Let’s just say it’s disappointing, PC Money offer 2.20% and EQ offers 2.75% no boosts.
Reduced subsidies are never fun for those receiving them but when those subsidies stop attracting new deposits, they quickly become unsustainable. That’s why most of the advertised interest rates are short term promo rates.
lmao , eq has different rates
Well, at EQ you have to set up direct deposit to qualify for 2.75. Grow membership at Neo now gives you the same 2.75%
Yeah, it is disappointing. I just moved 20k in February. I got a whole 4 months of the old rate! I realize it’s not a huge difference, but it seems big in my mind.
Literally the ONLY reason I have anything to do with Neo was the comparatively high interest rate. I have EQ accounts which generate the same interest, with the caveat that I direct deposit to them.
If you’re going to reduce your interest rates any further, you can count on losing at least one customer, and my $100k+ in deposits.
I’m kind of bummed out by the whole thing…I started with Neo because I liked the simplicity and transparency of it in regard to the savings account interest rates. Now, there are multiple levels, some of which come with a monthly fee. I’m just really sick of the monthly fee money grab that is so prevalent right now. I feel like the Neo newsletter would recommend staying away from these sorts of programs - that’s weird. Anyway, I appreciate the free grow membership for now.
Fees are never fun, and of course we want to keep all the rates as high as we can! The goal here is very much to make everything as great and free as possible for people who use Neo the most.