My Neo Financial After 12 Months Of Using It!
I’m Mark, and I nerd out on personal finances 🤓 I spend my free time using apps that affect our money. Why? Because there is a lack of unbiased content for Canadians. So I’m here to help you make better financial decisions to live happy, healthy, and wealthy lives.
This is my Neo Financial review where you’ll get the pros and cons of Neo’s app, the credit card, and the high interest savings account. I’ve been using Neo daily for the past 12 months (since they started). Find all my Neo referral codes here.

The no-fee, shop local, cash back credit card
Neo Pros
If you have not watched my full Neo Financial review on YouTube, you should! Neo is quickly turning into my favourite credit card. Plus they are the QUICKEST high interest savings account to adjust for market conditions.
Great cash back at local stores – surprised me!
BEST high interest savings account in Canada.
LOWEST mortgage rates I’ve found in Canada.
Earn interest on all your money
Auto deposits, auto pay (for you credit card), auto save
Nothing’s perfect, so here are Neo’s downsides
Neo Cons
In this Neo Financial review you’ll notice an overarching thread. I’m a bit confused to what Neo is trying to be. They seem to be acting like a Wealth Simple duplicate, and Wealth Simple is quite confusing too. I’d way rather see Neo try to be the best at 1 financial service then expand to other services.
They want to be “the modern way to save, spend and invest” and it seems like they’re not great at any of those. When you look at KOHO they’re by far the best as a banking & saving alternative. Wealth Simple has become the best investing alternative. Personally I think Neo should try to become the best credit card alternative. Because I love how many local businesses partner with them and how much cash back they give.
No mobile cheque deposit
Hard credit check required. Which isn’t so bad – but Neo does not make it clear when you signup that they’re doing a credit check.
Savings need some improving. There’s barely any features – especially when compared to how incredible KOHO helps you save.
Robo investing is available – but my big question is WHY? I would’ve loved to see them skip the (high profit margin) robo investing and allow direct investing with no fees. That way I can buy low cost index funds, which is any personal finance nerd’s wet dream.

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Neo Financial FAQ’s
What is Neo Financial?
Neo Financial is basically a credit card with a high interest savings account. They have partners with local shops in Canada mostly that provide 2-6% cash back which is nice. Their high interest savings account stays more up to date than any other account I’ve found.
Neo also provides mortgages – with the best interest rates that I’ve been able to find in Canada. They are now expanding into managed investing too. Which I’m not a fan of but probably will make them a lot of money.
Does Neo provide mortgages?
YES! Neo Financial now provides mortgages to Canadians. So far they have the best mortgage rates than any other lender that I’ve been able to find.
Is Neo Financial safe?
Yes, Neo money is provided by Concentra Bank which is CDIC insured. The credit cards are issued by ATB Financial, a regulated Canadian bank. Neo’s mortgages are provided by OneVest Management Inc. and is a a registered Portfolio Manager and member of the Investment Industry Regulatory Organization of Canada (IIROC)
How To Get A Neo Financial Credit Card
#1 Get $25
Securely signup for Neo and get $25 for free when you use my link here:
#2 Send Identity
You’ll be prompted to verify your identity by uploading your ID. As required by all Canadian financial institutions.
#3 Deposit Money
Setup direct deposit, connect a bank account, e-transfer, or recurring deposits
#4 Start Earning!
Earn cash back on all your spending and bonus cash back when you shop with their partners!

Best Neo Financial Feature
Low Cost Mortgage Rates
Currently the Neo Financial mortgages are only available in Ontario, Alberta, and British Columbia. But I’m hoping they expand nationwide soon.
Lowest variable rate mortgage for Canadians
Fully insured and registered mortgage lender
Easy to transfer from your bank or Neo money account to your mortgage
Most Useful Neo Features Part 2
Ultimate Interest Rates
Neo seems to be the most active high interest savings account. That means they will increase the amount of interest you earn when interest rates rise. The account is called “Money” in the app and it has no monthly fees, minimum balance requirements, or hidden fees.
This makes it simple and low-fee which is an attractive option for me to hold an emergency fund. You can setup auto deposits, view transaction history, and access customer support.
Plus, the high interest savings account is CDIC member institution, which means that your money inside Neo is insured up to $100,000.


My Final Thoughts For This Neo Financial Review
Money With Mark’s Take:
When I review fintech companies I always ask my self “Why should Canadians use this”. When it comes to Neo Financial I say it is the ultimate cash back credit card available to Canadians. Hands down, 💯.
Now Neo has added low cost mortgage options, and are looking at a (questionable) investing platform. While the savings features are nowhere near what KOHO’s capabilities are. I think Neo has a great place for Canadians to get your first credit card, or establish your base “go-to” credit card.
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Neo Financial Credit Card Review
Neo Financial Review Summary
Neo Financial provides high interest savings account, cash back credit card, and mortgages. Their credit card is great, the savings account has good interest rates, but barely any savings features, and their mortgages are the lowest rates available in Canada.
Overall
4.7The search for the non-bank solution for Canadians
What Neo Financial Is Missing
As a Canadian we get robbed by the big bank fees. Which is why I am in search of the no-fee (or low-fee) solution. Neo Financial is coming very close with their credit card, high interest savings account and mortgages.
What Neo is missing is having multiple savings accounts, roundup feature, credit building feature, mobile cheque deposit, free cash withdrawals, and creating bank orders. Then the other big area is investing. Neo is making a managed investment account, but we need self-directed ones that can let us buy low cost index funds within a TFSA, RRSP, and FHSA accounts.
If Neo Financial can get these new products added they will be the closest fintech company to achieving this goal.
