Neo Financial Review (May 2024) – Get 5%+ Cashback

**Limited Time Offer: Sign up for the Neo Card or Neo Secured Card using this link to receive an exclusive $25 welcome offer** Finding a bank account that provides high interest rates and low fees while providing convenient customer service can be difficult, and Neo Financial is a great option.

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Last Updated: May 13, 2024

Neo Financial

  • Earn 5%+ cashback (at least 1% cashback guaranteed)
  • Earn 4% interest on savings
  • Keep track of bill payments in one place

Spend, save, and get rewarded with Neo Financial - Get started now

This Neo Financial review will highlight how Neo Financial offers Canadians an easy way to get cash back, build credit, maximise their savings, and more.

Neo Financial offers Canadians several financial services for an even better saving and spending experience. The platform provides access to your money and extra bonuses anytime from anywhere.

Neo Financial provides a better way to manage your money by allowing you to earn interest and have flexibility to spend from the same account. In this Neo Financial review, we’ll break down the best parts of the Neo experience.

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What is Neo Financial?

Neo Financial is a company that provides financial services to people from all walks of life. The main goal of the company is to provide the best financial experience by making your money smarter.

Their product line includes cashback, cards, high-interest savings, mortgages, and more to help individuals achieve their financial goals. They also have access to a wide range of financial products to build your personalised investment portfolio.

The Neo Financial experience is tailored to Canadians who want to access their finances and grow their wealth using technology.

Neo plans

When you open an account with Neo Financial, you get two options. You can choose a free (base) account, or you can go for the premium option. This section of our Neo Financial review will tell you what both plans entail.

Base

This is the free plan, as you don’t pay anything to get it. With this plan, you get a 0.5% monthly minimum cashback and 1% on groceries and gas.

When you shop at a Neo Financial partner, you get 3% cashback on ride-sharing services, streaming services, and food delivery services.

An average of 5% cashback is available when you visit cafes, restaurants, and bars associated with this institution. You also get a 2% cash back boost at online and offline retail stores.

With the base plan, Canadians get a digital card to use from the get-go. They can also look forward to personalised insights from the Neo chat AI.

Premium

The premium plan costs $4.99 per month, but it has extra perks that make the subscription worth it. Instead of 1% cashback on groceries and gas, you get 3%.

Shopping at a Neo Financial partner will give you a 3% boost in cashback at offline and online retail partners. You also get 4% cashback on ride-sharing services, popular streaming services, and food delivery services.

An average 6% cashback is available from restaurants, cafes, and bars partnered with this financial company.

When you subscribe to premium, you can monitor your credit score using the Neo Financial app. You also get priority support when you contact customer support or purchase protection.

Canadians who subscribe to premium are also eligible for 24/7 legal assistance and $2,500 in group life insurance.

Neo Financial products and services

This company offers its main products in the credit, savings, mortgage, and investment areas. You’ll learn all about them as you go through this section of the Neo Financial review.

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Neo Credit

The Neo Credit card allows Canadians to earn unlimited cashback when they shop with a Neo Financial partner. There’s a 1% cashback on groceries and gas and an average 5% cashback on food delivery, cafes, streaming, bars, ride-share, and restaurants.

With this smart credit card, Canadians can easily track all their spending. There is a virtual version of this that’s available for use on platforms like Google Pay or Apple Wallet.

Neo Secured Credit

With this credit card, you get an average of 5% cashback. You also get 1% cashback on all gas and grocery purchases. There is also the option of customising these perks and the rewards you can receive to fit your requirements.

For the Neo Secured Credit card, no hard credit checks are needed, and your opening balance can be as little as $50. This card has no annual fees, making it easy to maintain. It’s easy to fill out the application for this credit card, so you should be done within five minutes.

Neo High-Interest Savings Account

The Neo High-Interest Savings Account brings you closer to achieving your savings goals. It offers 4% interest on every dollar you save and even allows you to track your savings with the Neo app.

Opening this account is easy, as it doesn’t require a minimum balance or deposit.

Neo Money™ Card

This is another way to get unlimited cashback with Neo Financial. With this card, there is a 1% daily cashback on all your groceries and gas.

There is also an average 5% cashback on all partner restaurants, ride-share services, bars, retailers, streaming services, and cafes.

Neo Money™ cardholders get 15% cashback on all their first-time purchases. This card is designed to be paired with the Neo Money™ account. The Neo Money™ account offers 2.25% interest on all savings.

Neo Mortgage

This is a mortgage service that’s designed to make mortgages more accessible and affordable to the average Canadian.

It’s given out at 5.09% for a 5-year fixed rate, and the application can be completed online with no paperwork. Dedicated support from professional mortgage advisors is also available with this deal.

Pros and cons of Neo Financial

Using Neo Financial comes with many benefits, but behind these benefits are some drawbacks as well. So, we’ll show you the pros and cons of this company in this section of our Neo Financial review.

The pros of Neo Financial

Cashback

This is one of the most significant advantages of opening a Neo account, as cashback is available on the base plan. With these cashback rewards, you can get returns on your online shopping, offline shopping, visiting a cafe or restaurant, etc.

Low mortgage rates

Canadians can enjoy tailor-made mortgage plans through Neo Mortgage. A 5-year fixed-rate mortgage from this institution comes with a 5.09% rate, which is lower than most banks. This mortgage service also offers support from experts and an easy application process.

Wide acceptability

Numerous platforms, both online and offline, accept the cards this institution offers. If a location accepts MasterCard, they’ll also accept any of the Neo cards. You can connect these cards to Apple and Google accounts for easy usage.

High-interest savings accounts

Neo Financial offers one of the best high-interest savings accounts for Canadians. This savings account offers 4% interest and requires no minimum fees or monthly deposit to earn the interest.

Auto deposits

With this Neo Financial, Canadians can set up automatic deposits for their savings accounts. This way, they can successfully achieve their savings goals even when they forget to deposit money in their savings account.

Fast approval process

Opening an account with Neo Financial wouldn’t take more than a few minutes, and you’re done. This means that you can open an account today and start using its services.

The cons of Neo Financial

A hard credit check is required before opening an account

Although this financial firm doesn’t say it outright, this doesn’t mean that it happens. So, if you want to open an account with this bank, be prepared for the hard credit score checks.

No mobile cheque deposits

Neo doesn’t offer any facilities for their customers to use mobile cheques on their devices. So, you’ll have to deposit your cheques the old-fashioned way.

Mostly online service

Unlike other financial companies, Neo Financial provides all of its services online, without a physical branch. Customers who prefer to speak to bank staff face-to-face will find it challenging to use this account.

What are the benefits of using Neo?

Neo is a financial company that enables instant and private transactions. The benefits of using Neo are shown in this section of the Neo Financial review.

A great aspect of Neo is that you can select as many or few services as you like. Customise your experience by picking only the benefits that suit you.

Insights

With Neo Financial, Canadians can find it easy to track all of their spending in one place. They’ll be able to determine where they overspend and areas where they can save money.

This feature takes away the need to create a budget using tedious spreadsheets, as you’ll be able to see all your spending online with Neo.

Customers looking to reduce their spending can also prompt Neo AI for personalised insights. This AI tool can answer questions regarding how you use the money in your account.

Credit score monitoring

This feature allows Canadians to stay up-to-date with their credit scores. They can easily investigate changes to their credit scores and discover the things that are influencing the change.

Users also enjoy personalised insights that will help them improve their credit scores that may help them qualify for better rates on financial products in the future.

Travel

With $4.99 a month, users can enjoy exclusive rewards on their Neo cards. Some of these exclusive rewards include:

  • 2% cashback on all foreign transactions.
  • An extra 1.5% cashback when you visit a Neo Financial hotel travel partner.
  • Priority pass airport lounge access is accepted at more than 1,300 airports worldwide.
  • Comprehensive travel insurance that covers flight delays, trip cancellation, emergency travel medical expenses, and car rental protection.

Mind and body

Staying healthy gets much better when you use a Neo card. These card perks cost $9.99 a month, and you can cancel them whenever you feel that this perk isn’t worth it for you.

  • The mind and body perk offers you many extras, like:
  • A free subscription to Headspace Plus, along with other mindfulness and meditation exercises.
  • Free FitOn PRO workouts
  • Personalised meal plans
  • 1.25% extra cashback at various wellness practitioners, fitness classes, recreational centres, yoga studios, and vitamin and supplement suppliers.
  • One free fitness class every month
  • Unlimited access to premium fitness music

Food and drink

Using your Neo Card, you can get a perk geared towards dining and food delivery. At $1.99 per month, you can get a 1.25% cash back boost when you use your card. This boost is only available when you shop with a Neo Financial cafe, restaurant, or bar.

Mobile and personal protection

Neo Financial provides a feature to protect mobile users from the growing threats online. This perk is available to all Neo Financial users for $9.99, and it can be cancelled at any time. All the extras that are loaded into this feature are shown in this section of our Neo financial review:

  • 24/7 support hotline
  • Protection against the theft or breakdown of your mobile device.
  • $1 million in insurance coverage for fraud and ransomware.
  • Dashlane premium subscription for more secure password management.

What are the benefits of using a Neo credit card?

**Limited Time Offer: Sign up for the Neo Card or Neo Secured Card using this link to receive an exclusive $25 welcome offer**

Using the Neo credit card is a great way to earn rewards and spend wisely. Not every card is as loaded with benefits in this one so, we’ll be telling you all about it in this section of our Neo Financial review.

Unlike other cards offered by the bank, the Neo Credit card requires no monthly or annual fee. That means big savings for you while you earn rewards.

Neo can now offer up to $10,000 in credit limit instantly for the Neo Credit card. Say goodbye to waiting weeks to find out how much credit you can use. Plus earn an average of 5% cashback with a guaranteed minimum 0.5% cashback.

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How to get started with Neo Financial

Throughout this Neo Financial review, we’ve shown you all that you stand to benefit when you join Neo. Now, we’ll show you how to open an account with Neo Financial.

The Neo Financial account can only be opened by Canadians or Canadian residents. This institution is available to people in all parts of Canada. If you’ve fulfilled these requirements, you’ll also need to be the age of majority in your province to open an account.

You can open your Neo Financial account from their website or the app, and it won’t take more than a few minutes. Before you get started, however, you should prepare some essential documents that will be requested. This includes your contact information, ID card, Social Insurance Number (SIN), etc.

What is the customer support like with Neo Financial?

In our Neo Financial review, we found the customer support to be very helpful and easy to access. When contacting the company, they are quick to respond and professional in their replies.

When encountering issues using Neo Financial, Neo’s support team is available with just one phone call. Calls can be placed anytime during business hours, and you will usually receive a response within a day or two of contact.

Sometimes, the call may not go through at first, but once you’ve left a message and given your name and phone number, the company will get back to you as soon as possible.

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Alternatives to Neo Financial

Do you require something that Neo Financial isn’t providing? You can review the options in this section of our Neo Financial review to find a suitable alternative.

KOHO

This is also an online bank that requires no annual fees for its services. The cashbacks here are also decent, at 0.5 to 6%, and Canadians can also earn interest when they use the savings account. KOHO also offers useful savings-building, budgeting, and automated savings features.

However, KOHO doesn’t offer mobile cheque deposits either. The KOHO prepaid card from this firm doesn’t impact your credit scores either. So you can’t build credit with it.

EQ Bank

This is a Canadian online bank that’s known for its high-interest rates and low account fees. Their savings account offers up to 3% interest, while their GIC account offers 5.75% interest, making it one of Canada’s best.

The EQ Bank prepaid card comes with 0.5% cashback, which is lower than what Neo Financial provides.

EQ Bank offers a straightforward online application process and accepts mobile cheque deposits. However, their bank-to-bank transfers could be faster, so customers have to wait days to withdraw their funds.

The maximum that Canadians can save in their EQ Bank Savings Plus Account is just $200,000.

CIBC

If you want to enjoy online banking while still keeping the option of in-person banking, then CIBC is a good choice. With this bank, you get the opportunity to use numerous credit cards and personal accounts.

The accounts on this bank have also been designed to fit the needs of foreign workers, seniors, newcomers, and youths.

Savings accounts at this bank come with a 4.76% interest rate, while checking accounts offer 1% cashback. However, CIBC provides lower interest rates compared to the other online-only banks.

There are also high transfer rates for all bank accounts, along with transaction and account fees.

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Neo Financial review summary

Canada’s big banks can’t compete with Neo High Interest Savings account with no fees and high savings rates. Neo Financial has been around since 2019 and is a great option when it comes to Canadian high-interest savings accounts.

Neo Financial can offer you a great online banking experience that simplifies your day-to-day transactions and savings.

Some of the best features Neo offers include no fees, free Interac e-Transfers, and a lower interest rates than many of the other companies out there. Thanks for reading our Neo Financial review.

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FAQs about Neo Financial

What does Neo Financial do?

Neo Financial aims to simplify finances and ensure customers receive rewarding experiences through technology. Neo Financial also has a wide range of financial products, such as stocks and funds, that can help improve your investment portfolio. Services offered by Neo Financial include cashback, cards, high-interest savings, mortgages, and more to help individuals achieve their financial goals.

Can applying for Neo Financial affect my credit score?

Yes. Neo Financial works with TransUnion to access your credit information to process your application for a credit card. Your credit information is crucial in determining whether you are reliable and responsible.

How do I sign up for a Neo Financial credit card?

It's easy; you can apply online through the Neo Financial app website. Earn an average 5% cashback on spend with your card and earn 4% with a HISA.

How do I sign up for a Neo Financial savings account?

All you need to do is download the Neo Financial app from the Apple App Store or Google Play Store or visit their website. From there, you can sign up and follow the simple steps.

When will my Neo card arrive?

Your actual card will arrive within 2-3 weeks of approval. Don't worry; add your card to your digital wallet, such as Apple Pay or Google Pay.

November 29, 2023
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