The Neo Everyday Account is a hybrid spend-savings account. You'll earn cash back on the things you buy, as well as get high interest on your savings.

Here's our review of this prepaid card.

Earning cashback with the Neo Everyday Account

With the Neo Everyday Account, you essentially earn rewards 2 ways: cash back on spending and interest on your savings.

Earn cash back your purchases

Every time you use your Neo Everyday Account, you could be earning up to 15% cash back on first-time purchases and an average of 5% cashback at Neo partner retailers.

Neo has over 10,000 partners where you can earn high cash back. The amount varies by partner, and there can be caps on how much you can earn.

You'll also earn 1% cash back on both gas and groceries. However, as your account balance gets bigger you'll be able to earn more. Here's what you could earn for rewards, based on the size of your balance.

No matter what your balance is, you'll be subjected to annual spend caps on these categories.

• Groceries – $6,000
• Gas – $10,000
• Everything else – $10,000

Earn high interest on your balance

Here's the other way you can earn money – on your savings account balance.

Your savings account balance will earn high interest at a rate of 2.25%. So when you're not spending money on your basic needs, your balance is working for you as well.

4 benefits to the Neo Everyday Account

There's more to this hybrid spend-save account beyond the cashback and high interest. Here are 4 other things we like about it.

1. No credit checks required

Since this card functions similar to a prepaid card, you aren't subjected to any credit checks to open an account. Neo isn't extending you any credit – when you use this card, you're simply spending your own money.

There won't be a hard credit check assigned to a credit file, and if you have poor credit, it won't get in the way of you opening an account.

2. Not subjected to high credit card interest rates

There's no need to worry about standard 20%+ credit card interest with the Neo Everyday Account.

The only way you can make purchases with your Neo Everyday Account is to spend the money directly from your savings account. Once your savings account runs out, you can't make any new purchases. Plus, you get free everyday transactions.

In short, this card can potentially save you from paying high credit card interest.

3. No annual or monthly fees

This unique package has no annual or monthly fees or income requirements to worry about. You'll get a load of benefits without having to shell out over $100 per year like some of the premium credit cards.

4. Upgrade your Neo Everyday Account to Neo Premium

You can get even more rewards out of your card by upgrading to Neo Premium, along with a few extra perks.

For a monthly fee of $4.99 (which is $59.88 per year), you'll get some base earn rates, everywhere you shop. They are:

• 3% back on gas and groceries, and
• 0.5% back everywhere else.

You'll also increase what you earn from Neo's partners:

• 6% average cash back at restaurants, bars, and cafes,
• 4% on popular streaming services,
• 4% on ride sharing services,
• 4% on food delivery services, and
• 3% or more at retail partners.

And then there are the extra benefits. These include:

• credit score monitoring,
• $2,500 group life insurance,
• 24/7 legal assistance,
• purchase protection and extended warranty, and
• priority security support.

2 downsides to the Neo Everyday Account

Here are 2 things to keep in mind with the Neo Everyday Account.

1. Does not improve your credit score

Prepaid cards excel at many things. But 1 thing they don't do is improve credit scores. Since it's not a credit product, it has no bearing on your credit file or score.

If improving your credit score is something you want to do, Neo has an excellent secured credit card with the Neo Secured Credit.

2. Limited features with the base card

You won't be getting any extra features or insurance with your card outside of the cashback and interest earned with the Neo Everyday Account.

You'll pay standard foreign exchange fees and you won't get any insurance or any other benefits with your card.

Comparison to the Neo Mastercard

Neo offers a regular credit card: the Neo Mastercard. Here's how the 2 compare.

There's really not much difference between the cards. They offer the same cashback, have no monthly or annual fee, and both offer free everyday transactions.

The Neo Everyday Account has a little more by way of offering high interest on your savings, something the regular credit card can't offer.

Of course, the regular credit card will show up on your credit report, and make an impact on your credit score.

Otherwise, you're looking at similar products, except that one is a hybrid spend-save account, and the other a credit card. If you have poor credit, the Neo Mastercard is also available as a secured credit card.

Leave a review

What are your thoughts on the Neo Everyday Account? If you have any experience with it, leave a user review so others can see what you think of it.

FAQ

What is the Neo Everyday Account?

The Neo Everyday Account is a hybrid spend-savings account. You'll earn cashback on purchases and earn interest on your savings.

What does the Neo Everyday Account earn for rewards?

The Neo Everyday Account earns cashback. You'll earn high cashback of up to 15% on first-time purchases and an average 5% cashback at over 10,000 Neo partners.

What special features are there with the Neo Everyday Account?

With the Neo Everyday Account, you'll earn 2.25% interest on your savings account balance and an average 5% cashback on your purchase. There are also no monthly or annual fees and free everyday transactions.