Get free daily banking with up to 3% cash back and no monthly fee, but watch out for cashback limits.
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
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
Pays no interest
In this guide
Our verdict
Frequently asked questions
Your reviews
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Chequing and Savings Accounts
ENDS SOON
Get $80 from Finder
Become a Finder member, then open a new Neo Financial Chequing or Savings Account online through Finder as a first-time customer, deposit a total of at least $50 within 30 days of opening and keep the account active until February 15, 2027. One Neo reward per member. Offer ends December 30, 2026 at 5:00 PM ET.
Separate T&Cs apply.
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.
Pays 0% interest. You’ll earn 0% interest on your Neo Chequing account balance, so there are other hybrid accounts that offer interest 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.
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)
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 2.25% - 3.00% 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.
Frequently asked questions
Neo Financial is a financial technology company that is headquartered in Calgary, Alberta. Founded in 2019, it offers a selection of financial products and services in association with financial institutions.
No. Neo Financial is a fintech company and does not operate any physical branches.
Yes. You can set up a direct deposit by logging in to the Neo app, tapping "Money" and selecting your Chequing Account. Next, tap "Details" and "Account Details". This will give you the account number, transit number and institution number you need to provide to deposit funds into your account.
Yes, limits do apply. You can send 50 Interac e-Transfers per month, but the maximum amount you can send is:
$3,000 per transaction
$10,000 per day
$10,000 per week
$20,000 per month
Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including Wise, income.ca and Indeed, writing on topics like personal finance, career development, and travel.
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