Neo Financial Review: Neo Savings Pays 2.25% to 3%, Depending on Membership
Neo Savings pays 2.25% free and up to 3% with the $14.99 Grow membership, rates as of October 29, 2026, read November 9. What you really earn after fees, and who Neo suits.
Neo Savings pays between 2.25% and 3% a year, and the exact rate depends on the Neo membership you hold. Those are the rates on Neo's interest rate page, dated October 29, 2026, which we read on November 9, 2026. The free Essentials membership gets 2.25%; the top rate of 3% requires Grow, at $14.99 a month. This Neo Financial review explains what you actually earn after fees, how Neo protects your deposits and when another account pays more. For a wider comparison, see the best savings accounts in Canada or the Neo Savings account sheet.
Neo Savings at a glance
Neo Financial is a Canadian fintech that offers credit cards, a chequing account and a savings account through its app. Its savings product has four rates, one per membership:
- Essentials (free): 2.25%
- Start ($4.99 a month, or $0 with a payroll deposit; listed as coming soon): 2.5%
- Build ($9.99 a month, or $0 with a Neo World Elite Mastercard): 2.75%
- Grow ($14.99 a month): 3%
Neo calculates earnings daily on your closing balance and pays them monthly. You can open up to 10 savings accounts, and the same rate applies to all of them. You can hold up to $200,000 across your Neo Savings accounts, and there is no minimum balance.
What you really earn after membership fees
A higher membership rate only pays off on a large balance. On $10,000 held for a year, Neo Savings pays roughly:
- Essentials: about $225, with no fee
- Build: about $275, minus $119.88 in fees, so about $155 net
- Grow: about $300, minus $179.88 in fees, so about $120 net
In other words, Grow only beats the free Essentials rate on savings alone once your balance passes roughly $24,000. Below that, the fee eats more than the extra 0.75 points earn. Paid memberships also include credit-building tools and other perks, so the math changes if you would pay for those anyway. A Build membership is free for Neo World Elite Mastercard holders, which makes 2.75% the best deal for them.
How Neo compares with Oaken
The table below compares the free and paid Neo tiers with the Oaken Financial savings account, which paid 3.00% with no monthly fee on November 9, 2026.
| Account | Rate | Monthly fee | Approx. net on $10,000 | CDIC coverage |
|---|---|---|---|---|
| Neo Savings, Essentials | 2.25% | $0 | $225 | Up to $100,000 |
| Neo Savings, Build | 2.75% | $9.99 ($0 with Neo World Elite) | $155 ($275 with the fee waived) | Up to $100,000 |
| Neo Savings, Grow | 3% | $14.99 | $120 | Up to $100,000 |
| Oaken Savings Account | 3.00% | $0 | $300 | Up to $100,000 per member institution and category |
Fees coming on January 1, 2027
Neo's What's changing page lists pay-per-use fees for Essentials members on Neo Chequing and Neo Savings accounts, starting January 1, 2027:
- Interac e-Transfer sent: $1 per transfer
- Cash withdrawal with the Neo Money card: $1.50
- NSF fee: $4.99
Members on Start, Build or Grow pay $0 for these. If you only park savings at Neo and rarely send transfers, these fees will barely touch you. If you plan to move money out often by e-Transfer, factor them in.
Is Neo Financial safe?
Neo is not itself a CDIC member. According to Neo's help centre, funds in Neo Savings accounts are held through partnerships with CDIC member institutions and are eligible for CDIC coverage up to $100,000. Neo lets you keep up to $200,000 in Neo Savings, so anything above $100,000 is not covered. Neo's rate page also states that savings earnings come from interest Neo earns on the funds and are paid at Neo's discretion. Rates can change without notice.
Pros and cons of Neo Savings
What Neo does well
- Free 2.25% with no minimum: Essentials costs nothing and has no minimum balance.
- Up to 10 sub-accounts: useful for separate goals, at the same rate.
- One app for everything: credit card, chequing and savings in one place.
Where Neo falls short
- Top rate costs $14.99 a month: Grow's 3% only pays off on a large balance.
- CDIC cap below the account limit: coverage stops at $100,000, but the account takes $200,000.
- New Essentials fees in 2027: e-Transfers, cash withdrawals and NSF items will cost extra.
Who should choose Neo
Neo Savings suits people who already use a Neo credit card or chequing account and want their savings in the same app. It is a good deal if you hold a Neo World Elite Mastercard, since Build and its 2.75% rate cost you nothing. On the other hand, if you only want the best rate on savings, Oaken pays 3.00% with no membership fee; read our Oaken Financial review. And for money you will not need for a year or more, our best GIC rates in Canada show terms paying up to 4.50%.
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