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Changes to the Neo Money account

  • Updated

As part of our commitment to continually enhancing the Neo experience, we’re planning some changes to your Neo Money™ account. 

You’ll still be able to manage your money the same way you do today. We’re just laying the groundwork to be able to offer you more ways to save and earn!

What’s changing to the Neo Money™ account?

Soon after June 27, we’re changing the banking provider for your Neo Money™ account from Concentra Bank to Peoples Bank of Canada. Peoples Bank of Canada will hold the funds in your account, and the account name will change to the Neo Everyday account. You will be able to access your account and manage your funds through the Neo app or website the same way you do today. 

You’ll have new agreements for your account:

What’s changing to the Neo Money™ card?

If you have a Neo Money™ card, we’re updating the card issuer from Equitable Bank to Neo Financial. Your physical card and card number will stay the same.

Who is Peoples Bank? 

Peoples Bank of Canada is a federally regulated financial institution. Peoples Bank is a CDIC member institution and eligible deposits you hold in your Neo Everyday account will be combined with eligible deposits you hold at Peoples Bank of Canada for up to $100,000 of deposit protection, per category, per depositor. For more information about CDIC deposit insurance, please consult CDIC’s website.

Are there any changes to how my personal information is handled?

Your personal information will continue to be handled in accordance with the Neo Privacy Policy. When the banking provider is changed to Peoples Bank of Canada, your information will be shared with Peoples Bank to operate your account and for regulatory reporting and compliance purposes. For more information on how Peoples Bank of Canada handles your personal information, please refer to the Peoples Bank of Canada Privacy Policy

What if I don’t want to proceed with this change?

You’ll be able to manage your account, card, and funds through the Neo app or website the same way you do today. If you don’t want to proceed with this change, contact us to close your Neo Money™ account by June 26, 2024.

What if I still have questions or concerns?

The Neo team is always happy to help if you have questions! Contact us to get in touch with our team.

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