Monday March 17 2025
2023-2027/224
Following targeted testing in late 2024 and early 2025, the Canada Post MyMoney Account is now available nationwide. This marks a key step in expanding Canada Post’s financial services offerings.
What is the MyMoney Account?
The Canada Post MyMoney Account is a spending and savings account with features such as cash back and options to earn interest and build or improve credit. A range of account tiers are available, from a ‘No-Fee’ account offering unlimited transactions and instant e-transfers, to higher tiers with additional features for a monthly fee. Unlike most traditional chequing or savings accounts, the account has no minimum balance requirements.
How does it work?
The MyMoney Account functions via a virtual Mastercard (physical card also available) that uses the account holder’s own money but gives them access to the features of a credit card. Funds can be loaded at Canada Post locations via Loadhub, the KOHO app or website. The card works everywhere Mastercard is accepted. An account holder taps their card or enters their card information to make in-person or online purchases as they usually would.
Who manages it?
The MyMoney Account is delivered with KOHO Financial Inc., a Canadian Fintech (financial technology) company that offers mobile banking and other online financial services. In addition to Mastercard, KOHO partners with Peoples Trust Company, a federally regulated financial institution, backed by the CDIC (Canada Deposit Insurance Corporation).
Employee Offer
CPC employees are eligible to sign up for a MyMoney Account and get three free months of access to the ‘Extra’. New ‘Extra’ plan account holders will receive $25 cash back when they spend $50 within 60 days of opening their account. Although it is possible to switch to another plan at any time after opening an account, this offer only applies to the ‘Extra’ plan. After the end of the three-month trial period, the $9 ‘Extra’ plan fee will apply.
For more information, please visit:
FAQ provided by Canada Post and KOHO
In solidarity,
CUPW Appendix T Committee