KOHO is an Android application from a well-known Canadian fintech company. This utility offers a lot of money management options, a prepaid Mastercard, and various financial tools.
Budgeting and card
The app provides a range of budgeting tools to help users track their spending and manage their money. Transactions are automatically categorized. Clients can create specific savings goals and track their progress. The utility offers visual representations to motivate individuals to achieve their targets.
A distinctive feature of the KOHO ecosystem is a prepaid Mastercard. Users load funds onto the card from their existing bank accounts and use it for everyday spending, both online and in-store. Cashback rewards on purchases are provided, similar to TopCashback. The standard rate is 0.5% with opportunities to earn up to 2% on specific categories like groceries, food, drinks, and transportation.
Please note that upon signing up, you receive a virtual KOHO card instantly. The physical one is mailed to you shortly after.
Savings and transactions
Furthermore, this platform offers a high-interest savings account, allowing you to earn up to 4% interest on your balances. The app provides a Credit Building program that helps you improve your credit scores. Also, it is possible to pay bills directly via your KOHO account.
In addition, you may send and receive Interac e-Transfers. There are no fees for various transactions such as transfers, ATM withdrawals, or other common banking operations. The utility offers a referral program that rewards you for inviting your friends to join the platform.
Features
- developed with a well-known Canadian fintech company;
- users can track their spending and manage their money;
- it is possible to issue a prepaid Mastercard;
- the app is free to download and use;
- compatible with current Android versions.
