At KOHO, we believe in rewarding you for making smart financial choices—choices that not only benefit you today but pave the way for a brighter tomorrow. That's why we've introduced a straightforward way for you to enjoy all the benefits of Essential without the monthly fee.
What are the features of Essential?
1% cash back on groceries, transportation, and eating & drinking
Earn 3.5% interest on your entire balance (once you opt-in!)
And more!
How can I earn a free month of Essential?
To get a month of Essential at no cost, you will need to:
Receive a direct deposit of any amount to your account! See how to set up your direct deposit here.
Add money to your account! Ensure a total of $1000 or more finds its way into your KOHO membership each month. How you get it there is up to you—e-transfer and transfers from other accounts both count.
If you're already on Extra or Everything, you'll need to downgrade your plan first to get this benefit.
How will I know when I earn a free month of Essential?
For every month you earn, you’ll be automatically notified in-app! Even if you miss it, check out your KOHO app notification centre to see the offer.
I just paid for Essential and got my direct deposit. Will I get the charge refunded to me?
Once you receive a direct deposit to your account, you will earn your next month of Essential for free. The benefit does not apply retroactively.
What happens if I do not complete an action?
You can check your next renewal date by navigating to the My Plan page in-app. If an action is not completed by the next billing date and you are on Essential, you will be charged for the plan.
You may also change or cancel your plan at any time. Open the KOHO app > click on My Plan > scroll down and select Manage my plan.
Pro-tip: If you are on the Non-Member account and perform one of the actions, you will still be eligible to get a free month of Essential 🎉
Can I keep getting Essential for free if I always do an action each month?
Absolutely! The more you use your KOHO account, the more offers and benefits we can provide you such as a free month of Essential ✨
I’m on the yearly Essential plan, can I get the free month?
The free month of Essential benefit is currently not available for users on an annual plan.
We are working quickly on adding this functionality and we'll notify you as soon as it becomes available 👍
Can I upgrade my plan from Essential to another plan?
You definitely can! Keep in mind you'll be charged for the new plan but with a discount for the free Essential month earned.
In-app > click on My Plan > scroll down and select Manage my plan. On the Manage plan page, select Change and choose your preferred KOHO plan.
Can I get Essential for free while on Extra or Everything?
Not at this time. You'll need to downgrade your account first before getting Essential for free.
Are there any additional fees or limitations I should know about?
It’s worth keeping in mind that there is a daily maximum amount of $3000 on outbound e-Transfers. Take a peek at this article if you’d like more info.
How do I sign up?
Open the KOHO app and navigate to My Plan. From there, select your preferred KOHO plan!
*Just a heads up, KOHO plans are only available for Personal Accounts. In order to enjoy these benefits, be sure you're using your Personal card!
**The free month offer is only available for the Essential plan. It does not apply to the Extra and Everything plan.
***The $1000 monthly contribution applies for culmulative loads done within the plan billing cycle.
****For details on the pricing of our paid plans, please check the KOHO mobile app.