The Neo Savings Account for Youth is a kids account from one of Canada's top online banking institutions, offering a very impressive interest rate – currently 3% – and many other valuable features. Technically, this account is just the Neo Savings Account, but it's marketed for younger clients. When the account holder turns 18 (or the age of majority in their province), the auto-transition is simple, since it's not really a transition at all.
The only real downside is that this account doesn't come with a debit card. Really, though, that just makes it easier to focus on saving.
Neo Savings Account for Youth features
Here's an overview of what the Neo Savings Account for Youth has to offer young Canadians:
Why You Want It
High interest rates + Personalized savings goals via mobile app.
Special Features
- Highest interest rate available for kids/youth
- Personalized savings goals with names and icons
Eligibility
- Be a Canadian resident
- Have a Canadian SIN
- Age 13+ (14+in Quebec)
Provinces
ALL
Interest Rates
$0 – $4,999.99
2.25%
$5,000 – $19,999.99
2.5%
$20,000+
2.9%
Features
# Of Free Transactions
N/A
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Neo Savings Account for Youth product rating: 3.0 stars
The Neo Savings Account for Youth is a very impressive product. There are numerous bank accounts for kids available in Canada, including savings-specific accounts, but few offer as many prime features or a higher interest rate as this Neo account does.
Still, as much as our tech-driven society loves online services, it's difficult to ignore the benefits of face-to-face interactions. Since Neo doesn't have any brick-and-mortar branches, its clients can't take advantage of this type of personalized service. It's something to think about before signing yourself or your child up for the Neo Savings Account for Youth.
Rating methodology
To evaluate savings accounts, we analyze over 15 data points to generate our Genius Rating. We consider all aspects of a savings account, including fees, perks, interest rates, customer satisfaction, and promotions, to assess its overall value. Then, the account's features are rated based on how they stack up against other available options.
Learn more about our rating methodology.
The pros of Neo Savings Account for Youth
From high interest rates to budget tools, there's a lot to like about this youth account:
Pros
Highest interest rate in Canada for youth
While technically, this isn't a youth-specific account (it's really the Neo Savings Account in thin disguise), it still has its own landing page on the Neo site and is marketed for youth. There are certainly higher rates out there on typical accounts (looking at you, KOHO Earn Interest), but the Neo Savings Account for Youth offers the highest interest rate in Canada for teens.
No monthly fee
As with all Neo Financial accounts, the Neo Savings Account for Youth doesn't have a monthly fee, nor does it have minimum balance requirements. Instead, you get to keep the money you'd have spent on those fees and add them to your savings.
Valuable budgeting and savings tools
Not only can you open as many Neo Savings Account for Youths as you like, using each one for individual savings goals, but the Neo app allows you to personalize these goals by giving them names and icons. You can also use the financial insight and budgeting tools to improve your saving habits, and Neo's built-in AI tool can answer any questions.
The cons of Neo Savings Account for Youth
Nothing is perfect, and we've identified a few areas where this Neo account could use improvement:
Cons
No debit card
This account is strictly for savings. It doesn't come with a debit or prepaid credit card (as some of Neo's other accounts do) and, therefore, users have no way to deposit cash into their accounts at a bank machine. You'll need to transfer funds from another Neo account or link to an external bank account to transfer money into your Neo Savings Account for Youth.
No branch access
Neo Financial is a completely digital financial institution, meaning there are no branch locations available for in-person visits. This isn't an issue for many people, but if you and/or your child prefer speaking to someone face-to-face for personalized service and advice, you'll want to look elsewhere.
Neo Savings Account for Youth alternatives
Take a look at how this product stacks up against similar youth accounts:
 |  | |  | |
|---|---|---|---|---|
| Account | Neo Savings Account for Youth | Scotiabank Right Size Savings for business | Scotiabank Money Master Savings Account | Laurentian Bank High Interest Savings Account |
| Genius Rating | ||||
| Why You Want It | High interest rates + Personalized savings goals via mobile app. | Get an interest rate of up to 2.15% |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Earn up to 3.2%* interest on your savings + Earn interest on every dollar. |
| Interest Rates |
| Savings
|
|
|
| # Of Free Transactions | N/A | 0 | 0 | 0 |
| # Of Free Interac E-Transfers | N/A | 0 | 0 | 0 |
| Max Promotion Rate | N/A | 3.15% | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | N/A | N/A |
| Open an account See more Neo Financial products Compare | Open an account See more Scotiabank products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more Laurentian Bank products Compare |
FAQ
What is the Neo Savings Account for Youth?
The Neo Savings Account for Youth is a savings account designed specifically for Canadian youth aged 13 and above, offering valuable features such as a high interest rate and a well-rated mobile app where you can set personalized savings goals.
What happens to my youth savings account when I turn 18?
Technically, the Neo Savings Account for Youth is just the Neo Savings Account, available for those as young as age 13. Therefore, account holders don't have to worry about any account transitions once they reach age 18.
Is Neo Financial legit in Canada?
Yes, Neo Financial is a legitimate fintech company that offers products and services for Canadians, complete with CDIC protection. In fact, the Neo Everyday Account is one of the top free chequing accounts in Canada.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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