Related: Best online banks in Canada
Neo Financial Canada: Full breakdown & pros and cons
If you're looking for a legit online banking alternative with cash back rewards and easy access to your funds, check out Neo Financial.
Neo Financial offers a modern alternative to traditional banking through its no-fee chequing and savings accounts, cashback credit cards and investing tools. It operates fully online and focuses on helping users manage their everyday spending, earn rewards, grow their savings and even improve their credit score. In this Neo Financial Canada review, we break down how Neo works, what it offers and whether it’s a good fit compared to traditional banks and other digital financial platforms.
What is Neo Financial?
Neo Financial is a Canadian fintech company that was founded in 2019. It offers digital financing services including spending and savings accounts, cashback credit cards, investment products and mortgages. It operates entirely online, so it doesn’t have any physical branches. Instead, it focuses on delivering rewards, budgeting tools and no-fee accounts.
Is Neo Financial a bank?
Neo Financial isn’t a bank, but it is a regulated financial technology company in Canada. It’s registered as a Payment Service Provider (PSP) under the Retail Payment Activities Act with the Bank of Canada and also as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
These registrations allow Neo to legally offer payment-related services, process transactions, and operate financial products in Canada.
However, being a PSP and MSB is different from being a bank. Banks in Canada must be federally chartered under the Bank Act, allowing them to hold customer deposits themselves and use that money to make loans directly to other customers. Neo Financial doesn’t hold this banking licence and instead partners with regulated banks to hold deposits and provide CDIC-insured accounts.
What does Neo Financial offer?
Neo Financial offers a range of digital banking, credit, investing and loan products, including:
- Neo Chequing account
- Neo Savings account
- Joint accounts
- Neo Mastercard
- Neo World Mastercard
- Neo World Elite Mastercard
- Neo Secured Mastercard
- Neo Mortgage
- Neo Invest
How do I get a Neo Money card?
The Neo Money card is a prepaid card that comes with your Neo Chequing account. Once your account is approved and opened, you’ll immediately receive access to a virtual card, which you can use for online purchases or add to a mobile wallet like Apple Wallet or Google Wallet for in-store payments.
If you want a physical card, you have to request one on the Neo app or website. It will be mailed to your address and typically takes up to 15 business days to arrive.
Neo Financial credit cards
Neo Financial offers four credit cards:
- Neo Mastercard: This entry-level credit card has a $0 annual fee, no minimum income requirement and a 19.99% - 29.99% (up to 24.99% in QC) purchase rate. It also earns up to 15% boosted cashback at thousands of partners across Canada.
- Neo World Mastercard: A mid-tier credit card with a $0 annual fee and purchase rate of 19.99%–29.99% (19.99%–25.24% in QC). It earns Up to 15% boosted cashback at Neo partners, on top of base cashback rates.
- Neo World Elite Mastercard: With a minimum personal income of $80,000 or a household income of $150,000, you can get this premium credit card. There’s an annual fee of $149 but you get up to 15% boosted cashback at Neo partners, on top of base cashback rates.
- Neo Secured Mastercard: If you want to improve your credit, consider the Neo Secured Mastercard with guaranteed approval. It requires a refundable security deposit to set your credit limit and charges a $9.99 monthly fee, but you’ll get up to 15% boosted cashback at thousands of partners across Canada.
Compare the details of Neo Financial credit cards
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What lending options does Neo Financial offer?
Neo Financial doesn’t offer as many lending options as traditional banks, but you can get a personal loan or mortgage through the fintech.
Personal loans
Neo Financial provides access to personal loans through its partner lenders rather than issuing loans directly. Eligible users can apply through the Neo app or website and receive personalized loan offers based on their credit profile.
Neo currently partners with Fig Loans, a digital lender backed by Fairstone Bank that focuses on borrowers with a credit score over 650, and Spring Financial, which offers flexible financing and credit-building products for a wide range of credit scores.
Neo Mortgage
Customers can use the Neo Mortgage platform to apply online and get pre-qualified in as little as three minutes. Once pre-approved, users can compare competitive fixed and adjustable mortgage rates and securely submit documents through Neo’s digital platform without needing in-person appointments.
Neo also provides access to licensed mortgage advisors who offer personalized guidance throughout the process, whether you’re buying a home, renewing a mortgage or switching lenders. Terms range from six months to five years, with interest rates between 3.75% and 4.39%.
What investment options does Neo Financial offer?
Again, Neo Financial doesn’t offer a ton of investment options, but they do have a digital-first investment platform powered by OneVest, a Canadian wealth management technology company.
Neo Invest
Neo Invest provides professionally managed, diversified portfolios built mainly from exchange-traded funds (ETFs). After selecting a portfolio based on your risk tolerance and financial goals, your investments are actively managed and rebalanced over time to keep them aligned with your strategy. The platform is fully digital, allowing you to open and manage your account through the Neo app and track performance in real time.
Neo Financial fees
Although Neo Financial charges little to no fees on its accounts and credit cards, there are other costs to be aware of, including:
- Paper statements: $5 per document
- Inactive account fee: $0
- Foreign transaction fee: 2.5%
- Over credit line fee: $29
- Minimum cash advance fee: $2.50
- Management Expense Ratio (MER) fees: 0.4%–0.5%
- Assets Under Management (AUM) fee: 0.75% annually
What are Neo memberships?
Neo memberships are optional subscription plans that unlock additional features and benefits across its financial products. There are three options:
Essentials
Essentials is the free entry-level membership that includes core features like spending insights, transaction tracking and free everyday transactions. It also offers a Neo Savings interest rate of 2.25%. This tier is designed for users who want a simple way to manage their finances without additional perks or subscription costs.
Build
Build is a mid-tier membership focused on helping users strengthen and improve their credit profile. It typically costs $7.99 per month, but you can get Build for free if you have the Neo World Elite Mastercard.
It includes a higher Neo Savings rate of 2.5%, all of the perks from the Essentials membership and the following additional features:
- Credit score monitoring
- Credit builder tool
- Secured credit limit
- Third-party ATM fee reimbursement up to $5
Grow
Grow is the premium membership designed for users who want to maximize savings and financial benefits. It costs $12.99 per month, but you can get this membership for free if you maintain a minimum balance of $20,000 across your Neo accounts. It offers all the same features as Essentials and Build, as well as no FX fees, premium support and a 3.0% Neo Savings rate.
How does Neo Financial compare to other banks?
Neo Financial stands out for its low-fee, digital-first approach, offering no monthly account fees for the Essentials membership, no-fee everyday transactions and competitive cashback rewards. At 2.00% - 2.75%, the Neo Savings rate beats what the Big Five banks offer by a long shot, as CIBC, Scotiabank, TD, RBC and BMO don’t offer a standard interest rate above 1%.
However, its rates are comparable to other fintechs and digital banks like Wealthsimple and EQ Bank, which offer a wider range of products, like registered accounts, foreign dollar accounts and GICs.
Ultimately, Neo Financial is best suited to users looking for strong cashback rewards and competitive interest rates, while other digital platforms may appeal more to those seeking a wider range of products in one place.
Pros of Neo Financial Canada
Here’s what we like about Neo Financial’s products and services:
- High interest rate on savings. With a high interest rate of 2.00% - 2.75% on your savings account balance, Neo Savings helps your money grow faster compared to many traditional accounts.
- Cash back rewards. With the Neo Money card, you can earn up to 2% cash back on your purchases. Neo’s credit cards offer even higher cashback rates, up to 15%.
- No account fees. Neo Financial aims to beat Big 5 Bank fees by forgoing monthly and annual account maintenance charges. Note that you’ll pay a monthly fee for some of the Memberships.
- No minimum balance. There’s no required balance for either Neo account.
- Unlimited free transactions. Move your money as you see fit without worrying about expensive transaction charges.
- ATM access. You can use your Neo Money card to withdraw funds for free at an ATM anywhere Mastercard is accepted.
- Streamlined apps. It’s easy to use Neo Financial’s online or mobile app to manage your money and rewards.
- Auto-Save feature. Neo’s auto-save feature lets you set up automatic deposits from your Neo Chequing to your Neo Savings account to regularly grow your savings.
- CDIC insured. Neo deposits are held at partner financial institutions that are members of the CDIC, so eligible balances are insured up to $100,000.
- Credit-building tools. Neo offers several features designed to help users build or improve their credit, including a secured credit card option, as well as credit score monitoring and credit builder tools for higher membership tiers.
- Membership system. Neo’s tiered membership model allows users to unlock higher savings rates and enhanced features for a small fee that can be waived.
Cons of Neo Financial Canada
These are the potential drawbacks of using Neo Financial:
- Lower base cashback rate. While Neo offers strong cashback at partner merchants and on select categories, everyday purchases outside those categories typically earn lower rates.
- Online only. Neo Financial Canada operates entirely online, so you won’t be able to do any banking in person at a branch.
- Limited products. Neo Financial is not a full-service bank, so its offerings are limited. For example, you can’t get registered accounts or overdraft protection like you can with any of Canada’s Big Five banks.
Neo Financial app
With the Neo Financial app, you can manage your account, pay bills, send Interac e-Transfers, apply for new products, set up spending notifications and more.
The app has generally positive reviews on the Apple App Store and Google Play, with users highlighting the easy-to-use interface, fast transactions and convenient access to spending, savings and credit features in one place. Some negative reviews mention issues such as the live chat feature not working properly or missing cashback rewards, but Neo Financial responds to most of these reviews with a solution or offer to look into the issue further.
| Apple App Store rating | Google Play rating | |
|---|---|---|
| Neo Financial app | 
4.8 –
★★★★★56K reviews | 
4.4 –
★★★★★15.9K reviews |
What does Reddit think of Neo Financial?
There’s a Neo Financial subreddit called r/NeoFinancialHub, where users post questions, share experiences and discuss updates about the platform. On the Neo Financial subreddit and other subreddits like r/PersonalFinanceCanada, opinions are mixed.
Many users say Neo works well for basic everyday banking, highlighting its competitive cashback rewards and interest rates. However, other users report concerns around customer support responsiveness, difficulty resolving disputed or fraudulent charges, cashback rewards being hard to understand and earn and Neo Financial not wanting to close accounts.
Overall, there seem to be more negative posts than positive ones about Neo Financial on Reddit, with many users recommending digital banks or fintechs like EQ Bank or KOHO instead.
Is Neo Financial safe?
Yes, Neo Financial is safe. It uses multiple layers of security to protect user accounts and transactions. Its platform includes 24/7 AI-powered monitoring that reviews logins and activity in real time, continuous verification of account actions and instant alerts for purchases and money movements to help detect suspicious behaviour quickly.
It’s also registered as a Payment Service Provider and a Money Services Business, and complies with standards such as SOC 2 Type 2 and PCI-DSS. These requirements ensure strong oversight and secure handling of financial data.
Additional protections include Mastercard Zero Liability for unauthorized transactions and a dedicated fraud and dispute resolution team to help users address issues.
How to open a Neo Financial account
You can open a Neo Financial account in minutes. Just follow these steps:
- Go to the Neo Financial Canada website and select Get Started at the top of the screen.
- Create your login details and password.
- Enter your mobile number and provide a verification code.
- Provide your name, date of birth, contact details, SIN and employment information.
- Upload a valid form of photo ID and a selfie to verify your identity.
- Review the details to make sure they’re correct before submitting your application.
- Transfer money to your new account. You’ll be given a virtual Neo Money card so you can start making online purchases straight away, but you can also order a physical card to be shipped in the mail.
Eligibility
To open an account with Neo Financial, you must:
- Be the age of the majority in your province or territory (18 or 19) or 13 (14 in Quebec) for a Neo Savings account
- Have a social insurance number (SIN)
- Be a Canadian citizen or resident
- Have a valid government-issued photo ID
How can I contact Neo Financial?
There are three ways you can contact Neo Financial for support:
- Live chat: Available online or on the app every day from 7 am to 8 pm mountain time
- Email: support@neofinancial.com
- Phone: 1-855-636-2265
Bottom line
Neo Financial is a strong option for Canadians looking for a low-fee, digital-first banking experience with added cashback and savings incentives. Its no-fee accounts, competitive interest rates and cashback rewards make it particularly appealing for everyday spending and maximizing savings. However, it’s not a full-service bank and it has a limited product range, so it may not suit users who prefer in-person banking or an all-in-one financial institution.
Frequently asked questions about Neo Financial
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