The KOHO Savings Account keeps an interest-bearing balance, everyday spending access, and savings tools in a single mobile app. That's work normally split across a chequing account and a savings account. As of September 8, 2026, KOHO advertises annual interest of up to 3.5 percent on eligible balances. Your plan and the current terms determine the rate you receive.
The change shows up in the numbers. In 2024, 70 percent of Canadians banked through a mobile app, up from 65 percent in 2021, per the Canadian Bankers Association.
How the KOHO Savings Account Calculates Interest
The Rate Varies With the Plan
KOHO promotes an annual rate of up to 3.5 percent on the KOHO Savings Account. Your plan sets your rate, so this is a plan-based structure, not a conventional balance tier.
Per KOHO, eligible balances can include money held in Spendable, RoundUps, and Savings Goals once the customer opts in to Earn Interest. Interest is calculated daily and paid monthly.
Daily Calculation, Monthly Payment
The two frequencies work on separate clocks. A balance left untouched through a full cycle earns interest every day, and the total lands in the account once a month. If you withdraw money mid-cycle, interest shrinks on the days after that. This is not a projected or guaranteed return.
Rates Move
Advertised annual rates can change. Confirm current rates and plan conditions with KOHO before you deposit.
The Mobile Technology Behind Everyday Saving
One Balance, Saving and Spending Together
Money can sit in the Spendable balance, earn interest after opt-in, and stay ready for purchases or transfers. With a conventional setup, customers often shuttle funds back and forth between a chequing account and a savings account. Canadian Bankers Association research puts just 10 percent of Canadian consumers as doing most of their banking at a physical branch.
Automation Turns Transactions Into Deposits
KOHO builds automated saving tools into the app. RoundUps rounds a purchase up to the increment you choose and sets aside the difference. Savings Goals earmarks money for a named target; recurring transfers move a fixed amount on a schedule. Direct deposits can land straight in the account, and the KOHO Savings Calculator estimates how a balance could grow over time.
Fees, Access, and Deposit Protection
What the No-Fee Positioning Covers
KOHO advertises no minimum balance and no nonsufficient funds fees for this product. Plan fees and eligibility conditions may still apply, and pricing, interest rates, and other features depend on the plan you choose.
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Account Model
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Rate Structure
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Access to Funds
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Typical Trade-Off
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KOHO account
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Variable rate set by the selected plan
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Spending and transfers remain available
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The top rate may require a particular plan
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Conventional savings account
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Variable rate set by the institution
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Withdrawals and transfers are generally available
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Savings may sit apart from daily spending funds
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Guaranteed investment certificate
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Usually fixed for a defined term
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Access may be restricted until maturity
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Reduced liquidity
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Getting Money Out
The balance isn't locked. Spending and transfer functions stay available, subject to KOHO's transaction rules and account limits. A guaranteed investment certificate works differently. Early access may be restricted or penalized until maturity.
How Protection Works
KOHO isn't a chartered bank. It runs as a Canadian financial technology platform and states that eligible funds are held in trust at Canada Deposit Insurance Corporation member institutions. Those funds may qualify for CDIC protection up to applicable limits. Official CDIC guidance details which deposits qualify and how coverage applies.
Why KOHO Fits Canada's Digital Banking Shift
Rates and Mobile Experience Drive Adoption
Canadian Prepaid Providers Organization (CPPO) research found nearly half of Canadians using digital-first banks, with 41 percent holding relationships with both traditional and digital providers.
KOHO's Scale Reflects That Demand
Dealroom reports KOHO surpassed 2.5 million users by June 2026, up from one million in 2023. That growth reflects the platform as a whole, including spending and cash-back features, not the savings product alone.
Practical Questions About Saving With KOHO
Who It Suits
KOHO may suit customers who value ready access to their money and automated saving tools. Its overall value tracks the current interest rate, plan cost, eligibility conditions, and available features. Research published by The Logit Group in March 2026 found two-thirds of Canadians kept contributing regularly to a savings account despite rising living costs.
Withdrawing the Balance
Yes, the money stays reachable. Eligible funds remain available through supported spending and transfer functions because the savings balance is not structured as a locked-term deposit. KOHO's transaction limits and account rules still apply.
The 7 Percent Question
No. As of September 8, 2026, KOHO promotes an annual rate of up to 3.5 percent. Higher advertised rates elsewhere may be temporary, require qualifying activity, or apply to only part of a balance.
Safety, in Two Parts
No financial service is risk-free. Account security and deposit protection are separate questions. The first covers access controls and protection against unauthorized activity; the second covers whether eligible funds held at CDIC member institutions qualify for coverage.
What KOHO's Model Shows About Everyday Finance
One interface combines an accessible balance, plan-dependent interest, and automated mobile tools, narrowing the practical gap between spending and saving. The package's value depends on plan costs, features, and the interest rate in effect at the time of use.
