EQ Bank vs Neo Financial
While EQ Bank remains our top rated bank in Canada, Neo Financial has proven to be a top contender for those who value having a convenient one stop shop for all of their banking needs. With both offering top notch services, it can be challenging to choose where to put your money, so we’ve put together this handy EQ Bank vs. New Financial comparison to help make the decision easier.
EQ’s Everyday and Notice Account savings rates are solid, plus it offers GICs, registered accounts and a USD account, which can definitely come in handy. Plus, you won’t need to worry about paying a membership fee to get those solid rates.
While Neo used to have a bit of a leg up when it came to cashback credit cards, that may no longer be the case. Since EQ Bank’s parent company EQB acquired PC Financial, the PC Mastercard is now under the EQ Bank umbrella. That means it will likely offer more attractive options than its current 0.5% cashback prepaid Mastercard in the future.
So, are Neo FInancial’s offerings enough to edge out EQ Bank as the best online bank in Canada? We think not. Read on to find out why.
Quick Comparison: Neo Financial vs EQ Bank
 |  | |
|---|---|---|
| Products |
|
|
| Monthly Fee | $0 on Essentials; paid tiers for higher rates | $0 |
| ATM Access | Yes |
|
| Savings Account Interest Rate | 2% - 2.75% | 2.75% |
| Credit Cards | Full lineup of Mastercards | None (prepaid EQ Bank Card) |
| Sign Up | Visit Neo | Visit EQ Bank |
EQ vs Neo Interest Rates (HISA)
While at first glance it looks like both offer decent, even competitive HISA rates. Upon closer inspection, we can see that the conditions are very different.
EQ Bank pays 1% interest on every dollar in the Personal Account, no strings attached. You can easily bump that up to 2.75% if you set up automatic recurring deposits totalling $2,000 a month. This is not a teaser bonus with a time limit. This is all day everyday, as long as you meet the required deposit.
If you can’t commit to $2,000 a month, don’t worry, there is an alternative EQ offers that has no fees and no minimum balance, and that’s the EQ Notice Savings Account. This account pays 2.35% with 10 days’ notice and 2.75% with 30 days’ notice.
Neo Financial on the other hand, sets the savings rate by tier on everything beyond the Essentials tier. As of this writing, October 2026, the free Essentials tier pays 2%. The Build tier pays 2.50%, but will cost $9.99 per month. The Grow account pays 2.75% and costs $14.99 per month. Previously, Neo waived the monthly fee if customers met a minimum balance requirement, but that is no longer the case. However, the fees will still be waived for those holding a Neo World Elite Mastercard.
Neo is also launching a New Start tier at 2.25%, which will be free with a payroll deposit to Neo Checking, or $4.99 per month without one.
Let’s compare what that looks like after one year. Let’s say a customer has $10,000 in their account at EQ Bank earning 2.75%. This would earn around $275 before compounding. Neo Essentials would earn around $200 at the 2% rate on the same amount of savings. Neo Grow at 2.75% would earn about $275 before fees, which would cost a whopping $179.88, leaving only $95 net. To make it worth the fee, you’d need an account balance of at least $24,000. It really doesn’t make financial sense.
In the case of HISAs, EQ Bank wins hands down.
Winner: EQ Bank
EQ vs Neo: Fees
In addition to having stellar interest rates, both Neo Financial and EQ Bank have fee-free accounts. They’re able to do this because they’re not paying overhead costs for brick-and-mortar banking locations. This is another perk of online banks that I love!
| Neo Financial | EQ Bank | |
| Monthly Account Fees | $0 on Essentials | Free |
| Inactivity Fee | Free | Free |
| Electronic Funds Transfer (EFT) | Free | Free |
| Interac Money Transfers | Free now; $1 per transfer from Jan. 1, 2027 unless you have a Start, Build or Grow account | Free |
| ATM Withdrawal | Free now, $1.50 per withdrawal with the Neo Money card from Jan.1, 2027 unless you hold a paid membership. Build and Grow reimburse third-party ATM fees up to $5. | Free; EQ reimburses ATM operator fees |
| Account Closing | Free | Free |
| Bill Payments | Free | Free |
| Overdraft Fee | Free (from card to account) | Free |
| NSF Fee (Non-Sufficient Fund Fee) | $4.99 from Jan. 1, 2027 unless you hold a paid membership | $4.99 from Jan. 1, 2027 unless you hold a paid membership |
| Foreign exchange on the card | 2.5% on the Neo Money card; rebated for Grow members on up to $10,000 a month | No FX fee on the EQ Bank Card |
Winner: With the amount of new fees Neo is applying as of January 1, 2027, the winner is EQ Bank.
Comparing Account Options
EQ Bank and Neo Financial both have a diversity of account options, with some comparable accounts, as well as each institution offering some products that the other does not.
EQ Bank has a hybrid savings and chequing account called the EQ Personal Account, that comes with the versatile EQ Bank Card. Neo Financial has the Chequing account for day-to-day spending (although it is not a chequing account), the Neo Money Card, and the Neo High Interest Savings Account.
EQ Bank provides choices for RRSP, TFSA, as well as FHSA accounts. With EQ Bank, you can enjoy a straightforward and guaranteed interest rate of 3.85% for an RRSP, TFSA, or FHSA. You could also purchase a GIC within any of these accounts to benefit from higher interest rates, which can reach up to 4% depending on the term length.
Neo Financial does not currently offer FHSAs or GICs. You can open an RRSP or TFSA with Neo Financial, but you’ll need to do so with Neo Invest. There you’ll build a portfolio of ETFs (which will incur some fees).
Neo only offers joint accounts to married or common-law couples and does not offer USD accounts. On the other hand, EQ Bank offers joint accounts, USD accounts, and the new Notice Account outlined in the following section.
If you’re looking for a mortgage, it is a product that Neo Financial offers. EQ currently does not have mortgages, although they have a “Mortgage Marketplace” that gives customers shopping access to over 2,000 mortgage products.
For those living in Quebec, many of EQ Bank’s offerings are available, but it does not offer a USD account, international transfers, RRSP or FHSA products. Neo Financial is similar, in that Quebec residents can access the HISA, Everyday accounts and certain Mastercards, but access to other products is restricted.
For a more complete list of account offerings check out our Neo Financial Account Review and EQ Bank Review.
Winner: EQ Bank (for having more account options).
EQ Bank’s New “Notice Account”
EQ Bank’s new Notice Account is an innovative new offering in Canada. Despite this account type having been available in the UK for decades, EQ is the first and only bank to offer it to Canadians.
Its 2.75% interest rate, offered without fees, a minimum balance requirement, or requirements of deposits is a great option for those looking to make interest on their money. This account could best be described as a hybrid GIC/high interest savings account in which you have a flexible withdrawal period of either 10 or 30 days.
Additionally, the account is CDIC-insured, ensuring your money is secure. It’s an ideal option for saving up for a new car or a vacation. For more information, check out our full EQ Notice Account Review.
GICs from EQ Bank and Neo
One of the shortcomings of Neo Financial is that they don’t currently offer GICs. They have, however, indicated that their team is considering offering it.
Meanwhile, EQ Bank offers some of the top GIC rates in Canada. They are available for registered (TFSA, RRSP, and FHSA) and non-registered accounts, and with a huge variety of options for term length.
Term | Registered (TFSA & RRSP) GIC Rate | Non-Registered GIC Rate |
3 Months | 2.55% | 2.55% |
6 Months | 2.80% | 2.80% |
9 Months | 3.25% | 3.25% |
1 Year | 3.70% | 3.70% |
15 Months | 3.80% | 3.80% |
2 Years | 4.00% | 4.00% |
27 Months | 4.10% | 4.10% |
3 Years | 4.15% | 4.15% |
4 Years | 4.20% | 4.20% |
5 Years | 4.30% | 4.30% |
6 Years | 2.35% | 2.35% |
7 Years | 2.35% | 2.35% |
10 Years | 2.35% | 2.35% |
For a comprehensive and updated list of GICs available to Canadians, visit our list of the Best GIC Rates in Canada.
Winner: EQ Bank
EQ vs. Neo Credit Cards
Over time, EQ Bank and Neo Financial have developed unique and practical cards for their clients.
While not a true credit card, the EQ Bank Card can be used anywhere Mastercard is accepted. After transferring money to it from your EQ Bank Account, you can use any ATM in Canada free of charge. The card offers 0.5% cashback on each purchase, up to 2.75% interest on your balance (if you set up direct deposit for your paycheck with EQ), and no foreign exchange fees.
In addition, since EQB acquired PC Financial, it now owns the PC Mastercard. The PC Mastercard portfolio, which currently has over 2 million active accounts. EQ Bank has stated that in the future it will offer EQ branded credit cards to its customers.
Neo Financial has a few types of cards. The first is the Neo Mastercard, which is a prepaid Mastercard that can be used anywhere Mastercard is accepted. It’s how you can withdraw money from your Neo Chequing account. It has fantastic cashback rates: up to 15% through Neo partner offers only. This is a change from the previous cashback program for gas and groceries. You’ll also earn 1% interest on every dollar deposited into your Neo account.
As for credit cards, Neo has a few options, two of which take the top place in their respective categories in our lists of Canada’s best credit cards and Canada’s best secured credit cards. These cards can be applied for and approved in under 5 minutes, and are available to people with very low credit scores.
The card can be used immediately via Apple Pay or Google Pay digital wallets. While the premium plan in the table below does come with a monthly fee, it’ll only cost $60 a year which the increased cashback percentages will likely cover!
| Neo Mastercard | Neo World Mastercard | Neo World Elite Mastercar | Secured Neo Mastercard | |
| Best for… | everyday spending with partner cashback and easy approval | Everyday cashback with no annual fee | Maximum cashback and travel perks | building or repairing credit |
| Fee | $0 | $0 annual fee | $149 annual fee ($0 for your first year for applications completed by October 12, 2026). $49 per additional cardholder | Requires a Build ($9.99/month) or Grow ($14.99/month) membership to keep using the card |
| Credit limit | Up to $10,000 | Up to $20,000 | Up to $30,000 | Set by your refundable security deposit. Can increase after as little as 3 months. |
| Approval | Instant | Instant | Instant | Guaranteed |
| Rewards/Cashback | Up to 15% on over 10,000 Neo partners, restaurants & bars | Choose a plan at signup; Everywhere 1% unlimited Gas & Grocery and Shop & Dine, plus 15% at Neo partners | Choose a plan at signup; 5% unlimited Gas & Grocery and Shop & Dine, 4% recurring bills, 3% gas, 1% other. Everywhere 2% (up to $4,000 per month then 1%), plus up to 15% at Neo partners. Monthly spend caps apply. | Up to 15% on over 10,000 Neo partners, restaurants & bars. Earns the same rates as the unsecured card versions |
While previously Neo Financial held a points partnership with Hudson’s Bay Mastercard, the Hudson’s Bay point earning system has been paused. Cardholders cannot currently view, earn or redeem Hudson’s Bay Rewards points. However, there is a temporary cashback replacement of 2% cashback on purchases at Hudson’s Bay, and 0..5%- 1% cashback on all other purchases.
Winner: Neo (for their excellent cashback rates and range of card options).
EQ vs. Neo Ease of Use
While you can’t go into a branch location of either EQ Bank or Neo Financial, they have both developed as easy-to-use online banks. Neither bank offers cheques, but their hybrid accounts allow you to perform money transfers via their webpage or mobile app.
EQ Bank has customer service phone lines open 7 days a week from 8am to midnight EST. Neo Financial is harder to get in contact with. They don’t have a listed phone line or email address. While they have an online chat available every day from 7am to 8pm EST you have to be a current client with a login. I have had success reaching them using Facebook Messenger, but responses sometimes take a day or 2. With EQ Bank anyone can start a conversation with the chatbot at any time.
Both banks allow for your card to be added to your mobile wallet and can be used at ATMs across Canada.
Winner: EQ Bank
Mobile App Comparison
EQ Bank and Neo Financial, having been created in 2016 and 2019 respectively, are on top of the game when it comes to modern-day online banking technology. Their versatile mobile apps are also secured with biometric login (FaceID and fingerprint lock) and 2-factor authentication.
Users of both apps can view and handle all their transactions in one place: transfer funds, send e-transfers, pay bills, deposit cheques, etc. One highly appreciated feature of the Neo app for credit card holders is the ability to check which businesses have partnered with Neo for increased cashback. And with the EQ Bank app, clients can purchase GICs.
The EQ Bank app boasts a high rating of 4.8 stars on the Apple Store and 4.2 stars on the Google Play Store. Recent low reviews on Android cite issues with logging in or staying logged in, and with paying bills. EQ Bank has made a concerted effort to fig bugs reported in previous app versions.
Neo Financial app users have remained a very satisfied bunch with ratings of 4.8 stars on the Apple Store and 4.5 stars on the Google Play Store!
Winner: Neo Financial by a slim margin based on user reviews.
Current Promotions and Referral Programs
Neo Financial
- Promotions: new Neo Credit card or Neo Chequing account customers are eligible to receive up to $650 when approved for a Neo Credit card or deposit at least $50 into a newly opened Neo Account.
- Referrals: $25 for new users who sign up through an existing member’s link.
EQ Bank
- Promotions: 2.75% interest rate for the Personal Account for a year when you add direct deposit
- Referrals: $20 bonus for both the referrer and referee
Editor’s Note: Remember that these promotions have specific terms and conditions, as well as required actions to claim the bonuses or activate the rates. For more offers, check out our list of Canada’s Best Bank Account Promotions.
Winner: Neo
Best 2026 Canadian Bank Offer:
2.75% Everyday Interest Rate
Open an account with EQ Bank & get the best interest rates in Canada: 1.50% + 1.25% interest rate if you direct deposit your pay.
The best daily interest rates in Canada* and great rates for GICs - up to 4.30% guaranteed in your registered account. Get it by clicking the button below:
* Rates are subject to change ** Applies to both New and Existing clients who open a new account. ***EQ Bank Review: more details
EQ vs. Neo vs. Tangerine
Tangerine Bank is another comparable online bank option. It is a digital subsidiary of Scotiabank with a wide variety of product offerings. While it may have more product offerings than both EQ Bank and Neo Financial, its high interest savings account rates don’t come close to matching either!
The table below compares the 3 banks. For a more detailed comparison between Tangerine and EQ, check out our Tangerine vs EQ Bank Comparison.
| EQ Bank | Neo | Tangerine | |
| Products | – Hybrid Chequing/Savings accounts – U.S. Dollar savings – Joint accounts – Reloadable EQ Bank Cash Back card – Notice Account – Mortgage Marketplace – GICs – RRSP – TFSA – FHSA – Elite currency exchange – HELOC | – Neo Chequing Account – Neo High Interest Savings account – Joint accounts (married/ common-law only) – Reloadable Neo Money card – Credit card – Secured card – Mortgages – Neo Invest (ETFs) | – Chequing accounts – Savings accounts – U.S. Dollar savings – Joint accounts – Debit cards – Credit cards – Mortgages – GICs – RRSP – TFSA – HELOC – Business Savings accounts |
| ATM/INTERAC Transactions? | Yes, with the reloadable EQ Bank card. Free withdrawals from any ATM in Canada. No currency conversion fees when abroad. 0.5% cash back on every purchase. | Yes, with the Neo Money card wherever Mastercard is accepted. | Yes, for free from Scotiabank ATMs. |
| Account Transaction Fees | $0 | Currently largely $0, but that is set to increase from January 1, 2027 | $0 |
| Savings Account Interest Rates | Personal/Joint 1% base, 2.75% with qualifying payroll direct deposit. Notice 2.35% (10-day) or 2.75% (30 day). | 2% – 2.75% based on account tier | Regular savings around 0.35%. Current new-client promo is 4.50% for eligible non-registered savings and 5% for eligible registered savings for 5 months. |
| GIC 1-Year Interest Rate | 3.70% | GICs not available with Neo Financial | 3.60% |
Best 2026 Canadian Bank Offer:
2.75% Everyday Interest Rate
Open an account with EQ Bank & get the best interest rates in Canada: 1.50% + 1.25% interest rate if you direct deposit your pay.
The best daily interest rates in Canada* and great rates for GICs - up to 4.30% guaranteed in your registered account. Get it by clicking the button below:
* Rates are subject to change ** Applies to both New and Existing clients who open a new account. ***EQ Bank Review: more details
EQ or Neo – FAQ
Is EQ Bank Better Than Neo?
Now it’s time to answer the big question: In the case of EQ Bank vs Neo, who wins?
While it used to be a bit of a tougher question to answer, EQB’s acquisition of PC Financial, and therefore its new ownership of the PC Mastercard, means that Neo FInancial just might have lost its edge when it comes to credit card offerings. EQ Bank is clearly the winner in pretty much all categories.
EQ Bank gives you want the best practical option with a great everyday HISA rate of 2.75%. In the end, you’ll save more with EQ Bank, as there are no membership fees eating away at your gains. You’ll also have access from a wide range of products, a well functioning app and great customer service. Can’t beat that combination!
While Neo Financial does slightly beat out EQ Bank for now when it comes to credit cards and everyday cashback. The upcoming Start tier may make it a great option if you set up automatic transfers. In fact, it is at the top of our list for the best credit cards in Canada so we have to give it recognition there.
Taking everything into consideration however, EQ wins over Neo Financial. Find out more details on the benefits of banking with EQ in our full EQ Bank review.
EQ Bank app is very easy to use for a senior
Incredible good the Customer Service over the phone. They always answer in less than five minutes. Believe me. The person is always knowledge
EQ card works well , no foreign transactions fees, the Mastercard exchange rest in our case always have been better than the Visa exchange rate. We stop using regular credit cards or travel credit cards. We get a savings of 2.5% . No need to have too much money on the card, just what you need for the day and before going to sleep you can reload from the saving account using data ( no WIFI). No need to have your phone active. Just need data. Used in five countries so far