Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

NeoMembership-Tiered Rate

Neo Savings Account Review

Our take: A flexible, no-minimum savings account with a genuinely tiered rate structure: 2.00% free, up to 2.75% if you pay $14.99/month for Neo’s top membership tier (or get it free through certain Neo credit cards). The free tier is a fair everyday rate, but don’t chase the 2.75% headline without checking whether the membership fee actually pays for itself on your balance.

#6 FLEXIBLE, NO MINIMUM

Welcome bonusNone advertised — Neo doesn’t currently publish a standing sign-up bonus for this account

Open an account on Neo’s site →

Goes straight to Neo Financial
Our review

The Neo Savings Account (legally called the Neo Cash account, and the current version of what used to be sold as the Neo High-Interest Savings Account) pays interest on a tier system tied to your Neo membership rather than just your balance. There’s no minimum deposit, no fee to move money, and up to 10 named sub-accounts to organize your goals — but the highest advertised rate isn’t free, and it’s worth doing the math before assuming it applies to you.

3.0out of 5

MoneyMint rating

#5 of 13 savings accounts · How we rate

Regular rate

8/10

Promotional rate

0/10

Fees and minimums

10/10

Access and liquidity

5/10

Cash bonus

0/10

$200

interest on $10,000 over a year at this account’s effective rate. Compare savings rates →

At a Glance

Interest Rate

2.00% – 2.75%Rate depends on your Neo membership tier, not your balance

Free Tier Rate

2.00%Essentials membership — $0/month

Top Tier Rate

2.75%Grow membership — $14.99/month (Build tier: 2.5% for $0–$9.99/month)

Minimum Balance

$0No minimum deposit or balance required

Sub-Accounts

Up to 10Named, goal-based savings buckets within one account

Fees to Move Money

$0No fee to transfer funds in or out

Heads up: the 2.75% top rate requires Neo’s Grow membership at $14.99/month — it’s not something you get just by holding a bigger balance. The free Essentials tier pays 2.00% with no membership cost at all. Run the numbers on your own balance: a $14.99 monthly fee needs a meaningfully large balance before the extra 0.75% over the free tier is actually worth it.

Pros & Cons

Pros

No minimum balance or deposit required, and no fee to move money in or out
The free Essentials tier still pays a respectable 2.00% with no monthly cost
Up to 10 named sub-accounts to organize savings goals in one place
Joint account option with interest paid monthly to the shared balance

Cons

The advertised 2.75% top rate requires paying $14.99/month for Grow membership, not just holding a balance
No Interac e-Transfers or bill pay — you need a separate Neo Chequing account for that
No standing welcome bonus confirmed as of this review
Neo doesn’t name its specific CDIC partner bank(s) on its public pages

Who It’s For

Best For

People who want a flexible, no-minimum savings account with organized sub-accounts
Existing Neo World Elite®, United World Elite®, or Cathay World Elite® cardholders who get the 2.5% Build tier for free
Savers comfortable checking whether a $14.99/month membership pays for itself on their balance

Not Ideal For

Smaller balances where a $14.99/month fee would outweigh the extra 0.75% in interest
Anyone chasing the single highest rate available right now — Simplii and RBC currently offer 4.60% promotional rates with no membership fee
Anyone who wants e-Transfers or bill pay from the same account

Not Sure? Three Accounts People Compare It With

All chequing accounts →

EQ Bank Personal Account

Pick this instead if you want a comparable digital savings rate with no membership tiers to think about.

$0/month · 1.00% (2.75% with $2,000+ direct deposit)

Read review

Simplii Financial High Interest Savings Account

Pick this instead if you want the highest promotional rate available right now, with no membership fee.

$0/month · promotional 4.60%

Read review

RBC High Interest eSavings Account

Pick this instead if you’d rather bank with a big-five branch network alongside a promotional top rate.

$0/month · promotional 4.60%

Read review

Neo Savings Account Review

Open a Neo Savings account directly on Neo’s site

Open an account on Neo’s site →Compare all accounts

Jen, founder of MoneyMint

Reviewed by Jen. Every figure on this page was checked against Neo’s official page on September 25, 2026.

Frequently Asked Questions

How much can I actually earn with the Neo Savings Account?

It depends on your Neo membership. The free Essentials tier pays 2.00% interest. The Build tier pays 2.5% and costs $0–$9.99/month (free if you already hold a Neo World Elite®, United World Elite®, or Cathay World Elite® Mastercard). The Grow tier pays the advertised 2.75% top rate but costs $14.99/month. Run the math on your own balance — a $14.99 monthly fee needs a meaningfully large balance before the extra 0.75% over the free tier is worth it.

Is the Neo Savings Account the same as the old Neo High-Interest Savings Account?

Neo Savings is the current version of that product. Neo confirmed in its own FAQ that you can no longer open new Neo High-Interest Savings accounts, though existing ones aren’t affected. The legal name for the current account is the Neo Cash account.

Can I send e-Transfers or pay bills from Neo Savings?

No. Neo’s own FAQ points savings-only customers to open a separate Neo Chequing account for e-Transfers and bill payments — Neo Savings is built for holding and growing money, not everyday transactions.

Is there a minimum balance or deposit for Neo Savings?

No. Neo confirms there’s no minimum deposit or balance required to open or keep the account.