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High-Interest Savings account

  • Updated

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 to get your High-Interest Savings account

Neo app

  1. Log in to the Neo app
  2. Tap Money, scroll down, and tap + Add account
  3. Select I want to save, and tap Continue
  4. Tap Start and follow the instructions to get a High-Interest Savings account

Web

  1. Log in to member.neofinancial.com
  2. Select Money, scroll down, and click on + Add account
  3. Select I want to save, and click on Continue
  4. Click on Start and follow the instructions to get a High-Interest Savings account

How does the High-Interest Savings account work?

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

Quebec residents can sign up for the High-Interest Savings account but not the Neo Money™ account at this time

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.

 

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