back Back

KOHO makes waves in the FinTech space with the launch of KOHO Save

By Pavithra R

March 05, 2021

  • Canada
  • Koho
Share

KOHO makes waves in the FinTech space with the launch of KOHO Save
Daniel Eberhard, Founder and CEO, KOHO

Toronto-based FinTech startup KOHO, offering Canadians an alternative to their traditional banking experience, has announced the launch of its first no-fee savings account, KOHO Save. 

The new product is available in the KOHO app and offers a highly competitive 1.2% interest on a user’s entire balance, with no teaser rates and no minimum balance required. According to Equifax,on an average, Canadian now owes $73,523 in debt, up 2.2% from 2019. Canadians are increasingly looking for financial tools that make their hard-earned money work just as hard for them.

“We’re excited to add KOHO Save to our product line as a simple and valuable money earning tool for Canadians. We’ve been able to build a savings tool that doesn’t follow the same restrictions as most other savings products on the market. People just want to access their money freely and earn a great interest rate. We think Save is a wonderful step in that direction,” said Daniel Eberhard, Founder and CEO, KOHO.

Users on KOHO Save will also have their entire balance held in trust at a CDIC member institution. In doing so, the company provides an increased level of insurance and peace of mind for users looking to load and save more money. CDIC insures eligible cash balances payable in Canada up to $100,000 per client per member institution within each insured category.

Customers can simply opt into KOHO Save in the app, and their entire balance will start earning 1.2% interest right away. Additionally, users will always earn a minimum of 0.5% (up to 10%) cashback on every purchase as well, and an additional 2% on three major spending categories with the KOHO Premium account.

Founded in 2014, KOHO is a full-service chequing account that comes with a reloadable prepaid Visa card and integrated app. The addition of KOHO Save will enable the firm to operate both as a chequing and savings account. The FinTech, through its app and a reloadable card, offers Canadians a new approach to spending and saving. It takes no monthly fees, no interest charges, no e-Transfer fees, and no NSF fees. 

Previous Article

March 05, 2021

4 Asian InsurTech companies making waves in the industry

Read More
Next Article

March 05, 2021

Shift4 Payments acquires VenueNext to bring a fully integrated mobile-first commerce ecosystem

Read More







Advertise with us



IBSi Daily News Analysis

Fintech

July 06, 2022

Canada

As cost-of-living crisis bites, how can financial services support their customers?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 06, 2022

Chip enhances savings experience with TrueLayer Payments

Read More

July 06, 2022

Knight Frank partners with Currensea to offer its employees debit cards for charity donations

Read More

July 05, 2022

Paytrail and Mastercard empower millions of Open Banking payments in the eCommerce landscape

Read More

Related Reports

Sales League Table Report 2022

£ 1,500.00 / year

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022