Neo Money Account Review

Neo Money Account Review
  • Interest Rates
  • Ease of Use
  • Customer Service
  • Mobile App
  • Account options

Neo Money Review Summary:

Neo Financial’s bank account, the Neo Money Account, is a solid hybrid account. Offering the high interest rates of a good HISA along with the spending ability of a daily no-fee chequing account, the Neo Money Account is among the very best savings account in Canada.

With a lofty 4% interest rate, no-fee transactions, and no minimum balance, Neo Money has clear advantages over most of Canada’s bank accounts. But a lack of account options, limited availability, plus EQ Bank’s slightly higher interest rate are keeping it in the number 2 spot for us.


  • High everyday interest rate
  • Free e-transfers, bill payments
  • No fees or minimum balances
  • Earn cashback with the Neo Money Card
  • CDIC protection via Concentra Bank


  • Not available in Quebec
  • Limited joint accounts
  • No USD accounts
  • No GICs

What is Neo Financial?

Neo Financial is a Canadian fintech company offering a variety of products, including the Neo Money Account. It was founded in 2019 by veterans of the tech industry Kris Read and SkiptheDishes cofounders Jeff Adamson and Andrew Chau.

Since the company’s inception, Neo’s mission has been “to reinvent how Canadians spend, save, and grow their money – all together, in one place.” Neo Financial aims to find new ways to streamline their offerings and make Canadians’ financial lives easier.

Among Neo’s primary products are the Neo Card (a no-fee cashback Mastercard) the Neo Money bank account (formerly Neo Savings), and Neo’s high-interest savings account with unlimited no-fee transactions and industry-leading everyday rates. 

In this Neo Money review, we’ll explore everything Neo Money to provide you with a clear idea of what they have to offer and how they stack up against the traditional brick-and-mortar banks and also the  best online banks in Canada.

The Neo Financial High Interest Savings Account – Neo Money Account

The Neo Money account is a hybrid high-interest savings account. It combines a spectacular 4% everyday interest rate (up to 225 times higher than most big banks offer) with the free transactions and point-of-sale availability of a chequing account. 

This means that you can use your Neo Money account to stash your savings – but you can also use it to pay bills and shop for groceries if you want to. Traditional savings accounts penalize withdrawals with extra fees, but the Neo Money account lets you use your money whenever you need it, without making you pay for the privilege. There’s also no minimum deposit amount required to take advantage of the Neo Money Account.

Neo Money Account Fees

Looking at the Neo Money Account’s fee schedule is fun. You scroll down a long list of features, all with a corresponding “free” price tag. If you’re looking to brighten your day, we recommend it.

There are no monthly account fees, no Interac e-transfer fees, no pre-authorized debit fees, no NSF fees (yes, really), and the list goes on (and on). 

The website doesn’t specifically say whether the Neo Money Account carries any foreign transaction fees, but the Neo Card (a Mastercard) charges a 2.5% fee on top of the base conversion rate. So it’s possible that the Neo Money Account carries the same fee for currency conversion.

If so, it joins a $5 charge for any printed documents as the only regular fee(s) Neo charges.

Neo Money AccountRBC High Interest eSavingsScotiabank Money Master Savings AccountTD High Interest Savings Account
Interest Rate4%1.7%0.01%0.05%
Free Transactionsunlimited1 free RBC ATM cash withdrawal per monthnonenone, unless your balance is $25,000+
Free Interac e-Transfersunlimitednone; Interac e-Transfers are $1/eachn/an/a
Minimum Balance$0$0$0$5,000
Monthly Fee$0$0$0$0

Is Neo Money Safe?

Neo Financial’s Neo Money Account is provided by Concentra Bank, which is a CDIC member and provides Neo accountholders with up to $100,000 worth of deposit insurance. 

Neo accounts are secured with biometrics (FaceID/fingerprint lock) as well as 2-factor authentication. 

In other words, Neo is as safe as technology can make it.

How to sign up for a Neo Money Account

Applying for a Neo Money Account is easy and can be completed entirely online.

  1. Download the Neo Financial app.
  2. Tap “Sign Up” and follow the instructions. You will need to provide a phone number and an email address.
  3. Once your account has been created, you can open a Neo Money Account. You’ll need to take a selfie with a piece of government ID, so have it on hand. 
  4. When your account has been activated, you can fund it with e-transfers from outside accounts. Neo is also putting the finishing touches on a mobile cheque deposit feature (coming soon).

Using The Neo Mobile App

Traditional savings accounts penalize withdrawals with extra fees, but the Neo Money account lets you use your money without fees!

Neo’s easy-to-use mobile app provides users easy access to account information, including:

  • Account balance
  • Interest accrued
  • List of transactions

In addition to checking account information, users can perform several transactions directly from the app, such as:

  • Set up direct deposit
  • Send an Interac e-Transfer
  • Transfer from a separate Neo account
  • Link to an external account
  • Mobile cheque deposit

The Neo mobile app is available on iOS and Android devices, and users have the option to set up Apple Pay or Google Pay for added convenience.

The Neo mobile app is comparable to the EQ bank mobile app, and both offer their users security and peace of mind while making use of an online bank. For further information about virtual banking options, check out our review of the best online banks in Canada.

ATM Withdrawals and Point-of-sale Purchases With the Neo Money Card 

Back in the day we’d write a glowing review of an account like Neo Money and we’d have to stick a big “Buuuuuut they don’t have a bank card, so you have to get around that with e-transfers” warning label on it. 

We’re so happy that’s changing. The Neo Money card is a prepaid Mastercard that allows you to make purchases in-store and online, and gives you ATM access anywhere Mastercard is accepted. 

The Neo Money Card also pays the same great interest rate as the Neo Money Account, plus you get up to 5% cashback from Neo partner stores (up to 10,000 partners and counting). You’re basically paid twice for using the card, and we’ve never seen a big bank come close to that kind of offer. 

Neo Financial Hudson’s Bay Mastercard

Do you love shopping at “The Bay”? Would you like to earn double the points on the money you spend at the iconic Canadian retailer? If you answered yes to either, meet Neo Financial’s newest card offering, the Hudson’s Bay Mastercard!

The Hudson’s Bay Mastercard allows users to earn double the rewards points when shopping at The Bay in-store or online, and also offers the standard rewards points everywhere else you shop. Rewards points can be redeemed anytime at The Bay and

Just like the Neo Money Card, with the Hudson’s Bay Mastercard there is no annual fee and no inactivity fee. Both cards allow you to manage your card directly from the Neo Mobile app, including allowing you to check your account balance and activity, pay bills, and even freeze or replace your card. The Hudson’s Bay Mastercard can be used fully online using either Apple Pay or Google Pay for contactless payments.

Drawbacks to a Neo Money Account

Now that the Neo Money card gives you the ability to make in-store and online purchases as well as ATM withdrawals, one of the main drawbacks to the Neo Money Account has been eliminated. However there are a few more considerations:

Neo is not available in Quebec

Quebec has different rules around fintech companies, and for the time being, Neo is not available. Quebec residents should consider EQ Bank or Tangerine instead.

Neo does not offer paper cheques

Paper cheques are becoming increasingly obsolete, but if you still need cheques for your day-to-day banking, then you’ll have to look elsewhere. 

Neo has limited joint accounts

As of April 2023, Neo only offers joint accounts to married or common-law couples. Read our best joints accounts in Canada guide to find the top alternatives.

Neo does not offer GICs

GICs are an excellent low-risk investment option that often offer even higher interest rates than HISAs do, which is why we’re disappointed to see that Neo doesn’t offer them. If you are interested in GICs, check out our comparison of the best GIC rates in Canada.

Neo does not offer USD accounts

If you do a lot of travelling or cross-border transactions, you’d be better off finding a bank that gives you a US dollar option. Here’s our list of the best USD accounts in Canada for you to consider.

Quick Comparison: Neo Money vs EQ Savings Plus

  • Savings account
  • Credit card
  • Secured card
  • Mortgages
  • Neo Invest (ETFs)
  • Savings account
  • Reloadable EQ Bank card
  • GICs
  • RRSP
  • TFSA
  • Elite currency exchange
Monthly Fee $0 $0
ATM Access? Yes
Savings Account Interest Rate 3.75% 4%
Yes Yes
Sign Up Visit Neo Money Visit EQ Bank

Neo Money Account Review: FAQ

Neo Money Account Review Conclusion

To summarize our review of the Neo Money Account by Neo Financial, we would describe it as a hybrid that combines the best features of a high interest savings account and a chequing account. The Neo Money card is a convenient way to access your money as you would with a debit card, and the Hudson’s Bay Mastercard offers users a new option to earn bonus reward points on all shopping at The Bay.

That being said, when we examine the fine details of the top tier online banks, there are subtle but important differences. While the Neo Money Account HISA offers an almost similar interest rate at 4% to EQ Bank’s 4% interest rate, the Neo Money Account lacks some of the ease of use and accessibility of EQ Bank.

The Neo Money Account has significant limitations to opening joint accounts for anyone other than couples, and Neo Financial products are not available in Quebec. Neo Financial also does not offer GICs or USD account options. These considerations make the Neo Money Account our second choice. To learn more, check out our detailed review of high interest savings accounts.

Alternatively, EQ Bank’s Savings Plus Account offers joint accounts for up to 3 people, and it is available Canada-wide (including Quebec). EQ Bank offers account options in USD and GICs with excellent rates. We suggest reading our full EQ Bank review first before making your choice.


Meg Goodmanson is a writer, editor, virtual assistant, credit card expert, and lifelong learner-of-things. A self-proclaimed nerd, Meg’s favourite thing is collecting information and presenting it in an interesting and helpful way—especially if it helps her travel for free!
Notify of

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inline Feedbacks
View all comments