Neo Everyday Account review

What are the benefits of the Neo Everyday Account?

• Free transactions. There are no fees to use your Neo Everyday Account to pay bills, send e-Transfers, transfer funds to other bank accounts, or pay for purchases with your card.
• No monthly fee. There’s no monthly fee to pay with this account.
• No minimum balance requirement. You don’t need to keep your balance above a minimum level to keep your account open or avoid a monthly fee.
• Start spending instantly. Once you sign up for an account, a virtual Neo Money card is created instantly so you can start paying for online purchases.
• Cashback. You can earn up to 3% cash back on groceries and 1% cashback on all other purchases with a Neo Money card when you shop at over 12,000 partner locations across Canada.
• Free ATM cash withdrawals. Neo doesn’t charge any fees when you use your Neo Money card to withdraw cash from a domestic or international ATM.
• CDIC protection. The Neo Everyday Account is provided by Peoples Bank of Canada, which is a member of the CDIC. This means up to $100,000 you deposit is covered by CDIC insurance.
• Highly rated mobile app. As of June 2025, the Neo Financial app has an average rating of 4.8/5 (over 46,400 reviews) on the App Store and 4.3/5 (over 12,700 reviews) on Google Play.

What should I look out for with this account?

• Monthly spend limit on cashback. Spending limits apply to cashback with the Neo Everyday Account. For example, with the Neo Money Card, once you’ve spent $500 on groceries in a month, the cashback rate reverts to 0% for the rest of the month. Spending limits vary depending on the Neo card you choose.
• Cashback varies. The cashback earn rate you get is linked to the balance of your Everyday Account, so you’ll need a higher balance to maximize your rewards.
• Fees for perks. If you want to earn additional cashback and other rewards on things like foreign transactions, gyms and fitness classes, and food and drink, you’ll need to pay a monthly fee to subscribe to additional perks packages.
• Mixed user reviews. Neo Financial has received some negative feedback from users on Trustpilot and Reddit.
• Only pays 0.1% interest. You’ll only earn 0.1% interest on your balance, so there are other hybrid accounts that offer higher rates.
• No overdraft protection. There’s no overdraft protection on the Neo Everyday Account.
• No mobile cheque deposit. You can’t deposit cheques into your Neo account via the mobile app or an ATM.

Related: Best no-fee chequing accounts in Canada

Summary of Neo Everyday Account fees and features

Feature	Rate or fee
Monthly fee	$0
Transactions	Free and unlimited
Interac e-Transfers	$0
ATM withdrawals	$0
Foreign transaction fee	2.5%
Interest rate	0.1%
Neo Money card cashback rate	$0 - $4,999.99 balance Gas: 1% Groceries: 1% Everything else: 0% $5,000 - $9,999.99 balance Gas: 2% Groceries: 2% Everything else: 0.5% $10,000+ balance Gas: 3% Groceries: 3% Everything else: 1%
CDIC insured	Yes, up to $100,000 in coverage

Neo Perks

Neo Financial also offers a range of additional subscription packages that you can sign up for to access extra rewards.

• Travel. For $7.99 a month, you get access to airport lounges around the world, travel insurance protection, 2% cashback on all foreign transactions, and 1.5x cashback at hotel travel partners.


• Mind & Body. For $9.99 a month, you get 1.25x cashback at gyms, fitness classes, vitamin and supplement suppliers, and more. Other benefits include a Headspace Plus subscription and one free fitness class each month.


• Food & Drink. For $1.99 a month, you get 1.25x cashback at partner restaurants, cafes, bars and food delivery services.


• Mobile & Personal Protection. For $9.99 a month, you get perks such as coverage for damage, breakdown and theft of your mobile device, plus $1 million of protection against fraud, ransomware, and social engineering.

Neo Premium

You also have the option to upgrade to a Neo Premium plan for $9.99 a month. This gives you access to perks like:

• An extra 2% cashback on essentials.
• Boosted cashback at selected partner retailers.
• Credit monitoring.
• Enhanced purchase protection.
• Priority support.

How do I open a Neo Everyday Account?

You can open a Neo Everyday Account by clicking the Go to site link on this page. This will take you to the Neo Financial website, where you can provide your personal information and contact details to fill out an online application.

Eligibility

To be eligible for a Neo Everyday Account, you will need to:

• Be a Canadian resident
• Have a Canadian Social Insurance Number (SIN)
• Be at least 13 years old (or 14 if you live in Quebec)

Required information

• Contact information (email address, phone number and residential address)
• Personal details (name, date of birth, occupation and SIN)
• Proof of ID (such as your driver’s licence)

Compare with other chequing accounts

BMO Performance Chequing Account

• Earn up to a $750 bonus
• Exclusive: Get an extra $150 gift card from Finder
• Enjoy 4.75% promo interest

Go to site

How do I deposit money to and withdraw money from my Neo Everyday Account?

You can deposit money to your Neo Everyday Account by:

• Linking an external account
• Sending an e-Transfer
• Transferring funds from another Neo account

You can withdraw money by:

• Withdrawing cash at an ATM
• Paying a bill
• Sending an e-Transfer
• Transferring funds to a linked account or another Neo account

What other banking products does Neo Financial offer?

• Credit cards. Choose from the Neo Mastercard, Neo World Mastercard and Neo World Elite Mastercard. You also have the option to build your credit history with a secured credit card.
• Neo Cash Account. This account pays 2.5% interest on your balance with no monthly fee or minimum deposit required.
• Investments. Neo Invest, operated by OneVest, offers customized investment portfolios designed to suit your financial goals and risk tolerance.
• Mortgages. Neo Mortgage allows you to apply for a mortgage online and get personalized assistance from a dedicated mortgage advisor.

How does Neo Financial compare to other banks?

Neo Financial is a financial technology company, not a bank. It offers financial services in association with other financial institutions — as we’ve already mentioned, the Everyday Account is provided by Peoples Bank of Canada.

Unlike traditional banks, Neo doesn’t operate any physical branches. Instead, its financial products are designed to be managed online or via the Neo Financial app.

Neo also doesn’t have its own ATM network, doesn’t offer the same broad range of products and services as traditional banks, and it doesn’t allow you to write personal cheques. But like other fintechs, it offers things that major banks often don’t — hybrid accounts, low fees and high savings interest rates.

Bottom line on the Neo Everyday Account

The Neo Everyday Account is well worth a look if you want a chequing account with cashback. It offers free transactions and an easy-to-use mobile app, so compare it alongside other hybrid accounts before deciding on the best place to park your money.