Budget and increase your savings by getting a High-Interest Savings account.
The High-Interest Savings account is separate from the Neo Money™ account, but it’s easy to move money between them.
How does the High-Interest Savings account work?
Getting a High-Interest Savings account is quick and easy on the Neo app or website.
Add funds, and see your money grow with minimal effort. The longer your funds stay in the account, the more interest it accumulates.
Neo Money™ account vs. the High-Interest Savings account
The Neo Money™ account and High-Interest Savings account serve separate purposes. As the name suggests, the Neo Money™ account is meant for your daily transactions. The High-Interest Savings account is meant to help you set goals and save.
Some key things to note:
- The High-Interest Savings account will typically offer more interest
- There is no card for the High-Interest Savings account
- You can’t transfer money with Interac e-Transfer® or make bill payments with your High-Interest Savings account
- You can only have one Neo Money™ account. You can sign up for 10 free High-Interest Savings accounts
FAQs
Will I get statements for each account?
You will receive monthly statements for each High-Interest Savings account you open. Here’s how you can find your electronic statements.
Will I get tax forms for each account?
You will be sent a T5 for each High-Interest Savings account and these will need to be reported when filing your taxes. A T5 tax slip is provided if you have earned more than $50 in interest in a year. Here’s how to find your T5.
How can I transfer in and out of my account?
For instant and easy transfers, make deposits from your Neo Money™ account.
You can also make a direct deposit from an external account into your High-Interest Savings account. Link an account to ensure you don’t need to enter your account details every time you deposit funds. External deposits can take 3 to 5 business days to process. Here’s an article on how to deposit funds.
