KOHO Earn Interest Review 2026: How the 5% Rate Actually Works
TL;DR
KOHO Earn Interest is a tiered rate product. The headline 5% only kicks in on the Everything plan with direct deposit. Below ~$3K balance the math doesn't favor the paid plan. CDIC-insured via Peoples Trust. No lock-in.
The interest tier table (April 2026)
| Plan | Monthly fee | Base rate | With direct deposit |
|---|---|---|---|
| Easy (free) | $0 | 3.0% | 3.5% |
| Essential | $4 | 3.5% | 4.0% |
| Extra | $9 | 4.0% | 4.5% |
| Everything | $19 | 4.5% | 5.0% |
Rates current at April 2026 — verify in the KOHO app before committing.
The break-even math
The Everything plan costs $19/mo = $228/year. To recover that purely through extra interest vs the free Easy tier (3% vs 5% on direct deposit), you need a balance where the 2% delta covers $228/year. That breakeven is around $11,400.
Below that balance, stick with the free or Essential tier. Above $20K, Everything starts paying meaningfully more — and you also get the credit-builder, cashback, and overdraft features bundled in.
Plug your own numbers into the compound interest calculator to model 5+ year compounding.
How interest is calculated
- Calculated daily on your closing balance
- Paid monthly into your KOHO account on the 1st of each month
- No transaction or balance minimums
- No notice or hold period — withdraw anytime
Who actually holds your money
KOHO is a fintech, not a bank. Your funds are held in a trust account at Peoples Trust Company, a CDIC-member institution. CDIC insurance applies up to $100,000 per insured category. KOHO's own corporate balance sheet does not touch your deposits — even if KOHO went under tomorrow, your money is segregated and CDIC-covered. Detail in our Is KOHO safe? review.
How it compares: KOHO vs EQ Bank vs Wealthsimple Cash
| Feature | KOHO Everything | EQ Personal | WS Cash Core |
|---|---|---|---|
| Headline rate | 5.0% | 3.5% | 1.75% |
| Monthly fee | $19 | $0 | $0 |
| Direct deposit needed | Yes | No | No |
| CDIC | Yes | Yes | Yes |
Detail in KOHO vs EQ Bank and Neo vs KOHO vs Wealthsimple Cash.
Verdict
KOHO Earn Interest is a legitimate high-yield product if you commit to the Everything plan AND keep $10K+ on hand. For smaller balances or no direct-deposit, EQ Bank's flat 3.5% with no fee and no plan tier is simpler and almost as good.
Related guides
Sources: KOHO product pages, Peoples Trust deposit-insurance disclosure, CDIC member list. Rates verified April 22, 2026 — check in-app for current. We accept no referrals. Last reviewed: April 22, 2026.
Editorial disclaimer
This article is published by LoonieLabs for general information only. It is not financial, tax, legal, accounting, or immigration advice and must not be relied on as such. Rules, dollar figures, interest rates, and program eligibility change — always verify with the Canada Revenue Agency, IRCC, or a qualified professional before acting. Spotted an error? See our corrections policy. Last reviewed: April 22, 2026.
Frequently Asked Questions
Written and reviewed by Shrey Patel — Founder & Editor-in-Chief
Winnipeg, MB · Figures cross-checked against official banking & credit sources · Last reviewed April 22, 2026 · LinkedIn
Founder of LoonieLabs · based in Winnipeg, MB · writes and reviews every page on the site I oversee every figure on this page personally — verified against primary sources (CRA, IRCC, Statistics Canada, the Bank of Canada, or the originating provincial ministry). LoonieLabs has no affiliate relationships with any bank, credit card, or immigration consultant featured on this site. Spotted a mistake? Tell us.
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