Hello,
Is there any way to disable or opt out of the mandatory 0.1% interest on the Neo Everyday Account? If not, is there a way for that to be an option, or at least a request that can be accommodated for, even if it’s on a case by case basis, as I don’t wish to earn interest (for religious and personal reasons) and this is from the few things stopping me from opening a Neo Everyday Account.
I remember hearing they were talking/working on something of this nature at the Insiders night a month ago.
Disclaimer: I am not Islamic. But friends of mine who are, donate the interest to charity (anonymously so as to not illicit a tax receipt), and it is helpful to them that the amounts earned are disclosed. Naturally, your tolerance may vary. But I hope this helps.
Islamically, that only applies if you unknowingly gain interest. It still remains impermissible if you are aware that you’re gaining interest, even if you donate the interest earned to charity.
+1. Would like to have this feature too
Thanks for the thoughtful question — and for taking the time to explain the reasoning behind it. That context is genuinely helpful.
For the Neo Everyday Account, the 0.1% annual interest is a built-in feature of the product. At this time, there isn’t an option to opt out of earning interest, and we’re not able to disable it on a case-by-case basis.
We understand that this may not fit every customer’s preferences, and we appreciate you raising it.Hopefully it’s something that could be considered down the line as the product evolves.