Neo Financial launched in Canada in 2019, as a digital-first fintech. That means Neo Financial Canada works a little bit like on online bank and a little bit like a cash back credit card. As a fintech — a financial services company that operates digitally and without physical branches — Neo Financial offers a range of financial products and services to Canadians.
If you’re looking for a no-fee savings account — like the Neo Savings Account— or a rewards card with zero annual fee (like the Neo Financial Mastercard) than Neo Financial might be perfect for you.
To help, here is a comprehensive Neo Financial review, that includes an in-depth assessment of the Neo Money Account — the brand’s signature savings account.
The Neo Money Account allows you to spend, save, and earn from one account. You'll earn interest on your savings and there are no minimum deposit requirements, account fees or transaction fees. Download the Neo app and sign up in a matter of minutes, all from the comfort of your own home.
Hybrid account that works like a chequing and savings account
High ongoing interest rate
Free unlimited transactions
No minimum balance
No account fee
Online only with no physical branches
Doesn't come with a debit card, though does come with the Neo Money Card
Not available to residents of Quebec
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$0
International ATM Fee
$0
What is the Neo Financial Money Account?
The signature account from Neo Financial Canada is the Neo Money Account that offers an interest rate of 4% on the account balance. What’s innovative about the Neo Financial savings account is that is helps you earn interest on money in your account, but functions like a day-to-day chequing account. As a result, the Neo Money Account comes with unlimited free transactions, no monthly fees and no minimum balance requirements.
In addition to the easy, online banking features, this Neo savings account give customers access to their extensive rewards network. This means Neo customers get cash back — an average of 5% of unlimited cash back at thousands of Neo Financial Canada partners — when they use their free Neo Financial credit card that is automatically linked to their Neo Money Account.
The Money Card from Neo Financial Canada
As a Neo Financial Canadian customer, your Money Account comes with a no-fee Neo Money Card. The Money Card works like a debit card but with the benefits often associated with a credit card. For instance, you earn 4% daily interest on your spending, plus cash back rewards when you shop at one of Neo Financial’s thousands of retail partners.
The best part is you can use the Neo Money Card as both a virtual debit or credit card, or take the physical card with you to make point-of-sale payments — just like you would with a regular debit card or credit card.
Keep in mind, new Neo Financial clients get access to their virtual Neo Money Card instantly — so can make online purchases right away — but you need to go online and log into your Neo Financial account to select “Card” under the main menu, in order to get a physical card sent to you. You’ll see a selection of Neo Financial Cards to choose from and order, which will then be delivered to your registered address.
Rewards from Neo Financial Canada
As a Neo Financial Canada client, you get access to the fintech’s robust rewards network of more than 10,000 retail partners.
The advantage of the Neo Rewards program is you no longer have to carry and keep track of punch-cards, reward apps and online retailer offers. Instead, use your Neo Money Card at a Neo retail partner and earn unlimited cash back!
For instance, Neo Reward partners include: Swoop, Napa, Structube, Earls, Frank And Oak, Herschel, Clearly, Avis, Article, Second Cup, Boston Pizza, Avis, Budget, Curves, among many others.
If you already pay for gas, groceries, gym memberships and spend money at coffee shops, restaurants and major retailers across Canada, this reward network can earn you serious cash back with an average cash back rate of 5%.
Cashing out your Neo Rewards is simple. Go to your Neo Money Account and earn 4% on it. Or, you can use the Neo Financial App to move your cash back rewards right to your Neo Money Card, ready for you to spend!
Pros and Cons of the Neo Money Account
Pros
Fee-free. You won’t have to pay monthly or annual fees to maintain this Neo high-interest savings account.
High return on interest. You’ll earn a very high return of 4% interest on your savings (which is much higher than what most other institutions offer).
Free Neo Money Card. This no-fee, money card lets you spend money like you would with a debit card, but lets you earn high interest and cash back.
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).
Cons
Online-only service. Neo Financial Canada 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. As a digital fintech, Neo Financial isn’t as well-known as more traditional options, such as any of Canada’s big five banks. This lack of familiarity can prompt nervousness from would-be clients; however, it’s important to keep in mind that Neo Financial is a legitimate online banking alternative.
Is Neo Financial legit?
It’s hard for new companies to break into traditional markets — and this has been the experience for Neo Financial. As a Canadian fintech that got its start in the Prairie provinces, Neo Financial Canada helped to shape online banking in Canada.
Still, potential clients worry that money held with Neo Financial may not be as secure as more traditional banking models. This is not the case. In order to offer a savings account, Neo Financial partnered with Concentra Bank, a CDIC member institution. This partnership means that all accounts with Neo Financial are eligible for CDIC deposit protection — a government guarantee that protects up to $100,000 in each account you hold.
Neo Financial Review in 2024
The Money Account and the Money card with Neo Financial offers significant perks and advantages to anyone who wants to the ease of online banking with the rewards typically associated with a credit card.
The top benefits of Neo Financial include:
Hybrid account. The Neo Money Account combines the interest-earning power of a savings account with the convenience of a day-to-day chequing account.
High interest rate. With an interest rate of 4% on every dollar in your account, your savings balance can grow quickly with a Neo Money Account.
Earn cash back. Neo Financial says you can earn an average of 5% cashback at over 10,000 partner retailers. There’s also no limit on the amount of cashback you can earn each month.
No fees. You won’t pay any monthly or annual fees with a Neo Money Account, while e-Transfers, pre-authorized debits and bill payments are also free.
No card loading. You don’t need to load money onto your Neo Money Card before you can use it — you have instant access to the funds in your account.
Auto-Save feature. This Neo Money Account feature allows you to set up automatic deposits to your account to grow your savings on a regular basis.
The Neo Money Account combines the features of a savings account and a chequing account. While you can access the funds in your account at any time and earn cash back on your purchases, you also earn interest on every dollar in your account at the rate shown in the table below.
Account
Regular minimum rate
Regular maximum rate
Neo Money Account
4%
4%
How does the Neo Money Account’s interest rate compare with other banks?
Neo Financial gives savers great incentive to stash cash with 2.25% interest rate earned on all balances in the Money Account. Unlike traditional banks that typically offer promotional rates, the Neo Financial high interest rate is consistent (although, it’s subject to change at any time, just like all rates from all banks). As such, the interest rate offered by Neo Financial is one of the highest, standard rates offered on a Canadian savings account.
Neo Financial fees and limits
Here are some Neo Money fees and transaction limits you need to be aware of:
Paper statements: $5 per document
Inactive account fee: $0
Interac e-Transfer limits: $3,000 per transaction, $10,000 per day, $20,000 per month
Neo to Neo limits: $5,000 per transaction, $10,000 per day, $30,000 per month
Bill payment limit: $25,000 per payment
Electronic transfer limits: $30,000 per outbound transaction to linked external bank account, $100,000 per inbound transaction from external bank account
Neo Financial review: 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. The Neo Money Account comes with unlimited free transactions, no monthly fees and no minimum balance requirements. This Neo savings account also comes with the Neo Money Card, a prepaid card which allows you to earn daily interest on every dollar in your Neo Money account.
The main drawback of this Neo Financial savings account is that it’s only accessible online, which means you won’t be able to do your banking in person.
How to open a Neo Financial account
It’s easy to open a savings account with Neo Financial online. But before you do, you’ll need to make sure you meet the following eligibility criteria.
Age
You’ll need to be 18 or the age of the majority in your province or territory. You’ll also need to be opening a sole account in your name.
Residency
You’ll need to be a Canadian citizen or resident to open an account. However, please note that the Neo Money Account is not available in Quebec.
Required information
You’ll also need to provide the following information and documentation to open an account:
Your name, date of birth and contact information
Your Social Insurance Number (SIN)
Proof of ID
If you’d like to open a Neo Money Account, here’s what you need to do:
Click the “go to site” button on this page to be redirected to a Neo Money application.
Create your login details and password.
Provide your name, date of birth, contact details, SIN and employment information.
Upload a valid form of photo ID and a selfie to verify your identity.
Review the details to make sure they’re correct before submitting your application.
Transfer money to your new account. You’ll also be given a virtual card so you can start making online purchases straight away.
Compare other savings accounts
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If you’re searching for an account like the Neo Money Account that combines savings and chequing account features, you might want to consider the EQ Bank Savings Plus Account. It offers a high ongoing interest rate, and you can pair it with an EQ Bank Card to get easy access to your funds whenever you need.
Alternatively, if you’re searching for a savings account with a high promotional interest rate, the Simplii High Interest Savings Account is worth a look.
Neo Financial savings account FAQs
Neo Financial is a Canadian fintech that started in the Prairie provinces in 2019 when SkipTheDishes colleagues, Andrew Chau and Jeff Adamson teamed up with Kris Read. The current CEO is Andrew Chau, while Jeff Adamson is the Head of Partnerships and Kris Read is Head of Engineering. A fourth co-founder, Chris Simair, rounds out the leadership team as President and Head of Operations.
There is no monthly fee for the Neo Financial Money Account or the Neo Financial Money Card.
When you apply for the Neo Money Card — also known as the Neo Financial Mastercard — you are assigned a credit limit. This credit limit will range between $100 to $10,000. For current Neo Financial Canada clients, you can find your current credit limit either on your monthly statement, going online to your Neo account or through the Neo app.
Yes. This account is provided by Concentra Bank, which is a member institution of CDIC. The money in your account is eligible for up to $100,000 of CDIC deposit protection.
No. The Neo Money Account does not have any minimum deposit or ongoing balance requirements.
No. Neo Money is not available in Quebec.
You can transfer funds to your account via electronic funds transfer, e-Transfer, and direct deposit. International deposits are not accepted.
Yes. Neo Financial also offers a credit card, the Neo Invest wealth management service, and mortgages.
Tim Falk is a freelance writer for Finder. Over the course of his 15-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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