The Neo Savings account is the latest evolution of the Neo High-Interest Savings account. New High-Interest Savings accounts can no longer be opened, but any existing High-Interest Savings accounts will continue to be supported.
Grow your savings with the Neo Savings account! You can open up to 10 accounts to organize your money and save towards your goals.
The Neo Savings account replaced the Neo High-Interest Savings account. You can no longer open new Neo High-Interest Savings accounts, but any existing accounts aren’t impacted.
About the Neo Savings account
The Neo Savings account is the latest evolution of the Neo High-Interest Savings account. It currently offers all the same benefits, but new features (like joint accounts) will be introduced to Neo Savings soon!
Differences between Neo Savings and Neo High-Interest Savings account
Currently, Neo Savings accounts offer all the same benefits as Neo High-Interest Savings accounts. We’ve introduced the Neo Savings account so we can add more features soon (like joint accounts).
The only difference with Neo Savings accounts are the financial and banking partners that power the accounts. Neo partnered with Peoples Bank of Canada to provide Neo High-Interest Savings accounts. Neo Savings is provided in partnership with multiple CDIC member institutions, like big banks and federally regulated credit unions. Funds in both accounts are eligible for CDIC coverage. Here’s information about CDIC coverage.
Difference between Neo Savings and Neo Everyday accounts
Neo Savings is designed to help you save towards your goals. Neo Everyday is an account for daily needs, such as transferring money with Interac e-Transfer® or spending with the Neo Money™ card.
- The Neo Money™ card is only available with the Neo Everyday account.
- Interac e-Transfer® is only available with the Neo Everyday account.
- You can only have one Neo Everyday account. You can get up to 10 free Neo Savings accounts.
How does interest work with the Neo Savings account
Earnings for the Neo Savings account are derived from the interest Neo earns on the funds. Neo shares interest at the advertised rate of return for the Neo Savings account, and earnings are calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
Open a Neo Savings account
Open a Neo Savings account from the Neo app or website. It only takes a few minutes.
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
- Log in to the Neo app
- Go to the Accounts tab and select Money
- Tap + and select Neo Cash
Web
- Log in to member.neofinancial.com
- Click on Money from the left-side menu
- Select Neo Cash
Transfer funds to a Neo Savings account
After you open a Neo Savings account, you can add funds in two ways:
- Internal transfer from a Neo Everyday or Neo High-Interest Savings account (if you have one already)
- Transfer from a linked account
To transfer funds with Interac e-Transfer®, you’ll need to open a Neo Everyday account first.
The Neo Cash account is offered by Neo Financial Technologies Inc. (“Neo”), a FINTRAC-registered money services business. The funds added to Neo Cash accounts are ultimately held securely in trust in the name of the primary account holder with one or more member institutions of the Canada Deposit Insurance Corporation (“CDIC”). Neo is not a CDIC member institution; however, eligible funds held in trust are insured by CDIC for up to $100,000 per beneficiary, per member institution in the event of a member institution’s failure, provided certain disclosure rules are met. Funds are settled with any CDIC member institution within three business days of the funds being reflected in your account.