Upcoming change to savings rates + a sneak peek at what’s next

📢 Announcements
1

Hey everyone,

Quick heads up that our savings rates will be changing on October 1, 2025.

Here is what it looks like:

  • Neo Cash account: 2.5% → 2.25%

  • Neo High Interest Savings account: 2.5% → 2.25%

Why?
On September 17, the Bank of Canada dropped its policy interest rate by another 0.25%. Since June 2024, they have lowered rates by a total of 2.25%. When this happens, savings rates across Canada usually shift down too and we are not immune to that.

We get that lower rates are never the update anyone wants to see. That said, we will continue to work to keep our savings accounts among the strongest in Canada.

The good part
At the same time we have something new in beta right now with a small group of customers that we are really excited about. It is designed to unlock more value on savings, including opportunities for higher rates. It is still early, but we will share more with you soon.

Note
Customer emails are going out right now with this update, so if you have one of these accounts you will see it in your inbox shortly.

Thanks for being part of this community and helping us build a more rewarding financial experience. Always open to your thoughts and feedback below.

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2

I think there is a typo for the Neo cash account Shouldn’t the rate be 0.1% ? Unless I missed something haha.

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3

Hi @jsmaster, thanks for asking! No, the Neo Cash account is what we’ve started offering instead of the High Interest Savings Account, it’s essentially just a renamed version of it which is why the rate is the same as it. People who opened a High Interest Savings Account before we changed it to the Neo Cash account would still see it labelled as that, so both were included to make sure people with either version of the account know what to expect.

The Neo Everyday account would be the one that offers 0.1%, and actually hasn’t changed. I can totally understand the confusion, but yeah the Cash account interest would be like Dave posted here!

4

Oh I see ! I was confused for a bit hahaha :joy:

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5

The fact that you keep the same interest rate as the BoC is golden tho.

I don’t see any other platforms offering the same.

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