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Neo Money Account Review 2023

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The Neo MoneyTM account offers users the best features of a chequing and savings account mixed with the convenience of a credit card. Neo MoneyTM account allows users to earn a high-interest rate of 2.25% on the balance in their account, as well as an average of 5% cash back on over 10,000 businesses in Canada, with cashback rewards paid out instantly.

The Neo MoneyTM account has no monthly, annual, or hidden fees, and everyday transactions (deposits, transfers, Interac e-transfers) are all free of charge. In addition to the digital services, users will also receive a physical Neo MoneyTM account card for in-person transactions. Read on for our comprehensive Neo MoneyTM account to help you determine if Neo is right for you.

Features of the Neo Money Account

High-interest rate return

The Neo Credit card provides a high-interest rate return of 2.25% on all funds in your Neo MoneyTM account. There is no minimum balance required to start earning interest – you can start with any amount and begin earning interest right away.

Instant cash back

With the Neo Credit card, you earn an average of 5% cashback at over 10,000 partners across Canada. Better yet, while most Cashback programs only reward you once a month, the Neo Credit card rewards you instantly after your purchase. There are also no limits on the amount of Cashback you can earn.

No fees

With the Neo Credit card, there are no fees to access your funds or use your account. Unlike most banks, there are no monthly or annual fees associated with the card, allowing you to save more.

No fee transactions

While most banks charge for everyday transactions, the Neo MoneyTM account offers no-fee transactions, including money transfers, deposits, bill payments, Interac e-transfers, and more.

CDIC protection

Your Neo MoneyTM account funds are insured through the Canada Deposit Insurance Corporation for up to $100,000 per category, per depositor.


You can set up your Neo MoneyTM account to auto-save any amount you’d like on a regular basis. Pre-set payments are an easy way to kickstart your savings. You can even set up the auto-save to instantly deposit any Interact e-transfers you receive directly into your account.

Physical card

The Neo MoneyTM accountt comes with a physical card you can use for in-person purchases.

Pros & cons of the Neo Money account


  • High Interest: Earn 2.25% on all funds in your Neo Money account.

  • Cash Back: Earn an average of 5% cashback at over 10,000 partners across Canada, rewarded immediately after purchase.

  • No Fees: There are no monthly, annual, or hidden fees to use your Neo Money account.

  • No Transaction Fees: Everyday transaction fees (transfers, deposits, Interac e-transfers, etc.) are free of charge.


  • Availability: The Neo Money account is not available in Quebec.

  • ATM Fees: ATM fees are not covered when using your Neo Money card to withdraw cash.

  • Not a Full Bank Replacement: Mobile cheque deposits and physical cheques are currently unavailable for the Neo Money savings account.

How to open a Neo Money account

You can open a Neo MoneyTM account by visiting the official Neo Money site. You need to be of legal age in the province or territory where you reside, be a Canadian resident, and have a source for the funds to add to your account. Setting up your Neo MoneyTM account only takes a few minutes and you will have access to an electronic card you can begin using instantaneously.

Alternatives to the Neo Money

Neo Money Account EQ Plus Savings Account HSBC High Rate Savings Account Tangerine Savings Account
Monthly Fee None None None None
Promotional Rate N/A N/A N/A $400 cashback, 5% interest for 5 months
Regular Interest Rates 2.25% 2.50% 1.55% interest on balances over $25,000 CAD and 1.05% under 1%
Minimum Balance None None None None
Features High interest, cash back, no fees, no transaction fees, CDIC protected High interest, cash back, no fees, no transaction fees, CDIC insured High interest, no monthly fees, no minimums, easy access through app + ATMs, flexible features Earn 1% interest, no monthly fees, no minimums, Automatic Savings Program, CDIC member

What is Neo Financial?

Founded in 2019 by SkipTheDishes founders Andrew Chau and Jeff Adamson, alongside Kris Read, Neo Financial is a Canadian digital bank based in Calgary, Alberta. Neo Financial offers no-fee services including Neo Money, as well as wealth management and mortgage programs.

Final thoughts

Our Neo MoneyTM account review shows that the Neo high interest savings account is a great option for those looking for a hybrid version of a chequing and savings account mixed with the convenience of a credit card. The 2.25% interest return is much higher than what most banks offer, and the average 5% cashback return is a great tool to help grow your investments as you shop.

With no fees, free transactions, highly competitive interest rates and a great cashback rewards plan, the Neo MoneyTM account is a great alternative to transitional banks.

Frequently asked questions

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