Neo Financial Business Account Review: What You Need to Know

While Neo Financial doesn’t have an account specifically for business, it offers some useful digital-first savings, spending, investing, and credit solutions. Neo is a Canadian fintech company headquartered in Calgary, Alberta.

If you don’t require complex banking, this article helps you evaluate whether Neo Financial suits your business needs and provides you with alternative banking options if you frequently deal with international customers and cross-border payments.

Neo Financial Review: Quick Overview

Neo Financial: Key Features

Although Neo doesn’t offer a dedicated business account, its digital-first features benefit entrepreneurs and small teams who don’t need the full spectrum of traditional business banking services.

Product details

Neo is a fintech company that partners with federally regulated institutions to deliver its services. Since the distinction between online banks and fintech services can get confusing, people often ask, “Is Neo Financial a bank?”

The answer is no, but deposits in Neo Money accounts are protected through partnerships with Peoples Bank of Canada and Concentra, meaning funds are covered by the Canada Deposit Insurance Corporation (CDIC) up to $100,000.³ So, if you’re okay with Neo not being a “bank” but still wonder, “Is Neo Financial CDIC insured?” you’re in safe hands.

Neo Financial offers a range of digital-first products designed to replace traditional banking services. Its flagship offerings include the Neo Everyday account, which has no monthly fees, unlimited transactions, and the ability to earn cashback on purchases without a credit card. There’s also the Neo savings account, which is a high-interest savings account (HISA) with no minimum deposits required. Within the savings account, you can personalize up to 10 accounts with custom names and goals.⁴

Customers can also access three co-branded Mastercard products: Neo Mastercard, Neo World Mastercard, and Neo World Elite Mastercard. Beyond spending, Neo has expanded into other areas such as Neo Invest (powered by OneVest) and mortgages.

Ease of use

One of Neo Financial’s most popular features is its user-friendly app, which customers frequently praise for its clean design and intuitive navigation. The app makes it simple for customers to manage personal and business-related spending, especially for those using a Neo Financial credit card to track expenses.

Customers have highlighted the speed of card issuance and the real-time updates for spending and savings. Although the app is easy to navigate for everyday tasks, its simplicity comes at the cost of more advanced business tools, such as batch payments or multi-currency support, which are often essential for growing businesses.

Customer service

Neo Financial provides in-app chat support, which aligns with its digital-first approach. This is convenient for customers who prefer fast, app-based communication. However, the quality of customer service has received mixed reviews. While some report timely and helpful responses, others share less positive experiences, noting difficulties in closing their Neo account or disputing charges.

Neo Financial Fees

Learning the fee structure is essential for any business considering Neo Financial, as it helps determine whether the platform meets your day-to-day and international payment needs.

• Everyday & High-Interest Savings: No monthly or transaction fees.
• Balance Protection insurance: Optional, ~$1.39 per $100 average daily balance per cycle (e.g., $6.95/month on CAD $500 balance).⁵
• Travel perks subscription: Required for cashback on foreign-currency purchases.¹
• International fees: A 3% foreign currency conversion fee on Neo credit cards and 2.5% on Neo Everyday Account and Prepaid Mastercard.⁶^,⁷

While Neo Financial offers many fee-free features domestically, businesses should be aware of potential costs that can arise. Optional services, like balance protection insurance or travel perks subscriptions for foreign transaction cashback, come with added charges.

International purchases without the travel perks plan may incur foreign exchange fees, which are not fully transparent. If you want predictable costs and to avoid surprises when managing cash flow or making cross-border payments, be sure to get familiar with these potential charges.

Wise Business Could Help Your Company Save on Global Payments

Neo Financial Benefits and Considerations

Let’s sum up Neo's benefits and considerations in a simple table.

What are the benefits of Neo Financial?

Neo stands out as a modern, app-based financial platform with a compelling rewards program. Business customers benefit from zero-fee savings and everyday accounts, instant notifications, and a sleek interface that simplifies expense tracking. The cashback structure rewards spending categories—particularly gas, groceries, and selected partners—helping businesses maximize value.

For domestic operations, ease of use and integrated tools (like Neo Invest) add depth beyond basic banking. That said, these benefits are geared more toward personal or small-scale use rather than for meeting the complex needs of most Canadian businesses.

What are the disadvantages of Neo Financial?

Neo is not a chartered bank. It relies on partners like Concentra Bank or Peoples Bank of Canada for insured accounts. While deposits are CDIC-protected up to $100K, this comes with the complexity of third-party arrangements that worry some users.³

There is no international functionality for paying or receiving money from customers abroad. Moreover, anecdotal reports cite poor customer support, delayed responses, and difficulty resolving disputes, undermining trust for business-critical needs.

Conclusion: Is Neo Financial the best choice?

For Canadian businesses focused on domestic spending, rewards, and user-friendly fintech experiences, Neo Financial offers a smart, fee-free option. But while Neo may be appealing for simple, domestic spending, it falls short for businesses that want to grow beyond Canada. Wise Business not only fills those gaps but also provides a reliable, cost-effective solution for companies operating internationally.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Use Wise Business >>

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers
• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Business Debit Card: Invite your employees to order a debit card for free, and pre-set their spending limit. Add them to your Business account with controlled access and track their spending in one place.
• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met
• Free invoicing tool: Generate and send professional invoices
• No minimum balance requirements or monthly fees: Canada based businesses can open an account for free. Learn more about fees here

FAQ

Is Neo Financial a bank?

No. Neo Financial is a fintech company that partners with Peoples Bank of Canada and Concentra to provide CDIC protection up to $100,000.

Does Neo Financial charge monthly fees?

Neo offers no monthly fees on its Everyday and High Interest Savings accounts. Optional services, like Balance Protection insurance (~$1.39 per $100 average balance) or cashback perks, come at an extra cost. While great for domestic use, businesses with more complex needs often prefer the ability to handle both local and international transactions.

Can Neo Financial support international payments?

Neo offers no support for international transfers. However, you can use your Neo card to spend in foreign locations. The company charges 2.5-3% on foreign currency purchases and requires a paid “travel perks” plan to reduce some of those fees.

Who is Neo Financial best suited for?

Neo is a good option for freelancers, sole proprietors, and small businesses that primarily operate in Canada. The zero-fee structure, cashback perks, and app-first design make it a solid domestic tool. Businesses with suppliers or clients abroad may outgrow Neo quickly and look to global payment providers instead.

Sources:

1. Neo Everyday Account | Neo Financial
2. Perks | Neo Financial
3. Neo Financial Review | Trustpilot
4. High Interest Savings | Neo Financial
5. Balance Protection | Neo Financial
6. Fees on your credit card | Neo Financial
7. Neo Everyday Account and Prepaid Mastercard® Disclosure Statement and Fee Schedule | Neo Financial