As a digital financial institution that is a new entrant into the industry, Neo Financial has an innovative range of products. One of these is the Neo Money™️ account and the Neo Money™️ card.
The Neo Money™️ account was formerly Neo Savings Account but was rebranded as it’s an all-in-one account that maximizes savings and spending.
Curious already? Let’s dive in.
Highlights of the Neo Money™️ account
|Account Type?||✔️ The all-in-one account that maximizes saving and spending|
✔️ Where high-interest and cashback meet
✔️ All the best features, all in one place
|Savings Interest Rate||A highly competitive interest rate of 2.25% – calculated daily, and added to your account monthly|
|Minimum Balance Requirement||$0|
|Free Transactions?||Yes – Bill payments, Interac e-Transfers, direct deposits, and more!|
|Neo-to-Neo Transfers?||Coming soon|
|Debit/Prepaid/Access Card?||Yes – Neo Money™️ card (Mastercard)|
|Offers a Credit Card?||Yes – Neo Credit card and Neo Secured Credit card|
|Direct Payroll Deposit?||Yes|
|Mobile Cheque Deposits?||Coming soon|
|Eligibility||Must be a Canadian Resident – Citizen, Permanent Resident, Worker, or Student.|
|CDIC Insured?||Yes, up to $100,000|
|Availability||All Canadian provinces and territories except Quebec|
|Sign-up Bonus||Yes – $5|
|Learn More →||Go to Neo|
Neo Money™️ Account Review
If you’re looking for an everyday bank account offering high interest on your savings and tools to manage finances, look no further.
Neo Money™ account not only offers the simplicity of having all your money in one place but also offers high cashback when you use your Neo Money™ card.
Without the pesky fees on everyday transactions, minimum balances, or annual fees, this account comes with a horde of perks. You get what you’d expect from a chequing account, a savings account, and even a premium rewards card, all in one place.
With Neo Money™ instant, unlimited cashback and high-interest features, you can save more of your money.
Additionally, Mastercard acceptance ensures free everyday transactions and ATM access with the Neo Money™ card.
The Neo Money™ account is ideal for anyone looking for a fuss-free, no-fee, and convenient personal finance solution.
Start earning 2.25% interest today with the Neo Money™️ account.
Did You Know? The Neo Money™️ account comes with an access card (Neo Money™️ card) that earns instant, unlimited cashback!
Neo Money™️ Card Review
✅ Free Neo Money™️ card with the Neo Money account
✅ Welcome Bonus: Get $5 for opening a new Neo Money account
✅ Perks: Instant Unlimited Cashback while Earning High 2.25% Interest on your balance
✅ Free Transactions and No Monthly Fee
✅ Withdraw cash from any ATM where Mastercard is accepted
The Neo Money™ card is a revolutionary debit alternative that combines the advantages of a chequing account, credit card rewards and high-interest savings account earnings.
It allows you to consolidate your money in one place without any imposed monthly fees or mandatory minimum balance. The best part? You get to enjoy the rewards of a credit card minus the use of credit.
The Neo Money card is ideal for you if you want:
- A no-fee card with no balance restrictions.
- Earn instant, unlimited cashback on your spending.
- Easily withdraw cash from any ATM across the globe, anywhere that Mastercard is accepted.
- An account that allows you to deposit your payroll and earn high interest simultaneously on your balance
The Neo Money™ card is a game-changing access card worth considering!
Pros of the Neo Money™️ Account
There are tons of benefits and rewards associated with this bank account from Neo Financial. Here are a few:
• 2.25% High-Interest Rate on Savings
The interest rate on the Neo Money™️ account is one of the highest in Canada at the moment, with an impressive 2.25% interest rate compared to the measly 0.01% – 0.05% found at Canada’s ‘Big 5’ banks.
And what’s more, your end balance is calculated daily and paid out monthly. This means you’ll earn more money over time just by having a Neo Money™️ account.
So, if you’re looking to maximize your savings, opening a Neo Money™️ account is definitely worth it.
• No Monthly Fees
Another great benefit of the Neo Money™️ account is that there are no monthly fees. You won’t have to bother about paying maintenance or transaction fees.
Neo Financial is an online financial institution; thus, the Neo Money™️ account is easy to open and operate. Operate your account seamlessly using the Neo app, online banking or by calling their customer service.
“Canada’s banking sector continues to trail other countries, using technology that is more than 50 years old, and unable to innovate. This is why we set out to rebuild it from scratch. We wanted to create a seamless consumer-first experience, specifically for Canadians,”
— Andrew Chau, Founder and CEO, Neo Financial.
• Your Money is Safe
Thanks to Neo Financial’s partnership with Concentra Bank (now Wyth Financial), the funds in your Neo Money account are CDIC-eligible. Thus, your deposit is protected for up to $100,000.
Start earning 2.25% interest today with the Neo Money™️ account.
Cons of the Neo Money™️ Account
- The Neo Money™️ account is not available to residents of Quebec.
- No Cheques: Presently, the Neo Money™️ account does not offer cheques nor mobile cheque deposits (coming soon). This may be a concern for those who require cheques frequently or deal with a large volume of cheques.
How Do I Sign-up for a Neo Money™️ Card and Account?
The entire process of signing up for a Neo Money™️ card and account takes only 3 minutes. Simply follow the steps outlined below:
- Go to Neo’s website and click on any of the buttons. For example, ‘Get This Card’, ‘Sign Up Now’ or ‘Open Account’.
- Follow the guided steps to create your Neo account.
Note: If you have not created a Neo account before, a valid email and phone number are required for the account creation process.
Once your account is created, you will be redirected to a page featuring Neo products.
- Click the ‘Learn more’ button to start your application for a Neo Money™️ card and account.
- Tap ‘Get started’, and you will be taken through the application process.
A feature for joint Neo Money™️ accounts is coming soon. Stay tuned!
How To Make Deposits To Your Neo Money™ Account
The following are various ways for you to deposit funds to your Neo Money™ account:
- Direct deposit through payroll – Set up direct deposit with your employer to have your paycheques directly transferred into your Neo Money™ account.
- Transfer funds from other bank accounts – Link your external bank account to your Neo Financial account and easily transfer and withdraw funds.
- Send an Interac® e-Transfer to yourself – You can fund your Neo Money™ account by sending an Interac® e-Transfer from another bank account.
- Deposit cheques using the Neo app – This feature is coming soon. Once launched, it will enable you to deposit cheques directly into your Neo Money™ account through the app.
So what are you waiting for? Start depositing funds into your Neo Money™ account immediately and earn high interest on your savings!
FAQs: Neo Money™ Account and Neo Money™ Card
Do I need a minimum deposit or balance on my Neo Money™ account?
No, you do not need a minimum deposit or balance on your Neo Money™ account.
What Is a High-Interest Savings Account (HISA)?
A high-interest savings account (HISA) is a savings account that offers higher interest rates than the traditional rates on regular savings accounts.
The higher interest rate can bring you closer to your savings goal faster than a regular savings account. So, if you’re looking for a way to grow your savings quicker, a high-interest savings account is for you.
How Do High-Interest Savings Accounts Work?
A high-interest savings account works similarly to a regular savings account. In essence, you can make withdrawals, deposits, and settle bills, amongst others, from the account.
However, depending on the bank, you may have to maintain a stipulated minimum balance in your account to get a high-interest rate. Luckily, there is no minimum balance requirement for the Neo Money™ high-interest savings account.
Furthermore, with a high-interest savings account, you may find it difficult to withdraw from the account, especially if the bank doesn’t offer debit cards for the account.
Thus, if the ease of withdrawing funds is important to you, you should consider the Neo Money™ account as it comes with the Neo Money™ card that gives you easy access to the money in your account.
How Much Interest Can You Earn with Neo?
You will earn 2.25% interest with a Neo Money™ account. This rate is significantly higher than that available with traditional banks like RBC and TD, which offer interest rates between 0.01% – 0.05%.
Is My Money Insured?
I know how important it is to ensure that your money is protected. Fortunately, with the Neo Money™ account provided by Concentra Bank, a Schedule 1 bank, you have the peace of mind that your deposits are eligible for CDIC deposit protection.
This means that your deposits in Neo Money™ accounts will be combined with eligible deposits held at Concentra Bank, providing up to $100,000 of deposit protection per category, per depositor.
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Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.
Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.
Backed by Solid Credentials: MBA in Finance Canadian Investment Funds (IFIC) Graduate Masters Degree in International Business Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting
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