Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026
Neo Chequing Account Review
Our take: A solid $0-fee digital chequing account with real cashback on gas and groceries — but it pays just 0.10% interest on your balance, so pair it with a dedicated savings account (Neo’s own, or a competitor’s) if you want your everyday cash to earn something.
- Goes straight to Neo Financial
- Our review
Neo’s chequing account was originally branded Neo Money™ and is sometimes still called Neo Everyday in Neo’s own marketing — Neo now calls it the Neo Chequing Account on its official site. Whatever the name, it’s a fully app-based account with no monthly fee, no minimum balance, and 1% cashback on gas and groceries once you add the separate Neo Money™ card. Interest is a token 0.10% (Neo’s rate page, current as of May 26, 2026); Neo’s higher rates sit in the separate Neo Savings Account. The Neo Money™ card is a prepaid card that works like a debit card, and cashback on it is subject to a monthly spending limit. Funds are held in trust at CDIC member institutions and are eligible for CDIC coverage up to $100,000, and the account has a $200,000 balance limit.
MoneyMint rating
#11 of 16 chequing accounts · How we rate
$0
real annual cost — the fee, or the interest given up on the balance that waives it, whichever is lower. Run your own numbers →
Not Sure? Three Accounts People Compare It With
EQ Bank Personal Account
Pick this instead if you want a similar all-digital account that still pays interest on your everyday balance.
$0/month · 1.00% (2.75% with $2,000+ direct deposit)
Tangerine No-Fee Daily Chequing
Pick this instead if you want a no-fee account with a bigger bank behind it (Scotiabank) instead of an app-only fintech.
$0/month, no minimum balance · unlimited free transactions
Simplii Financial No-Fee Chequing
Pick this instead if you want a no-fee account plus free access to a major ATM network (CIBC).
$0/month, no minimum balance · unlimited free transactions
Neo Chequing Account Review
Open a Neo Chequing account directly on Neo’s site
Frequently Asked Questions
Does the Neo Chequing Account still pay interest?
No. As of this review, Neo doesn’t advertise any interest rate on the Chequing Account’s balance. Interest-earning has moved to the separate Neo Savings Account, which pays between 2% and 2.75% depending on your Neo membership tier. If you want interest on money you’re not actively spending, keep it in Neo Savings and use Chequing for everyday spending.
How does the Neo Chequing Account’s cashback work?
You earn 1% cashback on gas and grocery purchases, but only if you add the separate Neo Money™ card to your account — it isn’t automatic just from opening a Chequing Account. Neo doesn’t publish a confirmed spending cap for this cashback on the pages we checked; confirm current terms directly with Neo before relying on a specific limit.
Is Neo Chequing the same as Neo Money?
Effectively yes. Neo Money™ was the original branding for this account and its debit card. Neo now calls the account itself the Neo Chequing Account (also referred to as Neo Everyday in some of Neo’s own marketing), while Neo Money™ specifically refers to the debit card you add to it.
Is my money protected at Neo?
Neo Financial Technologies Inc. is a FINTRAC-registered money services business, not a bank. Funds in Neo accounts are held in trust with one or more CDIC member institutions and are eligible for CDIC protection up to $100,000 per beneficiary, per member institution, in the applicable insured categories. Neo doesn’t publicly name its specific partner bank(s) on the pages we checked.