
Whether you are looking for a new credit card, bank account, or investment management service, you may have come across
But since neobanks are not as well known as traditional big Canadian banks, it is all the more important to check that a company is trustworthy — and that they offer competitive rates — before opening an account. Here's everything you need to know in our complete
Is Neo Financial legit?
In terms of legitimacy,
Likewise, their investment accounts are managed by CI Investment Services (CIIS), which is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), and their Neo Mastercards are issued by ATB Financial. While
Of course, it is also important to ensure that you choose financial products which offer competitive rates, whether that translates to low fees or impressive rewards. Fortunately,
Neo Credit

Annual Fee: None
Interest Rate: $19.99-26.99%
Rewards: Up to 15% cash back, average 5% cash back
While credit cards are usually pretty straightforward,
Occasional users may opt to avoid a monthly fee and enjoy a 4% cash back rate when shopping at

However, even if the rewards are impressive, the
Neo Secured Credit
If you have a poor credit score, the Neo Secured Credit is an excellent tool to rebuild your credit profile. The card requires an upfront deposit but comes with a wide range of perks: there are no monthly fees, approval is guaranteed,
- Annual fee : 0$
- Interest Rate : Between 19.99%-26.99%
Average cashback: Earn an average of 5% unlimited cashback at thousands of Neo partners.
The
Also, cardholders can pay a small monthly fee to fall under a higher cashback tier. However, borrowers should still make an effort to pay the card off in full each month: in the event that they carry a balance, the annual purchase rate is between 19.99%-24.99%. Cash advances have an annual interest rate of 22.99-26.99%.
Despite the card’s many perks, there is a major caveat to the
Hudson’s Bay Mastercard
In addition to their own
Plus, they will qualify for increased cashback when shopping at
Rewards Bundles

At first glance, the
In theory, Rewards Bundles can allow you to customize your
Likewise, some of these benefits fall short—it is frustrating that you have to pay extra to receive 1.25% cashback on takeout purchases or qualify for travel insurance, especially when some cards offer the same (or better) perks for a lower monthly fee. Ultimately though, if you are willing to do the math, you may be able to find a
Neo Insights

While it might seem tedious to track every single purchase to make sure that your Rewards Bundles are worth it,
Building credit (or not)
Unfortunately, while
If you are in a position where your credit score is so low that you will not qualify for most credit cards, the
However, if you want to build credit and qualify for a card that will report your payment history to both Equifax and TransUnion, you would likely be better off avoiding
Neo Money
Neo Money is
Awarded the best savings account by the Financial Post, Neo Money is the high interest saving account for you!
- Unlimited free transactions
- No "minimum" required
- Automate your payments
- Easy Funding.
Fortunately,
Neo Invest
If you are interested in opening up an investment account,
That being said,
These perks are a welcomed change from traditional portfolio management, especially if you prefer to take a hands-off approach to investing. However, if you would like more information about your portfolio,
Neo Mortgage

Given how straightforward
Ultimately, the service helps borrowers pre-qualify, compares different mortgage providers’ rates, and allows prospective homeowners to secure the best deal available. According to their website,
While this is all helpful, the most intriguing part about
Instead,
Unfortunately though,
Since a mortgage involves such a big sum of money, signing up for an unnecessarily high interest rate is an extremely expensive mistake. Plus, the application is 100% digital (in supported provinces), so you may miss the chance to talk with a brokerage employee about your situation and receive personalized advice. While
Frequently Asked Questions
If you still have some questions about
Neo Financial is a fully-digital Canadian bank that offers several financial products, including a high-interest bank account, credit cards, investment portfolio management, and mortgage brokerage services.
Yes,
Neo Money bank accounts are provided by Concentra Bank, which is CDIC insured.
The
Neo Invest portfolios are managed by CI Investment Services, which is subject to the Investment Industry Regulatory Organization of Canada (IROC)
Neo Financial was founded by Andrew Chau, Jeff Adamson, Chris Simair, and Kris Read. Since then, it has gone through several rounds of funding, with prominent investors including Valar Ventures, Tribe Capital, Greenoaks Capital, and Tobi Lutke.
Yes,
Likewise, with regards to security, no digital system is completely resistant to hacking, but
Unfortunately,
Neo Financial’s headquarters are located in Calgary, Alberta. The neobank does not have any in-person branches, but since it is fully digital, urban and rural customers alike can access its services.
No. As of right now,
Since
About The Author: Arthur Dubois
Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing.
Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.
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