If you’re looking for a chequing or savings account that can do it all, consider the Neo Everyday Account. This free hybrid bank account combines the best features of a chequing account with the ability to earn interest like a savings account. It's even available for clients as young as 13 (14 in Quebec).
The Neo Everyday Account doesn't offer new users any kind of welcome bonus, and the interest rate isn't especially high, but with no monthly fee, these details aren't really anything to complain about.
Neo Everyday Account features
Here's an overview of what this unique account from Neo Financial has to offer:
Why You Want It
0.1% interest on your balance + ~3% cash back on purchases.
Special Features
- Earn up to 3% cash back on spending
- Free app for tracking your spending and savings
- Pairs well with other Neo products
Eligibility
- Canadian citizen
Provinces
ALL
Interest Rates
Any balance
0.1%
Features
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Neo Everyday Account product rating: 4.0 stars
A 0.1% interest rate is nothing to brag about, but it is better than a Big Bank savings account (which tends to hang out around the 0.01% mark). And the cash back opportunities are worthwhile, ranging from 1% to 3%.
Still, the cash back opportunities may not outweigh the unexceptional interest rate, especially when you consider that other hybrid accounts, such as the KOHO Earn Interest, offer higher rates and high cash back. The Neo Everyday Account seems best suited for those who are already Neo clients and want to transfer funds between accounts – but maybe not for many others.
Rating methodology
To assess hybrid accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of Neo Everyday Account
With a competitive interest rate and no fees to speak of, this savings account has a lot to love:
Pros
Available for youth, too
It's not specifically a youth account, but anyone age 13+ can open a Neo Everyday Account (though it's 14+ for Quebec residents). Teens can also request a JA Money card and use it to spend, with no transaction limits.
Comes with a prepaid Mastercard
The Neo Everyday Account is really a hybrid spend-savings account. Account holders can request a Neo Money card, which is a prepaid Mastercard linked to their balance. Teens can request a JA Money card instead, which can be used in much the same way as the Neo Money card.
No transaction fees
This account's accompanying debit Mastercard allows you to spend at will, with no limits on the number of transactions you make, including INTERAC e-Transfers. You can also make bill payments straight from your Neo Everyday Account and send bank-to-bank transfers with linked accounts.
No monthly fees
There are no fees for keeping your Neo Everyday Account open, so you don't have to worry about getting dinged every month or year just for storing your cash. Though this is pretty standard for a savings account, the fact that you also get unlimited transactions makes this even more valuable.
Ability to build credit score with a Neo Membership
Sign up for a Neo Membership and start managing your personal finances. Membership is free if you keep at least $5,000 in your Neo account. Otherwise, you can pay $7.99 for an elevated membership that gives you access to credit-building tools, better savings rates, ATM reimbursement fees, and more.
The cons of Neo Everyday Account
With all that said, there are a few things to consider before opening a Neo Everyday Account:
Cons
Lower interest rate than the Neo Savings Account
The Neo Savings Account has a 3% interest rate, which is considerably higher than the 0.1% Neo Everyday Account rate. However, both accounts could pair well if you use each for a different purpose. The Neo Everyday Account has a lot of flexibility, and the Neo Savings Account earns you high interest on your savings.
Your savings calculator
Curious how much interest your stockpile of cash could earn at a 0.1%% interest rate?
Use our instant calculator below to find out:
Savings Info
Neo Everyday Account alternatives
Here's how the Neo Everyday Account stacks up against other savings accounts in Canada:
 |  |  | |
|---|---|---|---|
| Account | Neo Everyday Account | KOHO Earn Interest | EQ Bank Personal Account |
| Genius Rating | |||
| Why You Want It | 0.1% interest on your balance + ~3% cash back on purchases. | Get 2 accounts in 1 with up to 3.5% interest + Cash back on every purchase. | One of the highest interest rates at 3%* + Free Interac e-Transfers. |
| Interest Rates |
|
|
|
| # Of Free Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Max Promotion Rate | N/A | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | N/A |
| Open an account See more Neo Financial products Compare | Open an account See more KOHO products Compare | Open an account See more EQ Bank products Compare |
FAQ
What is Neo Financial? Is it legit?
Yes, this company is legitimate and safe. Neo Financial is a Canadian fintech company – and it's actually the team behind SkipTheDishes, one of the biggest food delivery apps in Canada. Neo accounts are protected by the CDIC, too.
Is Neo Bank safe in Canada?
Yes, Neo bank – better known as Neo Financial – is a Canadian company that uses bank-grade encryption, biometric login, and active fraud monitoring. Plus, the funds you deposit into a Neo account are eligible for CDIC insurance.
What is a Neo Everyday Account?
The Neo Everyday Account is a hybrid savings and chequing account offered by Neo Financial, a Canadian fintech company. Its account features include free, unlimited transactions, cash-back opportunities, easy transfers between accounts, and no monthly fees.
What's the Neo Everyday Account interest rate?
The Neo Everyday Account earns 0.1% interest. This is a fairly low number, but it's not especially surprising since this isn't an actual savings account. The Neo Savings Account offers a significantly higher rate of 3%.
Is Neo an actual credit card?
Neo does offer several credit cards issued by Mastercard, but you don’t get a credit card when you open a Neo Everyday account. Instead, you can request a Neo Money card, which is a prepaid Mastercard.
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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