Add a co-owner to a Neo Savings account

Neo Savings accounts are available as personal accounts or joint accounts. You can add up to 1 person (like a family member, friend, or someone you trust) to a joint Neo Savings account. As co-owners, you’ll both share equal access and responsibility. 

You can convert an existing personal Neo Savings account to a joint account or open a new joint Neo Savings account. You can have up to 2 joint Neo Savings accounts at a time.

Currently, only Neo Savings accounts can be joint accounts. Neo Everyday or Neo High-Interest Savings accounts can only be personal accounts.

Add a co-owner to an existing Neo Savings account

Convert a personal Neo Savings account to a joint account by inviting someone to be a co-owner.

The legal name for Neo Savings is the Neo Cash account, so you may see it listed as that in the Neo app.

Neo app

1. Log in to the Neo app
2. In Accounts, select the Neo Savings account you want to turn into a joint account
3. Tap Manage (top right corner) and select Add a co-owner

Web

1. Log in to member.neofinancial.com
2. Click Money in the left-hand menu
3. Select the account you want to turn into a joint account
4. Click the three dots (…) next to the account name and select Add co-owner

Open a new joint Neo Savings account

When you open a new Neo Savings account, you can choose whether to open a personal account or a joint account. 

The legal name for Neo Savings is the Neo Cash account, so you may see it listed as that in the Neo app.

Neo app

1. Log in to the Neo app
2. In Accounts, tap Money
3. Tap the plus icon (+)
4. Select Neo Cash account
5. When asked Who will use this account?, choose Me and a co-owner 

Web

1. Log in to member.neofinancial.com
2. Click Money in the left-hand menu
3. Under Neo Cash, click the plus icon (+)
4. When asked Who will use this account?, choose Me and a co-owner 

You can start with a personal Neo Savings account and convert it to a joint account later.

How joint accounts work

To create a joint account, you need to send the future co-owner an invite. They’ll have to accept the invite and complete an application before the account is officially converted to a joint account.

The co-owner can already be a Neo client, or they’ll be asked to create a Neo profile before accepting the invite.

Once the joint account is set up, both co-owners will have equal rights and responsibilities. Both co-owners can view the account balance, statements, and payments. That means you’ll both have full access to manage and move money, regardless of who deposited the money.

Co-owners can’t be removed from a joint account. The only way to stop sharing the account is to close it permanently.

Benefits of a joint account

A joint account can be a good fit when you have shared financial goals, because it:

• Makes it easier to access and manage money
• Helps you save together for a shared goal, like a trip, a new home, or everyday bills
• Maximizes your earnings through monthly interest

Risks of a joint account

Everything is shared in a joint account—both the funds and the responsibilities. It’s strongly recommended to open a joint account only with someone you know and trust. 

• Either co-owner can withdraw money at any time
• Both have full access to the available balance
• Both share equal responsibility for all transactions and fees
• Any missed payments can impact the credit history of both co-owners

If you want to keep your privacy and control over your finances but still let someone else access your credit limit, an additional card might be the best solution.

Frequently asked questions about joint accounts

Who can join a joint Neo Savings account?

Anyone aged 18 or older can be a co-owner of a joint Neo Savings account.

How many joint Neo Savings accounts can I have?

You can have up to 2 joint Neo Savings accounts, each shared with 1 other co-owner.

How do I remove the other co-owner from my joint Neo Savings account?

Once a joint account is created, co-owners can't be removed. To stop sharing the account, you’ll need to close your joint Neo Savings account permanently.

What happens if one of the co-owners passes away?

If one co-owner dies, the other co-owner becomes fully responsible for the account. There are exceptions in Quebec – see the Neo Client Agreement for full details. 

Are joint Neo Savings accounts limited to family members?

No. You don’t need to be related to the person you share a joint account with. You can share it with a partner, friends, roommates, or others you trust. The most important thing is that you know and trust the person because you'll both have full access to the funds in the account.

Can I open a joint High-Interest Savings account?

Joint accounts are only available for Neo Savings accounts. Neo High-Interest Savings accounts can’t be converted to a joint account, but you can open a joint Neo Savings account and transfer the funds from a Neo High-Interest Savings account.