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Best Neo Money (Savings) Accounts in 2023

The Neo Money Account from Neo Financial combines some of the best features of savings and chequing accounts.

Accountholders earn high-interest rates on their balance while paying $0 fees for transactions.

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

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

Neo Money Account Overview

Neo Money is a high-interest savings account that also includes features likes:

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

Interest earned is calculated daily on your closing balance and is paid out monthly.

The Neo Savings account interest rate as of this writing is 2.25%.

Neo Money Account

neo logo

2.25% non-promo interest rate

No monthly fees + $20 bonus

Unlimited free transactions

Get a Mastercard for payments online and ATMs

Access to a no-annual-fee credit card

How To Open a Neo Money Account

You can open a new Neo Money Account by visiting their website here. 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 Money Account

The benefits and downsides of a Neo Money Account are:


  • $20 sign up bonus
  • Earn high-interest rates that are non-promotional
  • 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


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

Is Neo Financial Safe and Legit?

Yes, Neo Financial is a legitimate financial technology company founded by some of the same people that 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 Money 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 Money 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 Savings Plus 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 Savings Plus Account

EQ Bank tfsa.

3.00%* non-promotional interest rate

Unlimited debits and bill payments

Unlimited Interac e-Transfers

No monthly account fees

Neo Money vs KOHO

KOHO is a free spending and savings account that offers up to 5% cash back on purchases

Users get a budgeting app and access to a prepaid Mastercard. When you set up a direct deposit to fund your KOHO account, you earn interest on your entire balance.

KOHO Prepaid Mastercard

KOHO Mastercard Prepaid Card 2

$20 sign up bonus after first purchase (use promo code CASHBACK)

Earn up to 5% cash back

Up to 4.00% savings interest on your balance

Unlimited Interac e-Transfers

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.


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.


Top Banking Offers in September

Get a top-rated chequing account and up to a $400 bonus

Get up to a $400 cash bonus when you meet minimum requirements.

Unlimited transactions, including debits and Interac e-Transfer transactions.

Monthly account fee is waived if eligible (and 5 ATM fees rebated monthly).

Access to a high-interest savings account.

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

Easy $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).

Get a $100 bonus with the top no-fee cashback credit card

Get a $100 welcome bonus with $1,000 spending in first 2 months.

Earn 2% unlimited cash back in 3 spending categories - no annual fees!

0.5% unlimited cash back on all other purchases.

1.95% low-interest balance transfer rate and free insurance coverage.

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

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Business Insider, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

1 thought on “Best Neo Money (Savings) Accounts in 2023”

  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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  • Best free chequing account offer in Canada!
  • Get a $400 cash bonus*
  • Unlimited free transactions and no monthly fees.
  • Unlimited free Interac e-Transfers® 
*Terms and conditions apply. Limited time offer.
Get a free chequing account and $400 cash bonus! Unlimited free transactions and no monthly fees!
*Terms and conditions apply. Limited time offer.