The Neo Savings account offers one of Canada’s top interest rates. You can unlock higher savings rate by getting a Neo membership, or you can get a membership at no cost by saving more across your Neo accounts. So the more you save, the more you earn.
How Neo Savings rates work
Unlock higher rates with a Neo membership
The rate for Neo Savings accounts is determined by which Neo membership you have. Different memberships unlock different savings rates. You can get the highest rate by subscribing to the Grow membership.
You’ll earn the same rate across all your Neo Savings accounts. To help you organize your savings, you can open up to 10 Neo Savings accounts.
Here's more information about how Neo's memberships work.
Save more to get a Neo membership at no cost
You can get a Neo membership at no cost by saving more across your everyday Neo accounts. That means you can get a higher rate by saving more.
The balance of your account is calculated by adding up the balance in your everyday accounts:
Neo Everyday account
Neo Savings account
Neo High-Interest Savings account (HISA)
Funds in Neo Invest accounts don’t count toward your total.
Once you've hit the minimum balance required for a free membership, you can subscribe to the membership and the monthly fees will be waived. You'll have to keep the minimum balance in your everyday accounts to keep getting the membership at no cost.
To see your current rate and balance thresholds, log in to the Neo app or website, go to your Neo Savings account and tap Interest rate.
Tip: Here are the latest rates for all of Neo's accounts, including the Neo Savings account.
Neo Savings rates for joint accounts
If you have a joint Neo Savings account, the account earns the highest rate available to either account holder.
This means if one person has a higher membership or qualifies for a higher rate, the joint account earns that rate too.
Neo Savings vs. Neo Cash accounts
You may see your Neo Savings account listed as the Neo Cash account in the app or on statements.
They’re the same account—Neo Savings is simply the name we use in the app while Neo Cash account is the legal name.
Transition from the Neo High-Interest Savings account
We’re phasing out the Neo High-Interest Savings Account (HISA) and replacing it with the Neo Savings account.
Nothing will happen to your HISA funds—they’ll stay secure and continue to earn interest. However, all new features and updates will be available only through the Neo Savings account going forward.
Higher interest rates are only available with the Neo Savings account (and not the Neo High-Interest Savings account).
FAQ about Neo Savings rates
How are my earnings paid?
How are my earnings paid?
Earnings are calculated daily and paid monthly into your Neo Savings account.
Do I need to move my money from my Neo High-Interest Savings account?
Do I need to move my money from my Neo High-Interest Savings account?
No. Your HISA balance remains safe and continues to earn interest, but new savings features will only be available in the Neo Savings account.
What counts toward my total balance for a free membership?
What counts toward my total balance for a free membership?
Balances in your Neo Everyday, Neo Savings, and Neo HISA accounts contribute to your total balance. Balances in Neo Invest don’t count.
What happens if my balance goes below the minimum for a free membership?
What happens if my balance goes below the minimum for a free membership?
If your everyday balance goes below the minimum amount, you'll no longer get the membership at no cost and you'll be charged the monthly fee for the membership at the start of the next month.
How do joint accounts affect the rate?
How do joint accounts affect the rate?
A joint Neo Savings account earns the highest rate available to either account holder. If your account co-owner is eligible for a higher Neo Savings rate, then the joint account will earn that rate too.
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