Neo Financial Canada Review

Have you been considering switching to a digital bank but are unsure which one to choose? With so many options available, it can be challenging to determine which digital banking platform is right for you. In this blog post, we’ll compare three popular options: Neo Financial, EQ Bank, and Simplii Financial.

Neo Financial is a digital banking platform that offers a no-fee savings account and credit card to residents of Alberta, Saskatchewan, and Manitoba. Their savings account offers competitive interest rates, and their credit card offers cashback rewards for spending. Neo Financial is a digital-only platform, meaning there are no physical branches, but customers can access their accounts online or through the mobile app.

EQ Bank is another popular digital banking option, known for offering some of the highest interest rates on savings accounts in Canada. They also offer GICs (Guaranteed Investment Certificates) for longer-term savings and recently introduced a hybrid savings account/chequing account called EQ Core Plus, which offers no-fee banking plus additional features like bill payments and unlimited transactions. EQ Bank is available across Canada and, like Neo Financial, is a digital-only platform with no physical branches.

Finally, Simplii Financial is a digital banking platform that is a subsidiary of CIBC (Canadian Imperial Bank of Commerce). They offer savings accounts, chequing accounts, credit cards, and personal loans. Simplii Financial is available across Canada, and their savings accounts offer competitive interest rates with no monthly fees. Their chequing accounts also offer no monthly fees and unlimited transactions, making it a great option for everyday banking needs.

Now that we’ve introduced these three digital banking platforms, it’s time to dive deeper into their features, benefits, and drawbacks. By the end of this blog post, you’ll have a better understanding of each platform and be better equipped to make an informed decision on which digital bank is right for you. So, whether you’re looking for a high-interest savings account, no-fee banking, or cashback rewards for spending, we’ve got you covered. Let’s get started!

About Neo financial

Neo Financial is a financial technology company based in Calgary, Alberta, Canada. The company was founded in 2019 with the goal of providing a modern banking experience for Canadians. Neo Financial offers a mobile banking platform and a credit card that are designed to be easy to use and provide customers with valuable rewards.

Neo Financial’s mobile banking platform is free to use and offers a range of features, including high-interest savings accounts, no-fee banking, and a rewards program. The platform is designed to be easy to use, with a simple and intuitive interface that allows customers to manage their finances from their mobile devices.

The Neo Financial credit card is also designed to provide customers with valuable rewards. The card offers cashback rewards on all purchases, with higher rewards for purchases made at select merchants. There are no annual fees for the card, and the rewards earned are automatically deposited into the customer’s Neo Financial account.

Neo Financial has partnered with ATB Financial, a large financial institution in Alberta, to offer banking services to its customers. The company has also raised funding from a number of prominent investors, including the co-founders of SkipTheDishes. Neo Financial has plans to expand its services across Canada in the coming years.

Neo financial presence In Canada

Neo Financial is a relatively new company, having been founded in 2019, so its presence across Canada is currently limited. However, the company has plans to expand its services to more regions in the coming years.

As of March 2023, Neo Financial is available to residents of Alberta, Saskatchewan, and Manitoba. Customers in these provinces can sign up for Neo Financial’s mobile banking platform and credit card services. The company has also partnered with ATB Financial, a large financial institution in Alberta, to offer banking services to its customers.

In addition to its current presence in western Canada, Neo Financial has announced plans to expand its services to other regions of the country. The company has stated that it plans to launch in Ontario and Quebec in the near future, followed by other provinces in the years to come.

Overall, while Neo Financial’s current presence across Canada is limited, the company’s expansion plans suggest that it aims to become a major player in the Canadian fintech market in the coming years.

What Does Neo financial offer?

Neo Financial offers a range of financial services through its mobile banking platform and credit card. Here are some of the key features and benefits that the company offers:

Mobile Banking Platform: Neo Financial’s mobile banking platform provides customers with a range of features, including:

No-fee banking: Customers can use Neo Financial’s banking services without paying any fees.

High-interest savings accounts: Customers can earn high interest on their savings with Neo Financial’s savings accounts.

Rewards program: Customers can earn rewards for using Neo Financial’s banking services, such as cashback and discounts on purchases.

Budgeting tools: The platform offers tools to help customers manage their finances, such as spending trackers and alerts.

Credit Card: Neo Financial also offers a credit card that is designed to work seamlessly with its mobile banking platform. Here are some of the features of the card:

Cashback rewards: Customers can earn cashback on all purchases made with the card, with higher rewards for purchases made at select merchants.

No annual fees: There are no annual fees for the card.

Easy management: The card can be managed through the Neo Financial mobile app, along with the rest of the customer’s banking services.

Overall, Neo Financial aims to provide a modern, convenient, and rewarding banking experience for Canadians through its mobile banking platform and credit card.

Features and Benefits

Here are some of the key features and benefits of Neo Financial’s mobile banking platform and credit card:

Mobile Banking Platform:

No-fee banking: Neo Financial’s mobile banking platform offers no-fee banking, which means customers can use the platform without paying any fees for basic services.

High-interest savings accounts: The platform offers high-interest savings accounts that allow customers to earn more interest on their savings than they would with traditional banks.

Rewards program: Neo Financial’s rewards program offers cashback rewards and discounts on purchases made through the platform, as well as other benefits like access to exclusive events.

Easy management: Customers can manage their accounts and track their spending through the Neo Financial mobile app, making it easy to stay on top of their finances.

Integration with third-party apps: The platform integrates with a variety of third-party apps, such as budgeting and financial management tools, allowing customers to manage all their finances in one place.

Credit Card:

Cashback rewards: The Neo Financial credit card offers cashback rewards on all purchases, with higher rewards for purchases made at select merchants.

No annual fees: There are no annual fees for the card, which makes it a good option for customers who want to earn rewards without paying extra fees.

Easy management: The card can be managed through the Neo Financial mobile app, making it easy to track spending and manage rewards.

Integration with the rewards program: The rewards earned through the credit card are automatically deposited into the customer’s Neo Financial account, making it easy to redeem rewards for cashback or other benefits.

Overall, Neo Financial’s mobile banking platform and credit card offer a range of features and benefits that are designed to provide customers with a modern, convenient, and rewarding banking experience.

Can I trust Neo Financial?

Neo Financial is a legitimate financial technology company that is based in Calgary, Alberta, Canada. The company has partnered with ATB Financial, a large financial institution in Alberta, to offer banking services to its customers, which suggests that it is a reputable and trustworthy company.

Neo Financial is also regulated by the Financial Consumer Agency of Canada (FCAC) and is a member of the Canada Deposit Insurance Corporation (CDIC). These organizations provide oversight and protection to consumers in the Canadian financial system, which means that Neo Financial operates under regulatory scrutiny and is required to adhere to certain standards and practices.

Additionally, Neo Financial has raised funding from a number of prominent investors, including the co-founders of SkipTheDishes, which suggests that the company has a solid financial foundation and is backed by reputable investors.

Overall, while you should always conduct your own due diligence when deciding whether to trust a financial institution, the fact that Neo Financial is a regulated company with reputable partners and investors is a positive sign.

Is there anything else I need to know?

Here are a few additional things you may want to know about Neo Financial:

Limited geographic coverage: As of March 2023, Neo Financial is only available to residents of Alberta, Saskatchewan, and Manitoba. The company has announced plans to expand to other provinces, but if you live outside of western Canada, you may not be able to use Neo Financial’s services yet.

Digital-only: Neo Financial is a digital-only banking platform, which means that it does not have any physical branches. While this can be convenient for customers who prefer to manage their finances online, it may not be the best option for those who prefer in-person banking services.

No chequing accounts: Neo Financial currently only offers savings accounts and credit cards, which means that customers cannot use the platform for traditional chequing account services like bill payments and direct deposits.

Privacy and security: Neo Financial takes the privacy and security of its customers seriously and uses a variety of measures to protect customer data and prevent fraud. However, as with any financial institution, there is always some level of risk involved when sharing personal and financial information online.

Overall, if you live in a province where Neo Financial operates and are comfortable with digital-only banking, the platform may be worth considering for its no-fee banking, high-interest savings accounts, and cashback rewards. However, you should always carefully evaluate any financial institution before entrusting them with your money.

Neo financial fees and charges

Neo Financial’s mobile banking platform offers no-fee banking, which means that customers can use the platform without paying any fees for basic services like account maintenance, debit card transactions, and electronic transfers.

However, there may be some charges associated with certain transactions, such as:

Interac e-Transfers: While Neo Financial does not charge a fee for sending or receiving Interac e-Transfers, there is a limit on the number of free transactions per month. After the free limit is reached, there is a fee of $0.50 per transaction.

ATM withdrawals: While Neo Financial does not charge a fee for using an ATM, the owner of the ATM may charge a fee for the transaction. Customers should check with the ATM owner to see if any fees apply before using an ATM.

Foreign currency transactions: If a transaction is made in a foreign currency, Neo Financial will charge a foreign exchange fee of 2.5% of the transaction amount.

In terms of the Neo Financial credit card, there are no annual fees or foreign transaction fees. However, there may be fees associated with certain transactions, such as:

Cash advances: If a customer uses their credit card to withdraw cash from an ATM, a cash advance fee of either $5 or 3% of the cash advance amount (whichever is greater) will apply.

Balance transfers: If a customer transfers a balance from another credit card to their Neo Financial credit card, a balance transfer fee of either $5 or 3% of the transfer amount (whichever is greater) will apply.

It’s important to note that fees and charges are subject to change, so customers should always check Neo Financial’s website or contact customer service for the most up-to-date information on fees and charges.

How To Open Account With Neo financial?

Here’s a step-by-step guide on how to open an account with Neo Financial:

• Visit the Neo Financial website at neofinancial.com.

• Click on “Open an account” in the top right-hand corner of the page.

• Enter your email address and click “Get Started”.

• Provide your personal information, including your name, date of birth, and address.

• Select the type of account you want to open (currently, Neo only offers savings accounts and credit cards).

• Provide additional information about your employment status, income, and financial situation.

• Review and agree to the terms and conditions.

• Confirm your identity by uploading a government-issued ID and a selfie.

• Once your identity is confirmed, you will receive an email confirmation that your account is open and ready to use.

Note that to open an account with Neo Financial, you must be a resident of Alberta, Saskatchewan, or Manitoba and be at least 18 years old. You also need to have a Canadian social insurance number (SIN) and a Canadian bank account to link to your Neo Financial account.

Neo Financial Vs EQ Bank Vs Simplii Financial

Neo Financial, EQ Bank, and Simplii Financial are all Canadian financial institutions that offer digital banking services. Here is a comparison of some of the key features and differences between these three options:

Fees: Neo Financial and EQ Bank both offer no-fee banking, while Simplii Financial charges fees for certain services like Interac e-Transfers and ATM withdrawals.

Interest rates: EQ Bank offers some of the highest interest rates on savings accounts in Canada, while Neo Financial and Simplii Financial offer competitive rates but generally lower than EQ Bank.

Products and services: Neo Financial currently only offers savings accounts and credit cards, while EQ Bank offers savings accounts, GICs, and a new hybrid savings account/chequing account called EQ Core Plus. Simplii Financial offers savings accounts, chequing accounts, and credit cards.

Availability: Neo Financial is currently only available in Alberta, Saskatchewan, and Manitoba, while EQ Bank and Simplii Financial are available to customers across Canada.

Customer service: All three institutions offer 24/7 customer service through various channels, such as phone and online chat. However, some customers may prefer the customer service experience of one institution over the others.

Ultimately, the best option for you will depend on your specific banking needs and preferences. EQ Bank may be the best choice if you’re primarily looking for high-interest rates, while Simplii Financial may be a good option if you need a chequing account in addition to savings and credit card services. Neo Financial may be a good option if you’re interested in its cash-back rewards program and are comfortable with digital-only banking.

Neo Financial:

• No-fee banking with competitive interest rates on savings accounts

• Cashback rewards program for credit card spending

• Digital-only banking platform with no physical branches

• Available in Alberta, Saskatchewan, and Manitoba

• Savings accounts are eligible for CDIC insurance up to $100,000

EQ Bank:

• No-fee banking with some of the highest interest rates on savings accounts in Canada

• Offers GICs (Guaranteed Investment Certificates) for longer-term savings

• New hybrid savings account/chequing account called EQ Core Plus offers no-fee banking plus additional features like bill payments and unlimited transactions

• Available across Canada

• Savings accounts are eligible for CDIC insurance up to $100,000

Simplii Financial:

• Savings accounts with competitive interest rates and no monthly fees

• Chequing accounts with no monthly fees and unlimited transactions

• Credit cards with no annual fees and cashback rewards

• Available across Canada

• Savings accounts are eligible for CDIC insurance up to $100,000

Overall, all three digital banking options have their own unique strengths and weaknesses, and the best option for you will depend on your specific banking needs and preferences. It’s a good idea to carefully evaluate each option and compare the features and fees to see which one would be the best fit for you.

Pros and Cons (Neo Financial Vs EQ Bank Vs Simplii Financial)

Here are some pros and cons for each of the three digital banking options:

Neo Financial:

Pros:

• No-fee banking with competitive interest rates on savings accounts

• Cashback rewards program for credit card spending

• Digital-only banking platform offers convenience and flexibility

• Savings accounts are eligible for CDIC insurance up to $100,000

Cons:

• Currently only available in Alberta, Saskatchewan, and Manitoba

• Limited product offerings (only savings accounts and credit cards)

• No physical branches or in-person customer service options

EQ Bank:

Pros:

• No-fee banking with some of the highest interest rates on savings accounts in Canada

• Offers GICs for longer-term savings

• New hybrid savings account/chequing account offers additional features

• Available across Canada

• Savings accounts are eligible for CDIC insurance up to $100,000

Cons:

• No physical branches or in-person customer service options

• Limited product offerings (only savings accounts, GICs, and EQ Core Plus)

• May not be the best option for customers who require a chequing account

Simplii Financial:

Pros:

• Savings accounts with competitive interest rates and no monthly fees

• Chequing accounts with no monthly fees and unlimited transactions

• Credit cards with no annual fees and cashback rewards

• Available across Canada

• Savings accounts are eligible for CDIC insurance up to $100,000

Cons:

• Fees for certain services like Interac e-Transfers and ATM withdrawals

• Limited in-person customer service options (only available through CIBC branches)

• May not offer the highest interest rates on savings accounts

Overall, each option has its own strengths and weaknesses, and the best choice will depend on your individual needs and preferences. It’s important to consider factors like fees, interest rates, product offerings, and availability when comparing digital banking options.

Final Words

In conclusion, choosing the right digital banking platform can be a daunting task, but with the right information and guidance, you can make an informed decision that suits your needs. In this blog post, we’ve compared three popular digital banking platforms in Canada: Neo Financial, EQ Bank, and Simplii Financial. We’ve explored their features, benefits, and drawbacks, and we hope that you’ve found this information useful in your decision-making process.

Remember, each platform has its unique strengths and weaknesses, so it’s essential to consider what’s most important to you in a digital bank. Factors to consider include interest rates, fees, rewards programs, account accessibility, customer service, and security measures. By weighing these factors against your personal banking needs, you’ll be well on your way to selecting the digital banking platform that’s right for you.