Neo Money™ Account
As of October 22, 2026, the Neo Money™ Account pays 2.00% interest on savings.
CDIC insuredRates verified October 22, 2026
Calculate your NEO Financial interest
Conditions: Base 2.00% on Essentials ($0/mo); up to 2.75% on Grow ($14.99/mo)
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Key account terms
A modern account with high interest and cashback rewards, disrupting traditional banking.
- Monthly fee
- $0
- Minimum deposit
- $0
- Transactions
- Unlimited
- Transfer speed
- 1-3 Days
Pros and considerations
What we like
- Consistently competitive rate
- Cashback rewards
- Sleek mobile app
- No minimum balance
Watch out for
- Newer institution
- Customer support is chat-heavy
- Fewer additional products
Frequently Asked Questions
Everything you need to know about NEO Financial's savings rates, terms, and account features.
Who holds my money?
Neo Money accounts are provided by Concentra Bank, a CDIC member institution.
Is NEO Financial deposit-insured and safe?
Yes. With NEO Financial, eligible deposits are insured up to $100,000 per category by the Canada Deposit Insurance Corporation (CDIC). This protection guarantees that your principal deposit and accumulated interest remain safe against institutional failure.
How is interest calculated and paid on the Neo Money™ Account?
Interest is calculated daily based on your account's closing balance and deposited directly into your balance on the final business day of each month, compounding your yield monthly.
Can I withdraw my money from NEO Financial at any time?
Yes. Unlike a GIC (Guaranteed Investment Certificate) which locks in funds for a predetermined duration, this high-interest savings account offers complete liquidity. You can transfer money out at any time without penalty or loss of earned base interest.
How is interest earned at NEO Financial taxed in Canada?
In non-registered accounts, interest earned is treated as regular taxable income by the Canada Revenue Agency (CRA). NEO Financial will issue a T5 tax slip if your annual interest exceeds $50 (or upon request for lower amounts). If held inside a TFSA, interest is 100% tax-free.
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