EQ Financial institution vs Neo Monetary

EQ Financial institution continues to carry its place as our high rated on-line financial institution in Canada, however have you ever ever heard of Neo Monetary? Within the discipline of on-line banks in Canada, Neo gives one of many high Canadian excessive curiosity financial savings accounts accessible.  

For these searching for high-interest saving accounts with on a regular basis spending capabilities, each Neo Monetary and EQ Financial institution present nice choices. They every provide spectacular rates of interest alongside low, and even no charges. Each banks characteristic related credit score/debit playing cards and strong cell apps.

Whereas there are some limitations of their product choices, each banks are regularly evolving to fulfill consumer wants by offering extra choices. A notable instance of current innovation is the brand new EQ Financial institution Discover Account.

On this comparability, you’ll learn the way EQ Financial institution and Neo Monetary examine when it comes to account choices, high-interest financial savings account charges, charges, bank cards, cell apps, present promotions, and extra.

Fast Comparability: Neo Monetary vs EQ Financial institution

EQ vs Neo Curiosity Charges (HISA)

After we examine EQ Financial institution vs Neo Cash Account rates of interest you’ll see that they each present nice choices for prime curiosity financial savings accounts.

The Neo Excessive Curiosity Financial savings Account has an ongoing rate of interest of 4%. This isn’t a teaser fee and doesn’t require that you’re a new consumer or that you simply arrange recurring deposits. The Neo On a regular basis Account, which can be utilized for on a regular basis spending, gives an rate of interest of 1%.

With EQ Financial institution, you’ve gotten just a few choices on your excessive curiosity financial savings account. The primary choice is the EQ Private Account, which gives an rate of interest of 4% for the primary yr when direct deposit is about up. Nonetheless, for a superior and constant 5% rate of interest with no charges or minimal steadiness, take into account the brand new and interesting EQ Financial institution Discover Account.

Winner: EQ Financial institution, with their new Discover Account (detailed beneath).

EQ vs Neo: Charges

Along with having stellar rates of interest, each Neo Monetary and EQ Financial institution have fee-free accounts. They’re ready to do that as a result of they’re not paying overhead prices for brick-and-mortar banking places. That is one other perk of on-line banks that I really like!

	Neo Monetary	EQ Financial institution
Month-to-month Account Charges	Free	Free
Inactivity Price	Free	Free
Digital Funds Switch (EFT)	Free	Free
Interac Cash Transfers	Free	Free
ATM Withdrawal	Free	Free
Account Closing	Free	Free
Invoice Funds	Free	Free
Overdraft Price	Free (from card to account)	Free
NSF Price (Non-Ample Fund Price)	Free	Free

Winner: Tie

Evaluating Account Choices

EQ Financial institution and Neo Monetary each have a range of account choices, with some comparable accounts, in addition to every establishment providing some merchandise that the opposite doesn’t. 

EQ Financial institution has a hybrid financial savings and chequing account referred to as the EQ Private Account, that comes with the versatile EQ Financial institution Card. Neo Monetary has the On a regular basis account for day-to-day spending (though it isn’t a chequing account), the Neo Cash Card, and the Neo Excessive Curiosity Financial savings Account.

EQ Financial institution offers decisions for RRSP, TFSA, in addition to FHSA accounts. With EQ Financial institution, you possibly can get pleasure from a simple and assured rate of interest of three% for an RRSP, TFSA, or FHSA. You might additionally buy a GIC inside any of those accounts to learn from larger rates of interest, which might attain as much as 5.05% relying on the time period size. 

Neo Monetary doesn’t at the moment provide FHSAs or GICs. You possibly can open an RRSP or TFSA with Neo Monetary, however you’ll want to take action with Neo Make investments. There you’ll construct a portfolio of ETFs (which is able to incur some charges).

Neo solely gives joint accounts to married or common-law {couples} and doesn’t provide USD accounts. Then again, EQ Financial institution gives joint accounts, USD accounts, and the brand new Discover Account outlined within the following part.

For those who’re in search of a mortgage, it’s a product that Neo Monetary gives. EQ at the moment doesn’t have mortgages, though they’ve a “Mortgage Market” that offers clients purchasing entry to over 2,000 mortgage merchandise. 

For a extra full listing of account choices try our Neo Monetary Account Assessment and EQ Financial institution Assessment.

Winner: EQ Financial institution (for having extra account choices).

EQ Financial institution’s New “Discover Account”

EQ Financial institution’s new Discover Account is an revolutionary new providing in Canada. Regardless of this account sort having been accessible within the UK for many years, EQ is the primary and solely financial institution to supply it to Canadians. 

Its spectacular 5% rate of interest, supplied with out charges, a minimal steadiness requirement, or necessities of deposits is a good choice for these seeking to make curiosity on their cash. This account might greatest be described as a hybrid GIC/excessive curiosity financial savings account by which you’ve gotten a versatile withdrawal interval of both 10 or 30 days.

The 5% rate of interest is just not a teaser fee and can stay fixed, eliminating the necessity to incessantly open new accounts and switch your cash to chase the very best accessible rates of interest.

Moreover, the account is CDIC-insured, making certain your cash is safe. It’s a super choice for saving up for a brand new automotive or a trip.For extra info, try our full EQ Discover Account Assessment.

GICs from EQ Financial institution and Neo

One of many shortcomings of Neo Monetary is that they don’t at the moment provide GICs. They’ve, nonetheless, indicated that their group is contemplating providing it.

In the meantime, EQ Financial institution gives a few of the high GIC charges in Canada. They’re accessible for registered (TFSA, RRSP, and FHSA) and non-registered accounts, and with an enormous number of choices for time period size.

For a complete and up to date listing of GICs accessible to Canadians, go to our listing of the Greatest GIC Charges in Canada.

Winner: EQ Financial institution

EQ vs. Neo Credit score Playing cards

Over time, EQ Financial institution and Neo Monetary have developed distinctive and sensible playing cards for his or her purchasers. 

Whereas not a real bank card, the EQ Financial institution Card can be utilized wherever Mastercard is accepted. After transferring cash to it out of your EQ Financial institution Account, you should utilize any ATM in Canada freed from cost. The cardboard gives 0.5% money again on every buy, 4% curiosity in your steadiness (when you arrange direct deposit on your paycheck with EQ), and no international alternate charges. 

Neo Monetary has just a few varieties of playing cards. The primary is the Neo Cash Card, which is a pay as you go Mastercard that can be utilized wherever Mastercard is accepted. It’s how one can withdraw cash out of your Neo On a regular basis account. It has implausible cashback charges: as much as 6% on eating places & bars, 4% on apps, 3% on gasoline & groceries, and 0.5% on all different purchases. You’ll additionally earn 1% curiosity on each greenback deposited into your Neo On a regular basis account.

As for bank cards, Neo has just a few choices, two of which take the highest place of their respective classes in our lists of Canada’s greatest bank cards and Canada’s greatest secured bank cards. These playing cards might be utilized for and authorized in below 5 minutes, and can be found to folks with very low credit score scores. The cardboard can be utilized instantly through Apple Pay or Google Pay digital wallets. Whereas the premium plan within the desk beneath does include a month-to-month price, it’ll solely price $60 a yr which the elevated cashback percentages will seemingly cowl!

	Neo Credit score *Base plan	Neo Credit score *Premium plan	Neo Secured Credit score
Greatest for…	on a regular basis spending	on a regular basis spending with extra cashback, unique perks & options	constructing or repairing credit score
Price	$0	$4.99/month	$0
Credit score restrict	$10,000	$10,000	Versatile restrict from $50-$10,000
Approval	On the spot	On the spot	Assured
Rewards/Cashback	As much as 5% on over 10,000 Neo companions, eating places & barsUp to three% on well-liked streaming servicesUp to 1% on gasoline & groceries0.5% on all different purchases	6% common cashback at eating places, bars & cafes4% on well-liked streaming services4% on journey sharing services4% on meals supply services3%+ at retail companions (on-line and in-store)3% on gasoline & grocery0.5% on all the things elseAdditional options: Credit score rating monitoring, Buy safety with prolonged guarantee, Devoted precedence assist	As much as 5% on over 10,000 Neo companions, eating places & barsUp to three% on well-liked streaming servicesUp to 1% on gasoline & groceries0.5% on all different purchases

Neo Monetary additionally powers the Hudson’s Bay Mastercard, a no-annual-fee card. This card permits customers to earn double the Rewards factors on cash spent at “The Bay” in addition to 2 Rewards factors for each $1 spent exterior of Hudson’s Bay shops. At the moment, it gives 15% off on first-day purchases at The Bay. This card is greatest for many who love purchasing at Hudson’s Bay shops, both in-person or on-line at thebay.com.

Winner: Neo (for his or her glorious cashback charges and vary of card choices).

EQ vs. Neo Ease of Use

Whilst you can’t go right into a department location of both EQ Financial institution or Neo Monetary, they’ve each developed as easy-to-use on-line banks. Neither financial institution gives cheques, however their hybrid accounts will let you carry out cash transfers through their webpage or cell app.

EQ Financial institution has customer support telephone traces open 7 days per week from 8am to midnight EST. Neo Monetary is more durable to get in touch with. They don’t have a listed telephone line or e mail handle. Whereas they’ve a web based chat accessible daily from 7am to 8pm EST you must be a present consumer with a login. I’ve had success reaching them utilizing Fb Messenger, however responses generally take a day or 2. With EQ Financial institution anybody can begin a dialog with the chatbot at any time.

Each banks permit on your card to be added to your cell pockets and can be utilized at ATMs throughout Canada.

Winner: EQ Financial institution

Cell App Comparability

EQ Financial institution and Neo Monetary, having been created in 2016 and 2019 respectively, are on high of the sport on the subject of modern-day on-line banking know-how. Their versatile cell apps are additionally secured with biometric login (FaceID and fingerprint lock) and 2-factor authentication.

Customers of each apps can view and deal with all their transactions in a single place: switch funds, ship e-transfers, pay payments, deposit cheques, and many others. One extremely appreciated characteristic of the Neo app for bank card holders is the flexibility to examine which companies have partnered with Neo for elevated cashback. And with the EQ Financial institution app, purchasers should buy GICs.

The EQ Financial institution app boasts a excessive ranking of 4.8 stars on the Apple Retailer however solely 3.1 stars on the Google Play Retailer. Current low critiques on Android cite points with logging in or staying logged in, and with paying payments. EQ Financial institution has responded to all critiques, indicating their dedication to addressing these considerations and hopefully bettering the app for Android customers.

Neo Monetary app customers are a really glad bunch with rankings of 4.8 stars on the Apple Retailer and 4.7 stars on the Google Play Retailer!

Winner: Neo Monetary by a slim margin based mostly on consumer critiques.

Present Promotions and Referral Applications

Neo Monetary

• Promotions: new Neo Bank card or Neo On a regular basis account clients are eligible to obtain as much as $25 when authorized for a Neo Bank card or deposit at the very least $50 right into a newly opened Neo On a regular basis Account.
• Referrals: none.

EQ Financial institution

• Promotions: 4% rate of interest for the Private Account for a yr while you add direct deposit
• Referrals: earn as much as $500. The extra pals you refer, the better your bonuses. You’ll earn $20 for every of your first three referrals, $30 for the following 4, and $40 for any extra referrals, as much as a most of $500. Moreover, the brand new consumer will obtain $20.

Editor’s Be aware: Keep in mind that these promotions have particular phrases and circumstances, in addition to required actions to assert the bonuses or activate the charges. For extra gives, try our listing of Canada’s Greatest Financial institution Account Promotions.

Winner: EQ Financial institution

EQ vs. Neo vs. Tangerine

Tangerine Financial institution is one other comparable on-line financial institution choice. It’s a digital subsidiary of Scotiabank with all kinds of product choices. Whereas it could have extra product choices than each EQ Financial institution and Neo Monetary, its excessive curiosity financial savings account charges don’t come near matching both!

The desk beneath compares the three banks. For a extra detailed comparability between Tangerine and EQ, try our Tangerine vs EQ Financial institution Comparability.

	EQ Financial institution	Neo	Tangerine
Merchandise	– Hybrid Chequing/Financial savings accounts  – U.S. Greenback financial savings – Joint accounts – Reloadable EQ Financial institution Money Again card – Discover Account – Mortgage Market – GICs – RRSP – TFSA – FHSA – Elite forex alternate – HELOC	– Neo On a regular basis Account – Neo Excessive Curiosity Financial savings account – Joint accounts (married/ common-law solely) – Reloadable Neo Cash card – Bank card – Secured card – Mortgages – Neo Make investments (ETFs)	– Chequing accounts – Financial savings accounts – U.S. Greenback financial savings – Joint accounts – Debit playing cards – Bank cards – Mortgages – GICs – RRSP – TFSA – HELOC – Enterprise Financial savings accounts
ATM/INTERAC Transactions?	Sure, with the reloadable EQ Financial institution card. Free withdrawals from any ATM in Canada. No forex conversion charges when overseas. 0.5% money again on each buy.	Sure, with the Neo Cash card wherever Mastercard is accepted.	Sure, free of charge from Scotiabank ATMs.
Account Transaction Charges	$0	$0	$0
Financial savings Account Curiosity Charges	5% with the EQ Discover Account 4% with the EQ Private Account	4%	0.60% though a brand new consumer provide of 6.00% for five months is at the moment accessible.
GIC 1-12 months Curiosity Price	5.05%	GICs not accessible with Neo Monetary	4.50%

EQ or Neo – FAQ

Is EQ Financial institution Higher Than Neo?

So who comes out on high, EQ Financial institution or Neo Monetary? 

Whereas the Neo Excessive Curiosity Financial savings Account comes with a powerful and reliable rate of interest of 4%, EQ Financial institution topped it with their Discover Account’s on a regular basis 5% rate of interest. As well as, EQ additionally gives GICs with spectacular rates of interest and numerous time period lengths, whereas Neo doesn’t have GICs in any respect.

Neo Monetary additionally trailed behind in just a few different classes: no USD accounts, restricted joint accounts, and unavailability in Quebec.

Neo Monetary did take the win for just a few classes, nonetheless, comparable to for his or her cashback bank card, which is high of our listing for the perfect bank cards in Canada. Bank card approval is fast and simple, and purchasers are extremely glad with the cell app.

After having in contrast all options we advocate EQ Financial institution over Neo Monetary for these in search of a straightforward to make use of, excessive curiosity financial savings account. For extra info on why EQ continues to return out on high of our rankings, try our 2024 EQ Financial institution Assessment.