Neo HISA | Neo Financial | Discussion forum

Neo app screenshot.

Peter said
Interesting, thanks! I couldn't find it when logged in via a browser.

Neo Money deposits are held by Concentra Bank (now owned by EQ Bank), whereas this new savings account is offered by Peoples Bank. 3.40% is also what Peoples offers directly. Perhaps EQ Bank refused to offer a higher rate, so Neo started looking elsewhere.  

Agreed. Nice find, OP. Hopefully they will roll that out sooner. I agree with Peter's theory, though I might add that there were likely multiple reasons they failed to reach a deal with EQ Bank, including Neo Money being a direct competitor to EQ Bank, even moreso now with the launch of the EQ Bank Card, as well as the fact that Neo Money, being a middling performer and less features than EQ Bank Card and EQ Bank Savings Plus Account, has not attractive a significant share of deposits. That said, I would not be at all surprised to see Neo Money migrate away from EQ Bank's Concentra Bank to Peoples Bank.

Given this development, I believe we should add Peoples Bank to the HISA comparison chart or, alternatively, replace Peoples Trust with Peoples Bank, and move the historical Peoples Trust data to the FI profiles area of the site, as Peoples Group has said all new products will be launched only on the Peoples Bank platform. Peoples Trust is intended to be their legacy deposits and mortgages platform.

Cheers,
Doug

Downgrading Peoples Trust doesn't make sense - there are no registered accounts at Peoples Bank!