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Email this3:35 pm
April 21, 2022
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I just read elsewhere the Neo HISA rate is dropping to 1.25% effective December 9. Can anyone confirm the rate change? That's a rather large drop all at once.
4:15 pm
October 27, 2013
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Is this where you got that info?
4:56 pm
April 21, 2022
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AltaRed said
Is this where you got that info?
No, the source I was referring to, indicated that they had just received a notification email from Neo stating the upcoming change to the interest rate.
6:47 am
November 8, 2018
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I have Neo HISA, but have not received such email. I can understand why Neo wants to move clients to Neo Cash from Neo HISA. I would not be surprised rate reduction is part of that plan.
8:50 am
April 21, 2022
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Alexandre said
I have Neo HISA, but have not received such email. I can understand why Neo wants to move clients to Neo Cash from Neo HISA. I would not be surprised rate reduction is part of that plan.
Yeah, taking a page out of the Koho playbook.
7:13 am
May 21, 2018
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Yeah I found out today. You need to open a new Neo Savings account to get the higher rate and then transfer the money from the HISA to the new Savings account.
A bit sneaky in my opinion especially as I received no information about it. I wonder how many people will not realize this has happened.
7:06 am
June 10, 2020
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I just noticed this today, doing my beginning of the month perusal of my accounts' interest payments. Why do they want us to move to Neo Cash from Neo HISA?
11:56 am
April 21, 2022
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Laertes said
I just noticed this today, doing my beginning of the month perusal of my accounts' interest payments. Why do they want us to move to Neo Cash from Neo HISA?
Well, actually they probably don't and were hoping you wouldn't notice.
4:50 am
November 8, 2018
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Laertes said
I just noticed this today, doing my beginning of the month perusal of my accounts' interest payments. Why do they want us to move to Neo Cash from Neo HISA?
Neo HISA has FI number and account number in that FI. It were some bank before and last time I checked it were credit union from Ontario.
I can't find same info for Neo Cash, just small print stating "Neo has appointed Olympia Trust Company as the Trustee to hold funds in the Neo Savings account."
That could mean, with Neo HISA if something happens with Neo you could at least try to get your funds directly from FI they are with, with your account number. With Neo Cash you can't.
That also gives Neo much more flexibility to move funds between FIs, in theory getting better rates for Neo Cash.
6:54 am
June 10, 2020
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Thanks, Alexandre and Johnny. I was going to ask about CDIC protection. The website says, "Deposits held in Neo Everyday, Neo Savings, and Neo High-Interest Savings accounts are eligible for Canadian Deposit Insurance Corporation (CDIC) deposit protection."
I went to open up a new Neo Cash Savings account to retire my Neo HISAs, and it mentions Olympia Trust Company. Olympia Trust Company is not registered with the CDIC.
Do y'all feel good about banking with Neo? If so, can you please reassure me I shouldn't immediately move my money to another institution that is directly registered with the CDIC?
8:17 am
April 21, 2022
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Laertes said
Thanks, Alexandre and Johnny. I was going to ask about CDIC protection. The website says, "Deposits held in Neo Everyday, Neo Savings, and Neo High-Interest Savings accounts are eligible for Canadian Deposit Insurance Corporation (CDIC) deposit protection."I went to open up a new Neo Cash Savings account to retire my Neo HISAs, and it mentions Olympia Trust Company. Olympia Trust Company is not registered with the CDIC.
Do y'all feel good about banking with Neo? If so, can you please reassure me I shouldn't immediately move my money to another institution that is directly registered with the CDIC?
Seems a little doggy when you Google them, not that there's necessarily anything illegitimate about them. I guess it depends on how much you have at stake. Personally, I would look around to see what other alternatives are out there.
8:29 am
November 8, 2018
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Neo Financial states in small print at the bottom of Neo Savings account opening page: "Neo is not a CDIC member institution."
I no longer keep my funds with Neo.
9:45 pm
December 17, 2025
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Under the "Legal stuff" on the main NEO Financial page (https://www.neofinancial.com/), it is mentioned that
"The Neo Money™ card is powered by the Neo Everyday account. The Neo Everyday and Neo High-Interest Savings accounts are provided by Peoples Bank of Canada, a CDIC member institution. The Neo Cash account is offered by Neo and funds are ultimately held in trust at a CDIC member institution."
Where did you read it is not CDIC insured?
2:44 am
April 21, 2022
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Al said
The Neo Cash account is offered by Neo and funds are ultimately held in trust at a CDIC member institution."
I like the wording.
4:34 am
November 8, 2018
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Al said
Under the "Legal stuff" on the main NEO Financial page (https://www.neofinancial.com/), it is mentioned that
The Neo Everyday and Neo High-Interest Savings accounts are provided by Peoples Bank of Canada, a CDIC member institution.
This part of their Web page needs to be updated: Neo HISA accounts have been transferred from Peoples Bank of Canada to Ontario credit union in 2025, don't remember to which one.
8:44 am
April 6, 2013
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The Neo Cash account is with Neo Financial Technologies Inc. and not with a CDIC member.
The account agreement says, and you acknowledge that, the account is not a deposit with a CDIC member:
… (2) YOU ACKNOWLEDGE AND AGREE THAT: (A) NEO IS REGISTERED WITH FINTRAC AS A MONEY SERVICES BUSINESS UNDER THE PROCEEDS OF CRIME (MONEY LAUNDERING) AND TERRORIST FINANCING ACT (CANADA); (B) NEO IS NOT A “BANK” OR “FINANCIAL INSTITUTION” AS SUCH TERMS ARE DEFINED IN THE BANK ACT (CANADA) AND CANNOT TAKE DEPOSITS; (C) NEO IS NOT
A MEMBER INSTITUTION OF THE CANADA DEPOSIT INSURANCE CORPORATION; AND (D) THE NEO CASH ACCOUNT IS NOT A DEPOSIT ACCOUNT; …
10:22 am
December 17, 2025
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Thanks for the replies. I cannot see their name or Olympia Trust Company listed on https://www.cdic.ca/depositors.....f-members/ either.
So, I will stay away from Neo financial, rather than risking losing more than $20000 to get 3% interest. The risk and reward does not make sense for me.
12:29 pm
April 6, 2013
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Olympia Trust Company doesn't accept deposits, like Home Trust Company does. So, there's no point for Olympia Trust to become a CDIC member.
The trust company specializes in corporate trust services and being the trustee of investment accounts:
Olympia Trust Company is a non-deposit taking trust company providing Self-Directed Accounts to Canadian Investors. Like you, we are committed to the advancement of the Private Markets and Private Lending Industry and advocate for the integrity in all aspects of our business.
Corporate & Shareholder Services
At Olympia we provide solution-based services for all your transfer agent and corporate trustee needs. We understand the importance of building relationships and you can rely on our extensive expertise to provide you, your investors and advisors with the highest level of service.
4:41 pm
June 10, 2020
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Thanks everyone. I will move my money.
1:51 pm
October 11, 2015
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I was going to open an account with Neo, because of the high interest rate that I read in this group. I was unable to open an account on a computer, but was able to do so on the app (on my phone).
I just checked the CDIC eligible institutions (based on this thread) and NEO is NOT on the list.
In my opinion, NEO should be removed as an institution in this group.
Please write your comments in the forum.