-Transfer fees. There’s no minimum balance either.
How do I load my account?