My Neo Financial Review After 5 Years Of Using It!
I’m Mark and this is my HONEST review of Neo Financial review. I’m on a mission to help Canadians save and invest your money without the BS.
These are my pros and cons of using Neo Financial for a really long time. Use my experience to help you make better financial decisions to live happy, healthy, and wealthy lives.
The no-fee, shop local, cash back credit card
My Fav Things About Neo Financial
If you have not watched my full Neo Financial review on YouTube, you need to! 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. Surprisingly good!
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 my 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. Wealthsimple 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.
Savings need some improving. There’s not many features 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 more than a credit card. It’s a place to save, invest and get transparent financial products. 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 because there is no self-directed option.
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 Mastercard® and Neo Secured Mastercard® are issued by Neo Financial™ pursuant to license by Mastercard International Incorporated. 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
High Interest On Savings Accounts
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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The 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.
Neo - Kings of false advertising
Neo uses a bait and switch tactic – I have seen my standard card rate rise from 19.99% to 21.99% and now to 24.99%. Their literature continues to advertise a 19.99% rate unless you miss a payment or default. I’ve done neither. Calling them, 3x now I’ve been told “well everyone is putting their rates up so we are too”. Meanwhile they continue to advertise a 19.99% base rate. False advertising in my opinion.
Pros
Cons
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Limit drops no notice
I have had a card for 4 months, $800 limit. Would use and pay off statement in full every month, they just dropped my limit to $600. My credit report is the same so the only reason they did this is because they are making no interest money from me, what a scam!
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Neo is Trash
Neo is trash. You cannot disable the tap to pay feature on credit cards, at least in Canada. If you ask them to, they will say it’s impossible, but assure you that any fraudulent charges will be investigated and reimbursed. When my card was stolen and the tap feature was used, I did everything I was told to do. I opened a police investigation and sent them the link. Months later, I was denied reimbursement for the 40 dollar fraudulent charge on the basis that “Your card was physically present at the point-of-sale machine during the purchase. This indicates that the purchase only happened with the cardholder’s authorization.” Don’t support these scumbags.
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Neo Financial Fraud
Neo Financial is a total scam. I strongly urge everyone to stay away from this credit card company. They ripped me off completely. I was forced to pay for fraudulent charges I never made, even after calling them to stop the transactions. Despite my efforts to resolve the issue, they made me pay back every cent of those fraudulent charges. Even though I made all my payments on time, they kept harassing me. Please, do not trust this company. Avoid them at all costs!
Pros
Cons
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If I could give Zero I would
I phoned support on three separate occasions everyone understood the issue and no one had a proper answer or explanation for me. It was always I had to submit your request to another department which I couldn’t speak to and they would get back to me. No one ever did.
The email addresses I had used previously to contact support were bounced back. The letter mailed their head office location was not replied to.
I have never had such experience with a financial company in Canada
Pros
Cons
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Very very bad
Apparently, the database of Neo Financial was hacked. People who have a Mastercard with them are constantly receiving calls from scammers asking for additional information to completely drain their accounts. I personally know many people who had Neo Financial Mastercards and became victims of these scammers, losing thousands of dollars.
I also had a Mastercard with Neo Financial, and I received a call from a scammer pretending to be a Neo Financial representative. He already had all my information: my phone number, my Neo Financial card number, and other personal details. He told me that my card was used in the U.S. and that they needed to confirm my identity with my PIN to block the card. Right after that, he stole $500 from my account.
When I contacted Neo Financial, they did not care at all. They didn’t help, didn’t collaborate, and provided extremely poor and disrespectful service. They told me they couldn’t cancel the transaction, couldn’t reimburse me, and that I had to pay for the amount stolen by the scammer. When I asked how the scammer got all my personal information—including my Mastercard number and my security code, they refused to take any responsibility, even though many of their customers are facing the exact same issue.
If you don’t want to lose your money, stay away from this unprofessional and mediocre company.
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Very bad company and service
Apparently, the database of Neo Financial was hacked. People who have a Mastercard with them are constantly receiving calls from scammers asking for additional information to completely drain their accounts. I personally know many people who had Neo Financial Mastercards and became victims of these scammers, losing thousands of dollars.
I also had a Mastercard with Neo Financial, and I received a call from a scammer pretending to be a Neo Financial representative. He already had all my information: my phone number, my Neo Financial card number, and other personal details. He told me that my card was used in the U.S. and that they needed to confirm my identity with my PIN to block the card. Right after that, he stole $500 from my account.
When I contacted Neo Financial, they did not care at all. They didn’t help, didn’t collaborate, and provided extremely poor and disrespectful service. They told me they couldn’t cancel the transaction, couldn’t reimburse me, and that I had to pay for the amount stolen by the scammer. When I asked how the scammer got all my personal information—including my Mastercard number and my security code—they refused to take any responsibility, even though many of their customers are facing the exact same issue.
If you don’t want to lose your money, stay away from this unprofessional and mediocre company.
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