Neo Money Account Review 2023

The Neo Money^TM 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 Money^TM account card for in-person transactions. Read on for our comprehensive Neo Money^TM account to help you determine if Neo is right for you.

High-interest rate return

The Neo Credit card provides a high-interest rate return of 2.25% on all funds in your Neo Money^TM 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 Money^TM account offers no-fee transactions, including money transfers, deposits, bill payments, Interac e-transfers, and more.

CDIC protection

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

Auto-savings

You can set up your Neo Money^TM 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 Money^TM accountt comes with a physical card you can use for in-person purchases.

You can open a Neo Money^TM 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 Money^TM account only takes a few minutes and you will have access to an electronic card you can begin using instantaneously.

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.

Our Neo Money^TM 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 Money^TM account is a great alternative to transitional banks.