We're making some changes to the Neo High-Interest Savings Account Agreement and the Neo High-Interest Savings Account Disclosure Statement, Rate & Fee Schedule. These changes are effective as of August 31, 2024.
Here are the updated agreements:
- Neo High-Interest Savings Account Agreement
- Neo High-Interest Savings Account Disclosure Statement, Rate & Fee Schedule
Comparison of current terms and revised terms
| Neo High-Interest Savings Account Agreement | ||
| Section | Terms on August 30, 2024 | Revised Terms (Effective August 31, 2024) |
| Introduction | This version of the Neo High-Interest Savings Account Agreement (the "Account Agreement") is effective December 4, 2023, and replaces older versions of the Account Agreement. | This version of the Neo High-Interest Savings Account Agreement (the "Account Agreement") is effective August 31, 2024, and replaces older versions of the Account Agreement. |
| 6. Account Interest |
We pay interest on your Account, and it will be paid in accordance with the rate set out in the Disclosure Statement. We calculate interest daily on the closing balance of funds held in an Account and pay it to your Account monthly. The rate of interest applicable to the Account is disclosed during the application process and is prominently displayed on the Neo Platform. How we calculate the amount of interest to be paid is set out above and in the Disclosure Statement. You acknowledge that interest rates and interest calculation methods may change at any time and without prior notice. We will advise you of the new rate and any interest calculation changes through Electronic Communication or by posting it on the Neo Website. |
We pay interest on your Account which accrues on every dollar beginning the day your Account becomes active. Interest is calculated daily on the total Account closing balance and paid monthly, based on the rates per annum, as offered. Interest rates are expressed annually and are subject to change without prior notice. The rate of interest applicable to the Account is available on the Neo Platform. You acknowledge that interest rates and interest calculation methods may change at any time and without prior notice. We will advise you of the new rate and any interest calculation changes through Electronic Communication or by posting it on the Neo Website. |
| 21. Changes to this Account Agreement |
We may propose to change, either permanently or temporarily, any term of this Account Agreement (including changing the Account features, Account eligibility and opening requirements, rules regarding Account use, transactions and consent, interest, fees, suspension and termination rights, indemnification, limitation of liability) or replace this Account Agreement with another agreement, at any time. We will provide notice of any such change in writing to you through Electronic Communication or by any other method allowed by law as determined by us, at least 30 days before the change is stated to come into effect. You may refuse the change by terminating this Account Agreement and closing your Account without cost, penalty or cancellation indemnity at any time before the change takes effect. You can obtain a copy of the current Account Agreement by visiting the Neo Website. [...] |
We may propose to change, either permanently or temporarily, any term of this Account Agreement (including changing the Account features, Account eligibility and opening requirements, rules regarding Account use, transactions and consent, fees, suspension and termination rights, indemnification, limitation of liability) or replace this Account Agreement with another agreement, at any time. We will provide notice of any such change in writing to you through Electronic Communication or by any other method allowed by law as determined by us, at least 30 days before the change is stated to come into effect. You may refuse the change by terminating this Account Agreement and closing your Account without cost, penalty or cancellation indemnity at any time before the change takes effect. You can obtain a copy of the current Account Agreement by visiting the Neo Website. [...] |
| Neo High-Interest Savings Account Disclosure Statement | ||
| Section | Terms on August 30, 2024 | Revised Terms (Effective August 31, 2024) |
| Introduction |
[...] This Account Disclosure Statement sets out the fees that apply to the Account, summarizes certain provisions of the agreement for the Account (the “Agreement”), and forms a part of the Agreement. We may change the information set out below in accordance with the Agreement. The information and rates set out here are correct as of December 4, 2023 and are subject to change in accordance with the Agreement. |
[...] This Account Disclosure Statement sets out the fees that apply to the Account, summarizes certain provisions of the agreement for the Account (the “Agreement”), and forms a part of the Agreement. We may change the information set out below in accordance with the Agreement. The information and rates set out here are correct as of August 31, 2024 and are subject to change in accordance with the Agreement. |
| Fees and Features for the Neo High-Interest Savings Account |
[...] Transaction Limits for the Neo High-Interest Savings Account [...] N/A - New wording added |
[...] Transaction Limits for the Neo High-Interest Savings Account [...] Maximum Balance Held Per Account | The maximum balance per account is listed on the Neo Website. |
| Interest Calculations | Interest accrues on every dollar beginning the day your Account becomes active. Interest is calculated daily on the total Account closing balance and paid monthly, based on the rates per annum, as offered. Interest rates are expressed annually and may vary from time to time. You acknowledge that we may change interest rates and how we calculate interest. The current interest rate is 4.0%. | Interest accrues on every dollar beginning the day your Account becomes active. Interest is calculated daily on the total Account closing balance and paid monthly, based on the rates per annum, as offered. Interest rates are expressed annually, may vary from time to time and are subject to change without prior notice. You acknowledge that we may change interest rates and how we calculate interest. The current interest rates are available on the Neo Website. |