Neo High Interest Savings Account Review
- Promotional Rate
- N/A
- Interest Rate
- 2.5%
- Transaction Fee
- $0
- Minimum Balance
- $0
Our verdict
The fee-free, high-interest Neo savings account lets you earn a high interest rate and enjoy unlimited free transactions
The Neo High Interest Savings Account allows you to save at a competitive rate. You'll earn an ongoing interest rate of 2.5% on your savings and 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.
Pros
-
Earn 2.50% interest on savings
-
Open an account instantly
-
No minimum account balance
-
CDIC protection for balances up to $100,000
Cons
-
It's possible to get higher rates elsewhere
-
Can only transfer funds out through the Neo chequing account
-
No physical bank branches available
What is Neo High Interest Savings Account?
The Neo High Interest Savings Account is an innovative high-interest savings account that lets you earn a high interest rate on any balance you hold in it. This account comes with no monthly fees and 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 High Interest Savings Account features
The Neo High Interest Savings Account gives you an ongoing 2.5% return on your savings. 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 High Interest Savings 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 2.5% 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.
- Eligible for insurance. $100,000
Cons
- 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 Everyday Account, and from there to other financail insitutions or ATMs. You can’t make withdrawals directly from the Neo High Interest Savings Account.
Compare with other high-interest accounts
- Earn up to 3.5% interest for 12 months
- Unlimited free transactions
- $0 account fee
- Zero everyday banking fees
- No min. balance required
- CDIC protection for balances up to $100,000
- Earn up to 5.00% for 3 months, 0.55% thereafter
- Can earn interest rate boosts
- No account fee
- No minimum balance required
- CDIC protection up to $100,000
- Earn 4.50% for 5 months, then 0.30% thereafter
- No monthly account fee
- Automatic savings option
- Free access to Scotiabank ABM network
- CDIC Deposit insurance up to $100,000
How do I open a Neo High Interest Savings Account?
You’ll be able to open a Neo High Interest 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 High Interest 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 High Interest Savings Account
To apply for a Neo High Interest 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 High Interest 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 High Interest Savings Account
The Neo High Interest Savings Account offers unlimited free transactions, no annual fee 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.
Frequently asked questions
Your reviews
