Neo Savings Account

Neo Savings is the high-interest savings account from Neo Financial, a Canadian digital financial services provider. Everything runs through the Neo app, so there are no branches to visit, and you can open an account in a few minutes with no minimum deposit. It's a straightforward way to put your everyday savings to work without juggling monthly fees or minimum balance rules.

Interest accrues daily and rises with your balance, and there are no monthly fees, no minimum balance, and no caps on transactions. Your deposits are held by Peoples Bank of Canada and protected by CDIC coverage up to $100,000. You can split your savings across up to 10 named accounts to keep separate goals organized, and joint accounts are available. One thing to keep in mind is that withdrawals run through a linked Neo Chequing account rather than straight from savings, so it works best alongside Neo's chequing product.

Neo Savings pays tiered interest that rises with your balance, up to 2.75%.

• 2.00% on balances from $0 to $5,000
• 2.50% on balances from $5,000 to $20,000
• 2.75% on balances of $20,000 and up

It's worth noting that the structure rewards larger balances, with the top rate kicking in at $20,000.

There's no monthly fee on Neo Savings, and no minimum balance or transaction fees either.

You can split your savings into up to 10 named savings accounts with Neo Financial, which makes it easy to track separate goals.

Joint accounts are available as well.

Deposits are held by Peoples Bank of Canada, a CDIC member.