Neo Financial Bank Review

Neo Financial Bank is a challenger bank founded in 2019 and headquartered in Calgary, Alberta. It aims to provide a seamless digital banking experience that caters to the evolving needs of modern consumers. Neo Financial has emerged as a popular choice among Canadians, particularly among millennials and tech-savvy individuals, due to its user-friendly interface, minimal fees, and commitment to transparency.

Products and Services

  1. Neo Savings Account

The cornerstone of Neo Financial’s product offering is the Neo Savings Account. This high-interest savings account boasts an attractive interest rate that is often higher than those offered by traditional banks. With no monthly fees or minimum balance requirements, this savings account is perfect for those looking to grow their wealth without incurring additional costs.

  1. Neo Mastercard

In addition to the savings account, Neo Financial also offers a no-annual-fee credit card – the Neo Mastercard. This card features a robust rewards program with cashback on everyday purchases at partner merchants. The cashback percentage varies depending on the merchant, but users can expect to earn anywhere from 1% to 5% cashback on their purchases. With no foreign transaction fees, the Neo Mastercard is an excellent option for frequent travelers or those making purchases in foreign currencies.

  1. Neo Financial App

To manage their accounts, users can download the Neo Financial app, available for both iOS and Android devices. The app boasts a sleek design and a user-friendly interface that allows for seamless account management. Users can check their account balances, transaction history, and even freeze or unfreeze their cards in just a few taps.

User Experience

Neo Financial has made it their mission to provide a seamless, hassle-free banking experience for its users. The account opening process is quick and straightforward, requiring only a few minutes and a smartphone. Upon downloading the app and providing the necessary information, users will receive their account number and can immediately begin using their virtual Neo Mastercard. The physical card is typically delivered within a few business days.

The app’s user interface is clean and intuitive, making it easy for users to manage their finances on the go. Moreover, the app’s security features, such as biometric authentication and real-time transaction alerts, ensure that users can bank with confidence.

Customer Support

Neo Financial offers customer support through in-app chat, email, and phone. While their phone support hours are limited, the in-app chat and email support are available 24/7. Most users report positive experiences with Neo Financial’s customer support team, praising their prompt responses and helpful assistance.

Pros and Cons


  • No monthly fees or minimum balance requirements for the Neo Savings Account
  • Competitive interest rates on savings
  • No annual fee for the Neo Mastercard
  • Robust cashback rewards program
  • No foreign transaction fees on the Neo Mastercard
  • User-friendly app with strong security features
  • Efficient account opening process


  • Limited availability of physical branches for in-person assistance
  • No joint account or business account options
  • Some users may prefer a more extensive range of financial products


Neo Financial Bank is a promising challenger in the Canadian banking landscape. With its user-friendly app, competitive interest rates, and a robust rewards program, Neo Financial has positioned itself as an attractive alternative to traditional banks. While the absence of physical branches and a limited range of financial products might deter some potential customers, Neo Financial’s commitment to transparency and innovation make it a strong contender for those seeking a modern banking solution.

For individuals who prioritize digital experiences and are comfortable with managing their finances primarily through an app, Neo Financial is an excellent choice. Its high-interest savings account, no-annual-fee credit card, and generous cashback rewards program make it an attractive option for those looking to maximize their savings and rewards potential.

However, for users who require more comprehensive financial services, such as business accounts or mortgages, Neo Financial may not be the best fit. Additionally, those who prefer in-person assistance or value access to a network of physical branches may find Neo Financial’s offerings lacking in this regard.

In conclusion, Neo Financial is an innovative, user-friendly banking platform that has carved a niche for itself in the Canadian financial market. As the institution continues to grow and expand its offerings, it is likely to attract even more customers looking for a fresh, digital approach to banking. If you are in search of a banking alternative with a focus on technology, convenience, and competitive rates, Neo Financial Bank might be just what you’re looking for. Earns Commissions From Some Products, See Our Disclaimer For Information.