Maybe you’ve checked out our new RoundUp feature, but still have a few questions about how it works. You’ve come to the right place.
What are RoundUps?
RoundUps are a way of stashing away your spare change so that you can save without even really trying. Research shows that the mental work of saving money (asking yourself questions like: how much should I save? Why didn’t I start earlier?) can be a major barrier to getting started. We wanted to help make it easier.
How does it work?
In your KOHO app you’ll have the option of turning on our RoundUps feature. Once you do, our technology will round up every transaction you make to the nearest $1, $2, $5 or $10. It separates the extra change from your Spendable balance and puts it into the Savings section of your app.
Here’s an example:
Let’s say you’ve set your RoundUps to the nearest $2. When you go to buy a good old fashioned cup of coffee ☕for $3.25 the app will round the cost of that purchase up to $5. It’ll squirrel away the extra $1.75 into the RoundUps section of your app, so you can save without even looking!
How do I get that money back?
You can cash out your RoundUps anytime. When you do, you’ll have the choice to have that money added to one of your Savings Goals or right back into your Spendable balance.
I can’t see anything in my activity feed!
When you cash out your RoundUps your Spendable balance will adjust, but there will be no new credit line in your activity feed. With RoundUps, you are not earning additional funds or cash back, but rather moving funds in your account to a separate Savings bucket.