At Neo, we do things differently and challenge the status quo. We’re not a bank, we’re a tech company building a smarter way to grow and manage your money. And while challenging the Big Five at their own game is no easy task, we’re determined to make the financial lives of our members easier and more rewarding than what’s been possible before.
Modern technology is one of the greatest things to happen in the 21st century (in our opinion). It’s why we’ve created a more rewarding experience for your everyday money moves. And how we’re solving some of the biggest financial challenges Canadians face through the modern conveniences we’ve all come to expect.
Here are 8 ways we’re reimagining banking through technology.
1. A digital experience as seamless as your daily routine
Building tech is cool, but we don’t lose sight of meeting real-world needs. You’re on the go getting stuff done each day, and we’ve built Neo to make your life easier. It’s why we fully integrated spending, savings and rewards into one seamless app that fits your lifestyle, and it’s all managed from your phone! Making smarter decisions with your money has never been easier.
2. Open an account in minutes
Skip waiting in line at a branch or booking appointments to get your everyday banking in order. Everything you need to apply for Canada’s most rewarding credit card and savings account can now be done from your phone, and it only takes minutes. Saving time is just as important to us as saving money and luckily, you’ll get both.
3. A savings account that works like a chequing account
We’re big on leveraging technology to make things feel seamless (in case you haven’t noticed yet). Now imagine a savings account that does everything a chequing account can do–pay bills, send money, transfer funds and take out cash. Now top it off with a high-interest savings rate, and that’s what Neo Savings is.
Earn a higher interest on all your money with no strings attached. It’s the best savings account available in Canada with no transaction limits to hold you back. Our members can grow and manage their money fast and efficiently from one account, hitting their goals with ease.
4. No unnecessary fees
Canadians pay an average of $220 in banking fees a year and we’ve put an end to that. Being a tech company allows us to eliminate physical branches and the overhead costs that come with them, which means more money back into your pockets.
We don’t charge an annual fee for using the Neo Card to earn rewards, nor do we have monthly fees for using our savings account. This includes zero overdraft fees, with no minimum balance required. It never seemed fair to us for a bank to charge you money just for keeping your money in a safe place.
Now you can earn back some extra cash and put it towards what you really need.
5. Personalized rewards you actually want
Rebuilding banking from the ground up gives us the freedom to do things better. The Neo Mastercard combines your everyday spending with a total rewards program that unlocks exclusive cashback offers from thousands of national brands and local stores in your city. These offers are linked to your Neo Card, and automatically redeemed when you pay with Neo.
By effortlessly combining spending and savings with rewards, you no longer need to sign up to multiple rewards programs. Plus, we can better personalize rewards to your exact location, preferences and needs at any given moment.
Ditch the habit of carrying around a dozen loyalty or credit cards, and just use one app to make every transaction more rewarding than before.
6. In-app self-serve
At Neo, you can do anything you need with your money all on your phone. No more stepping into a physical branch, making an appointment or waiting on hold. The app allows you to even do things like freeze your card, reorder a new one if you’ve lost yours and the ability to cancel your card. It’s a straightforward process that only takes a few clicks, so you can save time and focus on more important goals.
7. State-of-the-art security
Keeping your personal info and money safe is our top priority. We stack up our security and defend against vulnerabilities. If your card goes missing, instantly lock and freeze it to block any new transactions from going through and prevent any ATM withdrawals. Our sleek and numberless card (from the front) deters fraud in the first place and our biometrics (fingerprint and facial login in the app) make it that much more secure.
Plus as a tech company, we send you proactive alerts so you never miss a payment, and are always in the know with what’s going on with your money. Not to mention, all the great rewards you’re earning each day.
8. Beautiful and thoughtful design
Honestly, this one’s just a major bonus. Neo doesn’t sacrifice beautiful design for functionality. It’s possible to have both at great quality. When you open the app, using Neo feels rewarding in and of itself. After all, we are a tech company and this is what we do best.
We’re not like your traditional banks
Being a tech company puts us in a great position to give our members the banking experience they’ve been missing for decades. At Neo, spending, savings and rewards are all reimagined for the better because we’re willing to challenge the status quo and adapt to the modern-day needs of all Canadians.