Neo Financial Review 2024

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Written by SnappyRates Team

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Neo Financial is a newer financial technology company in Canada offering a high-interest savings account and a credit card.

Similar to fintech companies like Wealthsimple and KOHO, which have shaken the banking space in recent years, Neo Financial aims to provide cheaper and better financial services to Canadians.

This Neo Financial review covers its main financial services and whether it is legit.

Neo Financial Overview

Neo Financial was founded by Andrew Chau, Jeff Adamson, and Kris Read in 2020.

Both Andrew Chau and Jeff Adamson were also co-founders of Skip The Dishes, a food delivery service that was acquired by Just East for $200 million in 2016.

The company is based in Calgary and recently raised $50 million in Series A funding.

Some of its investors include Peter Thiel (Valar Ventures), Tobi Lutke (Shopify), Inovia Capital, and ATB Financial.

Neo Financial Accounts and Services

Neo Financial currently offers two main products: savings accounts and credit cards.

It also partnered with Hudson’s Bay to offer the Hudson’s Bay Mastercard.

Neo Financial Credit Card

The Neo Financial Credit Card (Neo Card) is a cash back card that pays users when they make purchases anywhere.

Its top features include:

  • No annual fees for the regular credit card
  • $25 welcome bonus
  • Average of 5% cash back at select partners
  • Minimum 0.50% cash back earned on all purchases
  • Compatible with Google Pay and Apple Pay
  • Purchase APR: 19.99% to 24.99%
  • Cash Advance APR: 21.99% to 26.99%

Cardholders can upgrade their subscription to earn even more cashback when they shop at specific stores.

The 0.50% top-up minimum cash back applies to maximum spending of up to $5,000 per month at non-partner locations.

Neo Financial Review

Neo Money Account

The Neo Money Account (savings account) offers one of the best savings rates in Canada at 2.25%.

Considering that many big bank savings rates are in the 0.01% to 0.50% range, Neo Money pays up to 225x more than a traditional bank.

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A Neo Savings Account offers these features:

  • 2.25% interest rate
  • No monthly account fees
  • $20 welcome bonus with $50 deposit
  • Free Interac e-Transfers and bill payments
  • No minimum deposit requirement
  • CDIC insurance through Concentra Bank

Neo Financial Hudson’s Bay Card

Capital One ended its relationship with Hudson’s Bay, the company teamed up with Neo Financial to offer a new store credit card: The Hudson’s Bay Mastercard – powered by Neo.

If you are a regular customer at Hudson’s Bay, this card pays you up to 4 points per $1 spent in-store and at You also earn 2 points per $1 for most purchases elsewhere.

You can apply for this card in person at any Hudson’s Bay store or online.

Pros of Neo Financial

Neo Financial’s savings account has one of the highest rates in Canada as of this writing.

If you are looking for decent returns on your deposits, it is worth checking out.

The Neo Savings Account also offers extra perks such as free e-transfers and bill payments, which are great features to save money on a traditional chequing account.

Depending on where you shop, the Neo card can fetch you up to 5% cash back which is excellent.

Cons of Neo Financial

  • You can’t deposit mobile cheques into a Neo Money Account, so it can’t replace your chequing account just yet.
  • The higher tier cash back rates are only available when you shop at participating stores, which changes from time to time.

Is Neo Financial Legit?

Neo Financial is a legitimate company based in Calgary.

Concerning the safety of your savings deposits, the Neo Money account is offered through Concentra Bank.

Concentra Bank is a member of the Canada Deposit Insurance Corporation, and your deposits at both financial institutions are protected (up to $100,000 combined) per category, per depositor.

Neo Financial FAQs

Is Neo Financial safe?

Yes, a Neo Money account is safe and is protected by CDIC for up to $100,000 (combined with deposits at Concentra Bank if applicable).

How do I contact Neo Financial?

You can reach the support reps at Neo by calling 1-855-636-2265 or emailing [email protected].

Is the Neo Card a secured credit card?

The Neo Credit Card is not a secured card. It is an unsecured credit card and does not require you to provide collateral. However, Neo also offers a Neo Secured Credit Card.

Is Neo Financial a bank?

No. Neo Financial is not a bank. It is a financial technology company that has partnered with Concentra Bank to offer a high-interest savings account.


Bonuses & Deals for February

Earn a standard 4.00% interest* on your deposits!

Get a free chequing account with unlimited transactions & $400 bonus cash.

No current offers for this category.

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SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

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  • Best free chequing account offer in Canada!
  • Get a $400 welcome bonus*
  • Unlimited free transactions and no monthly fees.
  • Unlimited free debits & e-Transfers
*Terms and conditions apply. Limited time offer.
  • Best free chequing account offer in Canada!
  • Get a $400 welcome bonus*
  • Unlimited free transactions & no monthly fees.
  • Earn internet on your balance.
*Terms and conditions apply. Limited time offer.