Neo have added a new $5 customer sign up bonus* for anyone who signs up to a Neo Money account. The Neo Money account is this Fintech’s bank account offering that features high interest rates and no monthly fees with no minimum balances. This bonus will automatically be reflected in their account once you’re approved.
The Neo Money account provides one of the highest standard everyday interest rates for an everyday banking account in Canada. The 2.25% with the account is not a limited time increased rate like those seen from many competing banks. This is the rate you earn day in and day out.
Neo Money Account details:
• No fees, 2.25% interest rate as of August 10, 2022 (not a promotional rate; Savings interest rate is calculated daily on the closing balance and paid monthly)
• Earn up to 225x more than at traditional banks (0.05% is the rate at most banks for high interest savings accounts, with 0% on most daily everyday chequing accounts – unlimited transaction accounts are typically $29.99 per month, whereas Neo is free)
• Make bill payments, send and receive Interac e-Transfers®, and make bank to bank transfers to and from existing bank account – all with no monthly fees or minimum balances and unlimited free transactions
• Manage everything from the phone app, whenever and wherever. Desktop/web banking is also available
• Much like any bank account at a traditional bank, the Neo Savings account is eligible for CDIC deposit protection, and provided by Concentra Bank, a CDIC member institution. Deposits held in Neo Savings accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor.
* Note: The landing page does not mention the $5 bonus (it will be updated) but rest assured it is being offered.