Neo Chequing Account review
- Bonus Offer
- N/A
- Monthly Account Fee
- $0
- Free Transactions
- unlimited
- e-Transfer Fee
- $0
Our verdict
Get free daily banking with up to 3% cash back and no monthly fee, but watch out for cashback limits and the account's low interest rate.
The Neo Chequing account functions like a traditional chequing account, allowing you to pay bills, send e-Transfers and pay for purchases with no monthly fee. It also lets you earn cashback on your spending with the Neo Money prepaid card, so it's worth a look if you're searching for a daily transaction account that also offers rewards.
Best for: People looking for a transaction account that offers cashback.
Pros
-
Earn up to 1% cashback
-
No transaction fees
-
No monthly fee
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No minimum balance requirements
Cons
-
Monthly spend limit on cashback
-
You'll need a high balance to access the maximum cashback earn rate
-
Fees for subscriptions to access additional cashback
-
Only pays 0.10% interest
What are the benefits of the Neo Chequing Account?
- Free transactions. There are no fees to use your Neo Chequing Account to pay bills, send and receive e-Transfers, transfer funds to other bank accounts, or pay for purchases with your card. However, starting January 1, 2027, there will be a $1 Interac e-Transfer send fee.
- 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 or add it to your mobile wallet for in-store purchases. It can take up to 15 business days for a physical card to be delivered, which you’ll need for ATM withdrawals.
- Cashback. You can earn up to 3% cash back on groceries and gas and up to 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. Third-party ATMs may charge a fee, but Build and Grow members can receive up to $5 back per withdrawal at Canadian ATMs. Starting January 1, 2027, Neo will charge a $1.50 cash withdrawal fee, which will be waived for paid Neo memberships.
- CDIC protection. The Neo Chequing Account is offered by Neo Financial Technologies Inc., with funds held in trust at one or more CDIC member institutions. This means eligible deposits of up to $100,000 are protected by CDIC insurance.
- Highly rated mobile app. As of September 2026, the Neo Financial app has an average rating of 4.8/5 (over 56,000 reviews) on the App Store and 4.7/5 (over 20,400 reviews) on Google Play.
- Joint account available. Neo lets you open a joint chequing account with another person, giving both account owners real-time visibility of transactions and their own Neo Money card.
- Upcoming financial and credit-building features. Neo is planning several new features, including a 0% interest cash advance, up to $300 in interest-free overdraft coverage, mobile cheque deposits and credit-building options such as rent reporting and reporting eligible bills and subscriptions to credit bureaus. However, these features aren’t available yet, and Neo hasn’t announced specific launch dates.
What should I look out for with this account?
- Monthly spend limit on cashback. Cashback earned with the Neo Money card is subject to monthly spend limits: $500 on gas, $500 on groceries and $833 on all other purchases. Once you reach a category’s monthly limit, you won’t earn cashback on additional spending in that category until the limit resets.
- Boosted cashback depends on your balance. Adding more funds to your Neo Chequing Account can increase your cashback rate on eligible purchases made with your Neo Money card, but the exact rate depends on your account balance.
- Mixed user reviews. Neo Financial has received some negative feedback from users on Reddit and, as of September 2026, only has a 3.5/5 based on 474 reviews on Trustpilot.
- Only pays 0.1% interest. You’ll only earn 0.1% interest on your Neo Chequing account balance, so there are other hybrid accounts that offer higher rates.
- Membership needed to avoid certain fees. Starting January 1, 2027, you’ll need a paid Neo membership to continue getting $0 fees on Interac e-Transfers, cash withdrawals and NSF fees with your Neo Chequing Account.
- Additional features require paid membership. Other new features like credit score monitoring, ATM reimbursement and Neo Advance also require a paid membership.
Summary of Neo Chequing 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
$5,000 - $9,999.99 balance
$10,000+ balance
|
| CDIC insured | Yes, up to $100,000 in coverage |
Neo membership tiers
As of October 1, 2026, Neo will offer the following four membership tiers:
Essentials – $0/month
- No monthly membership fee
- Free unlimited bill payments
- Receive Interac e-Transfers for free
- Up to 3% cash back cash back
Starting January 1, 2027, Essentials members will pay the following fees:
- Interac e-Transfer send: $1
- Neo ATM withdrawals: $1.50 per transaction
- Non-sufficient funds (NSF) fee: $4.99
Start – $0 with payroll deposit or $4.99/month
- All the benefits of Essentials
- Free when you deposit your pay with Neo
- Free Interac e-Transfers
- No NSF fees
- Free ATM withdrawals
- Higher credit limits
- Mobile cheque deposits when available
- Access to Neo Advance when available
- Get your paycheque up to one business day early when you set up direct deposit
Build – $9.99/month
- All the benefits of Essentials and Start
- Credit score monitoring
- Credit-building tools
- Financial insights
- Reimbursement of third-party ATM fees in Canada, up to $5 per withdrawal
- Higher Neo Advance and credit card limits
- Free for Neo World Elite Mastercard cardholders
Grow – $14.99/month
- All the benefits of Essentials, Start and Build
- Foreign transaction fee rebates
- Highest Neo Advance and credit card limits, subject to eligibility
- Priority support
How do I open a Neo Chequing Account?
You can open a Neo Chequing Account by clicking the Go to site link at the top of 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 Chequing 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
8.7 Great
Monthly Account Fee
$17.95
Free Transactions
unlimited
e-Transfer Fee
$0
Bonus Offer
Earn up to $900
7.7 Great
Monthly Account Fee
$0
Free Transactions
unlimited
e-Transfer Fee
$1.50
Bonus Offer
Earn up to $350
9.4 Excellent
Monthly Account Fee
$0
Free Transactions
unlimited
e-Transfer Fee
$0
Bonus Offer
Earn 2.75%
BMO Performance Chequing Account
- Earn up to an $900 bonus
- Exclusive: Get an extra $175 reward from Finder
- Enjoy up to 4.65% promo interest
How do I deposit money to and withdraw money from my Neo Chequing account?
You can deposit money to your Neo Chequing Account by:
- Linking an external account
- Sending an e-Transfer
- Setting up direct deposit
- Transferring funds from another Neo account
You can withdraw or spend money from your account by:
- Withdrawing cash at an ATM
- Paying a bill
- Setting up pre-authorized debits
- Sending an e-Transfer
- Transferring funds to a linked account or another Neo account
- Making purchases with your Neo Money card
What other banking products does Neo Financial offer?
- Credit cards. Neo Financial offers a range of credit cards for cashback, credit progression and travel, like 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 Savings Account. This account pays 2.00% - 2.75% interest on your balance, depending on the Neo membership you have.
- 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 traditional bank. The Neo Chequing account is offered by Neo Financial Technologies Inc., which is a registered payment service provider under the Retail Payment Activities Act and a FINTRAC-registered money services business. Funds in Neo Chequing accounts are held in trust at one or more member institutions to provide CDIC coverage.
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 doesn’t allow you to write personal cheques. However, it offers digital banking features such as no monthly fees, cashback on eligible spending and high interest rates.
The Neo Money card is also a prepaid Mastercard rather than a traditional debit card. It lets you spend money from your Neo Chequing account and withdraw cash at ATMs.
Bottom line on the Neo Chequing account
The Neo Chequing 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 chequing accounts in Canada before deciding on the best place to park your money.
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