The Neo Savings account offers one of Canada’s top interest rates. As you save more across your Neo accounts, your rate increases—so the more you save, the more you earn.
How Neo Savings rates work
The rate for your Neo Savings accounts is based on the total amount you hold across these Neo 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 your total balance reaches the minimum amount for a higher rate, your Neo Savings account will automatically earn that higher rate. If your balance drops below that amount, your rate will adjust to the lower rate.
You’ll earn the same rate across all your Neo Savings accounts once you qualify for a higher rate.
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.
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)..
Coming soon: Interest rates will be part of Neo memberships
Soon, savings rates will become part of Neo memberships. This means you’ll be able to unlock higher interest rates by having a membership and qualify for a free membership by maintaining a minimum balance.
FAQ about Neo Savings rates
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?
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 higher rate?
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 higher-rate minimum?
Your rate will automatically adjust to the lower rate. When your balance increases again, you’ll regain the higher 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.
Will the new membership system change my rate?
Eventually, yes. Savings rates will be included in memberships, but you’ll still have access to top-tier rates and may qualify for a free membership based on your total balance.