The Neo Savings Account lets you earn a high interest rate and enjoy unlimited free transactions.
The Neo Savings Account allows you to save at a competitive rate. Earn 2.25% interest on your balance with a Neo Essentials membership, 2.75% interest with a Neo Build membership, and 3.00% with a Neo Grow membership. There are no minimum deposit requirements. You can download the Neo app and sign up in a matter of minutes, all from the comfort of your own home.
Best for: Anyone looking for a competitive savings account interest rate from a digital bank.
Get one of the highest ongoing interest rates in Canada at 3% with Neo's Grow membership.
T&Cs apply.
Pros
Earn 2.25% - 3.00% interest on savings
Open an account instantly
No minimum account balance
CDIC protection for balances up to $100,000
Cons
You'll need a paid monthly Neo membership to earn the highest interest rates
It's possible to get higher rates elsewhere
Can only transfer funds out through the Neo chequing account
No physical bank branches available
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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.
Get one of the highest ongoing interest rates in Canada at 3% with Neo's Grow membership.
What is Neo Savings Account?
The Neo Savings Account is an innovative high-interest savings account that lets you earn a high interest rate on any balance you hold in it. To earn the highest interest rate, you’ll need to be a Neo Grow membership holder. This account comes with no minimum balance requirements. This high-interest savings account from Neo allows you to access their extensive rewards network while earning daily interest on every dollar in your account.
Neo Savings Account features
The Neo Savings Account gives you 2.25% - 3.00% return on your savings, depending on whether you’re an Essentials, Build or Grow member. This is a better return than what’s offered by Canada’s big banks and some other digital providers.
This high-interest Neo savings 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.
Pros and Cons of the Neo Savings Account
Pros
Fee-free for the Essentials membership. You won't have to pay monthly or annual fees to maintain the free Essentials membership. However, this also means you won't earn the highest interest rate or get access to the best perks. You'll need to upgrade to become a Build or Grow member to get these.
High return on interest. Earn 2.25% interest on your balance with a Neo Essentials membership, 2.75% interest with a Neo Build membership, and 3.00% with a Neo Grow membership.
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.
Eligible for insurance. CDIC protection for balances up to $100,000
Cons
Monthly account fee for Build and Grow memberships. You'll pay a monthly account fee between $0 - $14.99 to maintain the two paid membership options. The Essentials membership has no monthly fee however.
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.
Limited transfer options. You can only transfer money out of your account by first transferring money to the Neo Chequing Account, and from there to other financail insitutions or ATMs. You can't make withdrawals directly from the Neo Savings Account.
Earn up to 5.00% for 5 months, 0.30% - 1.00% thereafter interest
No monthly fees
Unlimited transactions and Interac e-Transfers
No min. balance required
CDIC protection up to $100,000
How do I open a Neo Savings Account?
You’ll be able to open a Neo Savings 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 Savings 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 for the Neo Savings Account
To apply for a Neo Savings 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 at least 13 years old if you live outside of Quebec, or 14 years old if you live in Quebec
Required documents and information to open a Neo savings account
Your name, residential status and contact information
Your Social Insurance Number (SIN) 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 Savings Account is supported by Peoples Bank of Canada, which is a member of the Canadian Deposit Insurance Corporation. $100,000
Bottom line on the Neo Savings Account
The Neo Savings Account offers unlimited free transactions and a high interest rate. It also lets you start earning high interest as soon as you invest your first dollar. Just be aware that Neo 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.
BMO Performance Chequing Account
Earn up to $1,100 in cash bonuses from BMO
Exclusive: Get an extra $175 reward from Finder + a $25 BMO referral boost
Get up to 5.00% promo interest with a linked savings account
No. You can't make ATM withdrawals directly from your Neo Savings Account. If you want to withdraw money from your Neo savings account, you'll first have to transfer it to the Neo Chequing Account, where you can either withdraw it from there or transfer it to an external account to make the withdrawal.
It depends on the membership you choose. The Essentials membership is free, while the Build and Grow memberships (offering the highest interest rate and best perks) cost between $0 - $14.99 per month.
Unfortunately, no. It operates completely online which means that you'll have to manage your transactions through your mobile app or virtually. You also won't be able to do any of your banking in person. Live call support is available from Monday to Friday, 9:00 am to 5:00 pm MT, or you can email support@neofinancial.com.
Neo Financial offers live call support Monday through Friday between 9am-5pm MT. They can be reached at 1 (855) 636-2265 or by email: support@neofinancial.com.
Yes. You can apply by filling out an application on Neo Financial's website by clicking on the Go to site button at the top of this post. This will give you access to an online interface that will let you manage your savings account and credit cards with Neo Financial all in one place.
No. The Neo Savings Account does not come with a debit card. If you want a transaction card from Neo, you'll have to sign up for the Neo Chequing Account to get access to the Neo Money card, a prepaid card that is linked to the Chequing Account.
Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
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