Financial Seniors 2.0 with KOHO

Prices are up, but your salary isn’t. And that makes financial growth more difficult than ever. To make matters worse, several financial institutions raised fees despite record profits. My inner Lizzo is not here for this – why are banks great when they don’t have to be great?

Ditch the kid’s table, switch to KOHO and cash like an adult. Now more than ever, we need to know our worth, set standards, and demand better from the people we trust with our hard-earned bacon. Here’s how to manage and grow your money with KOHO.

Stop giving away your money and power

Welcome to the land of free banking, where paying money to use your own money is scarier than the Jerry Springer Show.

The average Canadian pays about $15 a month for a checking account with unlimited transactions. That makes $180 a year! Financial growth means firing the expensive money nanny.

KOHO offers a free, full-service checking and savings account with unlimited transactions and no hidden fees. Because it’s 2022 and it’s about time.

But now we have to deal with the credit card surcharges that are imposed on consumers. It’s now legal! Thank goodness prepaid cards like KOHO don’t do this.

Honestly, if you pay your recurring bills with a credit card, you should switch to paying with KOHO. It can save you up to 2.4% on these bills. You want songs on repeat, not extra credit card charges.

Adult Challenge: Since you’re already used to paying $15 a month, put that money into your KOHO savings account to start building an emergency fund.

Set higher financial standards

Trusting someone with your hard-earned money is a big deal because it’s more than money. These are hours of your life that you have traded to afford the bare essentials and hopefully a little more. Higher prices represent more hours of your life needed to afford the same standard of living.

At this stage, the main bank account will not help you. KOHO gives you 24 times more protection and the right tools to manage things like an adult.

KOHO is the no-fee savings account you’ve always wanted. There is no minimum deposit requirement, so getting a higher interest rate on your deposits is easy.

Prioritize financial self-care with priceless benefits

When was the last time your debit card gave you anything other than a swiping error? You cannot pour from an empty glass or an empty bank account.

KOHO is not a scrub. It’s in the Mastercard network, so you know it gives you the same VIP treatment as a Mastercard credit card. That means priceless experiences without the cover charge – I mean extra charge. Whatever.

With the cost of everything going up, it’s extremely important to recoup some of your costs by getting cash back. It’s literally a built-in discount for every purchase you make, which again is like reducing your own inflation rate.

Your KOHO account automatically comes with a prepaid Mastercard. You can shop anywhere Mastercard is accepted and earn up to 5% cash back at a KOHO merchant partner.

For $9 a month, you can upgrade to KOHO Premium and get 2% cash back on groceries, fuel and dining — things that are among the hardest hit by inflation. KOHO Premium also unlocks other anti-inflation benefits, such as a price-match feature to save you money, no foreign transaction fees, and an on-demand personal financial coach.

Adult Challenge: Move your cash deposits into your savings account where you’re not tempted to spend them. It will also earn 1.2% interest, which is free money that makes more free money, a critical part of financial growth.

Make every purchase inspiring

The only thing worse than online dating is trying to save money right now. Inflation is like a dead man stuck in stage 5 who can’t take the hint. Fortunately, you can filter your dollars like your DMs.

With the budgeting features in the KOHO app, you can create savings goals and set up automatic transfers to your savings account. But the best tool so far is the Roundup feature, which helps you save every single bit of time you spend—without any effort.

In the app, you can choose to round up each card purchase to the nearest $1, $2, $5, or $10. KOHO will automatically deposit that extra change directly into your savings account, where it earns 1.2% interest.

The Roundup feature is the easiest way to automate your savings and optimize your spending to add value. It also has the added psychological benefit of forcing you to spend with intention.

KOHO will send account balance notifications after each purchase. Because Roundup lowers your spending account balance faster, it forces you to consider what’s left to spend and make better choices between wants and needs. That’s the brain ninja effect it has on me.

Avoid debt like your toxic ex

The loan is quick and easy, but you will regret it in the morning. As the Bank of Canada raises interest rates to tame inflation, debt is getting a hell of a lot more expensive. Credit card companies are already raising their rates.

It’s tempting to rely on credit to plug holes in your budget, but it’s NSFW—not wealth-safe. People who carry a balance on their credit card spend an average of $750 a year on interest. Interest literally increases your personal inflation rate, making your purchases even more expensive. That’s crazy, don’t do it!

KOHO gives you the convenience and benefits of using a credit card, but with absolutely zero chance of going into debt and paying interest on your purchases. The KOHO Prepaid Mastercard is accepted anywhere Mastercard is accepted, including online and across the border.

It’s just like a debit card, only better because there’s no credit check, balance due, or interest to worry about. The only money you can spend is the balance in your KOHO account, which is now your own money, not money borrowed from a credit card company.

Submit your credit score to the gym

I don’t know about you, but I can’t pay for a new car or an entire house in cash. That means some debt is a fact of life for most of us, and a decent credit score leads to sexier interest rates.

A lower rate not only saves money on interest, but also means a lower monthly payment, which puts less of a strain on your budget.

The Credit Builder Program is an incredibly easy and inexpensive way to start raising your score without going into debt. For $10 a month, KOHO will open a line of credit in your name and report the payment to the credit bureaus each month.

Don’t worry, they don’t advance your funds, so you don’t have to worry about resisting the urge to spend. It also means you don’t have to pay any interest or undergo a credit check. As long as there’s $10 in your spending account each month, KOHO takes care of the rest.

On average, KOHO customers who subscribe to the credit building program see their credit score increase by 20 points within six months. And, just as importantly, the credit building program is significantly less expensive than a credit building loan or credit card from an alternative lender.

You can prepare for future lending without killing the progress you’ve already made with high-risk interest rates, a down payment, unnecessary debt, or breaking a sweat.

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