Neo Financial Review: Read Before You Apply

Neo Financial, a Canadian financial technology company founded in 2019, continues to make waves as it challenges traditional banking experience with the latest technology. Based in Calgary, Alberta, it offers a suite of services designed to help you seamlessly manage your finances.

However, Neo Financial goes beyond providing user convenience. It also offers high-interest savings accounts and other innovative products that help you grow your money faster and achieve your financial goals earlier.?

In this review, we'll cover the range of products and services from Neo Financial, how it keeps your money secure, its benefits and disadvantages, and whether establishing an account with this online bank proves worthwhile.?

Neo Financial Products and Services?

If you're planning to open an account at Neo Financial but are unsure which account to choose, here is a list of products and services that will help you get started.?

Neo High Interest Savings Account

The Neo High-Interest Savings account (HISA) has no monthly fees or minimum deposit. You earn compound interest daily (on the total closing balance) and get paid monthly.

The Neo HISA also allows withdrawals at any time and allows you to move your money anytime or anywhere. You can open up to 10 accounts and customize account names and icons.?

Check the current Neo HISA interest rate.

Neo Money card

The Neo Money card is a prepaid Mastercard that requires no preloading. It comes with no monthly fees, free daily banking transactions, ATM access wherever Mastercard is accepted, and an average of 5% cashback at thousands of Neo partners.?

The Neo Money card works with a Neo Money account, which earns interest on every dollar deposited. You can get a $20 bonus when you open an account and make your first purchase.

Neo Credit Cards

Neo Financial offers both unsecured and secured credit cards with no annual fees. The unsecured Neo Credit features quick approval and an average of 5% cash back at thousands of retail locations in Canada.?

The Neo Secured Credit has a flexible credit limit ranging from $50 to $10,000. Approval is guaranteed, and no hard credit check is required (excluding Quebec residents), making it ideal for building a credit history while earning instant cashback.?

You get a $25 bonus when approved for either credit card.

Neo Invest

Neo Invest offers digital investing that comes with the expertise of portfolio managers who help you design a diversified portfolio tailored to your goals, timelines, financial situation, and risk tolerance. Powered by wealth management expert OneVest, you can get potential returns with up to 3x more asset classes. Neo Invest also gives you the option to set up your portfolios with a TFSA, RRSP, or personal account.?

Neo Mortgage

Mortgages at Neo Financial offer competitive rates, fast turnaround, and professional support. Using technology, it's able to transform the typical mortgage experience and make it more affordable, efficient, and accessible. Application is quick and can be done online using a secure digital platform, and pre-qualification can be completed in minutes. A dedicated Mortgage Advisor is also available online or over the phone to provide personalized guidance.

Is Your Money Safe at Neo Financial??

Neo Financial is a legitimate online bank with partnerships with leading financial institutions, giving clients a safe and secure way to spend, save, and invest their money. The Neo High-Interest Savings account is provided by Peoples Bank of Canada, a Schedule 1 bank eligible for deposit protection up to $100,000 from the Canada Deposit Insurance Corporation.?

Neo Financial uses secure technical security measures, including passwords, data encryption, security monitoring software, multiple-step authentication, and secure cloud storage. It also follows a SOC 2 compliance program to guarantee secure management and efficient operation.?

Meanwhile, assets in OneVest accounts are held with CI Investment Services (CIIS), a registered investment dealer in each province and territory in Canada. CIIS is also a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF), which provides protection for investment accounts within specific limits up to $1 million.?

Pros and Cons of Neo Financial

Pros:

• Very high interest rates on its HISA
• No fees or minimum balances
• Interest is paid monthly
• Up to 10 customizable accounts
• Neo's website or mobile app helps manage your account online
• Can help build your credit history
• Allows customization of savings goals and tracking progress
• Deposit products are CDIC-protected for up to $100,000 per depositor per category

Cons:

• No debit card or bill payment capabilities
• Interest rates can change
• Limited product offerings
• No access to physical branches

Is Neo Financial Worth It?

If you're looking for a no-fee rewards credit card offering convenience and value, Neo Financial would be a good option. Your deposits earn a high interest rate that outpaces those from traditional banks. The Neo HISA is also an ideal way to get more savings when you need it most, with its no fees and cashback features.?

Neo Financial is also worth it if you want to unlock unlimited cash back at thousands of Neo Financial partner retailers, including the following: 0.5% monthly minimum cashback; 1% on gas and groceries; 2%+ at retail partners; 3% on streaming, rideshares and food delivery; and, an average of 5% on restaurants, bars and cafes.?

To be sure, compare Neo Financial's offerings with those from other financial institutions. This will help determine whether its offerings align with your particular goals and lifestyle. To make an informed decision, consider other factors like fees, accessibility, and the quality of customer support.

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