Neo Financial High Interest Savings Account Review April 2021 | Finder Canada
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Neo Financial High Interest Savings Account Review

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Earn a high interest rate and enjoy unlimited free transactions with this fee-free savings account.

1.55%

Interest Rate

$0

Minimum Balance

Details

Minimum Balance$0
Deposit InsuranceAny money you put into your account will be protected up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).
More Info
Please note: All information about Neo Financial High Interest Savings Account has been collected independently by Finder and this product is not available through this site.

The Neo Financial High Interest Savings Account is a savings account that lets you earn 1.55% 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 Financial High Interest Savings 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 Financial High Interest Savings Account features

The Neo Financial High Interest Savings Account gives you a 1.55% 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 Financial High Interest Savings 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 1.55% 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.

Compare Neo Financial High Interest Savings Account with other savings accounts

Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
EQ Bank Savings Plus Account
1.25%
N/A
$0 / $0
$0
Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank.
CI Direct Investing High Rate Savings Account
0.50%
N/A
$0 / $0
$0
With no fees and no restrictions, you'll earn 0.5% interest with the CI Direct Investing High Rate Savings Account.
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How do I open a Neo Financial High Interest Savings Account?

You’ll be able to open a Neo Financial High Interest Savings Account in a matter of minutes by following these steps.

  1. Download the Neo Financial app on your mobile device by visiting Google Play or the Apple App Store.
  2. Create an account login and password to get started.
  3. Enter your email address and a password to access your account.
  4. Open the application for the Neo Financial High Interest Savings Account.
  5. Enter your personal information such as your full name, date of birth, Social Insurance Number and employment information.
  6. Send in a piece of photo ID and a selfie to verify your identity.
  7. Double-check your information and click submit to get started.
  8. Get approved and transfer money into your new account from a secondary bank account.

Eligibility requirements

To apply for a Neo Financial High Interest Savings Account, you’ll need to meet the following criteria:

  • Be a Canadian citizen or resident
  • Be opening a sole account in your name
  • Be a minimum age of 16

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 Financial High Interest Savings 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 Financial High Interest Savings 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.

Frequently asked questions

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