Canada Post MyMoney™ Account

Frequently asked questions

• How does the MyMoney Account work?

  The Canada Post MyMoney Account is a high-interest rate savings and spending account.

  Delivered with KOHO, you choose the benefits that work best for you, like cash back rewards on everyday spending, no fees and Credit Building.

  The account comes with a virtual card (physical card also available) that works like a debit card and uses the Mastercard network. So you can make purchases the same way you would with a credit card, but you’re using money you already have.  

  You’ll have access to the KOHO app to track your spending, savings and access your virtual card. And because it’s backed by Mastercard, you can use it almost anywhere that Mastercard is accepted – including online and ATMs.

• Who is the MyMoney Account for?

  The MyMoney Account is currently only for Canada Post employees.

• Is my money safe in this account?

  KOHO is partnered with Peoples Trust, a federally regulated financial institution, to hold any money you load onto your MyMoney Account. This means that if anything were to happen to KOHO, your money would be safe, and you’d be able to access it through Peoples Trust. 

  Your MyMoney Account is also covered under Mastercard’s Zero Liability policy. This means that you're fully protected from unauthorized use of your card or account information.

  If you opt in to Earn Interest on your accounts, not only will you get a high interest rate, but your funds will also be eligible for Canada Deposit Insurance Corporation (CDIC) insurance.

• How do I earn high interest?

  Simply pick a plan and opt-in to unlock high interest on your entire balance. You’ll be asked to provide some basic information and to agree to the terms and conditions. Note that you need to provide your Social Insurance Number (SIN) to open any interest earning account in Canada.

• Does it affect my credit score to use KOHO’s free credit check?

  No, getting your credit score with KOHO is a soft credit check that doesn’t impact your credit score.

• How do I sign up for the MyMoney Account?

  This account is offered through a partnership between Canada Post and KOHO. You can sign up online through the KOHO website. Note that only new customers can sign up for the MyMoney Account. Existing KOHO customers are not eligible for the Canada Post employee offer.

• Is there an age requirement to open an account?

  Yes, you must be at least the age of majority in your province or territory (either 18 or 19, depending on location) to open a MyMoney Account.

• How long does it take to sign up?

  It only takes a few minutes to complete the sign-up process online.

• What do I need to provide to sign up?

  You will need to provide some basic personal and employment information. You will also need your Social Insurance Number (SIN) if you want to earn high interest on your balance. There is no cost to create an account.

• What happens after the Extra plan promotional trial period is over?

  You will enjoy the benefits of the Extra plan for free, for the first 3 months. When your trial ends, you will automatically be enrolled in the Extra plan at a monthly fee of $9. You can also check out the other 3 plans (including a no-fee option) and choose the one that best fits your needs.

• Does the MyMoney Account come with a virtual card?

  Yes, you will get a virtual card upon signing up for the MyMoney Account, so you can start spending right away. You can view your card by opening the KOHO app and selecting “My Cards.” You can also find your card details on the KOHO website by clicking the eye symbol beside the card. The virtual card can be used for online shopping and can be added to Apple, Samsung or Google Pay digital wallets, allowing you to use your card to pay for any in-person transactions.

  Please note that not all merchants accept digital wallet payments and those that do determine the maximum amount for contactless payment, often set at $250. If you want to ensure wider acceptance or plan to make bigger purchases or ATM withdrawals, you can order a physical card (see the next question for details).

• How can I get a physical MyMoney card?

  You can get a physical card in the KOHO app. Just tap “My Cards” on the home page, scroll down, then select "Get a Card" and follow the prompts to get set up. Once you've opted in for a physical card, it should arrive within 10 days of account verification.

• Where is the MyMoney Account card accepted?

  It works everywhere Mastercard is accepted. However, please note that it cannot be used for gambling and adult entertainment sites.

  Some countries do not accept pre-paid Mastercard. See the KOHO website for a list of these countries.

• How can I add money to my account?

  You can send money to your account via e-transfer or direct deposit. Or you can visit a Canada Post location to deposit cash or add money by using a QR code on your KOHO app or your existing debit card. For more information and detailed instructions, simply click "Add Money" within the app.

• Can I use my physical card at an ATM to withdraw cash?

  Yes, you can use ATMs to withdraw cash with your Canada Post MyMoney Account card. We don’t charge any fees, but you may still be charged a fee by the ATM operator. You can review withdrawal limits in the app by tapping on the profile icon (top left) and selecting “Account velocity limits”.

• How does cash back work?

  Eligibility for cash back depends on the plan you have chosen for your MyMoney Account. Purchases for certain categories may give you a higher cash back rate. 

  Your cash back will be applied once the transaction is marked as ‘settled’ on your activity feed. For promotional offers, it might take longer (up to 60 days after qualifying transactions have been ‘settled’) for the cash back to appear in your account. If you receive refunds for any of the cash back qualifying purchases, you will lose the cash back associated with those transactions.

  Online purchases made with KOHO’s cash back partners earn additional cash back (eligibility depends on your MyMoney Account plan). Simply use the unique deal link provided in-app to make your purchase. KOHO’s cash back partners include Expedia, Booking.com, Sephora, PetSmart, Ticketmaster, Macy’s and many more. List of partners is subject to change.