The Calgary fintech with the highest savings rate and partner cashback network. Here's our full verdict.
Neo Financial is a Calgary-based fintech founded in 2019 by former Skip the Dishes and Paysign executives. It has grown to 1M+ Canadians. Neo offers a reloadable Mastercard with partner cashback (up to 5%), a 4.0% savings account, GICs, and most recently Neo Mortgage. It's backed by Concentra Bank (CDIC insured). Neo is strongest for savings and partner cashback, but weaker for everyday base cashback (0.5%) and credit building.
Neo's 4.0% savings rate is the best among the major free Canadian fintechs — beating KOHO (3.0%) and Wealthsimple (3.0%), though EQ Bank (3.75%) still beats it for CDIC-insured savings. GICs up to 4.65% are available for locked-in terms.
Neo Mortgage is a newer offering (2024). Competitive rates with digital-first application. As a newer product, we'd recommend comparing against established mortgage brokers before committing.
| Feature | Neo Financial | KOHO | EQ Bank |
|---|---|---|---|
| Monthly Fee | $0 | $0 | $0 |
| Savings Rate | 4.0% | 3.0% | 3.75% |
| Base Cashback | 0.5% | 1.0% | 0.5% |
| Partner Cashback | Up to 5% | ~2% | N/A |
| Credit Building | ❌ | ✅ $7/mo | ❌ |
| GICs | ✅ 4.65% | ❌ | ✅ 4.90% |
| Welcome Bonus | $25 | $100 | Periodic |
| CDIC Insured | ✅ | ✅ | ✅ |
| Mortgage | ✅ (new) | ❌ | ❌ |
Neo Financial is an impressive Canadian fintech with a market-leading 4.0% savings rate, solid GIC rates, and a growing partner cashback network. Founded in Calgary in 2019, it's grown fast and shows no signs of slowing.
Its weakness is everyday cashback — 0.5% base is half of KOHO's 1%. And without credit building, it's not ideal for newcomers or anyone rebuilding their credit score. The $25 welcome bonus also pales next to KOHO's $100.
Best strategy: Use Neo for savings (4.0%) and partner cashback, while using KOHO for everyday 1% cashback and credit building.
Neo's 0.5% base rate and missing credit builder are real gaps. KOHO pays 1% on everything, builds your credit score, and gives you a $100 bonus — all free.
Get KOHO Free — $100 Bonus with Code 45ET55JSYA →Yes. Neo Financial is a legitimate Canadian company backed by Concentra Bank (a CDIC member institution). Deposits are insured up to $100,000 per category. Neo has been operating since 2019 with strong growth and a solid regulatory track record.
Neo Savings offers 4.0% on deposits — one of the best rates among Canadian no-fee fintechs. EQ Bank (3.75%) and KOHO (3.0% free, 4.5% Extra plan) are comparable alternatives.
The Neo Money prepaid card does not build credit. Neo also offers a Neo Credit Mastercard (a true credit card) which does report to credit bureaus — but it requires a credit application. KOHO's Credit Builder builds credit with no hard credit check, making it better for newcomers.
Absolutely. Both are free. Many Canadians use KOHO for daily spending (1% cashback + credit building) and Neo for savings at 4.0%. This combination gives you the best of both.
Neo's partner network includes hundreds of Canadian retailers offering 2–5% cashback: Tim Hortons, Hudson's Bay, Sport Chek, Mark's, Best Buy, Chapters/Indigo, Boston Pizza, and many more. Rates vary by merchant.
Rates and features as of March 2026. Bremo earns referral commissions from KOHO at no cost to you.