WINNIPEG, Manitoba and CALGARY, Alberta–(BUSINESS WIRE)–Today, Neo Financial announced that it is relaunching its High Interest Savings Account Neo Silver. With Canada’s “Big 5” banks constrained by outdated technology and infrastructure, Neo Money is the first account of its kind to combine checking and savings features.
Neo Money mirrors what you can do with the account: spend, save, and earn interest, all in one place. With Neo Money, account holders can:
Access one of the best interest rates in Canada, earning up to 130x†* more than traditional banks.
Set up automatic bill payments
Receive payroll deposited directly into a Neo Money account
Transfer money between accounts with free bank-to-bank transfers
Send unlimited Interac e-Transfers with no hidden monthly or annual fees
Never worry about monthly fees, transaction limits or minimum balance requirements
“Neo has always challenged the status quo of banking – wondering why the Big 5 banks operate the way they do today, and if we could do things differently. Neo Money is just one example of how our team is reinventing Canada’s financial infrastructure and building a new banking future that delivers better value, opportunity and convenience. said Andrew Chau, co-founder and CEO of Neo Financial.
Neo Money offers an all-digital experience that allows users to manage their account from their device, eliminating the need for traditional bank branches. The Neo app tracks daily earned interest and monthly deposits to users’ Neo Money account. As one of the only accounts in Canada to offer unlimited free transactions, Neo Money is a centralized account for individuals to manage their finances.
About Neo Financial
Neo Financial is a technology company that simplifies finances through reimagined spending, saving, investing and rewarding. Founded in 2019 by the co-founders of SkipTheDishes, Neo has raised over $114 million in funding from leading investors and has been recognized as one of Canada’s Top Tech Startups by LinkedIn, with a growing team of more than 500 employees.
Through partnerships with leading financial institutions, Neo offers its members a safe and secure way to spend, save and invest. Neo’s credit card is issued by ATB Financial and backed by the Mastercard® network, and the Neo Money account is provided by Concentra Bank, a SADC member institution, and is eligible for SADC deposit protection. Neo is headquartered in Winnipeg and Calgary and is backed by top North American investors.
To learn more, visit neofinancial.com.
The Neo Savings account is provided by Concentra Bank.
†Based on research comparing the high interest savings rates of Canada’s “Big 5” banks using a $100 investment, excluding promotional rates and rate premiums. The research was conducted by Neo Financial and based on data taken from public websites as of May 12, 2021.
® Trademark of Interac Inc. Used under license.