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Neo Financial Canada

If you're looking for a legit online banking alternative with cash back rewards and easy access to your funds, check out Neo Financial.

Neo Financial Canada launched in 2019 as a digital-first fintech. It offers innovative, fully-online products for spending, saving and borrowing, including the Neo Money Account (a cash back spending card), the Neo High Interest Savings Account, the Neo Credit Mastercard and Neo Secured Mastercard.

In this Neo Financial review, we break down what you need to know about the company’s flagship accounts, the Neo Money Account for spending and the Neo High Interest Savings Account for growing your money.

Neo Money Account

Neo Money Account

Interest Rate
Account Fee
Transaction Fee
The Neo Money Account allows you to spend, save, and earn from one account. You'll earn interest on your savings, and there are no minimum deposit requirements, account fees or transaction fees. Download the Neo app and sign up in a matter of minutes, all from the comfort of your own home.
  • Hybrid account that works like a chequing and savings account
  • Earn 0.5% – 6% cash back on your purchases
  • Free unlimited transactions
  • No minimum balance
  • No account fee
  • Online only (no physical branches)
  • $300 spending cap per cash back rewards category
  • Not available in Quebec
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0
International ATM Fee $0

What is the Neo Financial Money Account?

The signature spending account from Neo Financial Canada is the Neo Money Account, which lets you earn between 0.5% and 6% cash back on everyday purchases at popular retail, dining, grocery, gas and pharmacy retailers across Canada.

The Neo Money Account lets you keep more money in your pocket with unlimited free transactions, no monthly fees and no minimum balance requirements.

Easily manage your money via Neo’s online platform or easy-to-use mobile app. Use your physical card to make in-store purchases, or spend online like you would with other Debit Mastercards.

Keep in mind, new Neo Financial clients get access to their virtual Neo Money Card instantly, so can make online purchases right away. But you need to go online, log into your Neo Financial account, and select Card under the main menu to get a physical card in the mail.

How does the Neo Financial Canada rewards program work?

It’s simple. Use your Neo Money Card at a Neo retail partner and earn cash back on the first $300 you spend per rewards category.

Earn 6% when you spend at bars and restaurants, 4% from app spending, 3% from gas and grocery purchases and 0.5% on everything else.

Popular Neo Reward partners include Subway, Boston Pizza, Booster Juice, Montana’s, Zara, Gap, Lululemon, Roots, The Bay, Ardene, Loblaw, Walmart, Real Canadian Superstore, Shopper’s Drug Mart, Netflix, Amazon Prime, Crave, SkipTheDishes, DoorDash, Disney+ and Spotify.

Cashing out your Neo Rewards is simple. Login to your Neo account, select Rewards Wallet, then select Cash out and indicate where you want your rewards to go.

What is the Neo High Interest Savings Account?

If you’re looking to grow your money, Neo Financial Canadian offers the Neo High Interest Savings Account, which comes with an impressive 4% interest rate. This is much higher than savings account interest rates offered by many of Canada’s Big Banks.

As with the Neo Money Account, there are no minimum deposits or monthly fees with the Neo savings account. Open up to 10 savings accounts on the Neo Financial app to track your progress towards different goals.

What else does Neo Financial offer?

Neo Financial doesn’t just offer digital accounts for managing your money. It also offers the following products:

  • Neo Credit Mastercard with rates ranging from 19.99% - 29.99% and up to 5% cash back on your purchases.
  • Neo Secured Mastercard with rates ranging from 19.99% - 29.99% and no credit check required.
  • Neo Invest managed portfolio services powered by OneVest wealth management software.
  • Neo Mortgage with 5-year fixed rates starting at 4.94%.

Neo Financial Review in 2024

The Neo High Interest Savings Account and Money Account offers a lot of perks and advantages for anyone who wants to the ease of online banking with earn rates not commonly offered by other financial institutions in Canada. But there are some drawbacks to be aware of.

Pros of Neo Financial Canada

Here’s what we like about Neo Financial’s products and services:

  • High interest rate on savings. With an interest rate of 4% on every dollar deposited in your account, your Neo Money Account balance can grow quickly.
  • Cash back rewards. With the Neo Money card, you can earn up to 1% cash back on your purchases.
  • No account fees. Neo Financial aims to beat Big Bank fees by forgoing monthly and annual account maintenance charges.
  • No minimum balance. There’s no required balance for either the Neo Money Account or the Neo savings account.
  • Unlimited free transactions. Move your money as you see fit without worrying out expensive transaction charges.
  • ATM access. You can use your Neo Money card to withdraw funds at an ATM anywhere Mastercard is accepted.
  • Streamlined apps. It’s easy to use Neo Financial’s online or mobile app to manage your money and rewards.
  • Auto-Save feature. This Neo Money Account feature allows you to set up automatic deposits to your account to regularly grow your savings.
  • CDIC insured. The Neo High Interest Savings Account is offered through the Peoples Bank of Canada, and the Neo Money Account is offered through Concentra Bank. Both of these external banks are CDIC insured, so your balances are covered up to $100,000.

Cons of Neo Financial Canada

These are the potential drawbacks of using Neo Financial:

  • Low minimum cash back rate. You’ll only earn 0.5% on any spending that falls outside the designated rewards categories.
  • Cap on cash back spending. You can only earn cash back on the first $300 spent in each rewards category.
  • Online only. Neo Financial Canada operates entirely online, so you won’t be able to do any banking in person at a branch.
  • Limited products. Neo Financial is not a full-service bank, so you it’s offerings are limited. For example, you can’t get personal loans or overdraft protection like you can with any of Canada’s Big Five banks.

How do Neo Financial interest rates compare with other banks?

Neo Financial provides a great incentive to stash cash with 4% interest earned on every dollar held in a Neo High Interest Savings Account. Traditional banks typically offer high promotional rates, but this rate stays the same. As such, Neo’s interest rate is among the highest you can get for a Canadian savings account.

Here’s a breakdown of Neo Financial interest rates and rewards rates:

AccountRegular minimum rateRegular maximum rate
Neo Money Account0.5% cash back6% cash back
Neo High Interest Savings Account4% interest4% interest

Neo Financial fees and limits

Here are some Neo Money Account fees and transaction limits you should keep an eye on:

  • Paper statements: $5 per document
  • Inactive account fee: $0
  • Interac e-Transfer limits: $3,000 per transaction, $10,000 per day, $20,000 per month
  • Neo to Neo limits: $5,000 per transaction, $10,000 per day, $30,000 per month
  • Bill payment limit: $25,000 per payment
  • Electronic transfer limits: $30,000 per outbound transaction to linked external bank account, $100,000 per inbound transaction from external bank account

Is Neo Financial legit?

It’s hard for new companies to break into traditional markets, and this has been the experience for Neo Financial. As a Canadian fintech that got its start in the Prairie provinces, Neo Financial Canada helped to shape online banking in Canada.

Still, potential clients worry that money held with Neo Financial may not be as secure as more traditional banking models. This is not the case. In order to offer a Money Account, Neo Financial partnered with Concentra Bank, a CDIC member institution. It’s similarly partnered with the Peoples Bank of Canada to offer a high interest savings account.

These partnerships mean that your Neo Financial Canada deposits are eligible for CDIC deposit protection up to $100,000 in each of your accounts.

Neo Financial review: Our verdict

The Neo High Interest Savings Account is an innovative savings account that lets you earn a high interest rate on any balance you hold. The Neo Money Account comes with cash back rewards, unlimited free transactions, no monthly fees and no minimum balance requirements.

The main drawbacks are that these accounts are only accessible online, which means you won’t be able to do your banking in person. Plus, cash back rewards are limited for the Neo Money Account.

How to open a Neo Financial account

It’s easy to open a savings account with Neo Financial online. But before you do, you’ll need to make sure you meet the following eligibility criteria.


You’ll need to be the age of the majority in your province or territory (18 or 19). You’ll also need to be opening a sole account in your name.


You’ll need to be a Canadian citizen or resident to open an account. However, please note that the Neo Money Account is not available in Quebec.

Required information

You’ll also need to provide the following information and documentation to open an account:

  • Your name, date of birth and contact information
  • Your Social Insurance Number (SIN)
  • Proof of ID

If you’d like to open a Neo Money Account, here’s what you need to do:

  1. Go to the Neo Financial Canada website and select Get Started at the top of the screen.
  2. Create your login details and password.
  3. Provide your name, date of birth, contact details, SIN and employment information.
  4. Upload a valid form of photo ID and a selfie to verify your identity.
  5. Review the details to make sure they’re correct before submitting your application.
  6. Transfer money to your new account. You’ll be given a virtual card so you can start making online purchases straight away, but you can also order a physical card to be shipped in the mail.

Compare other savings accounts

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Tangerine Savings Account
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If you’re searching for an account like the Neo Money Account, you might want to consider the EQ Bank Personal Account. It offers a high ongoing interest rate, and you can pair it with an EQ Bank Card to get easy access to your funds whenever you need.

Alternatively, if you’re searching for a savings account with a high promotional interest rate, the Simplii High Interest Savings Account is worth a look.

Neo Financial Canada FAQs

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