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Neo Money Account Review
Earn a high interest rate and enjoy unlimited free transactions with this fee-free savings account.
Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.
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1.80%
Interest Rate
$0
Minimum Balance
Details
| Offer | Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances. |
|---|---|
| Minimum Balance | $0 |
| Deposit Insurance | Any money you put into your account will be protected up to $100,000 by the Canada Deposit Insurance Corporation (CDIC). |
| Go to site More Info |
The Neo Money Account is a savings account that lets you earn 1.8% interest on any money you invest. You won’t have to put in a minimum balance to get started and you can access your savings anytime you need without paying transaction fees. The best part is that you can download the app on the website and sign up in a matter of minutes, all from the comfort of your own home.
Our verdict
The Neo Money Account is an innovative savings account that lets you earn a high interest rate on any balance you hold in it. This account comes with unlimited free transactions, no monthly fees and no minimum balance requirements.
The main drawback of this account is that it’s only accessible online, which means you won’t be able to do your banking in person.
Neo Money Account features
The Neo Money Account gives you a 1.8% return on your savings. This is a better return than what’s offered by Canada’s big banks and many other digital providers.
This account sets itself apart by offering unlimited free transactions and free overdraft protection for no monthly fees. You’ll also be able to start earning interest on your account as soon as you open it with no minimum deposit requirements.
Benefits and drawbacks of the Neo Money Account
Benefits
- Fee-free. You won’t have to pay monthly fees to maintain this account.
- High return on interest. You’ll earn a very high return of 1.8% interest on your savings (which is much higher than what most other institutions offer).
- No minimum balance required. You can start earning interest on any money you invest as soon as you open your account.
- Unlimited free transactions. You’ll be able to deposit, transfer and withdraw cash for no additional fees.
- Streamlined mobile banking. It’s easy to use Neo Financial’s online app to manage your contributions and monitor your gains.
- Free overdraft protection. You won’t have to worry about paying NSF fees if you dip into a negative balance.
- Eligible for insurance. Any money you put into your account will be protected up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).
Drawbacks
- Interest rates can go down. You may end up getting a lower interest rate than predicted if the rates set by the Bank of Canada drop.
- Online-only service. Neo Financial operates entirely online so you won’t be able to do any of your banking in person at a branch.
- Not a well-known service. This digital bank isn’t very well-known and has limited reviews compared to other digital banking giants.
How does Neo Financial’s interest rate compare with other banks?
Neo Financial gives a very solid return on interest when compared to other banks. Its rates aren’t promotional which means they won’t run out or go down within a few months of opening your account. Just be aware that Neo Financial’s interest rates may fluctuate depending on the rates set by the Bank of Canada.
How do I open a Neo Money Account?
You’ll be able to open a Neo Money Account in a matter of minutes by following these steps.
- Click the green ‘Go to site’ button above to be securely redirected to the online application.
- Create an account login and password to get started.
- Enter your email address and a password to access your account.
- Open the application for the Neo Money Account.
- Enter your personal information such as your full name, date of birth, Social Insurance Number and employment information.
- Send in a piece of photo ID and a selfie to verify your identity.
- Double-check your information and click submit to get started.
- Get approved and transfer money into your new account from a secondary bank account.
Eligibility requirements
To apply for a Neo Money Account, you’ll need to meet the following criteria:
- Be a Canadian citizen or resident and live outside of Quebec.
- Be opening a sole account in your name.
- Be 18 or the age of the majority in your province or territory.
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number and date of birth
- Your email address and phone number
About Neo Financial
Neo Financial was founded in 2019 by the co-founders of SkipTheDishes, which is a popular Canadian food delivery app. The Neo founding team also brings together experience from a diverse set of companies including Uber, Shopify, Twitter, Tangerine Bank, BMO and BCG.
The Neo Money Account is supported by Concentra Bank, which is a member of the Canadian Deposit Insurance Corporation. Any money you put into your account will be protected up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).
Bottom line
The Neo Money Account offers unlimited free transactions, no annual fee and a high interest rate. It also lets you start earning interest as soon as you invest your first dollar. Just be aware that Neo is a fairly new company and it only operates online. This means it won’t be the best fit for you if you want to work with a well-established bank or you’d prefer to do your banking in person.
