Canada Post to launch chequing and savings account with Koho: document

OTTAWA – Two years after the failed launch of a lending program, Canada Post looks to be making another foray into banking services.

Based on a document posted to the Canadian Union Of Postal Workers website, the postal service will soon be launching a chequing and savings account in partnership with Koho Financial Inc.

The document, which was online for a brief time before being taken down, says Canada Post will start testing the MyMoney account this month with a national launch next year.

It says accounts will have features such as cash back, high interest and options to build or improve credit and will use a prepaid, reloadable Mastercard.

The apparent plans come after Canada Post launched a lending program with TD Bank Group in late 2022, only to shut it down weeks later because of what it said were processing issues.

Canada Post did not respond to a request to confirm the plans.

This report by The Canadian Press was first published Nov. 8, 2024.

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