Neo Money Account Review 2026: 2.25% Interest, No Fees, Worth It?
TL;DR
Neo Money is a clean, no-fee high-interest savings account paying 2.25% with CDIC coverage. It's not a chequing account — no debit card, no outgoing e-Transfers — so think of it as a parking spot for your emergency fund or short-term cash, paired with your existing chequing account.
What Neo Money is
Neo Money is the high-interest savings product from Neo Financial, a Calgary-based fintech. Deposits are held at Concentra Bank or Peoples Bank — both CDIC members — and Neo provides the app, support, and account interface.
Fees and rates
| Interest rate | 2.25% / yr |
| Monthly fee | $0 |
| Account minimum | $0 |
| Interac e-Transfer in | Free, unlimited |
| Interac e-Transfer out | Not supported |
| Bank-to-bank transfer out | Free (~1 business day) |
| Deposit insurance | CDIC, $100K per category |
The Neo ecosystem play
Neo's pitch is that you stack their products: Neo Money for savings, Neo Credit (Mastercard) for spending and rewards, and Neo Invest for managed portfolios. They all live in one app, balances move instantly between them, and you get a single dashboard. If you already use the Neo Credit card, Neo Money is a low-friction add-on.
Pros
- 2.25% on every dollar, no tiers, no minimum, no promo trick
- Truly zero monthly fees
- CDIC-insured deposits via partner banks
- Instant transfers to and from Neo Credit card
- Clean, fast Canadian-built app
Cons
- No debit card — can't spend directly from the account
- No outgoing Interac e-Transfer — you must withdraw to a linked bank first
- Rate ties Wealthsimple Cash's top Generation tier (2.25%) and trails EQ Bank with a qualifying direct deposit (2.75%)
- App-only; no branches, no phone-only support line for everyday questions
- Interest is fully taxable outside a TFSA
How Neo Money compares
For a full side-by-side, see our Neo vs Koho vs Wealthsimple Cash comparison and our live HISA rate table.
Who Neo Money is best for
- Existing Neo Credit cardholders who want one app for spending + savings
- Anyone parking an emergency fund and not actively spending it
- Savers who already have a primary chequing account they're happy with
Who should look elsewhere
- People who want one account for chequing + savings (look at Wealthsimple Cash or EQ Bank Personal)
- Anyone wanting to maximize yield (a 1-year GIC at 4%+ beats any HISA today — see GIC rates)
- Investors who want savings inside a TFSA — Neo Money is non-registered only
Tax reality check
$10,000 at 2.25% earns $225/year. At a 35% marginal rate that becomes ~$146 after tax. Plug your number into the income tax calculator for your bracket. Holding the same cash inside a TFSA at a similar rate keeps the full $225.
Related guides
- Full Neo Financial Review 2026
- Neo vs Koho vs Wealthsimple Cash 2026
- Wealthsimple Cash Account Review 2026
Not financial advice. Rates and product features can change without notice. Verify on the official Neo Financial site before signing up. We do not accept referral commissions. Last reviewed: July 11, 2026.
Editorial disclaimer
This article is published by LoonieLabs for general information only. It is not financial, tax, legal, accounting, or immigration advice and must not be relied on as such. Rules, dollar figures, interest rates, and program eligibility change — always verify with the Canada Revenue Agency, IRCC, or a qualified professional before acting. Spotted an error? See our corrections policy. Last reviewed: July 11, 2026.
Frequently Asked Questions
Written and reviewed by Shrey Patel — Founder & Editor-in-Chief
Winnipeg, MB · Figures cross-checked against official banking & credit sources · Last reviewed July 11, 2026 · LinkedIn
Founder of LoonieLabs · based in Winnipeg, MB · writes and reviews every page on the site I oversee every figure on this page personally — verified against primary sources (CRA, IRCC, Statistics Canada, the Bank of Canada, or the originating provincial ministry). LoonieLabs has no affiliate relationships with any bank, credit card, or immigration consultant featured on this site. Spotted a mistake? Tell us.
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