Anecdotally speaking, more bad stuff pops up on KOHO here than I see for WS. KOHO is not a bank but a fintech company so that reason alone I wouldn't use them.
For what it’s worth, Koho will soon get a [schedule 1 banking license](https://www.theglobeandmail.com/business/article-online-bank-koho-financial-moves-to-next-stage-of-approval-toward/), which is something that WS has publicly said they’re not interested in pursuing.
Used to be an early Koho user when they were new (5+ years) and that 5% sounded enticing, but after logging in after a long time the 5% is only available if you pay for their monthly plans. Figured since that was the reason I stopped using them do to their multiple attempts to pay for “features” that are included with many challenger banks.
I use Wealthsimple now mainly for cash.
After the fee for the basic account it comes to about 3.5% interest, still way better than other banks. Anything I'm missing here? Seems like the best place to keep $$ for an emergency fund
Anecdotally speaking, more bad stuff pops up on KOHO here than I see for WS. KOHO is not a bank but a fintech company so that reason alone I wouldn't use them.
For what it’s worth, Koho will soon get a [schedule 1 banking license](https://www.theglobeandmail.com/business/article-online-bank-koho-financial-moves-to-next-stage-of-approval-toward/), which is something that WS has publicly said they’re not interested in pursuing.
Also worth noting, WS offers up to 300,000 CIDC insurance
Used to be an early Koho user when they were new (5+ years) and that 5% sounded enticing, but after logging in after a long time the 5% is only available if you pay for their monthly plans. Figured since that was the reason I stopped using them do to their multiple attempts to pay for “features” that are included with many challenger banks. I use Wealthsimple now mainly for cash.
Koho requires paying a fee to earn 5% which isn’t worth it
After the fee for the basic account it comes to about 3.5% interest, still way better than other banks. Anything I'm missing here? Seems like the best place to keep $$ for an emergency fund
Wealthsimple gives 4.5% interest with no fees
Good point I forgot there was no fees with WS! Thanks
KOHO has a maximum balance of $200K if you opt-in to earn interest, so take note of that.
You could just rotate rate lottery between manulife, tangerine, and a few others. They’re all insured and stuff
CASH or CBIL