Canada
activeNeobank
- HQ
- Toronto
- Fee
- No monthly on core chequing (conditions apply)
Neo Financial
Calgary fintech. Not an OSFI bank. Eligible cash sits in trust at CDIC-member institutions.
Legal entity: Neo Financial Technologies Inc.
Rate this app
6.8Mixed
AlternativesFive questions
At a glance
Is it a bank?
No. Neo Financial is not a bank. Your money sits with Partner CDIC members. High-interest savings names Peoples Bank of Canada. Chequing sits in trust at one or more CDIC members u2014 confirm the live agreement..
If it fails?
Neo is not a CDIC member. Eligible funds held in trust at CDIC-member institutions can be covered up to CAD $100,000 per beneficiary per member institution.
Salary?
Canadian payroll can land if the chequing details are accepted. That account is still an e-wallet on CDIC-member rails, not an OSFI bank.
Open from abroad?
No. Canadian residence is the gate.
Monthly fee
$0 monthly on chequing, on the September 2026 agreement
Account number
No IBAN. Canadian transit and account details.
NeoBankDBVerdict
Licence first · score second
6.8
/10 · Mixed
Neo Financial is not a bank. Neo Financial Technologies Inc. is a Calgary fintech, a FINTRAC money-services business and a payments-Canada PSP. CDIC cover, when it applies, follows the member institution that holds the funds in trust u2014 Peoples Bank of Canada is named on the HISA. File it as a Canadian app with a partner-bank deposit, not as EQ Bank.
What it is
Neo Financial Technologies Inc. is a federal Canadian corporation based in Calgary. It is not OSFI-chartered. Payments Canada accepted it as a PSP member in May 2026. FINTRAC MSB number M22733289. Andrew Chau, Jeff Adamson and Stephen Wetmore founded the company.
Best for: Canadian residents who want the Neo app and will read which CDIC member holds the cash.
Last checked 2026-09-17. Not advice.
What it does well
- +Honest CDIC explainer on the help centre
- +No monthly fee on chequing
- +HISA names Peoples Bank of Canada
- +Canadian residents can open it
What to watch
- −Not a bank
- −CDIC is via partner or trust, not Neo itself
- −Chequing DTI is not always named
- −Canada only
Legal entity, not the app icon
Who is behind it
- Legal name
- Neo Financial Technologies Inc.
- Founders
- Andrew Chau, Jeff Adamson, Stephen Wetmore
- Offices
- 3800-707 8 Ave SW, Calgary, AB T2P 1H5
The product, not the brand colour
The account
- Platforms
- iOS · Android
- Partner bank
- Peoples Bank of Canada on the HISA. Chequing: CDIC-member DTIs in trust u2014 named bank in that agreement is not always public.
- Availability
- Canadian residents with a Canadian address and photo ID.
- IBAN country
- No IBAN. Canadian transit and account details.
- Remote open
- No. Canadian residence is the gate.
- Minimum age
- Age of majority for most products. Chequing can start at 13 outside Quebec, 14 in Quebec.
- Salary / payroll
- Canadian payroll can land if the chequing details are accepted. That account is still an e-wallet on CDIC-member rails, not an OSFI bank.
How money actually moves
- Who holds the cash
- Insured bank deposit
- How money moves
- In-app ledger
- Built for
- Personal
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Fintech reviews can pause inbound while they check a transfer
- Card
- Neo Financial lists a physical card and a virtual card on visa, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
Neo is not a CDIC member. Eligible funds held in trust at CDIC-member institutions can be covered up to CAD $100,000 per beneficiary per member institution.
Who holds the money: Partner CDIC members. High-interest savings names Peoples Bank of Canada. Chequing sits in trust at one or more CDIC members u2014 confirm the live agreement.
- FINTRAC / Bank of Canada (RPAA)MSB and payment service provider · Canada
Fees
- Monthly
- $0 monthly on chequing, on the September 2026 agreement
- FX markup
- Canadian dollar product. Other fees sit in the product schedules.
- ATM
- See Neou2019s live fee schedule.
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- Chequing e-wallet
- High-interest savings at Peoples Bank of Canada
- Credit card
- Rewards
Before you tap Sign up
How to open
Step 1
Confirm you live in Canada
Neo wants a Canadian resident, a Canadian address and government photo ID.
Step 2
Open in the Neo app
Chequing is described as a personal e-wallet. It is not an OSFI bank account.
Step 3
Read the CDIC page
Neo is not a CDIC member. Cover follows the member institution holding the funds. Peoples Bank of Canada is named on the high-interest savings agreement.
Official help: support.neofinancial.com/hc/en-ca/articles/26426328891405-CDIC-deposit-protection-for-Neo-accounts
Operator documents
Their own papers
These are the operator’s documents. They outrank this review if they disagree.
Score
- Safety25%
- 6.8
- Fees20%
- 8.2
- Features15%
- 7.5
- App15%
- 8.0
- Global15%
- 3.2
- Support10%
- 7.0
Change log
Full logNo dated notes yet. When the licence, fees, or status moves, it lands here.
Available in
Straight answers
FAQ
01Is Neo Financial a bank?
No. Neo Financial Technologies Inc. is a fintech. It is not OSFI-chartered and not a CDIC member. The app runs on partner deposit-takers and trust accounts.
02Is Neo CDIC insured?
Neo itself is not. Eligible funds held in trust at a CDIC-member institution can be covered up to CAD $100,000 per beneficiary per member institution, if CDICu2019s rules are met.
03Which bank holds the money?
High-interest savings names Peoples Bank of Canada. Chequing sits in trust at one or more CDIC members. Always read the live agreement for the product you opened.
04Who can open Neo?
Canadian residents with a permanent Canadian address and photo ID. Age rules depend on the product and the province.
05What is the monthly fee?
The chequing agreement updated 1 September 2026 lists no monthly maintenance fee on the Access Card. Other products have their own schedules on legal.neo.cc.
06Can I receive salary on Neo?
Canadian payroll can land if the employer accepts the details. That is still not an OSFI bank salary account.
07Neo vs EQ Bank?
EQ Bank is a Schedule I bank with direct CDIC. Neo is a fintech on partner rails. If the word bank matters, EQ is the bank file.
08What is the legal name?
Neo Financial Technologies Inc., Calgary. Trade name: Neo Financial.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
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