Neo Financial is a Canadian online bank specializing in savings and credit products. It lets you earn rewards on purchases with several credit card choices, and save with a savings account. But it also offers other products and services. In this article, we explore the main financial products offered by Neo Financial, such as Neo Mastercard and Neo Everyday account.
The Canadian banking landscape has undergone profound changes in recent years. Indeed, new financial institutions such as Neo, Banque EQ, Wealthsimple and Tangerine are gaining in popularity.
These online banks compete with the big five Canadian banks (BMO, CIBC, RBC, Scotia and TD) with their low-cost financial products. What’s more, their chequing accounts have little or no monthly fees. While their savings accounts have higher 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 range of financial products, from credit cards (including the new 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 Northwest Territories.
In this analysis of Neo Financial products, we focus solely on credit cards and bank accounts.
The Mastercard Neo is a cash-back credit card. There’s no annual fee, and it’s fairly easy to get, as various credit ratings 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 on purchases and cash advances in your province of residence.
With the Neo Mastercard, you get $25 cash back as a welcome bonus.
You 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 cash-back rates for categories of businesses (grocery stores, gas stations, pharmacies, etc.), Neo has chosen to partner directly with certain retailers. As a result, the cash-back rate will vary, and may be amplified by certain partner offers.
Neo Financial ‘s mobile application (Neo App) is easy to use, while you can easily track the accumulation of your cash rewards. 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 credit cards in Canada.
Earn up to 2% cash back on grocery, gas and recurring payments. And 0.5% cash back on everything else.
Receive bonus cash back based on your Neo Everyday account balance: up to 4% back at the grocery store
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 Mastercard World Elite®.
Get up to 5% cash back on groceries, 3% cash back on gas and 1% cash back everywhere else.
Depending on your Neo Everyday account balance, receive boosted cash back: up to 7% back at the grocery store!
Benefit from comprehensive insurance coverage, including extended warranty, purchase protection and travel insurance.
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’s 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 Review, the Neo Mastercard is a good cash-back credit card. As for the Neo Neo World Elite Mastercard, it compares favorably with other World Elite cards (especially when it comes to grocery store cashback). What’s more, these cards are partners in the Mastercard network, so you can use them anywhere Mastercard is accepted (even at Costco). They stand out in a number of ways, including unlimited cash back at thousands of partners. However, there are other excellent cash-back credit cards 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 with its partners and free day-to-day operations. What’s more, this bank account allows you to increase your cash back rate, depending on your 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 Review, Neo Financial‘s high-interest savings account, called the Neo High Savings 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 Review, Neo Financial offers Canadians an interesting concept with financial products such as the Neo Mastercard and the Neo Everyday account. But also with their new Neo World Mastercard and World Elite cards.
Secondly, we like the simplicity and ease of use of Neo Financial’s mobile application. In short, they’re free and easy to get.
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 savings and credit products. It lets you earn rewards on purchases with several credit card choices and save with a savings account.
Of course. Bank accounts are provided by Peoples Bank of Canada, a member of CDIC. This means your account is eligible for deposit insurance up to a maximum of $100,000.
Savings are here (if you don’t see the sign-up form, please click here):
