Canadian Youth Aged 13 and up Can Now Supercharge Their Savings With a Neo High-Interest Savings Account
CALGARY, Alberta & WINNIPEG, Manitoba–(BUSINESS WIRE)–#NeoFinancial—Neo Financial (Neo), Canada’s leading financial technology company1, has introduced a High-Interest Savings account (HISA) built specifically for youth aged 13 and up2 — bringing young Canadians a supercharged interest rate of 3.75%3 on every dollar they save.
Building on the recent launch of the JA Money card—powered by Neo, in partnership with Junior Achievement Canada (JA Canada), this is Neo’s latest move to transform the financial services market to better serve Canadian teens with the next generation of financial tools — empowering youth to navigate their finances with confidence.
Young Canadians who save with Neo will enjoy:
- Financial tools to set smart goals: Using the Neo app, teens can save smarter with multiple high-interest accounts that they can customize to match their goals, making it easier than ever to track spending habits, build a healthy budget, and save up for what matters most — like tuition, trips, and major purchases.
- Smooth online signup in minutes: Teens can open a High-Interest Savings account in minutes through the Neo app — no waiting in a line-up or filling out paper forms.
- A great interest rate you can count on: With the Neo HISA’s stable rate of 3.75%3, teens will earn more than double the base interest offered by the Big 5 banks4, with no minimum deposits.
- No tricks and no gimmicks: With Neo, there are no temporary promotional rates — just stable, rewarding returns for teens on every dollar they save.
- Cashback rewards are just a tap away: Teens can move money with ease from their HISA to a JA Money card — unlocking great cashback rewards on every dollar they spend at 11,000+ Neo merchant partners.
- Security and peace of mind: Like all Neo deposit products, High-Interest Savings accounts are eligible for CDIC protection up to $100,0005.
In partnership with JA Canada, a leading youth educational non-profit, Neo will soon launch a digital library of financial literacy resources curated specifically for students — designed to help young Canadians build skills and confidence today and every day as they build their financial future.
“Neo is proud to unlock a new era of financial opportunities for Canadian teens, who have been under-served and overlooked in financial services for way too long. By building products like high-interest savings for youth and the new JA Money card, we’re empowering young Canadians to manage their money and take control of their financial future,” said Andrew Chau, Neo Financial CEO. “With a fully digital experience and one of the best high-interest rates available to Canadian teens, Neo gives younger customers the tools to set smart financial goals and achieve them faster.”
To learn more about the Neo High-Interest Savings account, click here.
About Neo Financial
Neo Financial is a technology company simplifying finances through reimagined spending, savings, investing, and mortgages. Founded in 2019 by the co-founders of SkipTheDishes, Neo has raised more than $299 million in funding and has been recognized as one of the top tech startups in Canada by LinkedIn. Neo is headquartered in Calgary and Winnipeg, and is backed by top-tier investors across North America.
Through partnerships with leading financial institutions, Neo provides members with a safe and secure way to spend (Neo Credit), save (Neo Money™), invest (Neo Invest™), and get a mortgage (Neo Mortgage™). Neo for Business powers financial solutions for Tim Hortons, Cathay Pacific, Hudson’s Bay, and over 11,000 other partners across the country. To learn more, visit neofinancial.com.
The Neo High-Interest Savings account is provided by Peoples Bank of Canada.
Neo High-Interest Savings account is not available for Quebec applicants.
The JA Money card is a prepaid Mastercard® issued by Neo Financial™ pursuant to license by Mastercard International Incorporated. The JA Money card is powered by the Neo Everyday account, which is provided by Peoples Bank of Canada.
Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
1 Based on metrics including app store ratings, revenue growth, third-party product rankings, industry awards, and company valuation, according to Neo research.
2 Account only available to Canadian residents, excluding Quebec. You must be at least 13 years of age to be eligible.
3 Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
4 Based on research of high-interest savings accounts, comparing: BMO, CIBC, Scotiabank, TD Bank, Royal Bank of Canada, Simplii Financial, and Tangerine. Research conducted by Neo Financial and based on data taken from public websites on November 8, 2023. Research excludes promotional offers.
5 The Neo Everyday account and Neo High-Interest Savings account are provided by Peoples Bank of Canada, a CDIC member institution, and are eligible for CDIC deposit protection. Deposits held in Neo Everyday accounts and Neo High-Interest Savings accounts are combined with eligible deposits held at Peoples Bank of Canada, for up to $100,000 of deposit protection, per category, per depositor. For more information about CDIC deposit insurance, please consult CDIC’s website cdic.ca.
Cashback may be limited and varies by perks, offer, and partner. Value increase is an average and depends on card use. Offer is subject to the Rewards Policy. Offer may be amended or cancelled at any time without notice. Cashback, perks, insights, and other offers and rewards are operated by Neo. Third party merchants may have minimum age requirements.
Contacts
For more information, please contact [email protected]
