Neo Financial: Our Review of Cards and Accounts

Another option to consider for cashback is the Scotia Momentum Visa Infinite +* Card, which currently offers 15% cashback and the first year free.

Neo Financial is not suitable for everyone. The lack of branches and rewards that depend on partner merchants pose limits, especially if you want to completely replace a traditional bank.

In this article, discover our Neo Financial review: its main cards, accounts, pros, cons, and the best products for your situation. To compare more broadly, see also our guide to the best credit cards.

What is Neo Financial?

Neo Financial is a Canadian company founded in 2019 in Calgary, Alberta, by former SkipTheDishes executives. The first Mastercard and the partner cash back network were launched in 2020.

Unlike traditional banks, Neo Financial operates through a mobile app and a digital platform, without branches.

The company offers:

Neo Financial partners with various Canadian financial institutions to offer certain products and ensure deposit protection.

Furthermore, Neo Financial strongly emphasizes personalized cash back. Users earn rewards at participating partners across Canada.

For many consumers, this approach resembles a hybrid between a digital bank and a loyalty program.

Neo Financial Products

Neo Financial offers several credit cards and bank accounts. Some products stand out more, and these are the ones we present in this analysis.

Neo credit cards

Neo cards focus on cash back rather than travel points. They can reduce your daily expenses and complement a rewards strategy.

Neo Mastercard^®

With the Neo Mastercard, you get $25 cash back as a welcome bonus.

You get unlimited cash back at thousands of partners. On average, you can earn up to 5% cash back at more than 10,000 Neo partners across the country.

The Neo Mastercard^® is Neo Financial’s entry-level product. It has no base annual fee and pays cash back at Neo partners as well as on certain everyday expenses.

Its main benefits:

This card is suitable for people looking for their first cash back credit card.

You can also check out the best ways to maximize rewards with the Neo Mastercard.

Neo World Mastercard^® – Gas & Grocery

The Neo World Mastercard^® – Gas & Grocery rewards the spending you do every week. You get 2% cash back on groceries, gas, EV charging and recurring payments, and 0.5% on everything else.

With no annual fee, it’s a card built for households that want to get more out of their essential purchases without the hassle of tracking points. You also earn extra cash back at more than 10,000 Neo partners, and your cash back is deposited directly into your Neo wallet, with no minimum and no expiry date.

With an instant credit limit of up to $30,000 and a secured option to help build your credit, your everyday spending works for you from your very first purchase.

The Neo World Mastercard^® – Gas & Grocery pays 2% on groceries, gas, EV charging, and recurring payments, and 0.5% on everything else, with no annual fee.

It targets households with regular essential expenses and a good credit score. Depending on promotions, it can offer:

However, some bonuses require premium options. Check these details before choosing this card.

Neo World Elite Mastercard^® – Gas & Grocery

Maximize your rewards with the Neo World Elite Mastercard^® – Gas & Grocery. Earn up to 5% cash back on groceries, 4% on recurring payments, 3% on gas and EV charging, and 1% everywhere else.

Enjoy comprehensive insurance, including extended warranty, purchase protection and travel insurance. You also get a DragonPass membership for access to airport lounges around the world.

With an instant credit limit of up to $30,000 and extra cash back at more than 10,000 Neo partners, your essential spending becomes more rewarding.

Travel insurance is not available to Quebec residents. The DragonPass membership is included; a fee applies to each lounge visit.

The Neo World Elite Mastercard^® – Gas & Grocery is the most high-end product: up to 5% on groceries, 4% on recurring payments, 3% on gas and charging, and 1% everywhere else.

It targets users with higher incomes and significant spending. It generally offers:

Like many variable-rate cards, maximum rewards depend on partner merchants. Travel insurance is not offered to Quebec residents.

The Neo Secured Credit Mastercard^® ($7.99 per month) is aimed at people who want to build or rebuild their credit score, with guaranteed approval and no hard credit check.

Unlike many traditional secured cards, it maintains a modern digital experience and cash back. It may interest:

Neo Cards Comparison

To compare other credit cards according to your needs, use our credit card comparator.

Neo Accounts

Neo Financial also offers several digital accounts, interesting for those looking for a simple and mobile banking solution.

Neo Chequing Account

With the Neo Chequing Account (formerly Neo Everyday), you get up to 6% cash back:

• 6% on average at restaurants, bars and cafés
• 4% on your favourite apps (Netflix, Disney+, Crave, Apple, Uber, Lyft, SkipTheDishes, DoorDash and UberEats)
• 1% on gas and groceries

The Neo Chequing Account acts as a digital transaction account. It allows:

The Neo app allows for simple tracking of transactions and rewards. However, the experience remains entirely digital: there are no physical branches.

To compare other accounts, use our chequing account comparator.

Neo Savings Account

Neo is a digital alternative to Canada’s big banks. It offers no-fee credit cards and a high-interest savings account.

The Neo Savings Account offers an interest rate of up to 2.75% on your entire balance, with no monthly fees. To open an account, you must be over 13 (14 in Quebec).

The account’s main features are:

• No monthly or transaction fees
• No minimum balance required
• Interac e-Transfers and bill payments available
• Interest rates (based on balance):
• • $0 – $4,999.99: 2.00%
  • $5,000 – $19,999.99: 2.50%
  • $20,000 and up: 2.75%

The Neo Money Account attracts users looking for a competitive interest rate, up to 3% depending on the balance.

Like many Canadian fintechs, Neo Financial aims for higher rates than those of some traditional banks. This account may be suitable for:

Rates can change over time and with the balance. Check current terms before opening an account.

To compare other accounts, use our savings account comparator.

Neo Financial Advantages

Neo Financial has several strengths for Canadian consumers.

Modern mobile app

The mobile experience is one of Neo Financial’s biggest advantages. The app is intuitive, fast, and easy to use. Users can:

Interesting cash back

Neo Financial relies on its network of over 10,000 partners. Depending on your habits, some cash back reaches 5%. Users who often shop at partner merchants get more value than with some traditional cards.

Low fees

Several Neo Financial products have no base annual fees. This approach suits users who want to reduce their banking costs.

Accessibility

Some Neo cards remain accessible compared to traditional premium cards, and approval can be simpler for certain profiles.

Neo Financial Disadvantages

Despite its advantages, Neo Financial also has some limitations.

Neo Financial vs Other Banks

Neo Financial is often compared to other Canadian digital banks, such as Wealthsimple, Tangerine, or EQ Bank. However, each platform has a different positioning.

Neo Financial stands out mainly through its partner cash back network. Wealthsimple attracts more self-directed investors, while Tangerine often remains more comprehensive for daily banking operations.

Who Is Neo Financial For?

Neo Financial is best suited for users looking for cash back and a modern mobile experience. This platform may interest:

Frequent travelers, on the other hand, often get more value with certain travel-point focused cards.

Neo Specialized Products

Neo Financial is also developing other financial products. For example, the company now offers Neo mortgage services.

Neo Financial is also expanding its partner card offering. You can check the news on the United^® MileagePlus^® Neo World Elite Mastercard^®.

Our Review of Neo Financial

Neo Financial offers a modern approach to financial services in Canada. Its credit cards and digital accounts can maximize cash back and reduce certain fees, and the mobile app is one of its main strengths.

That said, Neo Financial does not replace a traditional bank for all users. Variable rewards, premium options, and the lack of branches are real limitations.

Overall, Neo Financial is best suited as a complementary solution to optimize your daily spending. Users who want more banking simplicity or travel rewards will prefer other solutions.

To view the different offers, you can also visit the page dedicated to Neo cards.

Conclusion

Neo Financial is gaining popularity in Canada thanks to its digital approach and cash back. Its cards and accounts are a good option for consumers who prioritize a modern mobile experience.

Before choosing a Neo Financial product, evaluate your spending habits, banking needs, and the actual profitability of the rewards. The best strategy often consists of combining several financial products according to your profile. To make sure you don’t miss any of the best offers, subscribe to our newsletter.

To compare the Neo Money Account with other no-fee options, check out our selection of the best chequing account offers this month.

Neo Financial Review – FAQ