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Max deposit limit for Neo savings?
January 3, 2022
7:46 pm
ustocanadasavings
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What is the max deposit limit for Neo savings account.

For example EQ has a Max of 200K for individual and 500K for joint

Thanks!

January 4, 2022
5:30 am
Norman1
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According to Neo Savings Account - Transferring Money & Deposits, it is $200,000:

Supplementary Information

  • At this time, we cannot have cash or cheques deposited directly into the Neo Savings Account. It will have to be deposited into another FI and then transferred into the Neo Savings through an EFT or an e-Transfer.
  • The maximum amount of funds in our Neo Savings account at this time is 200k.
January 4, 2022
4:33 pm
speedwagen
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That's rather odd. I thought NEO deposits were @ Concentra/Wyth & if so, the limit there is & always has been $150K.

Anyone know if the NEO/CON arrangement is as a group nominee depositor, i.e. 1 trust acc't with multiple beneficiary subacc'ts? If so, that would explain NEO's ability to set the limits on the subacc'ts.

January 4, 2022
9:30 pm
Norman1
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The Neo Savings account and the Wyth HISA are distinct products from Concentra Bank.

The two products have different features, fees, and interest rates. They aren't the same account with two different names.

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