Neo Financial review: secured card, savings and the new memberships

What is Neo Financial?

Neo Financial is a Canadian financial company. It offers credit cards, a chequing account, a savings account and the Neo Money card in one app. Neo says it is registered with FINTRAC as a money services business and with the Bank of Canada as a payment service provider. Neo says it is not a CDIC member institution, and it is not a bank.

Neo is best known among newcomers for its secured credit card. A secured card asks you for a deposit, and the deposit becomes your credit limit. Because it is a real credit card, your payments can build a Canadian credit history.

What do Neo memberships cost now?

Neo moved to paid memberships in fall 2026. Build and Grow fees apply to new customers from September 1, 2026 and to existing customers from October 1, 2026.

Source: Neo’s memberships article (September 2, 2026) and “What’s changing” page, checked October 10, 2026. Neo’s changes page lists ATM fee reimbursement under Build: up to $5 per Canadian-dollar withdrawal at third-party ATMs with a Neo Money card. The memberships article does not mention it. Check which tiers include it in the app.

The old free memberships for keeping $5,000 (Build) or $20,000 (Grow) in savings ended on October 1, 2026.

How does the secured Neo Mastercard work?

• Deposit: from $50, paid by Interac e-Transfer or from a linked bank account. The deposit is refundable.
• Credit limit: matches your deposit.
• Membership: secured limits need Build or Grow. Neo says secured limits are not available to Essentials or Start members. Neo’s secured card page shows the first 3 months free, then $9.99 a month.
• Interest: 19.99% to 29.99% on purchases.
• Approval: Neo’s paid secured card page lists minimum income as “None” and says “Approval is guaranteed.” Its general secured cards page says you can get a secured card if you meet the income requirements. Check the terms for the card you choose.
• Reporting: payments are reported to TransUnion and Equifax.
• Leaving: to downgrade or cancel your membership, you must pay the balance and close the card.

On October 1, 2026, Neo ended cash back on gas and groceries on the Neo Mastercard. Partner cash back offers continue. Neo also says every Neo Mastercard holder, including secured cardholders, will get a higher credit limit offer, with conditions.

Worked example: first year cost

You open a secured card with a $300 deposit, so your limit is $300. Months 1 to 3 are free, then 9 months at $9.99 cost $89.91. In year two, 12 months cost $119.88. If you pay your full balance each month, you pay no interest. Keep your balance low compared with your limit; see credit score 101.

What changes on January 1, 2027?

Neo Chequing fees change for Essentials members on January 1, 2027. Start, Build and Grow members have them waived.

Example: if you send 10 e-Transfers a month on Essentials, that is $10 a month from January 2027. Start at $4.99 a month (or $0 with payroll deposit) would cost less. Neo also says the Neo Money card keeps 1% cash back on gas and groceries and is free with Neo Chequing. Many big banks also include free e-Transfers; see the Interac e-Transfer guide.

Is your money safe with Neo?

Neo says Neo Savings funds are “held securely in trust in the name of the primary account holder.” They are held at one or more CDIC members, including large banks and federally regulated credit unions. Eligible funds are insured up to $100,000 per beneficiary, per member institution, if disclosure rules are met. Neo’s accounts page says Neo Chequing funds are eligible for CDIC insurance up to $100,000. That page does not explain how chequing funds are held.

CDIC’s bulletin for fintechs (April 2026) explains the limit of this protection. It applies if the member institution holding the money fails, not if the fintech fails. The Neo pages we read do not say whether a secured card deposit is CDIC eligible. Read CDIC deposit insurance explained for how this compares with a bank.

How to get a Neo secured card, step by step

1. Download the Neo app and create your profile.
2. Choose the secured option and a Build or Grow membership.
3. Fund your deposit of $50 or more by Interac e-Transfer or from a linked bank account. This sets your limit.
4. Use the card for small, regular bills, such as a phone plan.
5. Pay the full statement balance by the due date each month.
6. Check your credit report after a few months to see the account. See your free credit report.

Pitfall: the monthly membership keeps running while the card is open. Note the date your free months end.

Who is Neo a good fit for?

• You have no Canadian credit history and want a real credit card with a small deposit.
• You can pay $9.99 a month for Build after the free months, and value the credit tools.
• You get paid into Neo and can use Start at $0 once it launches.

It is a weaker fit if you want a free secured card. Some banks offer secured cards without a monthly membership; compare them in secured credit cards for newcomers.

Common questions

Sources

• Neo Financial: What’s changing (October 2026)
• Neo Financial: Neo memberships explained (September 2, 2026)
• Neo Financial: Memberships
• Neo Financial: Secured Neo Mastercard
• Neo Financial: How secured credit cards work at Neo
• Neo Financial: Accounts
• Neo Financial: Trust and security
• Neo Support: Get a Neo Savings account
• CDIC: Information Bulletin for Fintechs (April 2026)
• CDIC: Deposits held in trust

Checked against these sources on October 10, 2026. Spotted something out of date? Tell us.