Our Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

Meet The Neo Money Card: Neo Financial’s All-in-one Access Card

Updated:

Fact Checked

Neo Financial recently launched the Neo MoneyTM card, a prepaid card that earns high interest rates on your balance and pays cash back on your spending.

If you have been on the lookout for a Neo debit card, this prepaid card makes it easier to access the funds in your Neo Money account for everyday spending.

The New Neo Money Card

Best Prepaid Credit Card 2024 - Neo Money Card - SNC Awards

The Neo Money card functions like a prepaid card linked to your Neo MoneyTM account balance. It is the Best Prepaid Card in Canada.

After opening a Neo Money account, you can fund it using Interac® e-Transfer, direct deposit, or by linking another existing bank account.

When making payments online and in-store, you can use the Neo Money card and access the cash in your savings account without needing to manually load funds onto your card.

The Neo Money card is separate from the Neo Credit card, a rewards credit card that pays an average 5% cash back on your purchases. Plus you earn up to 15% cash back on your first-time purchases at participating retailers.

While the Neo Money card is not a credit card, it does offer the same cash back rewards as the Neo Credit card, making it a more attractive option than traditional debit cards.

How To Get a Neo Money Card

To get a Neo Money card, open a free Neo Money account. This link includes a $20 bonus when you complete your first purchase using the card.

From your account dashboard, select ‘Card’ under the main menu and order your new card. It is also immediately available for online purchases.

image showing neo card is being swiped

Benefits of Neo Money

Benefits of the Neo Money card include cash back rewards on spending and interest on your balance.

Earn a High Interest Rate on All Your Money

Every dollar in your Neo Money account earns 2.25% interest. So your deposits grow at a competitive rate every day, and you don’t have to move funds back and forth.

Think of this account as a hybrid between a chequing account with unlimited everyday transactions and a high-interest savings account (HISA).

Earn Unlimited Cashback When Paying with your Money card

Use your Neo Money card to earn the same cashback reward you’d earn with credit. Earn up to 15% cashback on first-time purchases at over 12,000 Neo partners.

Also, when using the Moneycard at over 12,000 Neo partner stores for everyday purchases, your cash back rate is an average of 5%.

You can access cash back earned anytime and apply it to your balance.

Other benefits of this card include the following:

  • $20 welcome bonus. 
  • No monthly or annual fee.
  •  A credit check is not required to qualify.
  • The Neo app provides real-time insights into your spending.
  •  Funds in your account are eligible for CDIC deposit protection (limits apply).
  • Add and stack flexible monthly perks to better reward the way you spend
GET THE NEO MONEY CARD + $20 BONUS

Downsides of the Neo Money Card

The Neo Money card and account are not available in Quebec.

Secondly, the Neo Money card does not offer free ATM withdrawals or waive foreign currency transaction fees like the EQ Bank Card.

Neo Money Card vs. Alternatives

Alternatives to the Neo Money card are the KOHO Easy Mastercard and the EQ Bank Card.

All three cards are reloadable prepaid cards you can use anywhere Mastercard is accepted. With the Neo Money card, you don’t need to preload funds as you spend money directly from your savings account.

Neo Money Card vs. KOHO Easy Mastercard

KOHO Prepaid Mastercard

Rewards: Earn 1% cash back on groceries and transportation, up to 5% unlimited cash back at partner stores in Canada. Get 3% interest on your entire balance. Users also get access to a free budgeting app.

Welcome offer: $20 sign up bonus after first purchase (use CASHBACK promo code during sign-up)

Interest rate fee: N/A

Annual fee: $0 (no monthly fees)

KOHO Easy Mastercard offers 1% unlimited cash back on groceries, gas, and transportation expenses. It pays 3.00% interest on your balance and has no monthly fees.

This no-fee prepaid card also has paid versions that offer increased perks, plus it comes with an app you can use for automated savings and budgeting.

With your standard KOHO account, you get access to unlimited debit transactions, eTransfers, bill payments, and more. You can also add an optional credit-building service.

Neo Money Card vs. EQ Bank Card

EQ Bank Card

Rewards: Earn 0.50% cash back on all purchases and up to 4.00% savings interest on your entire balance.

Perks: Free ATM transactions in Canada, no foreign currency transaction fees abroad, and unlimited transactions.

Interest rate fee: 0%

Annual fee: $0

Like Neo Financial, EQ Bank recently introduced its EQ Bank Card, a prepaid card that’s linked to your Savings Plus Account.

The EQ Bank Card pays 0.50% cash back on all purchases, and your balance earns 2.50% interest.

This card is also unique because it can be used for free ATM withdrawals in Canada, and FX fees are waived when you pay in another currency.

The EQ Bank Card has no annual fees.

Conclusion

The new Neo Money card improves the versatility of one of Canada’s best savings accounts.

If you are looking for an alternative to your current debit card, the Neo Money card may be just what you need.

Related:

Best Credit Offers in April 2024

Get the top savings and spending account and stop paying costly bank fees ($20 Bonus)

Save on fees and access unlimited transactions, eTransfers & bill payments.

Get a $20 instant bonus after completing your first purchase.

Earn up to 5% unlimited cash back and up to 5% interest on your balance.

Guaranteed instant approval with any credit score + free budgeting app.

Get this guaranteed approval credit card for any credit score ($25 bonus)

Get an instant $25 welcome bonus.

Earn 5% unlimited average cash back at thousands of locations.

Guaranteed approval for poor and bad credit scores. Takes 3 minutes.

No monthly fees and up to 15% cashback on your first-time purchases.

Earn an average 5% cashback while growing your balance + $20 bonus

Best free prepaid reloadable Mastercard with $20 bonus (after adding $50+).

Earn an average 5% unlimited cash back at over 12,000 stores.

No credit check and free budgeting app with automatic savings features.

Earn 2.25% interest on your entire balance.*

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.

Free financial education

Expert advice

Free resources

Detailed guides

2 thoughts on “Meet The Neo Money Card: Neo Financial’s All-in-one Access Card”

  1. Gravatar for Carolynn Sharp

    this is a question, rather than comment. I do not see anywhere information about how to put money onto the card after getting an account. I mean, can we transfer our money from a bank account to the Neo card?
    Can use of this card eliminate the need to have money in a bank?
    thanks,
    Carolynn

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Carolynn: You can link a bank account to your Neo Money account and transfer funds to it using online banking and Interac e-Transfer. You can also set up direct deposits to this account, such as your paycheque. To a degree, the Neo Money card can replace a traditional bank account as it supports bill payments, online and in-person payments (POS, etc.). And the Neo ecosystem now includes a high interest savings account, credit cards, investments, and mortgages. Whether it can fully replace your banking needs will depend on the types of transactions you typically conduct.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.