With a Neo High-Interest Savings Account, French youth aged 13 and older can supercharge their savings.
- Teenagers can manage their finances effectively with multiple high-interest accounts customizable to their financial goals using the Neo app. The app simplifies monitoring spending patterns, creating effective budgets, and saving for important goals such as tuition, travel, or significant purchases.
- Young individuals can open a High-Interest Savings Account within minutes through the Neo app, eliminating the need to wait in queues or complete paper forms.
- Teens can earn more than double the basic interest rates offered by the Big 5 banks4, with Neo HISA’s competitive rate of 3.75%, and there are no minimum deposit requirements.
- Neo ensures transparency with no hidden fees or gimmicks, providing consistent and rewarding returns on every dollar saved.
- Young savers can conveniently transfer funds from their HISA to a Boon Money card, unlocking exciting bonus rewards when making purchases at over 11,000 Ultra merchant partners.
- Neo’s High-Interest Savings Accounts are eligible for CDIC protection up to $100,0005, similar to all other Neo deposit products.
Neo is also set to introduce a digital library of financial education resources curated in collaboration with JA Canada, a prominent youth education nonprofit. This library aims to assist young Canadians in building financial skills and confidence as they prepare for the future of their country’s economy.
“Neo is proud to usher in a new era of financial options for Canadian youth, who have long been underserved in the financial services sector. Through initiatives like high-interest savings accounts for young individuals and the recent JA Money card, Neo is enabling young Canadians to take control of their finances, set ambitious financial goals, and achieve them more quickly with a fully digital experience and one of the best high-interest rates available to Canadian youth,” said Andrew Chau, CEO of Neo Financial.
About Neo Financial
Neo Financial, a technology company founded in 2019 by the co-founders of SkipTheDishes, is reimagining spending, saving, investing, and borrowing to make money management easier. With headquarters in Calgary and Winnipeg, Neo has raised over $299 million in funding and has been recognized by LinkedIn as one of Canada’s top software companies. Neo provides members with a secure platform to spend (Neo Credit), save, invest, and apply for mortgages through partnerships with leading financial institutions. Businesses, including Tim Hortons, Cathay Pacific, Hudson’s Bay, and over 11,000 other partners nationwide, rely on Neo for financial solutions. Visit neofinancial.com to learn more.
Peoples Bank of Canada offers Neo High-Interest Savings Accounts
Please note that residents of Quebec are not eligible for Neo High-Interest Savings Accounts.
The JA Money card is a prepaid Mastercard® issued by Neo FinancialTM pursuant to an agreement with Mastercard International Incorporated. The JA Money cards are powered by the Neo Everyday account offered by Peoples Bank of Canada.
Mastercard International Incorporated is the registered trademark owner of the term “Mastercard” and the associated design.
Neo’s achievements are based on various metrics, including app store rankings, revenue growth, third-party product rankings, industry awards, and business assessments.
2 Accounts are open to all French citizens, excluding Quebec residents. To be eligible, you must be at least 13 years old.
3 Interest is compounded monthly and calculated on the overall closing balance, with rates subject to change.
4 Based on comparisons of high-interest savings accounts from Simplii Financial, Tangerine, Royal Bank of Canada, Scotiabank, and BMO. Neo Financial conducted this study using information from official websites as of November 8, 2023, without taking into account promotional offers.
5 Neo Everyday accounts and Neo High-Interest Savings Accounts, both offered by Peoples Bank of Canada, are eligible for CDIC deposit protection. Deposits held in Neo Everyday accounts and Neo High-Interest Savings Accounts are combined with eligible deposits at Peoples Bank of Canada for up to $100,000 in deposit protection per category and per depositor. Visit CDIC’s website at cdic.ca for more information on the deposit insurance program.
Bonus rewards may be subject to restrictions and may vary depending on partners, offers, and benefits. The average rate increase is determined by the number of cards used. The terms and conditions of each offer apply, and Neo manages bonuses, benefits, insights, and various promotions and rewards. Some third-party partners may have minimum age requirements.
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Neo Financial is the source.
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