Important: When you cash out your RoundUps, your Spendable will increase, but you won't see a record of the cash out in your activity feed. This is expected behaviour as this is considered "internal money movement."
What are RoundUps?
RoundUps help you save as you spend. Every purchase you make with your KOHO card will be rounded to the nearest $1, $2, $5 or $10 (you choose the amount).
For example, if your purchase is $2.25, RoundUps will save $0.75, $1.75, $2.75 or $7.75 for you automatically based on which RoundUps amount you choose!
Those extra amounts are pulled from your Spendable and put aside in your Savings so you can cash them out at a later date! 💸
You can check how much you have already saved, change your RoundUps amount anytime and Cash Out by going to: Save > RoundUps 😎
How do I set up RoundUps?
In-app, go to Save > RoundUps > Edit > Turn RoundUps On. You’ll be prompted to select the dollar amount you’d like to round-up to!
🙋Just a quick heads up, the separation between your Spendable and your RoundUps and Savings are a visual separation. This means that although in the KOHO app they are in different sections, when it comes to your total balance, your KOHO account is all one account. If you have $10 in your Spendable and $5 in your RoundUps and $2 in a Savings Goal and make a purchase for $17, this transaction will pull funds from your RoundUps and Savings Goal.
When will I see my RoundUps?
In-app, you'll see the RoundUps in your "Save" tab once your purchase is marked as "settled" on your feed.
Transactions typically take 3-5 days to settle. KOHO is not responsible for merchant settlement policies or timelines.
How do I get that money back?
You can cash out your RoundUps anytime. In-app, go to Save > RoundUps > Cash out. 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.
To keep track of your Cash Out activity, our RoundUps History under Save > RoundUps > Show history will allow you to do just that!
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.