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September 29, 2023
9:30 am
iamlearning
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Did anyone notice Neo Financial offering a new HISA separate from spending account? It is offering 3.4%

September 30, 2023
8:39 am
Peter
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Where did you notice this?

September 30, 2023
10:08 am
Alexandre
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Neo app screenshot.

Screenshot_20230930-123311.png

September 30, 2023
10:30 am
Peter
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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.

October 14, 2023
10:41 am
Doug
British Columbia, Canada
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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

October 28, 2023
8:20 am
Peter
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Looks like the new savings account is featured on the Neo Financial website now, and I was able to click a few buttons in my existing account to open the savings account alongside the Neo Money account.

October 28, 2023
3:47 pm
RetirEd
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Downgrading Peoples Trust doesn't make sense - there are no registered accounts at Peoples Bank!

RetirEd

December 27, 2023
8:16 am
billybob
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I just thought I'd share my short experience of Neo HISA. I only need a HISA and taking monthly amounts out so a very simple case. I am shutting down my Hubert account because of the unreliable website, low transfer limits etc.

The account setup was very good and fast - 10 minutes in all including linking an account. The longest part was getting photo of my driving license to be accepted. Linking an account is very good. You can select your bank and you are directed to the bank login and it then gets your account info (account # etc) automatically.

No fees etc for transfers. It's $30k max outbound per transaction and $100k inbound - not sure if that's per day or per week.

Transferring money to Neo takes the full 5 working days (from Simplli) and transfer out is normally 1 day for the funds to arrive.

There is no transaction download available and the Tax slips are downloadable from the website.

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