Koho is a digital checking account aimed toward serving to you price range [App of the Month]

Koho is a Canadian on-line digital banking/saving app that can be utilized in a number of other ways, however I discover it really works finest as a complement to your common banking system.

In essence, Koho is an app that permits you to handle your cash and a reloadable Visa card. This allows you to monitor your spending, set financial savings objectives and extra. General, the app is tremendous good wanting and feature-wise, I feel it gives extra instruments than most on-line banking apps.

The very first thing you want to do is join the service on the app and order a card. In case you have an iPhone or a Samsung gadget, you should utilize both Apple or Samsung Pay to begin spending immediately.

To spend cash with Koho you want to load your app with money out of your common checking account. You are able to do this by e-transfering, a direct deposit or by linking it to your checking account. For me, I made a decision to price range out my cash in my RBC app after which ship my spending money to Koho. That means, as soon as I spend all my cash in my Koho account, I do know that I’d hit my weekly spending restrict.


As a banking app, Koho has a number of perks. The primary one known as ‘PowerUps,’ they usually assist you earn cashback out of your spending. Each account will get a minimal of zero.5 p.c cashback, however in case you refer extra prospects or subscribe to Koho Premium, you’ll get a greater cashback share.

You possibly can money out your accrued cashback at any time and advert it to your spendable money account.

One other perk known as ‘RoundUps,’ and it takes a number of each time you spend by rounding up your buy to the closest $1, $2, $5 or $10.

You may also make joint accounts so you may share your spending and saving objectives with a companion.

Lastly, you can also make ‘Savings’ objectives that will help you get monetary savings for one thing like a visit or something you want to collect some huge cash for. For instance, I added a purpose to avoid wasting $3,000 all year long for a visit. The app is aware of that if it takes a minimal of $9.51 from my account each day, I’ll find the money for by December 31st. If I add more cash to the financial savings purpose earlier than then, it should cut back how a lot it takes from my account each day.

Is that this app price utilizing?

For me, I feel Koho is 100 p.c a handy device for saving and spending. I’m an RBC shopper, and the RBC app is stuffed with tons of saving options, so I don’t use Koho for monitoring my spending and saving. That mentioned, I do take pleasure in having a sperate card with its personal steadiness for my weekly spending cash.

In essence, Koho lets me use my RBC app to cowl my common financial savings and my month-to-month payments, whereas Koho is only for day-to-day spending. It might look like a lazy factor, however having a separate spending account that I don’t must do any math to determine how a lot I can spend is helpful. 

For a very long time, I believed that Koho was extra of a gimmick than one thing that would really assist me price range. Nonetheless, after utilizing it for a number of weeks, I feel it’s one of many few apps that I’d advocate to people who find themselves in search of comparatively easy methods to handle their spending.

My solely actual subject with the service is that it doesn’t work with Google Pay, so I’ve to hold the cardboard round to make use of it after I’m utilizing my Pixel telephone.

You possibly can download the app and get began at no cost on each iOS and Android.

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