Neo rewards cardholders with cash back, but did you know you could be supercharging what you earn?
Looking to get more from your cash back credit card? With the right issuer, you can easily move the cash back you earn into a high-interest savings account. Instead of having it sit around, you can let it earn interest if you're saving up for something big.
But the big banks don't really offer much in the way of interest (0.01% interest? What is that?), if they even allow you to deposit your cash back into a bank account at all.
Fortunately, Neo makes it easy to reward your spending with their lineup of cash back cards. Move cash from your credit card rewards into a Neo Everyday Account, and then quickly into a Neo Savings Account – all in the span of a few clicks. And their interest rates are nothing to sneeze at either, ranging from 2.25% to 3%, depending on how much you have deposited with Neo or if you have a paid membership.
Key Takeaways
- It’s easy to earn interest on your Neo cash back.
- You just need a Neo Everyday Account and a Neo Savings Account to accompany your card.
- You can put your cash back directly towards a bill, but earning interest on it is a cool way to save up.
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What you'll need with Neo
Before getting started, you'll need 3 things.
- A cash back credit card from Neo
- A Neo Everyday Account
- A Neo Savings Account
Your credit card has to be a cash back card, and has to be directly issued by Neo. Neo offers airline credit cards along with cards issued in conjunction with other companies, like the Secured Tims Mastercard, but these cards aren't eligible for this cash back combo.
Here is the list of eligible credit cards:
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Here are the quick details on the Neo Everyday Account. This card also earns cash back on purchases, and you can send your cash back to a Neo Savings account:
Finally, here's where you can learn more about the Neo Savings Account:
Neo Savings Account
Moving your Neo credit card cash back to savings
Depending on your bank, you'll have to move your cash back to a chequing account, and then transfer it to another account if you actually want to earn a decent interest rate. Neo allows you to redeem your cash back whenever you like with no minimums.
Neo offers it all in one place in an easy layout.
To start, when you log in to your Neo account, head to the rewards tab.
Click on your Neo credit card to view the details of the cash back you've earned.
On the next page, you'll find the "Cash out" button.
Here, you have some options. You can simply use it to pay your balance, shop in the Neo store for merchandise and gift cards (the store is hit or miss on prices so beware), or move it to Everyday Spending. Click on Everyday Spending.
The next screen lets you choose between moving everything or a custom amount. I always move everything.
Click "Confirm" on the next page, and the balance is now in your Neo Everyday Account. This account only earns 0.1% interest, so now you'll want to move it to your Neo Savings Account.
From the Accounts page, click on Everyday Spending.
On your Everyday Spending account page, click Move Funds.
You get a pop-up window with options – click "Move funds within Neo."
After all that, you can move the cash back you've earned to your Neo Savings account – type in how much you want to move.
Head to the review page and click Confirm to start earning interest from your cash back!
Use your saved cash back
Ready to finally use your cash back? You can't directly use it from your Neo Savings Account. You simply move it back to Everyday Spending, where you can then use it however you like. You can pay your credit card bill, send an Interac e-Transfer, or move it to a linked bank account.
What Neo Mastercards offer
Of course, you need to actually have a Neo Mastercard with cash back before you can start earning interest. But what does Neo offer? Here are the basics.
| Neo Mastercard | Earn Rates | Special Features | Annual Fee, Income Requirements |
|---|---|---|---|
| Neo Everyday Account | * Average of 5% cash back at partner retailers * 1% cash back on gas, up to $500 spent monthly * 1% cash back on groceries, up to $500 spent monthly | * Earn 0.1% interest on your balance | * $0 * None |
| Neo Mastercard | * Average of 5% cash back at partner retailers * 1% cash back on gas and EV charging, up to $500 spent monthly * 1% cash back on groceries, up to $500 spent monthly | None | * $0 * None |
| Neo World Mastercard | * Average of 5% cash back at partner retailers * 2% cash back on groceries, up to $1,000 spent monthly * 2% cash back on recurring bills, up to $500 spent monthly * 2% cash back on gas and EV charging, up to $1,000 spent monthly * 0.5% cash back everywhere else | * World Mastercard benefits | * $0 * $50K personal/$80K household |
| Neo World Elite Mastercard | * 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 | * World Elite Mastercard benefits * Free Neo Build subscription | * $125 * $80K personal/$150K household |
The credit cards also have secured versions. The cards themselves have the same features; however, 2 of them require a Neo Build subscription, which costs $0 per month. This is waived with either a Neo World Elite Mastercard or having $5,000 in monthly deposits.
Neo Everyday Account
The Neo Everyday Account serves many purposes with Neo. But it's also a prepaid card that earns cash back on purchases.
It's somewhat limited, but here's what it earns.
- Average of 5% cash back at partner retailers
- 1% cash back on gas, up to $500 spent monthly
- 1% cash back on groceries, up to $500 spent monthly
This account also has its own interest rate, earning users 0.1%. There are no annual fees or income requirements of any kind.
Neo Mastercard
The Neo Mastercard is Neo's entry-level credit card. It has no annual fee or income requirements.
- Average of 5% cash back at partner retailers
- 1% cash back on gas and EV charging, up to $500 spent monthly
- 1% cash back on groceries, up to $500 spent monthly
There's no annual fee for the secured version either, but it does require a Build membership.
Neo World Mastercard
The Neo World Mastercard is a rare no-annual-fee World Mastercard. It offers far better rewards than the base card.
- Average of 5% cash back at partner retailers
- 2% cash back on groceries, up to $1,000 spent monthly
- 2% cash back on recurring bills, up to $500 spent monthly
- 2% cash back on gas and EV charging, up to $1,000 spent monthly
- 0.5% cash back everywhere else
×1 Award winner GC: $50 1x Award winner It also offers typical World Mastercard benefits, but note that it also has the high World Mastercard income requirements you'd expect: either $50,000 personal or $80,000 household.
The secured version of this card also requires a Build subscription.
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The Neo World Elite Mastercard is the crown jewel of Neo's credit card offerings. One of the best cash back credit cards in Canada, here's what it earns for rewards on purchases.
- 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
As for benefits, this card includes:
- World Elite Mastercard benefits
- 12 types of insurance
- Free Neo Build subscription
The secured version of this card is identical, as the Build subscription comes free with any World Elite Neo card.
The annual fee is $125, and it has income requirements of either $80,000 personal or $150,000 household.
Neo memberships
As we've mentioned, Neo has subscriptions for some improved benefits.
All Neo clients get the essentials bundle. Build and Grow come with more benefits.
Build does cost $7.99 per month, and Grow costs $12.99 per month, but they can be free if you have enough deposited with Neo.
With $5,000 in deposits, Build becomes free. $20,000 in deposits gets you free access to Grow.
There's one more way to get Build free: by having any Neo World Elite Mastercard:
The biggest benefit is increasing your interest rate, but there are plenty of other benefits, too.
FAQ
What is Neo Financial?
Neo is a Canadian fintech company that offers banking services. They provide a variety of different products, including savings accounts, credit cards, mortgages, and more. As outlined above, you can combine services to maximize rewards.
What kinds of credit cards does Neo offer?
Neo offers a few different credit cards. They have a trio of cash back credit cards and they offer airline credit cards. All of their credit cards are available as secured credit cards, so almost anyone can get approved for a Neo credit card.
What other financial products does Neo offer?
Neo offers an assortment of financial products, providing an alternative to the Big 5 banks. In addition to credit cards, they also provide a spend-save account, savings accounts, mortgages, and investments. Plus, Neo Financial partners with shops and restaurants across Canada to offer bonus cash back.
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