WINNIPEG, Manitoba & CALGARY, Alberta--(BUSINESS WIRE)--Today, Neo Financial announced that they are relaunching their top-rated high interest savings account as Neo Money. With Canada's ‘Big 5’ banks limited by outdated technology and infrastructure, Neo Money is the first account of its kind to bring the features of chequing and savings together.
Neo Money reflects what you can do with the account: spend, save, and earn interest, all in one place. With Neo Money account holders can:
- Access one of the best interest rates in Canada, earning up to 130x†* more than traditional banks.
- Set up automatic bill payments
- Get payroll deposited directly into a Neo Money account
- Transfer money between accounts with no-fee bank-to-bank transfers
- Send unlimited Interac e-transfers without any hidden monthly or annual fees
- Never have to worry about monthly fees, transaction limits or minimum balance requirement
“Neo has always challenged the status quo of banking - questioning why the ‘Big 5’ banks operate the way they do today, and what if we could do things differently. Neo Money is just one example of how our team is reimagining Canada’s financial infrastructure, and building a new future of banking that provides better value, opportunity and convenience.” said Andrew Chau, Co-Founder and CEO of Neo Financial.
Neo Money offers a fully digital experience that allows users to manage their account from their device, eliminating the need for traditional bank branches. Neo’s app tracks interest earned daily and deposits monthly in users' Neo Money account. As one of the only accounts in Canada that offers unlimited free transactions, Neo Money is a centralized account for individuals to manage their finances.
About Neo Financial
Neo Financial is a technology company simplifying finances through reimagined spending, savings, investing, and rewards. Founded in 2019 by the co-founders of SkipTheDishes, Neo has raised more than $114 million in funding through top-tier investors and has been recognized as one of the top tech startups in Canada by LinkedIn, with a growing team of over 500 employees.
Through partnerships with leading financial institutions, Neo provides members with a safe and secure way to spend, save, and invest. Neo’s credit card is issued by ATB Financial and backed by the Mastercard® network, and the Neo Money account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Neo is headquartered in Winnipeg and Calgary, and is backed by top investors across North America.
To learn more, please visit neofinancial.com.
The Neo Savings account is provided by Concentra Bank.
†Based on research comparing high-interest savings rates of Canada’s ‘Big 5’ banks using a $100 investment, excluding promotional rates and rate premiums. Research was conducted by Neo Financial and based on data taken from public websites as at May 12, 2021.
® Trademark of Interac Inc. Used under license.