High-interest accounts might offer better rates, but they typically require you to split off funds from your chequing account — and transferring funds can get old.

If you want a flexible middle-ground account where you can earn 1.2% interest on every dollar you save and earn cash back whenever you use your debit card, take a look at the (totally free) KOHO Save account.

Maximize your annual savings

Man tightly holding Canadian twenty and fifty dollar bills in both hands
Amy K. Mitchell / Shutterstock

KOHO Save combines the convenience of a chequing account and the perks of a high-interest savings account, with no monthly fees or minimum balance.

Every time you spend using your KOHO card you’ll earn 0.5% cash back, and for every dollar in your account you’ll earn 1.2% interest.

The interest you earn is calculated daily and paid out directly to your account every month.

Many high-interest accounts offer teaser rates that drop after a few months, but KOHO Save’s interest rate doesn’t ever expire, and the same rate is available to every single KOHO customer.

That’s it. No catch, just free money piling up through savings and cash back.

How to start earning free money today

Women hands hold a money bags and dropping on the top in the public park for loans to planned investment in the future concept.
Watchara Ritjan / Shutterstock

If you already have a KOHO account, just opt into the KOHO Save feature by following the prompt in your mobile app and entering your SIN for tax purposes only.

You’ll still be able to access the funds in your account like you normally do — only now you’ll earn 1.2% interest on your entire balance.

If you’re not currently a KOHO user, it only takes a few minutes to sign up for a free KOHO account and instantly create a KOHO Save account as well.

Saving shouldn’t be complicated, and it definitely shouldn’t cost you anything. So keep things simple with a KOHO Save account and start earning free money today.

About the Author

Shane Murphy

Shane Murphy

Reporter

Shane is a reporter for MoneyWise. He holds a bachelor’s degree in English Language & Literature from Western University and is a graduate of the Algonquin College Scriptwriting program.

You May Also Like

Canadians Face a Tougher 'Stress Test' to Get a Mortgage. Should You Worry?

Starting in June, borrowers will have to meet a higher bar to qualify for a home loan.

Saved $1,000? These Are Your Next 5 Steps

Don't let your money stagnate when you can put it to work for you.

5 Common Mistakes Canadians Make With Their Mortgages

Avoid these errors so you can make the best decision on a mortgage.

3, 5 or 10 Years? How to Decide Which Mortgage Term Is Right for You

Consider the pros and cons of different loan terms before settling on one.