$40 cash back for opening a savings account with minimum $50 initial deposit | Neo Financial | Discussion forum

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$40 cash back for opening a savings account with minimum $50 initial deposit
November 15, 2023
6:34 pm
Peter
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We have a new offer on our cash back website, which is $40 cash back via Interac e-Transfer or a $45 Amazon.ca gift certificate if you open a Neo Financial High-Interest Savings account with a minimum $50 deposit https://cashback.highinterestsavings.ca/portal/offer/10799. You can be a new or existing Neo Financial client, but you must not have opened a High-Interest Savings account yet (or have opened the Neo Financial account on another cash back website).

November 16, 2023
11:23 am
krwilson
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Is there any time period that the initial deposit must be held in the new account?

November 16, 2023
12:09 pm
Peter
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That was my first question to them 😀

The official answer is no. Apparently the initial $50 deposit is the only trigger they need, but to be safe (and reduce the risk of requiring a manual follow-up), I would leave it in for at least 1 week.

November 17, 2023
1:45 pm
iotama
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Anyone knows whether Neo does a soft or hard credit check (or if at all?) for Savings accounts? Thanks.

November 17, 2023
3:26 pm
Peter
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I believe that it is a soft inquiry if at all. When I opened the Neo Money account a couple of years ago, and when I opened the savings account recently, it did not show up on my credit report.

November 18, 2023
7:27 am
althisa
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krwilson said
Is there any time period that the initial deposit must be held in the new account?  

https://cashback.highinterestsavings.ca/portal/terms
In the "terms" small link at the bottom of the page

"An offer is subject to a merchant's solvency and any offer requirements that could void the cash back rebate, such as you unregistering with the merchant. In such cases, High Interest Savings Cash Back reserves the right to not pay the cash back rebate."

If anyone is planning to open and then close the account in a short time frame, you may be deemed to 'unregister" with the merchant and lose the cashback.

What they really want is long term customers who will keep $ with them, but given the 'promiscuity' of people on this forum with FIs the long term customer conversion rate would be interesting to know

November 19, 2023
2:36 pm
althisa
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Anyone actually sign up for this offer?

It took two days to setup an account, and no email/notification on promotion eligibility (yet)
Signup is definitely not 3 mins as advertised sf-confused

CSR initially was not aware of the promotion, but eventually said I am eligible.
Wondering if I need to confirm with some other service provider that is separately providing the promotion as described on the page
https://cashback.highinterestsavings.ca/portal/offer/10799

BTW if and when you sign up starting from the High Interest Savings link, and see a promotion code page, print the page, since there is no email confirmation with that #

November 26, 2023
7:10 pm
althisa
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Just reporting back
Successfully opened account, deposited minimum balance, received $40 e-transfer.
It is the first time I am taking advantage of a promotion from this site, so far so good.
Will keep it open for a while see what kind of other promotions/offer/insights Neo may have

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