Banking · Retail bank
KOHO: Canadian account and card held by Peoples Trust Company
Canadian financial app whose funds are held by Peoples Trust Company, a partner trust company; KOHO itself is not CDIC-insured. A banking licence application is under way, with no known decision as of the date of consultation.
Please note
Characteristics
- Family
- Retail bank
- Regulator
- Institution partenaire (Peoples Trust Company)
- Regulator country
- Canada
- Deposit guarantee
- Partly
- Remote opening
- Yes
- Currencies
- CAD
- Services
- Current account · Payment card · Savings
- Accepted residencies
- Not provided
- Refused residencies
- Not provided
- Home country
- Canada
KOHO requires the age of majority in the applicant's province and identity verification (Canadian documents). No residency requirement or rule applying after a departure from Canada is published on the pages reviewed.
Entities and regulatory status
| Entity | Jurisdiction | Status | Regulator | Protection of funds |
|---|---|---|---|---|
| KOHO Financial Inc.groupKOHO states that it is not itself CDIC-insured. Corporate name not confirmed on any page reviewed. According to the press (money.ca), a Schedule I banking licence application is under way with OSFI, with no approval as of the date of consultation. | Canada | Platforms and other set-ups | ||
| Peoples Trust Companyholds the accountPresented by KOHO as the partner that holds customer funds. Federal supervision and CDIC membership not verified in the registers; for interest-bearing accounts, KOHO refers to a CDIC-member institution without naming it. | Canada | Brands backed by a partner bank | BSIF / OSFI | SADC / CDIC |
Who can open or keep an account
| Country of residence | Case | Status | Conditions |
|---|---|---|---|
| Canada | Opening | Conditions apply | Age of majority in the province and identity verification with a Canadian document; residency requirement not published.help.koho.ca |
| Canada | Keeping after a move | Unknown | Keeping the account after moving outside Canada: not found. |
A country missing from this table is neither accepted nor refused: the information is not published.
Published figures
- Account feeNot provided
- Brokerage feeNot provided
- Deposit guarantee ceilingNot provided
- Entry ticketNot provided
Which entity, which status
KOHO is not a deposit-taking institution: its help centre names Peoples Trust Company as the partner that holds customer funds, and specifies that KOHO itself is not CDIC-insured (KOHO help page on CDIC). The status retained is therefore that of a brand backed by a partner institution.
KOHO has started a Schedule I banking licence process. According to the press, the file is at an advanced stage with OSFI, with the final decision resting with the Minister of Finance (money.ca): this is an application, not an approval.
The entry for Peoples Trust Company (OSFI, list of CDIC members) was not consulted; the institution that holds the interest-bearing accounts is not named by KOHO.
Who can open an account
KOHO requires the age of majority in the province (KOHO help) and identity verification, with a Canadian passport, a driver's licence or a provincial photo ID card.
Residency requirement in Canada and what happens to the account after a move abroad: not published on the pages reviewed.
Account, card and currencies
Canadian dollar account with a card, and interest-bearing balances depending on the plan.
Plans, fees and limits: not found in a dated document.
Protection of funds
For interest-bearing balances, KOHO states that they are held in trust with a CDIC-member institution and that coverage applies to eligible deposits. Since KOHO is not insured, protection depends on the institution that actually holds the funds.
Applicable limit and CDIC rules for deposits held in trust: not found on KOHO's page, which cites no amount.
Points to check
- The institution that holds the funds depending on the type of balance (chequing account or interest-bearing savings).
- The outcome of the banking licence application, which could change the entity that holds the account.
- KOHO's position in the event of a departure from Canada.