Neo just launched joint chequing accounts — another step toward financial clarity and access for Canadians who manage money together.
Why this matters
Joint accounts let couples see where the money is going, in one place. Both partners can also move money independently, without one person being the gatekeeper for every transaction.
I’m a believer in shared finances for a personal reason. There’s a retired family in my life . The father was a financial advisor at a big bank and managed the family’s money his whole life. Nobody else had visibility. They didn’t know he had been slowly losing their retirement savings on the stock market until he had to borrow from his daughter to pay off a credit card. They ultimately sold their house and went back to work — a financial tragedy that could easily have been avoided with a second set of eyes on things.
That’s why my wife and I were part of the alpha test for this feature, and why I’m glad it’s launching now.
How to get started
Joint chequing is available if you have a Neo Chequing account (not the older Everyday account). You can open one in about two seconds — no credit check.
Heads up on PADs: if you open a new Neo Chequing account, your account number will be different, so you’ll need to update your pre-authorized debits. Most of us have done that drill recently.
Coming soon:1-click migration will let you convert your existing Everyday account into a Neo Chequing account without updating PADs. From there, you can convert that account into a joint account.
If you’ve been waiting for a simpler way to manage money together, this is it. Let us know your personal experience in the thread.
Hi Grant,
When I was growing up in my household my mom and dad had joint checking and savings accounts. Every Sunday I remember witnessing them plan the next week’s budget and reviewing the books from the previous week. Does the Neo Financial joint checking account have banking fees and does it require a monthly minimum balance?
My understanding of household finance was established long before I attended my first day in Home Eco in high school because of my parents.
I have talked with Jamie recently about my idea of using the Google Guide Community to expand your insider base and attract more business to existing ones. It would be my pleasure to work with you and Neo to form a collaboration with TABIA through my connections to hyperscale this goal towards completion. For example; Neo Financial could offer me a consulting fee to review local establishments and convert them to the insiders program and I would highlight the different Neo Mastercard rewards by using a different one in each review. I will be attending the TABIA town hall that is happening on July 9th that is launching their Toronto Festival Network initiative. A golden opportunity for the NEO Insiders to further grow their partners and expand the membership effortlessly.
We are setting up a system that will transfer your PADs if you’re doing the free upgrade from Everyday to Neo Chequing. I’m not exactly sure what you mean by “Account Transfers”. Do you mean EFTs?
You can have multiple joint accounts, but you can only share each one with a single person. We are building additional features, including the ability to share the accounts with more than one person (and at different access levels).
Each person can get their own Neo Money card, yes. Also, I believe the Neo Money Card is perhaps the only pre-paid Mastercard in Canada that provides rewards.
Already set up the joint account with my partner, super smooth, done in less than 5 minutes and both now with digital cards awaiting for the physical ones. I AM CLOSING MY EQ ACCOUNT RIGHT NOW! Yaaay
I checked and <18 cannot have a joint account. How come?
Also AFAIK EQBank offers flat 0.5% (No FX and ATM Reimbursement Standard) and PC Money offers cashback in the form of Optimum points (No FX fee, have their own ATMs). Neo Money is limited to 1% Gas&Groceries, plus partner rewards.
