No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
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 BREMO2026 →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.