Neo Review 2026: Chequing and Savings
Written by Kevin Shahnazari,
Edited by Abid Salahi
Last updated on September 28, 2026
FinlyWealth rating
🏅
4.5
Top-rated
Among FinlyWealth's highest rated institutions
Products they offer:
Best for:
Those who want strong no fee financial products and are comfortable managing their banking entirely online or through an app. Neo offers a no fee high interest savings account with one of the most competitive rates in Canada, a solid everyday spending account, and a range of credit cards both secured and unsecured including options with no annual fees as well as premium cards with added perks.
on Neo Financial's website
Overview
Neo Financial continues to stand out as a strong digital first alternative in Canada, offering competitive rates and no fee everyday banking products across its lineup.
Neo provides a high interest savings account with one of the more attractive rates in Canada, along with a streamlined spending account designed for daily use.
Its suite of credit cards includes both secured and unsecured options, with several no annual fee choices as well as premium cards that offer enhanced rewards. In fact, some of the credit cards offered are among the best in Canada. For example, the Neo World Elite Mastercard has earned the award for best overall cashback credit card in Canada, while the Neo World Mastercard Secured has received the award for best overall secured credit card.
While Neo’s products are offered separately rather than as a bundled account, they are designed to work together within a single app experience, making it easy to manage spending, saving, and rewards in one place. To unlock the highest savings rates and best rewards, customers may need to meet certain activity requirements such as maintaining balances or using Neo’s ecosystem regularly.
Pros
- No monthly fees on most core products.
- Competitive savings interest rates in Canada.
- Wide range of credit cards including secured options.
- Strong cashback rewards on credit cards, especially with partner merchants.
- Well designed and easy to use mobile app.
Cons
- No physical branches.
- Cash deposits are not supported
- Mixed customer service experiences reported by some users.
Product Reviews
Savings Accounts
Best for: High interest savings
4.6 Our rating
on Neo Financial's website
Welcome Bonus
N/A
Regular Interest
Up to 2.75%
Monthly Fee
$0
Neo’s high interest savings account offers a tiered interest structure where your rate increases depending on your account membership tier, with no promotional periods or temporary offers. Customers can earn up to 2.75% interest, with rates starting at 2.00% for regular savings accounts, increasing to 2.50% for those who have a Build Membership, and reaching the full 2.75% rate with a Grow Membership.
Unlike some competitors, Neo does not require you to meet monthly conditions to unlock its highest rate, making it more straightforward to earn competitive returns. However, the maximum rate is tied to a Grow Membership, which may not be accessible to all users.
Earn up to 2.75% interest1
- Get up to 2.75% interest, determined by your membership tier
- No promotional or limited-time offers — rates increase depending on membership
- Earn up to $508 more each year than at traditional banks
- Personalize up to 10 accounts with custom names, icons, and amounts for each goal. Whether it’s a vacation or an emergency fund, you’ll accomplish them sooner.
- Manage your money instantly between multiple accounts on the Neo app. Connect an external bank account and make money transfers between institutions a snap.
¹Interest Rates (based on membership tier):
Membership | Interest Rate |
|---|---|
Standard savings | 2.00% |
Build Membership ($0-9.99/month) | 2.50% |
Grow Membership ($14.99/month) | 2.75% |
Chequing Accounts
Best for: No-fee chequing account with cashback
4.9 Our rating
on Neo Financial's website
Welcome Bonus
Get $100 after spending $1,000*
Regular Interest
Up to 0.1%
Monthly Fee
$0
Account Type
Chequing • Personal
Exclusive Offer: Earn $100 by spending at least $1,000 within the first three months on the Neo Money card or any other Neo credit card.*
MEMBERSHIP TIERS
Neo Chequing offers optional membership tiers with added benefits, both free for customers who keep enough on deposit with Neo.
Build — $7.99/month (free with $5,000+ in any Neo account)
- Credit Score Monitoring: track credit score in the Neo app
- Credit Builder: tools and insights to build credit history
- Cash Advance & Overdraft (coming soon): up to $300 at 0% interest, reported to both credit bureaus
- Free ATM Withdrawals: fees reimbursed up to $5/withdrawal, unlimited withdrawals
- Secured Card Fee Waived: $7.99/month fee waived for Build members
Grow — $12.99/month (free with $20,000+ across Neo Chequing and Savings)
Includes all Build benefits, plus:
- No Foreign Transaction Fees: FX fees rebated on Neo Credit Card and Money Card international spend (up to $10,000/month), full rewards kept at domestic rate
- Higher Savings Interest Rate: 2.75% on Neo Savings
- Priority Support: dedicated phone line for Grow members
CASHBACK REWARD LEVELS
Cashback rates on gas and groceries (earned via the Neo Money™ Card) increase automatically based on your Neo Chequing account balance.
Reward Level | Chequing Balance Required | Gas | Groceries | Everything Else
|
|---|---|---|---|---|
Level 1 | $0 | 1% | 1% | 0% |
Level 2 | $5,000 | 2% | 2% | 0.5% |
Level 3 | $10,000 | 3% | 3% | 1% |
On top of the rates above, customers earn an average of 5% (up to 15%) at thousands of Neo partner locations across Canada through the Neo app.
CORE FEATURES
Feature | Customer Benefit
|
|---|---|
Free Interac e-Transfer® payments | Send and receive money at no cost, including scheduled transfers |
Bill payments & pre-authorized debits | Pay bills and set up recurring debits directly from the account |
$0 NSF fees | No fee for insufficient funds — unlike most traditional banks |
Real-time spend tracking | See every transaction instantly with automatic categorization |
Smart budgeting tools | Insights and budget features built into the Neo app |
Instant payments to Neo credit cards | Pay off Neo credit card balances instantly from the same app |
Joint account available | Open a joint Neo Chequing account with a co-owner; both earn cashback independently |
CDIC deposit protection | Funds eligible for CDIC insurance up to $100,000 |
Biometric login & fraud monitoring | Next-gen security including 24/7 monitoring, real-time alerts, and instant card freeze |
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$0
International
$0
International & Currency
Foreign Currency Conversion
2.5%
Explore Neo credit cards
See our full guide to Neo's best credit cards.
Read guide
Customer Experience
3/5
Convenient digital first customer support options. Neo is an online focused financial platform and does not operate traditional bank branches. It offers customer support primarily through in app chat, email, and online help resources. While support availability is generally reliable, it does not provide the same extended phone support hours as some larger institutions. Neo also maintains an online help center with FAQs, though it is not as extensive as some major banks.
Its mobile app is well designed, highly rated, and offers an excellent overall user experience. Neo also has one of the stronger Trustpilot scores among Canadian fintech platforms, reflecting generally positive customer sentiment.
That said, feedback on platforms like Reddit is more mixed. While many users report positive experiences, others highlight issues with customer support, particularly around credit card disputes and fraud related chargebacks. Some users have reported declined transactions and challenges resolving issues with customer representatives, suggesting that support quality can be inconsistent depending on the situation.
Rating Methodology
How We Rate Neo Financial
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
Yes, Neo Financial is generally considered safe, but it operates differently from a traditional bank. Neo itself is a financial technology company, not a bank, and it partners with federally regulated Canadian banks to hold customer deposits. This means that eligible funds are protected by CDIC insurance, typically up to $100,000 per insured category, which provides a standard level of security for your money. Neo also uses industry standard security measures such as encryption and fraud monitoring to protect accounts. For most everyday use, including saving and spending, it is considered a reliable and secure option. However, customer experiences can vary. While many users report positive experiences and the platform has strong ratings on sites like Trustpilot, feedback on forums like Reddit is more mixed. Some users have reported issues with customer support, particularly when dealing with fraud, chargebacks, or declined transactions. Overall, Neo is safe to use, but those who prioritize highly responsive customer service may prefer a traditional bank.