Canadian Challenger Bank KOHO Launches No-Fee Savings Account “KOHO Save”
March 5, 2021 @ 9:01 am By Samantha Hurst
KOHO, a Canada-based challenger bank that offers Canadians an alternative to traditional banking, announced on Friday the launch of its first no-fee savings account, KOHO Save. Koho reported that the new product, which is now available in the KOHO app, offers a highly competitive
1.2% interest on a user’s entire balance, with no teaser rates and no minimum balance required.
KOHO further revealed that users on KOHO Save will have their entire balance held in trust at a CDIC member institution. In doing so, KOHO provides an increased level of insurance and peace of mind for users looking to load and save more money. CDIC insures eligible cash balances payable in Canada up to $100,000 per client per member institution within each insured category. While sharing more details about the account, KOHO Founder and CEO, Daniel Eberhard, stated:
With new execs and new products, Koho says it’s ready to become Canada’s leading challenger bank
The launch of a new credit building product this week is the latest of many moves by Koho to scale its growth and become Canada’s foremost challenger bank.
In recent months, Koho has made significant changes to its executive and senior leadership team, bringing on a new CTO, CMO, CFO, and VP of people and culture.
Claiming to be Canada’s leading challenger bank – with a user base of more than 350,000 and backed by Power Corp. – Koho continues to face competition in the Canadian market from both big banks and new startup entrants like Neo Financial, which was created by Skip The Dishes founders and launched last year.