Neo Financial Review: What You Need To Know About Neo
To help you decide if Neo Financial is the best place for you to keep your money, let’s take a closer look.
In 2019, Neo Financial was established. Low-rate mortgages, credit cards, high-yield savings accounts, and wealth management programs are just a few of the financial services and goods that this company provides.
Neo might be the right choice for you if you’re searching for no-annual-fee rewards cards with high cash-back rates. A compelling account to keep your emergency fund or extra cash in is its high-interest savings account, which also offers some of the most competitive interest rates on the market.
Learn all there is to know about Neo Financial by reading this review.
What is Neo Financial?
A debit card, high-interest savings accounts, and personal loans are just a few of the services and products provided by Neo Financial, a Canadian fintech business.
Calgary serves as the company’s headquarters, which is an unusual location for a financial services company.
Although it is still not widely known as a tech hub, Calgary has a robust and expanding tech ecosystem with leaders in the fields of robotics and life sciences such as Parvus Therapeutics and Helcim, as well as fellow FinTech firms Solium Financial and Helcim.
Pros
- High cashback rate at Neo partners
- A diverse range of partners
- No annual fees, monthly fees, or account minimums
- Competitive high-interest savings account
Cons
- Lower cashback when shopping at Non-partners
- Low credit limits
What Products Does Neo Financial Offer?
For customers with various financial objectives, such as those looking to invest, save, or obtain a mortgage, Neo Financial offers a variety of products. Let’s examine some NEO partners’ products.
Neo Financial Mastercard Review
Users of the Neo credit card are eligible for tempting cashback rewards. Customers who use Neo cards get an average of 5% in unlimited bonus cash back and a 1% cash back guarantee when they make purchases from Neo partners.
As an added bonus, you can take advantage of the 15% welcome discount on your first purchase, which is significantly more than what some other Mastercards offer.
Additionally, you can choose from a variety of Neo Financial Mastercard variations depending on your preferences and financial objectives. The Neo Standard Mastercard, Neo Plus Mastercard, Neo Ultra Mastercard, and Neo Secured Mastercard are among them.
Neo Money
With the flexible high-interest savings account Neo Money, you can manage your money and earn up to 2.25% in interest. The money account is user-friendly for beginners and has no minimum balance requirements or annual or monthly fees. Money offers users unlimited free transfers in addition to a slightly higher interest rate.
Neo Invest
Neo Invest is an added function that gives you access to tools for managing your money, including professionally managed portfolios and other specialized features. Your financial objectives, risk tolerance, and current financial situation all play a role in this customization.
Neo Financial also provides asset classes and investment strategies that shield you from market risks. You can choose an RRSP, TFSA, or personal account as a Neo Invest client.
Neo Mortgage
With the mortgage addition, you can refinance, renew, and access low mortgage rates. This product searches the market for the lowest mortgage rates and provides simple applications in under 5 minutes.
Additionally, applications are handled by a live person who is typically available to assist you at every stage. As a result, you enjoy a stress-free mortgage experience.
Features of Neo Financial
Along with its incredible products, Neo Financial also provides a number of useful and integrated features that enhance the customer experience. They include:
Spending
The Neo financial app provides a variety of options to simplify spending. Conventional cards, secured cards, virtual cards, and buy now, pay later choices are among the available options. Because it offers a variety of ways to earn cashback, the Neo credit card is considered one of the best in the world.
In contrast to the secured card, which offers unlimited cash back, the standard card typically offers 5% cash back.
Saving
The NEO savings account has a number of features that are advantageous for saving. These features include a high-interest rate of $1.8 per dollar saved, no monthly fees, Interac e-transfers, tracking bill payments, auto-save, auto-deposit, and auto-invest. Your financial literacy can be improved with this kind of savings account.
Investing
Neo offers customers looking to invest limitless opportunities to accomplish their investment goals in addition to spending and saving. These possibilities include diversification, tax loss harvesting, goal-setting, themed portfolios, active portfolio management, and portfolio management.
In addition to these impressive features, different accounts, like the TFSA account, are made to help you maximize your returns.
Borrowing
Customers of Neo Financial can obtain mortgage loans. Neo currently supports home equity, mortgage renewal, purchase, and refinancing. These features make it simple to obtain low-rate, low-interest mortgages to assist with purchases, renovations, debt repayment, and emergency funds.
Rewards
When you make use of Neo services, you can earn cashback rewards, add-ons, referral bonuses, and rewards from other loyalty programs. You can also use your rewards in a marketplace to make purchases, donate to causes, attend events, and much more.
Additional Features
You can utilize a few additional features to increase your earnings as a Neo user. They consist of monitoring credit scores, insights, analytics, freezing cards, two-factor authentication, and automation.
These extra features can assist in increasing your earnings and accelerating your economic progress by automating financial processes and obtaining real-time analytics.
How Secure is Neo Financial?
When choosing a financial solution, security is a crucial aspect to take into account. This is especially true if you’re thinking about using an online-only solution, like Neo Financial, because doing so isn’t the same as working with an established traditional bank.
Thanks to its collaboration with Concentra, Neo Financial is fortunately safe. The main protection to look for with an online-only solution from a Financial Institution is deposit protection, which is provided for funds in your savings account.
By photographing a current Canadian driver’s license, passport, or permanent resident card, you can further prove your identity. Neo claims to only store photos for 90 days before deleting them and uses the most recent technology to keep you safe.
Additionally, you design security questions when registering for a Neo account to increase account security.
What Do Customers Say About Neo Financial?
There isn’t much customer feedback about Neo Financial online, according to Twitter, Trustpilot, and Reddit. The reviews of their app on Google Play and Apple’s App Store can also give you an idea of customer satisfaction.
Is This Brand Right for You?
If you’re looking for a flexible savings account with a respectable interest rate, Neo Money is unquestionably worthwhile. If you frequently make purchases from various partners, the Neo Card is also a useful addition to your wallet because you could receive up to an average of 4% cashback.
When compared to the services offered by a traditional bank, Neo falls short. For instance, the lack of mobile check depositing and paper checks are two minor drawbacks.
The Neo Invest and Neo Mortgage brands of NEO money accounts, however, have now expanded to include mortgages and investments. Overall, Neo is valuable if you want to cut expenses and prioritize incentives. However, for those who only require standard banking services, there might be better options.
Conclusion: Neo Financial Review
Neo excels in the services it already offers and those it recently added. The rate on the high-interest savings account is one of the highest available, and there are no account fees. A profitable rewards card and adaptable savings account are obtained when impressive cash-back rates from Neo partners are added.
However, keep in mind that Neo is a relatively young company. Since they are smaller and less established than some of the bigger, more established institutions, they might have a different level of stability and experience. If you’re searching for a long-term financial partner, take these factors into account.
