Neo Financial Teams Up With Concentra Bank to Offer Neo Savings, the First Canadian Fintech to Offer a CDIC-Eligible High-Interest Savings Account

Distributed by Business Wire
13th January 2021

CALGARY, Alberta–(BUSINESS WIRE)–Neo Financial (Neo), a Calgary-based fintech company created by two of the co-founders of SkipTheDishes, has announced a first-of-its-kind collaboration with Concentra Bank (Concentra), a Schedule 1 bank that is quietly fuelling innovation. Through this relationship, Neo is the first Canadian fintech company to offer a CDIC-eligible high-interest savings account that works like an everyday banking account. The accounts are held at Concentra, a Canada Deposit Insurance Corporation (CDIC) member bank. Together, Neo and Concentra have opened the door for innovation that has historically not been accessible within Canada’s consumer banking sector.

“Canada’s banking sector continues to trail other countries, using technology that is more than 50 years old, and unable to innovate. This is why we set out to rebuild it from scratch. We wanted to create a seamless consumer-first experience, specifically for Canadians,” says Andrew Chau, Founder and CEO, Neo Financial. “Our collaboration with Concentra Bank is a great example of how new technology companies can work with industry partners to innovate better and faster to ensure Canada doesn’t fall behind.”

“We’re different from many banks—we’re open to creative ideas and solutions for our customers and we’re less rigid in our approach to innovation, while managing regulatory requirements,” says Don Coulter, President & CEO of Concentra Bank. “Collaboration with fintechs is central to our strategy. We have a strong history of working with fintechs and will continue to do so. We’re proud to work with Neo Financial to bring this great new savings product to Canadians.”

Neo’s proprietary technology has been designed to simplify finances and create rewarding experiences for Canadians. Neo Savings is a high-interest savings account that can be opened in minutes from your phone, and presently earns up to 30 times more* than other traditional Canadian banks. It includes:

A highly competitive interest rate
Bill payments
INTERAC E-TRANSFER®
Direct payroll deposit
Bank-to-bank transfers
No monthly fees
No transaction limits
No minimum balance requirements

® Trademark of Interac Inc. Used under license.

“Our team is dedicated to creating a cultural shift in how Canadians bank. This means not only modernizing the current consumer experience, but rethinking the institution as a whole. Through collaboration with organizations like Concentra Bank, I believe the future of Canadian banking will be accessible, empowering and innovative in ways we haven’t thought possible. I hope Canadians are as excited as we are to create this change and build something substantial here in Canada,” says Andrew.

Alongside Neo Savings, consumers can also access the Neo MasterCard and Rewards program, bringing spending and savings together on one seamless platform. Consumers across Canada can open a Neo account today with access to Neo spending, savings and reward products, and be the first to access new account features as they continue to roll out.

* 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 January 11, 2021.

About Neo Financial

Neo Financial (Neo) is a technology company working hard to build a better financial experience for all Canadians. Founded in 2019 by co-founders of SkipTheDishes, Neo is re-imagining spending, savings and rewards by using technology to simplify finances and create rewarding experiences for all Canadians.

Through partnerships with leading financial institutions, Neo provides members with a safe and secure way to spend and save. Neo’s credit card is issued by ATB Financial and backed by the Mastercard network, and the Neo Savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Neo is headquartered in Calgary, AB, and is backed by top investors across North America. For more information, please visit neofinancial.com.

About Concentra Bank

Concentra Bank’s purpose is Creating the future of banking, to enable your success. Concentra collaborates with fintechs, credit unions and other companies to offer Canadian consumers and businesses great products to help meet their needs, including mortgages, savings products, various specialty banking products, commercial lending and leasing solutions, and more. Concentra has both a Schedule I bank licence as well as a separate federally regulated trust licence, and is the leading provider of wholesale banking and trust solutions to Canadian credit unions. Concentra Trust offers wealth management, personal and corporate trust services, and estate planning and administration. Concentra has an investment grade external debt rating from Dominion Bond Rating Services. For the last 17 years, Concentra has been one of Canada’s Best Managed Companies. concentra.ca | concentrabank.ca