Neo Financial is a Canadian fintech company that offers a variety of financial products and services. The company has no brick-and-mortar locations for clients to visit, focusing instead on technological conveniences to meet the public’s needs.
Chris Simair, Jeff Adamson, and Andrew Chau first created and turned Skip the Dishes into a beloved Canadian brand, then turned its focus to the Canadian banking scene. Neo Financial was founded in 2019 and now serves more than 1 million clients with its steadily-increasing list of products and services.
Overview
- Founded in 2019, headquartered in Calgary
- Severs over 1 million customers
- Official provider of the Tims Mastercard
- Competitive interest rates
- Customizable cash back rewards
Rating methodology
Neo Financial's overall rating is 1.6 out of a possible 5 stars. This number is an average of all the individual products we've rated so far, which you can find more info on below. Each of these are scored by breaking them down into their main parts, then comparing each feature to similar products on the market.
Neo Financial bank accounts
Neo Financial may only have two "bank" accounts, but they're both well-designed and well-rated. Both accounts come with a prepaid Neo Mastercard, earn cash back, and have excellent interest rates.
The Neo Everyday Account has a 4.0 Genius Rating and is one of the best hybrid accounts in Canada, allowing you to save and spend from the same account. The Neo Savings Account offers a 2.9% interest rate, and users can take advantage of the personalized goal-tracking feature on the mobile app to help keep them on track.
Neo Financial Canada credit cards
From its fairly basic prepaid Neo Everyday Account card to the more premium Neo World Elite Mastercard, the roster of Neo Financial credit cards is surprisingly varied. They all earn cash back, and Neo offers some pretty high earn rates when shopping with its more than 10,000 partners.
The Neo Secured Mastercard is one of the best secured credit cards available for Canadians. It requires a mere $50 security deposit, which is significantly lower than many other secured cards, and users can earn up to 5% cash back. It offers a convenient, accessible, and valuable way to improve your credit score.
| Credit Card | Score | Welcome Bonus | Annual Fee | Avg. Rate of Return | Apply | Card |
|---|---|---|---|---|---|---|
Neo Everyday Account  | N/A (Terms) | $0 | 0.52% | Apply | ||
Neo Mastercard®  | $25 (Terms) | $0 | 0.52% | Apply | ||
Neo Secured Credit  | N/A (Terms) | $95.88 | 0.52% | Apply | ||
Neo Secured World Elite Mastercard®  | N/A (Terms) | $125 | 2.54% | Apply | ||
Neo Secured World Mastercard®  | N/A (Terms) | $95.88 | 1.36% | Apply | ||
Neo World Elite Mastercard®  | N/A (Terms) | $125 | 2.54% | Apply | ||
Neo World Mastercard®  | N/A (Terms) | $0 | 1.36% | Apply | ||
Secured Tims® Mastercard  | $20 (Terms) | $0 | 0.49% | |||
Tims® Mastercard  | $20 (Terms) | $0 | 0.98% | |||
Tims® Mastercard (QC)  | $20 (Terms) | $0 | 0.98% |
Neo Financial investing
Neo Invest (powered by OneVest) is a fairly new investment platform, launched in 2022. It's a robo advisor that offers a personalized approach, keeping your risk tolerance and goals in mind while choosing diverse investments to pad your portfolio.
Clients can open an investment account with as little as $1, which is significantly less than many other big-name robo advisors. There's also an auto-invest feature that allows users to set up recurring deposits from a Neo account (or from another bank).
Neo Financial mortgages
Neo Mortgages are available for those purchasing a home, renewing a current mortgage, or looking to transfer a mortgage from another lender. It partners with various brokers in order to provide the best possible mortgage rates for applicants.
Users can apply and get officially pre-approved within minutes on the Neo site or mobile app. The multiple channels of communication for customer service make it easy to ask questions and get the help you need.
FAQ
What is Neo Financial Canada?
Neo Financial is a Canadian fintech company headquartered in Calgary, AB. It offers a variety of financial services and products, including a hybrid spend-saving account, a high-interest savings account and a fairly wide selection of Mastercards.
Is Neo Financial legit in Canada?
Yes, Neo Financial is a legitimate financial institution that's based in Canada, founded in 2019 and now boasts serving over 1 million customers. In 2024, it topped the Report on Business magazine’s list of Canada’s Top Growing Companies.
Is my money safe with Neo Financial?
Yes, your money is safe with Neo. While it's a fintech company rather than a bank, and therefore not regulated under Canada’s Bank Act, it does take precautions. Deposits held in Neo accounts are eligible for CDIC deposit protection.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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