Managing our finances through banking is a key part of adulting, but it’s commonly viewed as more of a laborious task than something that Canadians can look forward to exploring.
For most of us, we never really get to “choose” our bank. It ends up being something passed down from our parents or guardians, with a note of how it’s “just the banking provider” they’re with.
As a result, we don’t typically have high expectations for the big banks and are simply used to paying high fees and earning almost nothing on our savings. But times are changing. Now, you can choose who you bank with.
Canadian fintech company Neo Financial is turning banking into an experience more than anything else. It’s on a mission to change the standard by bringing an Uber, Airbnb, or SkipTheDishes-like experience to banking.
Created by the founders of SkipTheDishes, the company is bringing tech into the picture to improve the lives of all Canadians. Plus, they just raised $50 million from top investors such as Shopify and PayPal to bring their product to all of Canada.
Instant cash back
Neo is challenging the norms of banking with its no-fee credit card that earns you instant (that’s right, instant) cash back when you spend at the places you love. Neo has built a Canada-wide rewards network with thousands of merchants from major gas and grocery stores, restaurants, gyms, and coffee shops to Amazon, Netflix, Spotify, DoorDash, and more. That means every dollar you spend means more cash back and more money in your pocket.
Unlike other banks or rewards systems, the Neo Mastercard actually supports local businesses. Neo is partnered with BC-born favourites such as Herschel, Clearly, Earls, Timbertrain, Nuba, Nightingale, Platform 7 Coffee, and adding more partners every day.
Users have the ability to choose from flexible, monthly cash back rewards plans that help them earn more on every purchase they make with the credit card. Cardholders also earn an average of four to six per cent cash back at thousands of Neo Financial’s local and national partners.
To make it even better, signing up for Neo takes minutes — pretty much the same amount of time it takes to make a cup of coffee. Simply apply online or via the app and add your card to your digital wallet to start earning cash back. The physical credit card will then be mailed out afterward.
Curious to know what fees are involved? There are none — no over-limit or annual fees. With the Neo Mastercard, you can decide where the money you save on fees goes. You also have the option to get proactive account alerts and notifications on the app to manage your card use with ease. And if you need to freeze or replace your card at any point, you can do that right from the Neo Financial app.
Savings account with 130x the interest
Just when we thought it couldn’t get any better, we learned about Neo’s everyday bank account which earns 130x higher interest than any other bank in Canada. You heard that right. That’s including free unlimited transactions, free Interac transfers, no minimum balance requirements, and more. The same bank account Neo is offering for free would cost you as much as $29.95 per month at any of the big five banks.
Like the credit card, opening a high interest, everyday bank account with Neo takes just a few minutes and can be done entirely from a mobile device or computer — without ever needing to spend an afternoon in a branch filling out paperwork.
Meanwhile, the money you have in your account will be earning interest as you save because Neo believes banking should make you money, not cost you. As a result, the fintech platform can help you get the most out of your money while working towards your financial goals.
Neo Financial has the opportunity as a tech company to launch more innovative digital banking products and features, and with a high interest, everyday bank account or a Neo Mastercard, you can be among the first to experience this.
To learn more or sign up, visit neofinancial.com.