KOHO Referral Code (May 2022): $20 Signup Bonus

February 7, 2022
Blog

KOHO is a Canadian online bank that offers competitive interest rates and a very attractive cashback program – you can earn up to 5% on every purchase. It also offers free unlimited electronic transactions and there are no monthly fees for the basic account; with the premium account, you get discounts on foreign transactions.

KOHO has an attractive referral program: by using the code: YOREMONEY (or the link) you will receive a $20 sign-up bonus, a competitive interest rate on all your balances, and your very own referral code, which you can share with your friends and earn up to $1,000.

How To Use KOHO’s Referral Code

KOHO has a referral program in place for new KOHO clients. By using the referral code YOREMONEY (or the link) you can enjoy up to $1,000 in bonuses, and increased cashback, including

  • $20 bonus for you and your referee when they sign up.
  • $1,000 bonus: You can refer up to 50 friends for a total of $1,000.
  • 0.50% cashback on all purchases (up to 5% at select stores).
  • 1.20% interest on all your balance.

To use the promo code:

  • Visit KOHO’s page. Click on the Open An Account button.
  • Fill in your basic information, such as name, email, and mobile number.
  • After you fill out your address, occupation and what brings you to KOHO, you will be prompted to Add a Referral Code. This is the last step (6/6) before you create your account. (important: this is where you use the referral code: YOREMONEY. You CAN NOT use the code after you create your account – you will miss out on the benefits).
  • After you’ve created your account you will also receive your own referral code, accessible in the Perks tab of your KOHO app. When one of your friends uses your code you both will receive $20.

What Is KOHO?

KOHO is one of the most popular online banks in Canada and was released back in 2017. It bases its user experience on having the highest-rated mobile app, which grants a lot of customization and power to the user and their spending. It’s also well known for its ample cashback rewards and the broad usability it carries within.

KOHO is also a federally chartered bank in Canada and a Canada Deposit Insurance Corporation (CDIC) member. It is a completely digital bank with no physical location, and it is available in all provinces. Here’s our full KOHO review.

KOHO Features

  • 0.50% cashback on all purchases (up to 5% at select stores).
  • 1.20% interest on all your balance.
  • Early Payroll (up to 3 days early)
  • Unlimited free Interac e-Transfers and online transactions.
  • No monthly fees.
  • Joint savings accounts.

KOHO Fees

KOHO can be used abroad without any trouble at all. Its fees might seem large but they’re comparable to the fees offered by other online banks.

Free Account:

  • No minimum balance.
  • Monthly fee: $0.
  • Foreign ATM fees: 1.5% + $3.
  • Foreign spending fees: 1.5%.
  • Foreign exchange fees: 1.5%.

Premium Account:

  • No minimum balance.
  • Monthly fee: $9 (or $84 per year).
  • Foreign ATM fees: 1.5% + $3 (1 free withdrawal per month).
  • Foreign spending fees: 1.5%.
  • Foreign exchange fees: Free.

How To Sign Up For KOHO

#1 Visit Koho’s page. Click on the Open Account button.

#2 Fill in some basic information, like your name, phone number, and address. Keep in mind that to receive your card you need a Canadian address.

#3 Choose your primary reason for using KOHO (spending, savings, credit building, etc). This won’t limit your access to any service, this is just so KOHO can focus on areas to improve.

#4 Finally, this is where you use the referral code. (important: you have to use the referral code YOREMONEY in this step. You will not be able to use it after you create your account).

KOHO’s Referral Program

After creating your KOHO account you can find your referral code in the app, in the Perks tab.

  • Share your code via text, email, or to your social media audience.
  • Once a referee signs up and makes their first purchase within 30 days of registration, you and your referee will receive a $20 credit.
  • You can refer a maximum of 50 friends for a total of $1,000

Is KOHO Safe & Legit?

The first thing to mention here is that all online banks we reviewed are completely safe, with KOHO having the most safety features. Since KOHO is partnered with Peoples Trust, it’s automatically regulated and insured by CDIC, with every eligible deposit being insured for up to $100,000 CAD.

On top of that, KOHO’s users can freeze/unfreeze their cards whenever they want and set up biometric login authentication for a safer sign-in process. However, users can’t reset their card PINs from the app.

Onto another topic in the same vein, KOHO has the benefit of performing a soft credit check whenever a user creates a bank account, which means that KOHO can be used without harming credit scores, and it even has a credit building feature.

Introducing Neo Financial: Canada’s #1 Online Bank

I recently broke down 10+ of Canada’s most popular online banks, and Neo Financial came out ahead of everyone else. It scored so well because it excels on what I believe are the four most important factors when choosing a bank: mobile app functionality, fees, security, and customer support.

Here’s how Neo performs in each of those areas, and why I believe it’s the best online bank in Canada.

#1 The Best Mobile App 

Neo’s app is the highest-ranking mobile app out of the Canadian online banks we reviewed. In the Apple App Store, it has a rating of 4.8/5 and in the Google Play Store, it has a ranking of 4.5/5

From the app you can toggle features such as Auto-Pay, to set up recurrent payments in local and foreign currencies, Real-Time Spending Insights, to track where your money is going, and Cashback Rewards on most everyday purchases. 

#2 Lowest Fees And Best Savings

Neo’s fees are among the lowest of any online bank: $0 monthly fees, $0 maintenance fees, and a low 2.5% on foreign spending. And those savings can add up quickly: on top of their base 1.55% interest rate, Neo offers the three other rewards users are always looking for: cashback rewards, partner discounts, and competitive interest rates.

Neo offers three plans, Essential, Plus and Max. Starting at $0, $4.99, and $9.99, you can get up to 6% cashback at partner stores and 1% at non-partners; and discounts can go as high as 15% on average.

#3 Bank-Level Security

Neo is partnered with Concentra Bank, an institution that’s regulated by the CDIC, which means that all of Neo’s eligible deposits are insured in the same way for up to $100,000.

Aside from that, Neo also offers the distinct features of letting users freeze/unfreeze their cards at any moment they wish and resetting their PINs from the app. Users can also set up biometric authentication for signing in, which makes using Neo both quicker and safer.

#4 Excellent Customer Support

Neo’s support chat, email, and phone support are always available and ready to answer. When we contacted them, their responses were quick, informed and thoughtful. The only time I ran into an issue with Neo, they had it sorted out within a matter of minutes. If you need to get in contact with Neo to ask them some of your own queries, you can do so through the following channels:

  • Phone support: 1-855-636-2265
  • Email: support@neofinancial.com

Conclusion

KOHO is a Canadian online bank, available for Canadian only; KOHO offers competitive interest rates and a very attractive cashback program – you can earn up to 5% on every purchase. It also offers free unlimited electronic transactions and there are no monthly fees for the basic account; with the premium account, you get discounts on foreign transactions.

KOHO has an attractive referral program: by using the code YOREMONEY (or the link) you will receive a $20 sign-up bonus, a competitive interest rate on all your balances, and your very own referral code, which you can share with your friends and earn up to $1,000.

Before You Go

Here are the best sign-up bonuses available right now. If you’re planning to sign up for any of these services, we recommend you take advantage of these bonuses:

Crypto Exchange Signup Bonuses:

Crypto Hardware Wallets:

Online Bank Referral Bonuses:

Online Broker Sign up Bonuses:

Robo Advisor Sign up Bonuses:

Other Everyday Bonuses:

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