What’s a Neo Savings account?

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Anyone else get this email? I’m not sure what a Neo Savings account is. Like I’ve got a Cash account, which I guess is the new HISA, so am I also going to need to open a new “Savings” account? How would I? It still says to applying for a Cash account on my app. Am I missing something here?

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It’s essentially the same thing, just a naming change from Neo Cash —> Neo Savings. Makes it less confusing and more in line with what it does. No need to make any new accounts or anything as far as I know

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Actually just reread your email and I do see where it might be confusing. I would wait for confirmation from someone from Neo but I do believe this is the same as the Neo Cash (either it’s the old name or the new one, not sure about that one)

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Hey @Lefthander sorry I’m just getting to this now! Welcome to the community, we’re glad to have you! Here’s a couple things to help clear up the confusion:

You may see your Neo Savings account listed as the Neo Cash account in the app or on statements. They’re the same account, Neo Savings is simply the name we use in the app while Neo Cash account is the legal name. No need to open a new account if you already have a Neo Cash account!

We’re phasing out the Neo High-Interest Savings Account (HISA) and replacing it with the Neo Savings account. Nothing will happen to your HISA funds, they’ll stay secure and continue to earn interest. However, all new features and updates will be available only through the Neo Savings account going forward (like the higher interest rates).

And, the rate for your Neo Savings accounts is based on the total amount you hold across these Neo accounts:

  • Neo Everyday account

  • Neo Savings account

  • Neo High-Interest Savings account (HISA)

I hope this helps clear things up, and that you can start taking advantage of the new features coming to your Neo Savings account!

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Hey @Geouky yeah, you got this right, appreciate you stepping in to help provide that clarity!

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Hi Neo team, can you please clarify is the interest earned in the Neo savings account tax free

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None of the Neo Savings accounts are registered accounts (TFSA, RRSP) so it is taxable. There should be a tax form for each account somewhere.