Neo Financial, together with Concentra Bank, offers Neo Savings, the first Canadian fintech company to offer a CDIC-enabled high-interest savings account
Calgary, Alberta – (BUSINESS WIRE) – Neo Financial (Neo), a Calgary-based fintech company founded by two co-founders of SkipTheDishes, has announced a unique collaboration with Concentra Bank (Concentra), a Schedule 1 bank, to quietly fuel innovation. Through this relationship, Neo is the first Canadian fintech company to offer a CDIC-enabled high-yield savings account that works like an everyday bank account. The accounts are held with Concentra, a member bank of the Canada Deposit Insurance Corporation (CDIC). Together, Neo and Concentra have opened the door to innovations previously inaccessible in the Canadian consumer banking sector.
“Canada’s banking sector continues to follow other countries in using technologies that are more than 50 years old and incapable of innovating. Because of this, we set out to create it from scratch. We wanted to create a seamless customer experience especially for Canadians, ”said Andrew Chau, Founder and CEO of Neo Financial. “Our collaboration with Concentra Bank is a great example of how new tech companies can work with industrial partners to innovate better, faster, and to ensure Canada doesn’t fall behind.”
“We are different from many banks – we are open to creative ideas and solutions for our customers and less rigid in our approach to innovation while we manage the regulatory requirements,” says Don Coulter, President & CEO of Concentra Bank. “Working with fintechs is of central importance to our strategy. We have a long history of working with fintechs and we will continue to do so. We are proud to partner with Neo Financial to bring this great new savings product to Canadians. ”
Neo’s proprietary technology is designed to simplify finances and deliver rewarding experiences to Canadians. Neo Savings is a high yield savings account that can be opened in minutes from your phone and currently makes up to 30 times more * than other traditional Canadian banks. It contains:
A very competitive rate
No monthly fees
No transaction limits
No minimum balance requirements
® Trademark of Interac Inc. Used under license.
“Our team is committed to creating a cultural change in the way Canadians do banking. This means not just modernizing the current consumer experience, but rethinking the entire institution. By working with organizations like Concentra Bank, I believe that the future of Canadian banking will be accessible, empowering and innovative in ways that we never thought possible. I hope Canadians are as excited as we are to make this change and build something substantial here in Canada, ”says Andrew.
In addition to Neo Savings, consumers can also access the Neo MasterCard and Rewards program and bring spending and savings together on one seamless platform. Consumers across Canada can today open a Neo Account with access to Neo Spend, Savings and Reward products and be the first to access new account features as they roll out.
* Based on research comparing the high-yield savings rates of Canada’s “Big 5” banks with an investment of $ 100, excluding special pricing and interest premiums. The research was conducted by Neo Financial and is based on data obtained from public websites as of January 11, 2021.
About Neo Financial
Neo Financial (Neo) is a technology company that works hard to create a better financial experience for all Canadians. Founded in 2019 by the co-founders of SkipTheDishes, Neo reimagines expenses, savings and rewards by leveraging technology to simplify finances and create rewarding experiences for all Canadians.
By partnering with leading financial institutions, Neo offers members a secure way to spend and save money. Neo’s credit card is issued by ATB Financial and supported on the Mastercard network. The Neo savings account is provided by Concentra Bank, a CDIC member institution, and is entitled to CDIC deposit insurance. Headquartered in Calgary, AB, Neo is backed by top investors across North America. Please visit neofinancial.com for more information.
About the Concentra Bank
The aim of Concentra Bank is to shape the future of banking in order to enable your success. Concentra works with fintechs, credit unions and other businesses to bring Canadian consumers and businesses great products to meet their needs, including mortgages, savings products, various specialty banking products, commercial loan and leasing solutions and much more. Concentra has both a Schedule I banking license and a separate, government-regulated trust license and is the leading provider of wholesale banking and trust solutions for Canadian credit unions. Concentra Trust provides asset management, personal and corporate trust services, and estate planning and management. Concentra has an investment grade debt rating from Dominion Bond Rating Services. For the past 17 years, Concentra has been one of Canada’s best managed companies. concentra.ca | concentrabank approx