Neo offers a more rewarding choice with a stable 4% high-interest savings rate on every dollar saved
The Neo High-Interest Savings account offers a stable 4% interest rate on every dollar saved — more than 2x the highest base interest rate offered by the Big 5 banks1.
CALGARY, Alberta & WINNIPEG, Manitoba–(BUSINESS WIRE)–#NeoFinancial–Neo Financial™ (Neo), a leading Canadian financial technology company, is helping Canadians reach their savings goals faster with a new 4% high-interest savings rate2 and smart, interactive digital tools to grow their money.
Unlike the Big 5 banks promising high promotional interest rates that don’t last, the Neo High-Interest Savings account (HISA) offers 4% interest2 with no minimum deposits and no commitments—plus intuitive tools and real-time insights to help customers reach their savings goals sooner.
With the Neo High Interest Savings account, customers will enjoy:
- A great stable interest rate: The Neo HISA’s stable rate of 4%2 means customers will earn more than double the highest base interest rate offered by the Big 5 banks1, with no minimum deposits and no commitments. Choosing the Neo HISA pays off over time, as competitors’ promotional rates fall away.
- Savings made simple, goals made possible: Using the Neo app, customers can save smarter with multiple high-interest accounts, customizable for their unique needs and goals — making it easier than ever to track spending habits, build a healthy budget, and save up for what matters most.
- No monthly fees and no gimmicks: The Neo HISA comes with no monthly fees and no temporary promotional rates — just stable, rewarding returns on every dollar saved.
- Free transactions, more rewards: Neo customers can move funds instantly for free between their HISA and Neo Money™ accounts — unlocking access to cashback rewards as high as 15%3 at more than 12,000 merchant partners, from local businesses to national retailers.
- Security and peace of mind: Neo HISAs are eligible for CDIC protection on deposits up to $100,0004.
“At a time when Canadians are working harder than ever to make ends meet, the Neo High-Interest Savings account is here to help customers get more value out of every dollar — empowering them to grow their money and save up for a rainy day, a well-deserved vacation, or buying a home,” said Andrew Chau, Neo’s Co-founder and Chief Executive Officer. “With products built on transparency, simplicity, and a more rewarding experience, we’re proud to be helping Canadians take control of their financial future and feel more secure in tough times.”
Apply for the Neo High-Interest Savings account here.
About Neo Financial
Neo Financial is a technology company building a more rewarding financial experience 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 Canada’s top tech startup 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 safe and secure ways 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 12,000 other partners across the country. To learn more, visit neofinancial.com.
The Neo High-Interest Savings account is provided by Peoples Bank of Canada.
The Neo Money™ account is provided by Concentra Bank.
Neo Money™ card and Neo Money™ account are not available for Quebec applicants.
1 Based on research of high-interest savings accounts, comparing and limited to: BMO, CIBC, Scotiabank, TD Bank, RBC, Simplii Financial, and Tangerine. Research conducted by Neo Financial and based on data taken from public websites on November 27, 2023. Research excludes welcome offers.
2 Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
3 Average based on current offers at select partners. Cashback may be limited and varies by perks, offer, and partner. Cashback, perks, insights, and other offers and rewards are operated by Neo.
4 The Neo High-Interest Savings account is provided by Peoples Bank of Canada, a CDIC member institution, and is eligible for CDIC deposit protection. Deposits held in 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.
Contacts
For more information, please contact [email protected].
