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Best Neo Financial Savings Accounts in 2025

Updated:

The Neo Everyday Account from Neo Financial combines some of the best features of savings and chequing accounts. Accountholders earn interest on their balance while paying $0 fees for transactions.

Like its close competitors, EQ Bank, KOHO, and Tangerine, Neo Everyday is one of the best online financial accounts you can open in Canada.

Read on to learn about its features, pros, and cons.

Neo Everyday Account Overview

The Neo Everyday account is a hybrid account that also includes features like:

  • Unlimited transactions, including bill payments, Interac e-Transfers, and deposits
  • No monthly account fees
  • No minimum balance requirement
  • Savings interest on your balance

Interest earned is calculated daily on your closing balance and is paid out monthly. The Neo Everyday account interest rate as of this writing is 0.10%.

Neo Everyday Account (formerly Neo Money)

neo logo

Earn up to 3% cash back on purchases

No monthly fees

Unlimited free transactions

$10 welcome bonus after depositing $50+

Get a Mastercard for payments online and ATMs

How To Open a Neo Everyday Account

You can open a new Neo Everyday Account by visiting their website. Provide your email and a password to set up your account.

To fund your account, you can send an Interac e-Transfer from your existing bank accounts at other financial institutions.

You can also add a direct deposit, such as your paycheque.

Pros and Cons of the Neo Everyday Account

The benefits and downsides of a Neo Everyday Account are:

Pros:

  • $10 sign up bonus after $50 deposit
  • Includes unlimited free transactions
  • No monthly fees
  • No minimum balance requirement
  • Your deposits are eligible for CDIC deposit protection
  • Access to a no-annual-fee credit card

Cons:

  • Neo Money does not support mobile cheque deposits
  • Online bank with no physical branches
  • Not a full-fledged chequing account

Neo Financial High Interest Savings Account

Neo Financial now offers a high interest savings account. You can open this account alongside the Neo Money account to get the best of both worlds i.e. high interest savings and free transactions.

Neo Savings Account

neo logo

3.00% non-promo interest rate

No monthly fees

Unlimited free transactions

Access to a no-annual-fee credit card

Is Neo Financial Safe and Legit?

Yes, Neo Financial is a legitimate financial technology company founded by some of the same people who established the SkipTheDishes food delivery platform.

It has over 650 employees and has raised more than $299 million. The company has partnerships with other Canadian banks, such as ATB Financial and Concentra.

Customer deposits in the Neo Everyday account are safe and protected against insolvency through CDIC deposit insurance for up to $100,000 per depositor per category. This amount is combined with eligible deposits you have at Concentra Bank.

Neo Everyday Account Alternatives

Canadian online banks tend to offer better savings rates compared to big banks.

Some of the highest savings rates are from Neo Financial, EQ Bank, Tangerine, and KOHO.

Neo Money vs EQ Bank

The EQ Bank Personal Account pays a consistently high-interest rate on your deposit and also offers these perks for free:

  • Unlimited transactions, including Interac e-Transfers
  • Mobile cheque deposits

EQ Bank clients can open a general savings account or opt for TFSA, RSP, GIC, and USD accounts.

EQ Bank Personal Account

eqbanklogotransparent

Earn up to 4.00% interest (non-promo)

No monthly account fees or minimum balance

Free unlimited debit transactions and e-Transfers

Free cashback Mastercard & no ATM fees in Canada

Access to investing, mortgages, FX transfers, USD accounts, GICs

Supports mobile cheque deposits

Neo Money vs KOHO

KOHO is a spending and savings account offering up to 5% cash back on purchases and paying up to 4% interest on deposits.

Users also get a budgeting app and access to a prepaid Mastercard.

KOHO Prepaid Mastercard

$40 welcome bonus after first purchase (use GETCASH promo code during sign-up)

$0 monthly fee*

Earn up to 5% unlimited cash back

Get up to 4% savings interest on your balance

Unlimited Interac e-Transfers and debit transactions

Free budgeting app and access to credit building

Neo Money vs Tangerine

Owned by Scotiabank, Tangerine is one of the most popular digital banks in Canada.

Its no-fee chequing account includes unlimited transactions, and you can also apply for a no-annual-fee Tangerine cash back credit card and earn up to 2% cash back on purchases.

Learn more about Tangerine in this review.

FAQs

Does Neo Financial have a TFSA?

Neo Financial does not offer a tax-free savings account (TFSA).

Does Neo Financial have GICs?

Neo Financial does not offer Guaranteed Investment Certificates (GICs). Find the best GIC rates here.

How does the Neo Money account work?

A Neo Money account is like a typical savings account, and you earn interest on the funds you deposit in it.

Is Neo Financial good?

Neo Financial is great for saving money and earning cash back when you pay with your Neo credit card.

Related:

Best Banking Offers for April

Get the BEST spending and savings account with 50% rewards + $40 bonus

Instant approval and a $40 welcome bonus when you make your first purchase.

Earn up to 50% unlimited cashback on purchases while paying no fees!*

Get up to 4.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Get the best FREE chequing account offer in Canada + $300 cash bonus

Get a $300 cash bonus when you open an account and set up a direct deposit.

Access unlimited free debits and e-Transfer transactions.

No monthly account or transaction fees.

No minimum balance and access to 3,000+ free ATMs.

Earn a regular 4.00% interest on your savings account

Earn 4.00% interest on every dollar when you set up a direct deposit.

Free access to a hybrid account with unlimited transactions & e-transfers.

Get a prepaid card that pays 0.50% cashback on all purchases.

No monthly account fees, free ATM withdrawals in Canada, and no FX fees.

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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1 thought on “Best Neo Financial Savings Accounts in 2025”

  1. Gravatar for Anirudh Babu

    I think the attractive thing about Neo is that they combined savings and chequing account features into Neo Money and debit + credit in Neo Mastercard (because payments from Neo Money to Neo Mastercard are instantly processed)

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