KOHO, a Canadian money management app, has launched a new Joint account featuring up to 2% Cash Back on essential spending, up to 3.5% interest on balances, and integrated budgeting tools, designed to help users manage shared finances amid rising costs.
The introduction of the Joint account by KOHO addresses an increasing need for specialized tools to manage shared money, particularly as younger Canadians navigate economic pressures. This development is supported by insights from KOHO’s recent Canadian Shared Finances Report, conducted in collaboration with Angus Reid.
The report indicates that 66% of Canadians consider shared finances important. However, fewer than half (42%) currently hold a joint account with a spouse or partner. Data from the report highlights that 38% of KOHO users reported an increase in shared expenses, such as rent, groceries, and utilities, within the last 12 to 24 months. The study, based on a nationwide survey of 1,506 adult Canadians via the Angus Reid Forum and an internal survey of 500 KOHO users aged 18–25, also revealed trends in how Canadians manage their money.
Findings show a general alignment between men (69%) and women (63%) on the importance of shared finances with a partner. While men are slightly more prone to holding joint accounts (44% versus 38% for women), women demonstrate greater openness to non-traditional sharing arrangements, such as with parents (36% versus 34%) or friends (6% versus 4%). Younger Canadians, specifically Gen Z, show a higher propensity for non-traditional shared accounts, with 13% considering sharing with a roommate and 11% with a friend, compared to 2–6% among older demographics. Additionally, 52% of Gen Z and Gen X respondents prioritize aligned savings goals as a primary reason for opening a joint account, contrasting with 34% nationally.
The KOHO Joint account aims to convert shared spending into savings and rewards. Key features include up to 3.5% interest on account balances, up to 2% Cash Back on essential purchases, and 0.5% Cash Back on other expenditures. The account also incorporates built-in savings functionalities like Vault, RoundUps, and Goals. Additional features include no foreign exchange fees and free international ATM withdrawals, with more options planned for future release.
Daniel Eberhard, CEO and founder of KOHO, stated that while Canadians value shared finances, many have lacked accessible tools. He noted that joint accounts assist individuals in covering expenses like groceries and rent, while also facilitating bill payments, emergency savings, and future financial planning. Eberhard emphasized KOHO’s objective to simplify the management of shared expenses and savings goals.
KOHO, founded in 2014 and headquartered in Toronto, provides various financial tools to Canadian users. These include a spending and savings account with no hidden fees, overdraft protection (Cover), credit-building options, and automated savings features. The company focuses on supporting Canadians in their daily money management and long-term financial stability.
The Angus Reid survey was conducted from August 20th to August 22nd, 2025, among 1506 online adult Canadians. The KOHO internal survey was conducted on September 8th, 2025, among 500 online respondents in Canada aged 18-55+.
