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Neo High Interest Savings Account Overview

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The Neo High Interest Savings Account is unlike any other savings account in the country. It makes banking and saving towards a goal easy. Very few financial institutions have been able to offer Canadians this type of savings account.

The Neo High Interest Savings Account is one of the innovative products provided by Neo Financial. Unlike other savings accounts, this one allows Canadian residents to have a more robust interest rate on their savings. Unlike traditional savings accounts, the Neo HISA account makes it easy for customers to achieve their financial goals.

The Neo High Interest Savings Account offers individuals an avenue to enjoy huge interest returns on their accounts. With a 4% interest rate, it’s one of the top rates you can get in the banking industry.

What makes this Neo High Interest Savings Account unique is that there are no hidden fees, complex registration requirements, or balance requirements. You can also get this type of account within minutes.

Neo High Interest Savings Account features

The Neo High Interest Savings Account comes with different features that customers will love. These features include:

Easy Account Registration

The Neo HISA account can be opened anywhere in Canada in less than two minutes. The requirement is that you must be at least 13 years of age (14 in Quebec) and possess a Canada SIN. After your account has been created, approval takes a few minutes.

Interest Rate

The 4% interest rate is the most impressive merit of opening this Neo High Interest Savings Account. This is unlike what is provided by many online Canadian banks that offer low interest. It is one of the highest you can get from any financial institution in Canada.

Bank Card Feature

The Neo High Interest Savings Account doesn’t come with any credit or debit card. If you want a Neo account that provides a card, you will need to sign up for a Neo Everyday account. Once you sign up for this account, it comes with a free card that earns cashback.

Minimum balance

There are no minimum deposit requirements for customers who open this account., and it doesn’t have limits. You can also withdraw all your funds whenever you wish. This account is excellent for me and those who want a stress-free account.

Monthly fees

Monthly bank charges have been the bane of many Canadian citizens because they eat into their budget. Some digital banks charge as much as C$50 monthly for operation costs. However, with the Neo HISA, you don’t have to pay any fees.

CDIC insurance Coverage

All deposits into this account are eligible for CDIC deposit protection of up to $100,000. This means your account is in safe hands.


Integrates perfectly with the Neo Everyday account. Certain features aren’t available in this HISA account, which the Neo account has. The simplified integration between these two accounts makes transfers quick.

Account Management

Accounts can be easily managed through web and mobile applications. You can easily see how much funds you have and how much you will make by the end of the month.

neo hisa - comparewise

Tax Incentives

There are no tax incentives related to the Neo High Interest Savings Account. You will be charged based on guidelines from the Canada Revenue Agency.

Ability to create Multiple Accounts

Many traditional Canadian banks won’t allow customers to have more than 4–5 accounts. This isn’t the case with the Neo High Interest Savings Account because you can register up to 10 customizable accounts simultaneously.

You also have the opportunity to transfer funds between such accounts free of charge. This is a convenient way to grow capital at your own pace.

Personalized Account Name and Logo

When you open this account, you will be asked to name a new account and pick from several icons.

Saving Objections

This Neo account is designed for customized goals and simple tracking reports. Canadians who have a project in mind, vacation plans, or education goals will love this account.

Customize the Goal Tracking Feature

The Neo High Interest Savings Account comes with a progress tool to monitor your financial objectives. When opening this account, you will provide your account goals, and anytime you log in, you will see if you have achieved them. This is great because it’s like a source of inspiration to make you succeed.

Bill Payment Capabilities

The Neo High Interest Savings Account is strictly a savings account. To make payments, you must transfer to a chequing account such as a Neo Everyday account. This means you can access your funds without moving your money to another account.

Direct Payroll Deposit Capabilities

Some Canadian savings accounts allow you to transfer directly into an employee account as a payroll system. The HISA account doesn’t have this feature because it is deemed only for savings.

However, if you want an account that supports direct payroll deposit, use the Neo Everyday account today. This is a system that has features similar to the HISA account. However, the interest is 2.25%

Interest Comparison

The Neo HISA has a high interest rate compared with other traditional banks. For example. If you opened a savings account you could expect to get a rate of maybe 0.5%. But with Neo you can get 4% interest on your daily savings easily.

neo high interest savings account - comparewise

Neo High Interest Savings Account opening process

If you want to open a Neo HISA account, here is the simple process to follow:

  1. Click this link: Click here to be redirected to the Neo website. There you’ll be able to click the Get Started to continue the sign up process.
  2. Account Creation: You will then be required to insert your desired user name and password. The password you use should be case-sensitive and include special characters. This is meant to secure your account against theft. Your password should be 8 characters or more.
  3. Enter Your Credentials: You will be asked for some personal information, such as your name, age, address, and profession. Ensure your details are entered correctly for a smooth registration process. If you aren’t sure, you should cross-check before stating them.
  4. Identity Verification: After entering your details, you will need to provide a means of verification. The Neo account registration demands you upload your passport or driver’s license as a means of identification. Also, you will be asked for your social insurance number. Aside from these requirements, you will be asked to provide your employment status, reason for opening the account and job title.
  5. Account Completion: This savings account registration process should not take more than 10 minutes. Whatever the case, you will have a savings account to give you peace of mind.
  6. Deposit Options: After your account creation is complete, you should try depositing funds. You could send funds into your account via Interac e-transfer or another reliable Canadian financial institution. For now, you can find your Neo High Interest Savings Account through mobile check deposits.

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FAQs about the Neo High Interest Savings Account

Is the Neo High Interest Savings Account good?

The Neo High Interest Savings Account is ideal for promoting long-term savings. It offers customers a stable interest rate. If you are not in a hurry to use funds, this is an excellent account to operate.

What is the Neo HISA interest rate?

Customers will earn 4% interest on their balance monthly. This interest applies to both new and old customers who use this account.

What is the best high interest savings account in Canada?

The Neo High Interest Savings Account remains the best choice compared to other high interest savings accounts in Canada. It has an excellent APY and the ability to open up to ten customizable accounts; no one can match this account's fantastic features.

Neo High Interest Savings Account Details

Transaction Fee
No Fee
Interest Rate
Monthly Self Serve Transactions
Number of Monthly Transactions
High Interest
Other Features

Neo High Interest Savings Account Contact

Phone Number
+1 855-636-2265
Mon - Fri 7:00 am to 8:00 pm MST.
632 Confluence Way SE Unit 200 Calgary AB T2G 0G1 Canada
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Neo High Interest Savings Account Details
  • Account Type : Savings
  • Monthly Transactions : Unlimited
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