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 the Yeti peeking out from behind the Neo Financial index cards

Cheapest everyday account$0 a yearNeo Chequing account (Essentials)

Best posted savings rate2%Neo Savings (Essentials), on $10,000

Deposit protectionPartner-heldFintech — not a bank

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% on $10,000 (Neo Savings (Essentials))
Website: www.neofinancial.com

Deposit protection

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: 74.1/100, #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 73 · App rating 89 · not scored: service. How the review works.

Neo Financial chequing accounts and what they 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.

Chequing accounts as listed in the FCAC Account Comparison Tool, retrieved November 1, 2026; fees a year for the Everyday example
Account	Monthly fee and waiver	Included	Fees a year
Neo Chequing account (Essentials)	No monthly fee	Branch: 0 · self-serve: unlimited	$0

Neo Financial savings accounts and posted rates

Savings accounts as listed with FCAC, retrieved November 1, 2026. Posted rates; promotional rates may not appear.
Account	Rate at $10,000	Monthly fee
Neo Savings (Essentials)	2%	No monthly fee

Facts, with sources

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

Mitey the Yeti, CanadianBanks.ca’s guide, pointing out a tip

Mitey’s note

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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