If you're looking for a savings account with the conveniences of a chequing account, Neo Everyday Account is one of the best. You'll pay no fees and never have to worry about transaction limits, plus you'll earn a little bit of interest and up to 3% cash back.
Keep in mind that this isn't a true chequing account, though, which means you can't withdraw funds with a debit card or even make payments with personal cheques. So while it is indeed a hybrid account, it doesn't quite offer the best of both worlds.
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: 4.1 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 excellent, ranging from 1% to 3%, depending on your balance.
Do the cash back opportunities outweigh the unexceptional interest rate? Other hybrid accounts, like the KOHO Earn Interest, offer higher rates and high cash back. This Neo Everyday Account seems well 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 calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Neo Everyday Account
With a high regular interest rate and no fees to speak of, this high interest savings account has a lot to love.
Pros
Comes with a prepaid Mastercard
The Neo Everyday Account is really a hybrid spend-savings account. Included with your account is a prepaid Mastercard, where you can easily spend your balance. While you're at it, you'll be able to earn an average of 3% cash back on your everyday spending – hence the Everyday name
No transaction fees
This account's accompanying debit Mastercard allows you to spend at will, with no limits on how many transactions you make, including Interac e-Transfers. You can also make bill payments straight from your Neo Everyday Account and make bank-to-bank transfers with linked accounts.
No monthly fees
There are no fees for keeping your Neo Everyday Account open, which means you don't have to worry about getting dinged every month or year just for storing your cash somewhere. Though this is pretty standard for a savings account, the fact that you also get free transactions makes this even more valuable.
Eligible for CDIC deposit protection
Because the Neo Everyday Account is provided through People’s Bank, a CDIC member, your deposits are eligible for free protection. That means up to $100,000 of your money (combined between both banks) is covered in the unlikely event that the bank goes under..
The cons of Neo Money
With all that said, there are a few things to keep in mind when considering this savings account.
Cons
Lower interest rate than the Neo Financial High-Interest Savings Account
The Neo Savings Account has 2.9% interest rate, which is considerably higher than the 0.1% Neo Everyday Account account rate. However, both accounts could pair well for different purposes. The Neo Everyday Account 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 2.75%* + 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?
Neo Financial is a Canadian fintech company – and it's actually the team behind SkipTheDishes, one of the biggest food delivery apps in Canada. So yes, they are very legit, safe, and innovative.
What is Neo Everyday Account?
Neo Money is a savings account offered by Neo Financial, a Canadian fintech company. The account has no fees whatsoever, including free unlimited transactions.
What's the Neo Everyday Account interest rate?
The Neo Everyday Account interest rate is currently 0.1%.
Does the Neo Everyday Account have a debit card?
Yes, your Neo Everyday Account comes with a Neo Money card, which is essentially a debit card that earns cash back for you. Technically, it's a prepaid Mastercard, but it's free to use anywhere Mastercard is accepted.
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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