Neo Financial launched in Calgary in 2019 as a fintech alternative to traditional banking. Its pitch is simple: a no-fee account with a competitive savings rate, plus elevated cash back at a growing network of Canadian brand partners including Tim Hortons, Uber Eats, DoorDash, and Starbucks.
Deposits in the Neo Money account are held at Concentra Bank, a federally chartered Schedule I bank, and are CDIC-insured up to $100,000. Neo is not a bank itself — it is a technology platform with a regulated bank as its deposit partner.
The core limitation: no TFSA, RRSP, FHSA, or RESP accounts; no ATM network; and a 2.5% foreign exchange fee. Neo works best as a spending card alongside EQ Bank for registered savings and Simplii or Tangerine for ATM access and chequing.
Neo Financial at a Glance
| Feature | Details |
|---|---|
| Type | Fintech (deposits at Concentra Bank) |
| Founded | 2019, Calgary, AB |
| Deposit insurance | CDIC via Concentra Bank — up to $100,000 |
| Monthly fee | $0 |
| Savings rate | ~2.25–4%+ variable (check app for current rate) |
| Registered accounts | None (no TFSA, RRSP, FHSA, RESP) |
| ATM network | None |
| FX fee | 2.5% |
| Customer service | In-app chat (no phone) |
Neo Money Account
The Neo Money account is the core product — a no-fee, interest-bearing account that functions as a chequing/savings hybrid. Interest accrues daily and is paid monthly with no minimum balance requirement.
| Feature | Details |
|---|---|
| Monthly fee | $0 |
| Minimum balance | $0 |
| Interest rate | Variable (check app for current rate) |
| e-Transfers | Free and unlimited |
| Bill payments | Yes |
| Direct deposit | Yes |
| Mobile cheque deposit | Yes |
| TFSA / RRSP | Not available |
The registered account gap is significant. Canadians who use Neo as a primary account cannot shelter any savings from tax. The practical workaround is to use Neo for day-to-day spending and the Neo card’s partner cash back, and hold TFSA/RRSP savings at EQ Bank, Tangerine, or another provider.
Neo Card Cash Back
The Neo Mastercard earns at two rates: 0.5% everywhere, and up to 5%+ at Neo partner merchants.
| Earn Type | Rate |
|---|---|
| Base — all purchases everywhere | 0.5% |
| Partner merchants (coffee, food delivery, gas, retail) | Up to 5%+ |
Partner examples: Tim Hortons, Starbucks, DoorDash, Uber Eats, select gas stations, Hudson’s Bay, Sport Chek. Partners and their specific rates are visible in the Neo app and change over time.
The math: Spending $300/month at partner merchants at 4–5% earns $144–$180/year on those purchases. The same $300 on a standard 1.5% cash back card earns $54. The $90–$126/year gap is the entire argument for Neo — and it only exists for Canadians whose spending overlaps with the partner network.
Neo Secured Credit Card
| Feature | Details |
|---|---|
| Security deposit | $50–$10,000 |
| Credit limit | Equal to deposit |
| Annual fee | $0 |
| Cash back | Same as regular Neo card |
| Bureau reporting | Equifax + TransUnion |
| Upgrade path | To unsecured after responsible use |
Reports to both bureaus — a significant advantage over KOHO Credit Building (Equifax only). The $0 annual fee and $50 minimum deposit make this one of the most accessible secured cards in Canada.
Neo Financial vs Competitors
| Feature | Neo Financial | EQ Bank | Tangerine | KOHO | Simplii |
|---|---|---|---|---|---|
| Savings rate | ~2.25–4%+ | ~3.50–4.25% | ~0.10–1.00% | Up to 5% (paid plans) | ~0.40% |
| TFSA / RRSP | No | Yes | Yes | No | No |
| Partner cash back | Up to 5%+ | No | 2% (3 cats) | Up to 1–2% (by plan) | Cash Back Visa available |
| ATM network | None | None | Scotiabank (3,500) | None | CIBC (3,400) |
| FX fee | 2.5% | N/A | 2.5% | 1.5–0% by plan | 2.5% |
| Phone support | No | Yes (limited) | Yes (limited) | No | Yes (limited) |
Cluster Pages
- Neo Financial Fees
- Neo Financial Savings Rate
- Neo Financial e-Transfer Limit
- Neo Financial Customer Service