Neo Financial is a Canadian online bank specializing in offering savings and credit products. It allows you to earn cashback on your purchases with several credit card options and save with a savings account. However, it also offers other products and services. In this article, we explore the main financial products offered by Neo Financial, such as the Neo Mastercard and the Neo Everyday account.
The Canadian banking landscape has undergone profound changes in recent years. Indeed, new financial institutions such as Neo, EQ Bank, Wealthsimple and Tangerine are gaining in popularity.
These online banks compete with the five major Canadian banks (BMO, CIBC, RBC, Scotia, and TD) with their low-cost financial products. In addition, their chequing accounts have low or no monthly fees. While their savings accounts offer more competitive interest rates than traditional banks. These competitive offers are made possible by savings on rental costs. In fact, these financial institutions have no physical premises in which to carry out their operations, as their activities are carried out online.
With this in mind, a number of secure digital platforms are emerging. This is particularly true of Neo Financial, a Calgary-based Canadian online bank specializing in savings and credit products.
Neo Financial offers a wide variety of financial products, ranging from credit cards (including Neo Mastercard World and World Elite cards) to bank accounts and mortgages.
What’s more, Neo Mortgage Services allows you to obtain a mortgage.
Unfortunately, Neo Mortgage Services is not yet available in Quebec, Nunavut, Yukon or the Northwest Territories.
In this analysis of Neo Financial products, we focus solely on credit cards and bank accounts.
The Neo Mastercard is a credit card with instant cashback on your purchases. It has no annual fee and is easy to get, as various credit scores are accepted.
The credit limit can vary depending on different criteria such as your payment history, the presence of debts and your annual salary. Failure to pay your account balance can be costly, depending on the credit rate for purchases (19.99% – 29.99%) and cash advances (22.99% – 31.99%) based on your province of residence.
With the Neo Mastercard, you get $25 cash back as a welcome bonus.
Get unlimited cash back from thousands of partners. On average, you can earn up to 5% cash back at over 10,000 Neo partners across the country.
Unlike traditional banks offering cashback rates for specific merchant categories (grocery stores, gas stations, pharmacies, etc.), Neo has chosen to partner directly with certain retailers. The cashback rate now depends on the card type and no longer on the Neo Everyday account balance, and can be boosted by certain partner offers.
The Neo Financial mobile app (Neo App) is easy to use and allows you to track your cashback accumulation in real-time. Here’s a visual overview of the rewards program interface:
Maximize your rewards with the Neo World Mastercard, one of the best no-annual-fee cash back credit cards in Canada.
Earn up to 2% cash back on groceries, gas, electric vehicle charging and recurring payments. And 0.5% cash back everywhere else.
Benefit from insurance coverages including extended warranty and purchase protection.
With an instant credit limit of up to $30,000 and additional cash back at over 10,000 Neo partners, your everyday spending becomes more profitable.
Maximize your rewards with the Neo World Elite Mastercard
Up to 5% cashback on groceries, 4% on recurring payments, 3% on gas, electric vehicle charging, and 1% everywhere else
Benefit from comprehensive insurance coverage, including extended warranty, purchase protection and travel insurance.
Plus, get a DragonPass subscription for airport lounges worldwide.
With the Neo Secured Credit, you can easily obtain a secured credit card:
With the Neo Money™ card, you get up to 6% cash back:
The JA Money card—powered by Neo, is ideal for teenagers. You can get this prepaid Mastercard from the age of 13 (14 in Quebec).
With the the JA Money card—powered by Neo, you get up to 5% cash back:
The Neo Everyday account is provided by Peoples Bank of Canada, a member of the Canada Deposit Insurance Corporation (CDIC). This means it is eligible for deposit insurance up to a maximum of $100,000.
With the Neo Everyday account (formerly Neo Money), you get up to 6% cash back:
In our opinion, the Neo Mastercard is a good credit card with instant cashback. Meanwhile, the Neo World Elite® Mastercard performs well when compared to other World Elite cards (especially for grocery cashback). Furthermore, these cards are part of the Mastercard network, so you can use them anywhere Mastercard is accepted (worldwide, including at Costco). They stand out in several aspects, particularly unlimited cashback from thousands of partners. However, other excellent credit cards with cashback are available in Canada. For example:
To compare other credit cards according to your needs, use our credit card comparator.
In our Review, Neo Financial‘s chequing account, called Neo Everyday account is a good choice. Firstly, because there are no monthly fees. But also, because of its cashback from partners and free everyday transactions. Additionally, this bank account allows for enhanced cashback based on the card type rather than the account balance. However, other online banks also offer advantageous checking accounts. For example:
To compare other chequing accounts, use our bank account comparator.
In our opinion, the Neo Financial high-interest savings account, known as the Neo Savings Account (formerly Neo Cash Account), is a good choice. Their non-promotional interest rate is higher than that of most traditional banks. However, other financial institutions have attractive offers, mainly from online banks. For example:
To compare other savings accounts, use our bank account comparator.
In our opinion, Neo Financial offers an interesting concept to Canadians with financial products such as the Neo Mastercard and the Neo Everyday account, as well as their Neo World Mastercard® and Neo World Elite® Mastercard.
Furthermore, we like the simplicity and ease of use of the Neo Financial mobile app. In short, these are products with no annual fees and are easy to obtain.
The company is still young and its partnerships relatively new. However, it will be interesting to follow its progress over the next few years. Who knows, new financial products may be on the way.
In any case, we invite you to give their credit cards and bank accounts a try.
Neo Financial is a Canadian online bank specializing in offering savings and credit products. It allows you to earn cashback on your purchases with several credit card options and save with a savings account.
Neo Financial offers a wide variety of financial products, ranging from credit cards (including Neo World Mastercard® and Neo World Elite® Mastercard cards) to bank accounts and mortgages.
Of course. Bank accounts are provided by Peoples Bank of Canada, a CDIC member. This means your account is eligible for deposit insurance up to a maximum of $100,000.
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