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Neo Financial Money Account Review 2022: High APY & No Monthly Fees

Victoria Daniel

Neo Financial is a Canadian tech company and not a traditional bank. Neo Financial is using technology to create products that can help their clients save money and time. They are a completely digital financial services provider that offers banking services through partnerships with banks like Concentra Bank and ATB financial.

Overall rating

4.8

Summary: If you’re looking for a competitive rate on your savings while having the benefits of a chequing account, Neo Money could be a great option.

Neo Money

neo financial logo

$0

Min. To Earn APY

2.25%

Est. APY


Reviews

5

Account Opening

5

Fees

4.5

Features

4

Deposits & Withdrawals

5

Customer Service

5

Safe & Secure

Pros

  • Free overdraft protection
  • No monthly fees
  • CDIC Insurance
  • No minimum balance

Cons

  • No debit card
  • Online only service
  • No paper and mobile cheque deposits

Best For

  • High APY on balance
  • Unlimited free transactions
  • User-friendly app

Features

HQCalgary, AB, Canada
Deposit InsuranceYes, Up to $100,000
Monthly Fee$0
Min. To Open$0
Min. Deposit For No Fee$0
Min. Balance For APY$0
Interest CompoundedMonthly
TransactionsUnlimited
Province RestrictionsNot available in QE

In depth review on Neo Money

Neo Money has no fees and offers a competitive interest rate, which is significantly higher than most big banks offer. This account is provided by Neo Financial’s partner Concentra Bank, where the interest is calculated every day and paid out monthly. This account also offers free transactions, similar to a chequing account which allows customers to easily access their funds to pay bills or transfer money to friends. You also have the ability to add other bank accounts to your Neo account to deposit and withdraw money.

Neo financial strives to offer an intuitive and user-friendly platform to help users conduct their banking. The Neo financial app makes day to day banking activities extremely easy while helping you make the most out of your money.

Neo Money is best for

  • High APY on balance: Many big companies offer a low nterest on your balance. However, with Neo Financial you can earn much higher yields on your account. This interest is calculated daily and is paid out to you every month.
  • Unlimited free transactions: There is no limit on how many times you can deposit or withdraw cash. All transactions come with no fees.
  • User-friendly app: Neo Financial leverages technology to offer its clients a simplified financial service. They have built an extremely user-friendly mobile application that is available on both iPhones and Android devices.

Neo Money benefits

  • Free overdraft protection: There will be no NSF fees if you go into a negative balance.
  • No monthly fees: Clients are not charged a monthly fee for this account.
  • CDIC Insurance: Neo Financial’s account is offered by Concentra bank, which is a member of CDIC. This means that your deposits up to $100,000 are insured in case of bank failure.
  • No minimum balance: Clients are not expected to make an initial deposit to open an account with Neo Financial. They are also not required to maintain a minimum balance to avoid fees.

Neo Money drawbacks

  • No debit card: Neo Financial is a completely digital platform and does not offer a debit card. If you often do ATM withdrawals, you may want to look elsewhere. At least for the time being.
  • Online only service: Neo Finacial’s entire business is online, so you won’t be able to do banking in person at a physical location.
  • No paper and mobile cheque deposits: Neo financial also does not offer clients the ability to use paper cheques or even deposit mobile checks. However, mobile cheque deposits are expected to come to the platform soon.

Account opening

5

Opening a new account with Neo Financial is very easy and can be done online within a few minutes. You can start your application by going to their website.

To be eligible to open an account, you must be a Canadian citizen or resident, have a Social Insurance Number (SIN), and be at least 18 years old. You will also have to provide some basic information such as (but not limited to):

  • Your name
  • Home address
  • Date of birth

Fees

5

Neo’s account does not have any monthly fees and transactions are also free. You can make free Interac e-transfers and bill payments.

Features

4.5

Some of the most valuable features offered by Neo Money are:

  • High APY
  • Free unlimited transactions
  • CDIC insurance on balance
  • Overdraft protection
  • Easy to use mobile banking

Deposits and withdrawals

4

Neo financial does not give its users the option to deposit checks as of yet. However, you can deposit funds into your account via an Interac e-Transfer or electronic funds transfer.

You also don’t have many options when it comes to making withdrawals from your account. You can send e-transfers and wire transfers from your account for free. However, Neo does not offer a debit card, so you cannot make ATM withdrawals. You would have to transfer funds to another account and then withdraw from an ATM.

Customer service

5

Neo’s customer service is one of the best in the country. It offers all traditional forms of support channels and they are all very responsive. You can contact support using Neo’s support chat for a quick response. If you would like to speak to a customer representative over the phone, you can call the number 1-(855)-636-2265. You can also send an email to [email protected]

Neo’s customer support is available to assist you all days of the week from 7:00 AM to 8:00 PM.

Safe and secure

5

Neo has partnered up with Concentra Bank, which is CIDC regulated and ensures that your deposits up to $100,000 are protected in case of bank failure. 

Neo also allows users to freeze and unfreeze their cards at any time. Users can also reset their PINs from the app, and you can set up biometric authentication to sign in to the app to ensure easier and safer access.

Is Neo Money right for you?

Neo financial’s account offers an interest rate much higher than that of an average bank. You also have the ability to use this account as somewhat of a chequing account as it allows unlimited free transactions. Additionally, without the traditional fees that come with typical banks, you can keep some more money in your pocket. However, the account has a few limitations with the lack of a debit card which can be a deal-breaker for some.