How to switch your pay to Neo
To have your pay or government benefit payments deposited into your Neo Chequing account, share your account details (account number, transit number, and institution number) with your employer or government agency. Here’s more info about setting up direct deposits.
Although you can set up direct deposit for Neo Savings accounts too, deposits for any offers must go to your Neo Chequing account.
Tip: If you don’t already have a Neo Chequing account, here’s how to get an account.
What counts as a qualifying deposit
If you’re eligible for a promotional offer for moving your pay to Neo, you’ll need to set up direct deposits with an employer, payroll provider, or eligible government benefits program.
Common qualifying deposits include:
Employment paycheques
Government payments, like benefits or tax refunds sent by direct deposit
Neo automatically identifies qualifying deposits using information provided by the sender. Your employer, payroll provider, or government agency controls how the deposit is sent, so a payment may not qualify even when it comes from one of these sources.
What does not qualify
These payments do not count as qualifying deposits:
Interac e-Transfer®
Transfers you initiate from another financial institution
Transfers between your Neo accounts
Direct deposits sent in a format Neo does not recognize as qualifying
The deposit amount and description do not determine whether it qualifies.
Current promotions to move your pay to Neo
These promotions are available only to eligible customers who received an offer by email or in the Neo app. Your message tells you which offer applies and when you must complete your qualifying deposits.
3 months of Neo Build free
Complete 2 qualifying deposits within 90 days of receiving your offer. A voucher will appear in your Neo account within 14 days after your 2nd qualifying deposit. You have 90 days to activate it.
If you already have Neo Build, the 3-month extension will be applied automatically at your next renewal.
Offer to increase your credit limit
Complete 2 qualifying deposits within 90 days of receiving your offer. You’ll receive an offer to increase your credit limit within 14 days after your 2nd qualifying deposit. You must accept it within 30 days.
Frequently asked questions
Why should I move my paycheque to Neo?
Moving your regular paycheque gives Neo another income signal to consider in credit decisions. While moving your pay to Neo can improve your access to credit, it doesn’t guarantee a credit limit increase or other outcome. If you received an offer from Neo, making 2 qualifying deposits within 90 days of receiving the offer may unlock the promotion described in your email or in-app message.
Why didn’t my deposit qualify?
A deposit may not qualify if it was sent by Interac e-Transfer®, initiated as a transfer from another financial institution, or processed by the sender in a format Neo does not recognize as qualifying. The amount or description does not affect eligibility.
Can I split my payroll between Neo and another account?
Some employers allow you to split your payroll. If yours does, the portion sent by direct deposit to your Neo Chequing account may qualify.
Do I qualify for both promotions?
No. Check the email or in-app message from Neo to confirm which offer applies to you.
Terms and conditions
Offers are available only to eligible campaign recipients. Limit one offer per customer. Offers are non-transferable and have no cash value. Completing 2 qualifying deposits does not guarantee a specific outcome. Offer availability may vary by customer and is subject to change.