Neo Financial Review (2024): The New Way to Manage Your Money

Are you curious about what all the fuss is about Neo Financial? Wondering if this innovative Canadian Financial Technology (FinTech) company is right for you?

Join me as I explore everything Neo Financial, Canada.

neo-financial-review

I’ll break down what they are, how they work, and why they’re so popular. Plus, I’ll give you my verdict on whether or not Neo Financial is right for you.

In this Neo Financial Review, I’ll take you on a journey to discover every important detail about this FinTech. Buckle up and ride along.


Neo Financial Canada: A Comprehensive Review of Neo’s Products, Services, Pros, Cons, and More!

About Neo Financial

Neo Financial is Canada’s leading Financial Technology (FinTech) company that makes managing money easier by reimagining how you spend, save, invest, and earn rewards.

Neo was established in 2019 by the co-founders of SkipTheDishes. Since its founding, Neo has secured more than $299 million from prestigious investors. LinkedIn has named Neo as one of Canada’s top tech startups.

Neo achieved a “unicorn” valuation in May 2022, making it one of the fastest Canadian companies in history to accomplish so.

Neo has offices in Winnipeg and Calgary and is supported by leading investors from around North America.

What is Neo Financial?

Neo Financial offers a suite of innovative financial products to help Canadians save, grow and manage their money.

With no monthly or annual fees, you can open a Neo account online within minutes, earn immediate cash back at your favourite stores, and receive instant alerts when you spend and save.

Tech Innovation Meets Finance! Neo Financial uses technology to create custom solutions that help you do more with your money.

Neo differentiates itself from traditional financial institutions by its use of modern technologies and its focus on customer experience.

Neo has received positive reviews for its innovative approach to personal finance and its ease of use.

Google Play Store Review – #7 in Finance | 4.8 • 5k Ratings

If you’re looking for a new financial provider to help you save time and money, Neo Financial may be the right choice.

How does Neo Financial work?

Neo Financial is a Canadian financial services company that offers access to better financial services through its app or website.

You can earn cashback rewards when you use your Neo Credit card. There are no monthly or annual fees associated with using Neo Money.

You can use your Neo Money™️ account for a variety of transactions, including paying bills, sending and receiving e-Transfers, and depositing and withdrawing funds.

Who Can Use Neo Financial?

To apply for a Neo Credit card, you must:

  • Be a Canadian resident
  • Be the age of majority in your province of residence
  • Have a Canadian photo ID

The Neo Secured Credit card is available to people of all credit scores. New to credit? Bad Credit? No problem!

Neo Money™️ is not available to Quebec residents at this time, but the company plans to expand to this province in the future.


Neo Financial Products

Neo Financial offers a variety of financial products – from credit cards to a high-interest savings account and spending account combo, with no monthly or annual fees.

Neo’s products are designed to be simple and easy to use so Canadians can focus on what’s important to them.

Neo Financial products include:

  • Neo Credit Cards (Standard/Unsecured and Secured) – The Neo Credit card gives users access to instant, unlimited cashback at 10,000+ Neo partners. Neo Secured Credit card is a great option for those new to credit, new to Canada, or those who want to build their credit with guaranteed approval and no hard credit check.
  • Neo Money Card + Account – Neo Money™ card is everything a debit card wants to be, but isn’t. It’s the best of all worlds, offering the convenience of a chequing account with the rewards of a credit card and the earnings of a 2.25% high-interest savings account.
  • Neo Invest™️ – Helps you grow your wealth and plan for life’s major goals.
  • Neo Mortgage™️ – A mortgage experience that lives up to the joy of buying a new home.

Made in Canada, for all of Canada! Neo is available from coast to coast for all Canadians – regardless of their financial situation.

Neo Financial is committed to providing Canadians with simplified and modern financial products and services that help them save time and money.

Now, let’s get into the details.


Neo Financial Credit Cards

neo-credit-card-canada

Let’s start with the Neo credit card product options. Neo Financial offers two credit cards – There’s the Neo Credit Card and the Neo Secured Credit Card.

The Neo Credit card is issued by ATB Financial pursuant to a license by Mastercard International Inc. Keep reading to get the details about the Neo credit cards. 

Neo Credit Card (Standard/Unsecured Card)

✅ Perks: Instant, Unlimited Cashback
✅ Welcome Bonus: Exclusive $25 sign-up offer plus earn up to 15% cashback on first-time purchases at over 10,000 Neo partners
✅ Minimum Income Required: N/A
✅ Annual Fee: $0

Key Features

  • Annual Fee: $0
  • Welcome offer: $25 cashback bonus when you sign up for a Neo Credit card
  • Rewards: Up to 15% cashback on first-time purchases and average 5% cashback at thousands of partners, plus a guaranteed minimum 0.5% cashback
  • Purchase interest rates: 19.99% – 24.99%
  • Cash advance interest rate: 21.99% – 26.99%
  • Foreign Transaction Fees: 2.5%

The Neo Credit card is a no-fee credit card that replenishes your pocket with rewards as a cardholder.

You’ll receive welcome bonus of up to 15% cashback on your first-time purchases at over 10,000 Neo partners. But the cashback doesn’t end there.

You’ll enjoy an average of 5% cashback and a guaranteed minimum 0.5% cashback.

SEE >> Neo Credit Card Review

Neo Secured Credit Card

✅ Perks: Instant, Unlimited Cashback
✅ Guaranteed and Instant Approval
✅ Welcome Bonus: Exclusive $25 sign-up offer plus earn up to 15% cashback on first-time purchases at over 10,000 Neo partners
✅ Annual Fee: $0
✅ Credit Check: N/A

  • Average cashback: 5% instant, unlimited cashback
  • Purchase interest rates: 19.99% – 24.99%
  • Minimum security deposit: $50
  • Credit limit: $50-$10,000

This secured credit card from Neo Financial is perfect for people with bad credit scores. It gives them a chance to build their credit history again.

Of course, people trying to get a credit card for the first time can also consider the Neo Secured Credit card. If they use the card wisely, they’ll build their credit score in no time. That includes them paying their balances on time. 

The Neo Secured Credit card is accessible to most people with $50 as the minimum security deposit. There’s also no monthly or annual fee; approval is guaranteed, with no hard credit check. 

The best part is that this is currently the only Secured card in Canada that rewards you with up to 15% cashback on first-time purchases at over 10,000 Neo partners, an average of 5% cashback, and a guaranteed minimum 0.5% cashback.

Here’s my full Neo Secured Credit card review if you’d like to know more about this secured credit card.


Neo Perks

Neo Financial has launched subscription-based bundled rewards for the Neo Credit card.

Adding Neo perks to your Neo Credit card can revolutionize your rewards experience and help you receive more from all the things you need and enjoy, whether you’re into travel, cuisine, or fitness.

This is Canada’s first credit card that allows cardholders to fully tailor their rewards and benefits, thereby integrating many premium reward cards into a single card.

From the Everyday Essentials bundle to the Mobile & Phone Protection bundle, the reward bundles are designed to match your lifestyle; there is something for everyone:

  • Premium Access: Get increased cashback of 20% on first-time purchases, receive premium cashback offers, purchase protection coverage and extended warranty
  • Travel: Get 2% cashback on all foreign transactions, access to airport lounges across the world, and robust travel insurance coverage – trip cancellation, baggage loss, car rental, and many more.
  • Mind & Body: Get increased cashback at Neo partner gyms and studios, plus unlimited online mindfulness and fitness classes with FitOn Pro and Headspace Premium.
  • Everyday Essentials: Unlock cashback rewards at even more large wholesale grocery and gas chains, and get 50% more cashback at gas, grocery, and alcohol partners.
  • Food & Drink: Gets an average of 5% cashback at restaurants, bars, cafes, and food delivery apps that are Neo partners.
  • Mobile & Personal Protection: Get protection for your mobile phone and device, secure password management with Dashlane, and identity theft protection.

MORE >> Neo Subscription Perks


Eligibility for the Neo Secured Credit Card

It’s easy to qualify for the Neo Secured Credit Card, as there is guaranteed approval – subject to meeting the following eligibility requirements:

  • Be a Canadian resident.
  • You’re the age of the majority in your province or territory of residence. Typically, that’s either 18 or 19 years old – depending on your province/territory.
  • Provide security funds, which is a minimum of $50.

Anyone who applies would get it – as long as you’re eligible. In essence, if you have poor credit, it wouldn’t matter to them. 

Guess what? Neo Financial won’t do a hard credit check to approve you.


Neo Credit Card vs Tangerine No-Fee Cashback Mastercard

Wondering how the Neo Credit Card compares to the Tangerine Moneyback Credit card? Here’s a table that satisfies your curiosity.

CardNeo Credit CardTangerine No-Fee Cashback Mastercard
Annual Fee$0$0
Monthly Fee$0 to $9.99, depending on the Neo perks you add to your cardN/A
Digital Wallet: Google Pay and Apple PayAvailableAvailable
Mobile AppYesYes
Cashback reward• Up to 15% cashback on first-time purchases and
5% average cashback at Neo Partners.
• 1% (now: 0.5% for new cardholders) on other purchases.
• 2% cashback on specified 2-3 categories.
• 0.5% on other purchases.
Get Started →Apply NowApply Now

More Neo Financial Products

If you thought Neo Financial only had credit cards to offer, think again. They have other financial products that would help you hit your savings, investment or mortgage goals. Check them out below. 

Neo Money™️ Account and Card (High-Interest Savings and Spending Account Combo)

✅ Free Neo Money™️ card with the Neo Money account
✅ Welcome Bonus: Get $5 for opening a new Neo Money account
✅ Perks: Instant Unlimited Cashback while Earning High 2.25% Interest on your balance
✅ Free Transactions and No Monthly Fee
✅ Withdraw cash from any ATM where Mastercard is accepted

Neo Financial offers a new way to save wisely with the Neo Money™️ account.

Neo Money™️ is a product of Neo Financial in partnership with Concentra Bank. It formerly operated under the name “Neo Savings” until the company rebranded this product.

Neo Money™️: Save, spend, and earn high interest. Keep your money and earn 2.25% interest on top!

This account blends the features of chequing and a High-Interest Savings Account (HISA) to create a unique hybrid account.

The first impressive feature of the Neo Money account is that there are no monthly or annual fees. You’ll also receive 2.25% interest on your balance with this product.

Combine the best of a savings and spending account while earning up to 225x more interest than at a traditional bank.
The Neo Money™️ account was voted the best savings account in Canada.

Other features you’ll enjoy on this account are direct deposits and free Interac e-Transfers – which are unlimited. Also, a minimum deposit or balance is not required.

Here’s my full Neo Money card and Neo Money account review if you’d like to know more about this revolutionary financial product.

neo-money-highest-interest-savings-account-canada

Neo Invest

The Neo Invest is a recent addition to the Neo Financial Canada product range. With OneVest as their partner, this product brings you closer to fulfilling your dream of becoming an investor with diverse portfolios.

Neo Invest: Grow wealth and plan for life’s major goals

Neo investment portfolios are professionally managed and customized to your investment goals and objectives.

All you need to do is set up pre-authorized contribution and watch this advisor put your money into diverse investment options through Exchange-Traded Funds (ETFs).

You can choose to set up your portfolio with an RRSP, TFSA, or Personal account.

Guess what? the minimum to invest is only $1 – the lowest I am currently aware of in the industry.

RELATED >> Qtrade

Neo Mortgage™️

Neo Financial now offers Neo Mortgage™️mortgage renewal, mortgage refinancing, and home equity financing. Applications can be completed online in 5 minutes.

Neo Mortgage™️: Low rates with none of the stress.

As of January 2024, Neo Financial’s 5-year fixed rate (closed) is 5.24%, which is competitive compared to 6.84% at the “Big 5 Banks” – traditional banks.

One reason you should love Neo Mortgage™️ is the human associate you’ll be assigned. Their role is to ensure that you get the best rates and the most seamless service.

RELATED >> Homewise Mortgage


Neo Financial: Pros and Cons

Pros of Neo Financial

  • An impressive average of 5% cashback rewards when you shop at Neo partners.
  • A large number of partners, currently 10,000+
  • No monthly and no annual fees. 
  • The high-interest savings account rate is very competitive.

Cons of Neo Financial

  • Earning the best cashback reward requires that you shop at Neo Partners

Neo Financial Partners List 

If you’ve been searching for Neo Financial partners list, today is your lucky day. Neo has an extensive partner list – including major grocery stores, gas stations, coffee shops, restaurants, gyms, and more.

The following are a few of the popular Neo Financial partners:

WalmartAmazonCanadian TireDollarama
Boston PizzaFrank And OakHudson’s BayPrincess Auto
Nutrition HouseCostcoBranchATCO
Sport ChekNetflixLoblawsPetro-Canada
KernelsSauconyContikiChop Steakhouse & Bar
Second CupAvis Car RentalWell.caArticle Furniture
CurvesShaw AcademyStructubePhil & Sebastian Coffee Roasters
DufresneClearlyRobin’sEQ3
Pet PlanetTimexSwan PizzaPapa Murphy’s
Montana’sFive GuysEPOCHGo Oil
Ashley HomestoreClearlyRide Cycles ClubOxygen Yoga & Fitness
SubwayPoke GuysNAPA Auto PartsMPG Sports
Harry RosenThe HerschelSaxxMarble Slab Creamery
Fahrenheit CoffeeEarl’s Kitchen + BarThe PintLululemon
Shell

Neo Financial Fees

One of the perks of Neo Financial is that Neo Money account and Neo credit cards do not come with a monthly or annual fee. However, if you decide to add a Neo perk to your Neo Credit card, you’ll have to pay a monthly fee between $0.99 to $9.99.

Keep in mind that just like how a typical credit card works, there will be interest rates on purchases made with the Neo Credit card if you do not pay off your balance during the grace period. Cash advances are also charged interest.

For Neo Invest, although there is a Management Expense Ratio (MER) charged by the ETFs in your portfolio, it is competitive – ranging from 0.40% to 0.50%, depending on your portfolio. In addition to the MER, there is an annual management fee of 0.75%.


FAQs: Neo Financial Review

How Does The Neo Credit Card Work?

The Neo Credit card works to earn cardholders impressive cashback on purchases they make at eligible Neo partners. The Neo Credit card comes with no monthly or annual fees unless you add Neo’s subscription perks to the Neo Credit card. 

How Do I Withdraw Money from Neo Financial?

Start by signing into your Neo Financial Canada account. Then, tap the navigation button at the top right corner of your screen. It sits next to the “review balance option.”
Once you see the “cash out” option, tap on it and fill in the amount you’d like to withdraw. Proceed with withdrawal, and that’s it. 

Is Neo Instant Approval?

Yes, the Neo Credit card is instant approval and the Neo Secured Credit card is guaranteed approval, as long as you meet the eligibility criteria. Nevertheless, you will have to wait a couple of days to get your physical Neo Credit card in the mail. But the virtual card would be instantly available to you. 

Can I Use My Neo Credit Card Anywhere?

Yes, you can use your Neo Credit card anywhere Mastercard is accepted worldwide. You’ll enjoy the Neo Credit card benefits better when you shop at Neo partners, as you’ll get an average of 5% cashback on your purchases. 

How Do I Increase My Neo Credit Limit?

Log in to the Neo Financial Canada app. Then, select the “credit” option. You’ll come across three buttons at your screen’s top right corner. Tap on those buttons to reveal the “change credit” option.
You won’t have issues changing the credit limit if you fulfil the eligibility criteria. That is, your card should be at least six months old. 

Does Neo Financial report to Credit Bureau?

Yes, Neo Financial reports to credit bureau – TransUnion.

What are Neo Credit Card Plus and Ultra Rewards Tiers?

Plus and Ultra paid rewards plans have both been replaced with Neo perks.

Is Neo Financial Legit

Yes, Neo Financial is legit. By partnering with top financial institutions, Neo gives its members a secure and safe way to spend, save, and invest money.

ATB Financial issues Neo’s credit card, which is backed by the Mastercard network.

Concentra Bank, a Canada Deposit Insurance Corporation (CDIC) member institution, offers the Neo Money account, which qualifies for CDIC deposit protection. Together with qualifying savings maintained at Concentra Bank, money kept in Neo Money accounts is protected up to $100,000 per category and per depositor.

Neo Financial vs. Traditional Banks: Which is Better?

Neo Financial and traditional banks have different approaches when it comes to managing financial transactions.

While traditional banks heavily rely on their long-standing history to attract customers, Neo Financial focuses on technology and innovation to provide better services.
Neo offers features like cashback rewards, fee-free banking, and personalized spending insights. For instance, Neo’s app allows users to keep track of their spending, set savings goals and receive instant rewards.

On the other hand, traditional banks usually have physical branch networks and offer a wide range of services.

While both options have pros and cons, it’s ultimately up to your personal preferences and financial needs to decide which is better for you.


Final Thoughts: Revolutionize Your Finances with Neo Financial

If you’ve been curious about what Neo is about, hopefully, this Neo Financial review has given you all the details you need.

Neo Financial is one of the leading FinTech companies in Canada, and its value proposition is enticing. 

With a dedication to helping Canadians rise above their financial challenges, you know you’ve got a financial companion for life with Neo Financial.


AUTHOR

Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.

Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.

Backed by Solid Credentials: ✔️MBA in Finance ✔️Canadian Investment Funds (IFIC) Graduate ✔️Masters Degree in International Business ✔️Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting

Learn More >> About Page

🏆 Best Banking Offers This Month

📌 Receive a Cash Bonus of $450 and a No-Fee Chequing Account

✔️ Get $50 when you open a free chequing account and deposit $100 within 6 months from account opening.
✔️ Plus, get $400 when you deposit $100 a month for 3 straight months.
✔️ No monthly account or transaction fees, with no monthly or minimum balance requirement.
✔️ Get unlimited free transactions and free Interac e-Transfer.


📌 Get $3,000 Free Transfer and Earn $75 Referral Bonus

✔️ Get up to $3,000 CAD* Fee-Free transfer (or the equivalent of £2,000 in other currencies).
✔️ Earn $75 CAD** for every 3 friends you refer; they'll get a fee-free transfer of up to $800 CAD.
✔️ Multi-Currency Debit Card:
Spend abroad without hidden fees.
✔️ Best and real exchange rates and lower fees than old-school banks and other money transfer services.

*Your secret code will be automatically applied.
**USD accounts earn $115 USD for every 3 friends you refer; they'll get a fee-free transfer of up to $600 USD).


📌 Earn 2.25% High Interest on Your Savings

✔️ High-interest savings account with 225x more interest than other banks.
✔️ Combine the best savings and chequing account features.
✔️ Unlimited free transactions, Interac e-Transfers, and bill payments.
✔️ No monthly or annual fees.
✔️ No minimum deposit and no minimum account balance requirement.
✔️ Get access to a no-fee credit card with up to 5% cashback.

Leave a Comment

Your email address will not be published. Required fields are marked *

SUBSCRIBE NOW

Learn How to Build Wealth and Attain Financial Freedom! 

For the latest financial wisdom, straight to your inbox.

No thanks, I don't want to build wealth
Scroll to Top