Account (CA)
Neo Financial Savings account or EQ Bank Savings Plus account?
We know that there are a lot of banking options. So, keep reading to know which of these two great options is best: Neo Financial Savings account or EQ Bank Savings Plus account?
Neo Financial Savings account or EQ Bank Savings Plus account: which is the best?
When it comes to choosing an account, there are many different options. And you may be wondering which one is best: Neo Financial Savings account or EQ Bank Savings Plus account?
Well, we can help you understand more about the features of each account. Also, we can show you which are the pros and cons of each account. This way, you can make the best decision for your finances!
Also, if you are tired of traditional banks, both accounts can make your life easier. You can find mobile banking. Plus, both have no monthly fees! Keep reading to learn more about these two excellent savings accounts!
How to open a Neo Financial Savings account?
With the Neo Financial account, you can earn 1.3% interest, and there are no annual fees. So, read our post about the Neo Financial account opening to learn how to apply!
How to apply for the EQ Bank Savings Plus account?
Whether you are searching for a high-interest rate on savings or a no-fee account, EQ delivers it all. Learn how to apply for an EQ Bank Savings Plus account!
In this post, we will help you understand more about how both these accounts work. You will find everything from account ratings to fees.
Both accounts offer incredible online features that traditional banks lack. However, which one should you choose? Keep reading to decide which one is right for you!
Neo Financial Savings account
This savings account can help you earn some extra money on the side. Plus, you can find incredible interest rates to help you save money! Plus, there are no monthly fees!
We know that there are many traditional banks that don’t even offer mobile apps. But, with Neo, you can earn up to 180 times more interest than with a traditional bank! Plus, you can earn daily interest!
Moreover, you can use some of the best mobile apps out there in the market. Also, you can manage your entire account anywhere through the app!
In addition, some of the best features include unlimited free transactions. So, you can send money or receive payments without fees. Plus, you can also pay your bills and more without fees!
However, this account also has some downsides. Up until now, the Neo Financial savings account does not support mobile cheque deposits.
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EQ Bank Savings Plus account
Whether you’re looking to stash your money away for a rainy day or want a higher interest rate on your savings, the EQ Bank Savings Plus account is worth checking out.
Many traditional bank accounts have complicated features and high fees. But, with the EQ Bank Savings Plus account, you don’t have to pay any monthly or annual fees, and there is excellent online banking!
Also, you can earn up to $150 as a welcome bonus for opening your account. Moreover, all you have to do to get the $150 is switch your recurring payroll direct deposit to your EQ Bank Savings Plus account.
Also, you will need to receive your deposit within 60 days from your EQ Bank Savings Plus account opening. And you will need to keep doing this for three straight months.
It is a very simple process that can give you an incentive to open your account and earn interest. With this, you can start saving money right away!
Plus, there are no minimum balance requirements to open your account! And the account is protected by CDIC!
Benefits of the Neo Financial account
This savings account offers some amazing benefits that you won’t find in traditional banks. Usually, traditional banks charge banking fees and annual fees. Also, they don’t offer good online banking.
However, the Neo Financial Savings account offers incredible online banking. Also, there is a very easy-to-use mobile app. With this, you can manage your account anywhere.
Moreover, you can send money, receive payments, deposit paycheques, pay bills, and much more. All of this for no fees! Plus, you don’t have to worry about paying monthly or annual fees!
Another incredible benefit of using the Neo Financial Savings account is that there are no minimum balance requirements. So, you can plan your savings with the amount you need.
Also, you can use the Neo Financial Savings account to schedule your payments. This way, you can pay all your bills in one day and not worry about forgetting to pay anything!
Benefits of the EQ Bank account
As we mentioned, the EQ Bank Savings Plus account has some incredible perks. You can earn a welcome bonus when joining if you fit the requirements.
Also, you can open your account for no monthly or annual fees. And there are no minimum monthly balance requirements.
Disadvantages of Neo Financial Savings account
Even though the Neo Financial Savings account has incredible benefits, there are also some downsides to this account. One of the cons is that the Neo card does not have coverage insurance.
Also, there is no support for mobile cheque deposits. So, you can’t really have all the benefits of online banking yet with this savings account.
Disadvantages of EQ Bank Savings Plus account
There are many benefits to opening an EQ Bank Savings Plus account. However, as with any other savings account, there are also some disadvantages.
For you to earn the incredible $150 welcome bonus, you need to fit the requirements. Also, you need to be a completely new customer to get the bonus. Moreover, residents of Quebec can’t get the bonus.
Neo Financial Savings account or EQ Bank Savings Plus account: which account should you choose?
Both accounts offer similar benefits and features. However, if you are looking for an account that offers a welcome bonus, the EQ Bank Savings Plus account can be best.
However, if you live in Quebec, you can’t get the new client bonus. So, you may want to open an account with Neo Financial Savings account!
Neo Financial Savings account | EQ Bank Savings Plus account | |
Intro Balance Transfer APR | There is no intro balance transfer APR. | See terms & conditions. |
Regular Balance Transfer APR | N/A. | See terms & conditions. |
Balance Transfer Fee | There is no balance transfer fee. | See terms & conditions. |
If you want to learn about chequing accounts in Canada, read our post below with a full review of the BMO Performance Chequing account!
BMO Performance Chequing account review
BMO offers a plenty of chequing accounts types for you to choose which fits your needs better. Today, let us present to you the BMO Performance Chequing account review!
About the author / Victória Lourenço
Reviewed by / Aline Barbosa
Senior Editor
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