How to Apply for a Koho Account

Koho is a digital financial account paired with a prepaid Mastercard, designed to simplify everyday spending, earning cashback, and saving with higher interest. As a fintech, its onboarding process is fast, straightforward, and entirely online , with no credit check required for basic plans.

Below, you’ll find how to apply, who the account is best suited for, how to cancel it, and extra details to help with your decision.

Who Koho Is Recommended For

Koho is ideal for users who want simplicity, automation, and financial benefits built into their daily banking experience.

1. People who want automated saving tools

Koho lets users set saving goals, schedule recurring deposits, and round up purchases automatically.

2. Users who want cashback and higher interest rates

All money inside the app earns interest, and purchases offer cashback depending on the plan.

3. Couples managing shared expenses

Joint accounts allow shared household budgeting while keeping individual cards.

4. Travelers and online shoppers

Premium plans offer zero foreign transaction fees, making international purchases cheaper.

5. Anyone wanting a clean, modern financial app

The interface is intuitive, with real-time insights into spending and savings.

How to Apply for Koho

1. Download the app or visit the official website

The account is free to open and available for both Android and iOS.

2. Provide your personal information

Koho requires basic identification details for verification.

3. Verify your identity

Usually done through a government-issued ID plus a selfie.

4. Choose your plan

You may stay on the free Essential tier or select a paid plan with additional perks.

5. Activate your virtual card

Instantly available after approval.

6. Request a physical card (optional)

Useful for in-store purchases.

How to Cancel Your Koho Account

1. Open the app and go to support or settings.
2. Request account closure.
3. Ensure you have no outstanding balance or pending transactions.
4. Wait for confirmation by email.

There are no fees for closing the account.

Koho Frequently Asked Questions

1. Is Koho a bank?

No. Koho is a fintech. Deposits are insured through a partner bank.

2. Is there a credit check?

Not for the free Essential plan.

3. Are there monthly fees?

The Essential plan is free; paid tiers offer enhanced rewards.

4. Can I receive my salary in Koho?

Yes. Direct deposit is supported.

5. Does Koho accept mobile cheque deposits?

Not yet.

6. Do joint accounts work on paid plans?

Currently, joint accounts are only available on the free plan.

7. Can I use Koho abroad?

Yes, especially with zero foreign transaction fees on premium plans.

8. Can I lock my savings?

Not at the moment.

9. How do I close the account?

Through the app , no fees apply.

Conclusion

Koho is a modern, user-friendly, low-cost alternative for Canadians who want smarter tools for spending and saving. It stands out for its strong cashback program, high interest on balances, automated savings tools, and quick onboarding.

However, its limitations such as the lack of mobile cheque deposits and certified funds , mean it cannot fully replace a traditional bank for every user.

For those who want a powerful day-to-day financial app, Koho is highly worth trying alongside a primary bank. And if Koho eventually becomes a regulated bank, its offering could become even stronger.

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