A smart account for high-interest saving

Make your saving goals a reality with 4.00% interest¹ on every dollar and flexible tools to grow your money, only with a Neo High-Interest Savings account.

A smart account for high-interest saving
Saving simplifiedReach your goals with smart tools that make saving easy.
Earn 4.00% interest¹Watch your money grow with 4.00% interest¹ earned on every dollar. No minimum deposits, no monthly fees.
Earn 4.00% interest¹
Plan ahead and reach your saving goals
Plan ahead and reach your saving goalsOpen up to 10 accounts for all your saving goals, customize account names and icons, and move your money between your accounts instantly.
See your progressTrack multiple savings goals at once in the Neo app and see your savings grow over time.
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Everything you need to know about HISA's

A high-interest savings account is a savings tool with a higher interest rate than a regular one. You earn compound interest in your HISA, allowing your money to grow faster. We offer a 4% interest rate¹, with interest compounded daily on the total closing balance and paid monthly.
A high-interest savings account has many benefits. In addition to earning compound interest and quick access to your funds, you get risk-free savings and guaranteed returns.
Many financial accounts have age restrictions and limitations. You must be 18 years old to open a TFSA, earn employment income, and file taxes to open an RRSP. We offer HISAs for anyone 13 years or older². It’s a great start to your financial journey and offers steady earnings to reach short-term goals or fight inflation.
Compound interest is calculated on both the principal of an investment and the accumulated interest from previous periods. Compound interest grows your money faster than simple interest, which is interest calculated only on the principal amount of your funds.
Interest can be compounded daily, monthly, quarterly, semi-annually, or annually. Compounding frequency is how frequently you are adding interest to the principal. Our 4%¹ interest rate is calculated daily based on the closing balance of your account and interest is paid into your account at the start of the following month. Your initial principal and accumulated interest then compound month over month in your HISA.
Promotional interest rates refer to a special rate offered by a financial services provider for a limited period. It is usually higher than the regular interest rate for the savings account and expires after the promotional period ends.
The ongoing interest rate is what you normally get in your account. We have one of the highest ongoing interest rates for HISAs in Canada³ at 4%¹, regardless of whether you are an existing or new customer.
You should consider the financial tools and resources available to support your financial goals, as well as deposit insurance to keep your funds secure.
From going on family vacations to changing the countertops in your kitchen, you can open multiple accounts with Neo and customize the names and icons to keep track of each goal. Having the proper resources to support your savings journey and the ability to organize your savings goals keeps you on track with your progress.
It’s also important to ensure your funds are protected. The Neo High-Interest Savings account is provided by Peoples Bank of Canada, a CDIC member institution and is eligible for CDIC deposit protection. Deposits held in Neo High-Interest Savings accounts are combined with eligible deposits held at Peoples Bank of Canada, for up to $100,000 of deposit protection, per category, per depositor. For more information about CDIC deposit insurance, please consult CDIC’s website cdic.ca.
Chequing and high-interest savings accounts have different purposes and features. A chequing account is typically an everyday banking account to make transactions and pay bills with low to no interest-earning abilities. A HISA is a savings account that grows your money over time with compound interest at a higher interest rate than traditional savings accounts.
Yes, we offer high-interest savings accounts for individuals above the age of 13². Young Canadians can benefit from a high-interest rate and the financial tools we offer to start their savings journey early. Thinking about saving for their first car, prom dress, or even that new computer? You can help make these goals a reality with a Neo HISA.
Your child can track savings habits and learn financial responsibility from a young age. Your Neo HISA is eligible for CDIC deposit insurance⁴, offering both you and your child peace of mind to start saving and earning as soon as possible.
High-interest savings accounts are great for holding cash you may need in the short term. For example, you may put your emergency fund in a HISA. You can access your funds instantly and earn compound interest, which grows your money faster than a traditional savings account.
Tax-free savings accounts (TFSA) benefit from tax-free compounding growth. You don’t have to pay taxes on the capital gains or interest earned from your investments. You can buy a variety of investment products in your TFSA, such as individual stocks, ETFs, and mutual funds. TFSAs are great for building medium to long-term wealth. You can learn more about TFSAs here
When you purchase a guaranteed investment certificate (GIC), you are securing a low-risk investment with predictable returns. By locking in a high interest rate, you safeguard your principal for a set period—be it one year, two years, or five years. GICs offer a worry-free option with potentially higher interest rates compared to High-Interest Savings Accounts (HISAs) in exchange for the commitment to the duration of your contract.
High-interest savings accounts in Canada are taxed because the interest you earn is considered income. You will need to get your Statement of Investment Income (T5) tax form and submit it along with your personal income tax return by the deadline for filing taxes. The T5 shows how much investment income you have earned during the tax year in your Neo High-Interest Savings account.
You can get the T5 from your Canadian Revenue Agency account or by logging in to your Neo account.

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¹ Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.² Account only available to Canadian residents. You must be at least 13 years of age if you reside outside of Quebec; if you reside in Quebec you must be at least 14 years of age.³ Based on research of high-interest savings accounts, comparing and limited to: BMO, CIBC, Scotiabank, TD Bank, RBC, Simplii Financial, and Tangerine. Research conducted by Neo Financial and based on data taken from public websites on November 27, 2023. Research excludes welcome offers.⁴ The Neo High-Interest Savings account is provided by Peoples Bank of Canada, a CDIC member institution, and is eligible for CDIC deposit protection. Deposits held in Neo High-Interest Savings accounts are combined with eligible deposits held at Peoples Bank of Canada, for up to $100,000 of deposit protection, per category, per depositor. For more information about CDIC deposit insurance, please consult CDIC’s website cdic.ca.