Your Guide to Neo Membership Subscriptions

There are 3 levels of Neo membership tiers, each with different fees and benefits. The base Essentials membership is free, the Build membership has a fee and a few perks, and the Grow membership has a high price tag, but is free for those with qualifying Neo credit cards.

All these memberships offer basic financial-tracking tools that can help you stick to a budget while saving a little money.

This article goes into more detail on each Neo membership level, explains the costs and benefits, and offers tips for deciding whether a membership is worth it for you.

Neo membership overview

Like other popular credit-building sites, Neo Financial offers financial tools and credit-building services as part of a membership. There are 3 membership options, each with different prices, tools, and benefits.

Here's an overview of each Neo membership tier:

What do Neo memberships offer?

Neo memberships offer different features and perks across tiers. Essentials is the base tier, with just a few benefits, while the Build tier has a higher interest rate and a discount on credit building, and the Grow membership has top-tier (literally) perks, such as waiving all foreign exchange fees.

Here are further details on each Neo membership tier:

Neo membership tier: Essentials

Goal: Start tracking your personal finances

Anyone can sign up for a free Neo Essentials membership. This basic tier doesn't offer many perks or benefits, but it does give you the necessary tools to start managing your personal finances. Track your spending while enjoying a 2% savings rate on your account balance.

Essentials-tier members also get unlimited free transactions – a rarity with the big banks.

Neo membership tier: Build

Goal: Build your credit history

For $7.99 a month, the Build tier bumps your savings rate up to 2.5% and adds a few extra benefits.

First off, you'll get credit monitoring from TransUnion and the ability to improve your credit score with Neo's credit-building tool.

Here's how the app-based guided tool works:

• You're issued a secured credit card, and you deposit funds.
• The amount you deposit becomes your credit limit.
• As you use the card and make payments, they're reported to the credit bureau as responsible spending.
• Your responsible financial activity helps improve your credit score over time.

With Build membership, you'll also get ATM fees reimbursed, up to $5 per withdrawal.

Neo membership tier: Grow

Goal: Grow your savings and simplify how you manage money

Neo's premium membership tier costs $12.99 per month, and you'll get all of the benefits and tools that come with the previous levels, along with a better savings rate of 2.75%.

What sets this tier apart is that all foreign transaction fees are rebated, capped at $10,000 CAD in monthly spending. You will see an FX charge appear on your account, but once the transaction moves from pending to posted, the charge is returned to you.

You'll also enjoy Neo's premium support services, so it's easier to reach a customer service representative whenever you need to.

What do Neo memberships cost?

Neo's membership fees are reasonable, ranging from free to just under $13 per month.

Here's what you can expect to pay:

• Essentials: Free
• Build: $7.99 per month
• Grow: $12.99 per month

How to get a Neo membership for free

Neo memberships provide opportunities to earn a free Build or Grow membership, but there are a few eligibility requirements:

• Have $5,000 in a Neo savings account
• Have a qualifying Neo credit card

Get a Build membership for free with a Neo savings account

If you're already a Neo savings member (or open a new savings account with them), you'll get a free Build membership if you keep at least $5,000 in your Neo Savings Account.

If you have at least $20,000 in your account, you'll get a free Grow membership.

!blockquote Neo used to offer distinct savings accounts, such as everyday and high-interest accounts, but it has now streamlined them into a single account, the Neo High-Interest Savings account.

Get a free Build membership with qualifying Neo credit cards

When you open a qualifying Neo credit card, you'll automatically have a free Neo Build membership. Here are details on Neo's cards, so you can choose the best fit for your needs:

Card Name	Annual Fee	Rewards	Earn Rate	Welcome Bonus	Secured Version Available?	Learn More
Neo World Elite® Mastercard - Gas & Grocery	$149	* Average of 5% cash back at partner retailers * 5% cash back on groceries, up to $1,000 spent monthly * 4% cash back on recurring bills, up to $500 spent monthly * 3% cash back on gas and EV charging, up to $1,000 spent monthly * 1% cash back everywhere else	2.55%	None	Yes	Learn more
United® MileagePlus® Neo World Elite® Mastercard	$89	* 1.25 miles per $1 spent on United and Star Alliance flights * 1 mile per $1 spent on restaurants and groceries * 0.75 miles per $1 spent on everything else	1.68%	$75 GeniusCash + Up to 20,000 bonus points (terms)	Yes	Learn more
Cathay World Elite® Mastercard®	$180	* 4 miles per $1 spent on Cathay Pacific flights * 2 miles per $1 spent on purchases made in foreign currency * Avg 5 miles per $1 spent at Neo retail partners * 1 mile per $1 spent on all other purchases	2.1%	Up to 60,000 bonus points (terms)	Yes	Learn more

Are Neo memberships worth it?

Neo Financial has changed its credit cards, membership structure, and savings account options quite a bit in the past few years, so there is some confusion about exactly what you get now.

When we turned to Reddit, one enthusiastic user had this to say:

If you're weighing a Neo membership against a KOHO credit builder membership, you'll see that the fees for a credit-building account are pretty similar. Ultimately, the biggest deciding factor between these is probably which credit card you'd like to use with the account.

We tend to favour the Neo credit card options over KOHO's more basic Mastercards. Neo's cards include some great World and World Elite Mastercard options that reward you for specific spending categories.

FAQ

What is a Neo Membership subscription?

A Neo membership gives you access to basic financial tracking tools that can help you manage your budget or even build your credit score. There are 3 subscription options that offer interest on your savings and perks such as FX fee reimbursement.

How much is a Neo subscription?

There's a free Neo subscription that's pretty bare-bones, but you can choose a Build membership for $7.99 per month or a Grow membership for $12.99 per month to access more credit-building features. You also have the opportunity to get a free Build or Grow membership if you keep enough money in your Neo Savings account.

How do I cancel my Neo subscription?

Log in to your Neo subscription account online or through the Neo app, and head to "Settings." From there, you should see an option to cancel the account. Follow the prompts, and be sure to transfer your balance from any savings account you might have with Neo.

Can you tell me how to get Neo memberships for free?

Anyone can sign up for a free Neo Essentials membership, but if you want a free Build or Grow membership, you need to have an average balance of at least $5,000 (or $20,000) in your Neo High-Interest Savings account. Having a qualifying Neo credit card also gives you a free Build membership.

What's the best Neo credit card?

The best Neo credit card is the new (unsecured) Neo World Elite Mastercard - Gas & Grocery, which can supercharge your cash back, but has steep income requirements. If you're looking for the best Neo secured credit card option, we recommend the Neo Secured World Elite Mastercard.