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 2.25% 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 fintech company that was founded in 2019 by tech company veteran Kris Read and SkiptheDishes cofounders Jeff Adamson and Andrew Chau. From day one, Neo’s mission has been “to reinvent how Canadians spend, save, and grow their money – all together, in one place.” That means finding new ways to streamline their offerings and make Canadians’ financial lives easier.

Neo’s flagship products include the Neo Card (a no-fee cashback Mastercard) and the Neo Money bank account (formerly Neo Savings), Neo’s high-interest savings account with excellent everyday rates and no-fee transactions. 

In this review, we’ll be digging into everything Neo Money so you can get a clear idea of what they have to offer and how they stack up against the best online banks in Canada.  

What is the Neo Money Bank Account?

The Neo Money account is a hybrid high-interest savings account. It combines a spectacular 2.25% 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.

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.

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).

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. 

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 2.25% 3%
Yes Yes
Sign Up Visit Neo Money Visit EQ Bank

Neo Money Account Review: FAQ

Neo Money Account Review: The Verdict

The Neo Money Account by Neo Financial features a high everyday interest rate and unlimited no-fee transactions. It combines the best parts of a high interest savings account and a chequing account, and the Neo Money Card makes purchases as easy as using your debit card. 

But when you get into the top tier of online banks, every little thing makes a difference. Neo’s 2.25% interest rate isn’t as high as EQ Bank’s 2.5% everyday rate. They’re also not available in Quebec and they don’t offer joint accounts for anyone other than couples. Add in Neo’s lack of GICs and USD account options, and you can see why they’re our second choice. 

Meanwhile, EQ Bank’s Savings Plus Account is available in Quebec (although the EQ Bank Card is not), and they offer joint accounts to up to 3 people. EQ also offers GICs with fantastic interest rates, plus a USD account option. 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!
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