Neo Chequing (Formerly Everyday) Account Review

What is Neo Financial?

Neo Financial is a Canadian fintech company offering a variety of products, including the Neo Chequing 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 Chequing Account, the Neo High-Interest savings account, and the Neo Card (a no-fee cashback Mastercard). Notably, they have also added mortgage offerings, as well as an investing platform.

In this Neo Savings account review, we’ll explore everything Neo provides, leaving 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

In early 2026, Neo made some major changes to its hybrid HISA account, introducing a membership model that has three tiers:

Tier 1: Essentials

This tier is free and earns account holders 2.25% interest

Tier 2: Build

For those with less than $5,000 in their account, this tier offers a 2.50% interest rate with a $7.99/mo fee. For those with more than $5,000, no fee is applied, and you get the same great rate.

Tier 3: Grow

For high balance account holders with $20k or more in their account, this tier offers a 3.00% interest rate. Those with less than $20k will pay a $12.99/mo membership fee.

Another change that was made is that the chequing account itself no longer pays out an automatic 2.25% interest rate as it did before. Due to the restructuring of the chequing and HISA accounts, you will now only receive a flat 0.1% interest rate on only the Neo Chequing account.

So, while the free tier does still offer a generous 2.25% interest rate, the higher 3.00% interest rate will be out of reach for some. Plus, the convenience of having everything in one place while earning an attractive interest rate has been lost. Account holders now have to transfer money from their HISA to their chequing before spending it.

On the other hand, the chequing account is still free, and has no minimum deposit. So there are some advantages to having a Neo Chequing account vs a Big Bank chequing account, as you won’t have to pay to spend your own money, which is always a win.

Neo Account Fees

Looking at the Neo Chequing 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 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 Chequing 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.

Is Neo Savings Safe?

Neo Financial’s 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 Chequing Account

Applying for a Neo 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 Chequing 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).
5. After your chequing account has been opened, you can move on to adding a HISA tier of choice.

Using The Neo Mobile App

Traditional savings accounts penalize withdrawals with extra fees, but the Neo 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 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 thebay.com.

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.

Neo Interest-Free Overdraft Coverage

This is definitely a great feature. We’ve all had that moment when we realize we have overdrawn our account just a wee bit only to be hit with an overdraft charge that dwarfs what we actually overspent.

Neo now offers up to $300 in interest free overdraft coverage on the chequing account, which would cost you $45-$48 at a big bank.

Rent Reporting

If you are looking for ways to build your credit beyond the traditional credit card method, Neo now offers rent reporting to Canadian credit bureaus. All you need to do is make your eligible rent payment from your chequing account through the Neo app. Each month, you will build your credit history, which is perfect for young adults or others who are just starting to build a credit file in Canada.

Drawbacks to a Neo Chequing 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 Account has been eliminated. However there are a few more considerations:

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 joint 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

Products	Neo Everyday Account Neo high interest savings account Reloadable Neo Money card Credit card Secured card Mortgages Neo Invest (ETFs)	Hybrid Savings/Chequing Account EQ Notice Account Reloadable EQ Bank card GICs RRSP TFSA Elite currency exchange
Monthly Fee	$0	$0
ATM Access?	Yes	Yes
Savings Account Interest Rate	2.25% - 3%	2.75% with Savings Account
Point-of-sale Purchases?	Yes	Yes
Sign Up	Visit Neo & Get $25	Visit EQ Bank

Neo Money Account Review: FAQ

Is Neo Savings Account The Right Choice?

With their no-fee chequing as well as high-interest savings accounts, Neo can be an attractive option. Although its new membership tier structure means that it will cost you to reach a higher interest rate unless you have a higher balance, it still offers way more for no cost to you than a big bank ever will. 

Considering Neo Financial’s other offerings, such as the overdraft protection and cashback money card, it easily ranks as one of the best chequing accounts in Canada.

However, the inconvenience of having to transfer money between your chequing and HISA can become cumbersome over time, so it might make some users simply search for a better high interest savings account altogether, where they can still earn on their money and have a more seamless experience.

In addition, if you are looking to do all of your financial transactions in one place, Neo Financial is limiting. Although there are investment options, they are limited and some customers report dissatisfaction with the platform and lack of products such as GICs. You are also limited in that there are no USD options, which will definitely be a deal breaker for some. 

All things considered, the Neo Chequing and Neo High-Interest Savings accounts might appeal to some, and they certainly have their strengths. For those looking for a wider variety of options, such as USD and joint accounts, as well as access to GICs and more, all in one place, EQ Bank remains the better option.