Institution profile · Fintech — not a bank
Neo Financial
ActiveNeo Financial Technologies Inc.Via partner institutions
Neo Financial is a fintech company, not a bank. Its deposit accounts are held at partner CDIC member institutions, so CDIC coverage depends on the partner and is shared with any deposits you already hold there.
Profile facts checked October 30, 2026
Mitey files the Neo Financial index card: cheapest everyday account $0 a year.
Is Neo Financial a good bank for everyday banking?
Neo Financial’s cheapest chequing account open to anyone, Neo Chequing account (Essentials), costs $0 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), as cheap as any account in Canada for that usage. It scores 74.5/100, #4 of 13, in our bank review. It isn’t a bank; partner institutions hold your money.
At a glance
- Legal name
- Neo Financial Technologies Inc.
- Type
- Fintech — not a bank
- Head office
- Calgary, AB
- Founded
- 2019 — Neo says it began in 2019.
- Regulator
- Not a bank; accounts are offered with partner financial institutions
- Cheapest everyday account
- Neo Chequing account (Essentials) — $0 a year for the Everyday example
- Best posted savings rate
- 2.25% on $10,000 (Neo Savings (Essentials))
- Website
- www.neofinancial.com
Is my money safe at Neo Financial?
Neo is not a CDIC member, and its accounts use two structures. Neo Everyday and Neo High-Interest Savings are deposit accounts at Peoples Bank of Canada, a CDIC member, so they share Peoples Bank’s limits with any deposits you hold there directly. Neo Chequing and Neo Savings are held in trust at CDIC-member institutions Neo doesn’t name, eligible up to $100,000 per institution; Neo’s chequing agreement says that account is not a deposit account.
Our assessment: 74.5/100, #4 of 13 in our bank review
Strongest on everyday cost and app rating. Trails on branch and ATM access. Cheapest account for everyday use: $0 a year. No branches.
Cost 100 · Access 0 · Savings rate 75 · App rating 89 · not scored: service. How the review works.
What do Neo Financial’s chequing accounts cost?
Neo Financial lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is Neo Chequing account (Essentials) at $0 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| Neo Chequing account (Essentials) | No monthly fee | Branch: 0 · self-serve: unlimited | $0 |
What would Neo Financial cost a typical household?
The cheapest Neo Financial account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at Neo Financial | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | Neo Chequing account (Essentials) | $0 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | Neo Chequing account (Essentials) | $0 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | Neo Chequing account (Essentials) | $0 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | no account can serve it | — | Basic Bank Account Scotiabank | $134 |
Worked example — Neo Chequing account (Essentials) (Neo Financial), Everyday profile
| Monthly fee × 12 | $0 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $0 |
| Paper statements × 12 | $0 |
| Fees a year | $0 |
What savings rates does Neo Financial pay?
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| Neo Savings (Essentials) | 2.25% | No monthly fee |
What else should you know about Neo Financial?
- Describes itself as a financial technology company.Source: neofinancial.com
- Says deposits in its chequing and savings accounts are protected through partnerships with CDIC member institutions, up to $100,000 combined.Source: support.neofinancial.com
- Its Neo Everyday and High-Interest Savings agreements are with Peoples Bank of Canada.Source: legal.neo.cc
- Neo Chequing funds are held in trust and eligible for CDIC on up to $100,000 at each deposit-taking institution; the agreement says it is not a deposit account.Source: legal.neo.cc
This company isn’t a bank. Before moving money, read its current disclosure on which institution holds your funds — and check that institution on the CDIC list.
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