KOHO Account Management: Features and Benefits

Learn about the innovative financial service KOHO, which offers a range of features to help you manage your finances effectively. From building credit history to mindful spending and savings, discover how KOHO can help you take control of your finances. This quiz covers the benefits and features of KOHO's account management services.

Created by

@DeadCheapWillow

Questions and Answers

What is the primary purpose of KOHO's line of credit for newcomers to Canada?

To help establish a positive credit history over time

What is the maximum interest rate offered by KOHO's High Interest Savings Account?

5% interest

How does KOHO's rounding feature help with savings?

By automatically transferring the extra amount from your purchases into your savings account

What is the main benefit of KOHO's prepaid reloadable Mastercard?

It encourages mindful spending and helps users save effectively Signup and view all the answers

Who does KOHO report credit payments to?

Equifax Signup and view all the answers

What is the primary concern of KOHO's security features?

To ensure the safety and security of your money Signup and view all the answers

Study Notes

KOHO account management is a simple, user-friendly experience designed to help you manage your finances effectively. This innovative financial service offers several features that cater to different needs and preferences.

Credit history: KOHO helps newcomers to Canada build a credit history by providing a special account called a line of credit. This account appears in your credit file and allows you to make monthly payments to establish a positive credit history over time. KOHO reports these payments to Equifax, one of the two credit agencies in Canada, to enhance your credit rating.
Savings and interest: KOHO offers a High Interest Savings Account with up to 5% interest, which is higher than most Canadian bank offers. This account is calculated daily on your entire balance and paid monthly. Additionally, KOHO's rounding feature allows you to save by automatically transferring the extra amount from your purchases into your savings account.
Spending and savings account: KOHO provides a prepaid reloadable Mastercard that allows you to spend only the money you have in your account, unlike a credit card. This feature encourages mindful spending and helps you save effectively. The card is connected to a smart budgeting app that simplifies day-to-day finances with spending insights and balance updates after each purchase.
Security: KOHO ensures the safety and security of your money. You can lock your card in the app if it's ever lost or stolen, and KOHO offers top-tier security to protect your funds.

To manage your KOHO account, you can sign up directly through the KOHO app or website. There are three plans to choose from: Essential, Extra, and Everything. Each plan offers different features, such as higher interest rates, cash back on groceries and transportation, and access to more partners.

KOHO's customer support is available 24 hours a day, and you can download the KOHO application via the provided link to receive a $20 welcome bonus. By joining KOHO, you can start taking control of your finances and managing them more effectively.