We’re amazed to see the shared excitement from across the country for Neo with tens of thousands of Canadians on the waitlist. Putting the financial needs of Canadians first and helping local businesses thrive is what we’re about, and we’re starting by making everyday spending and saving the most rewarding experience possible.
Here is what you can expect by joining Neo.
What is Neo?
Neo is a technology company that challenges the status quo by building a better spending, savings and rewards experience for all Canadians. Think of all the innovations that come from a push of a button - hailing a ride, streaming movies on demand, and having hot food delivered to our doors.
Yet, modern technology hasn’t translated into banking in Canada. At Neo, we’re set on helping Canadians make the most out of their time and hard-earned money.
How are you different from banks?
Banks haven’t changed in decades, with their high banking fees, physical branches and complex points programs that don’t work as we’d expect, especially now in the digital age.
Generations of Canadians have stayed with the same Big Banks because there aren’t many choices. The Big 5 in Canada hold down 90% market share, but they offer the same everyday banking products across the board with little to no return on your money.
We can solve these problems with better products and technology.
After building Canada’s biggest and first national online food delivery platform, SkipTheDishes, we saw the opportunity to once again leverage modern technology to add value and simplify our everyday lives by reimagining how spending and savings should be.
At Neo, we’re a team of 100+ focused on creating rewarding experiences for our members when they spend and save. Best of all, we make it all work seamlessly with your daily routine and lifestyle.
What products do you offer?
We’re starting with a no-annual-fee credit card and high-interest savings account while also giving you access to instant rewards from hundreds of brands when you pay with Neo – all on one card.
The Neo Card is the everyday credit card that rewards your daily spending. With no annual fees, you can gain all the perks of spending smarter and getting more out of your money, without any strings attached.
The Neo Savings account does everything an everyday bank account does but earns you a higher interest rate (see here for our latest rate) on all your money. No minimum balances or monthly fees. Simply pay bills, make deposits, send and receive Interac e-Transfers®, all from one convenient place. That’s one step closer to starting your small business, paying off your student debt, or going on that trip of a lifetime.
Neo Rewards gives you exclusive offers and up to 20% cashback from the places you love. Visit your favourite local coffee shop or restaurant, fuel up for gas or hit a fitness class. Whatever’s part of your daily routine or sparks your interest, we’ve got you covered. The more you use your Neo Card, the more rewards you’ll earn with offers that get better over time.
What kinds of rewards can Canadians expect?
We work hard to ensure that offers from the stores you shop at are valuable to you. We partner with hundreds of your favourite local brands and national stores so you can discover personalized rewards you can’t get anywhere else. These include rewards to try out a new restaurant, hit up a yoga class, save on gas, and get rewarded even when you buy things online, earning you rewards while you’re on the go or at home.
Neo helps local stores reach new customers and grow their business, so you can find new ways to support small businesses in your neighborhood from the stores you love.
Banking no longer needs to feel impersonal. Every interaction and transaction through Neo brings Canadians closer to their communities.
What other features does Neo offer?
Our tech is built with the needs of our members in mind and the modern-day features we’ve come to expect. Open an account in minutes from your phone, have full control of your Neo Card and access self-serve support or give us a call whenever you need.
The Neo app was carefully designed to make your financial life easier and more rewarding. Move your money the way you want and stay up to date through instant notifications when you earn and spend. Plus, get reminders on upcoming payments, so you never miss a beat.
We’re creating a seamless digital experience, so you can spend more of your time and money where it really matters.
Who is Neo for?
All Canadians deserve smarter ways to spend, save, and earn more out of their everyday lives. It doesn’t matter if you’re a pro with managing money, just getting the hang of it, or don’t have a credit score yet. Neo gives you new ways to qualify, build credit, and achieve your next big milestone.
When do you launch?
Neo will be launching in our backyard, Calgary, this year. We’ll then be rolling out to more cities across Canada. Stay in the loop and join the waitlist to get notified when Neo will be launching near you.
The Neo blog is your go-to source for Neo news and product updates, everyday money tips, and stories featuring our members and merchant brand partners. We can’t wait to share more on what we have in store for Canadians.
The Neo Savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Deposits held in Neo Savings accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor.