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Screenshots of the Neo Savings account opening process
May 2, 2021
9:45 am
Peter
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Out of curiosity, I've opened a Neo Savings account and posted screenshots of the steps here: https://www.highinterestsavings.ca/2021/05/neo-financials-account-opening-process/

It reminded me of how quick it was to open an EQ Bank account.

I'm not sure whether I'd actually use the Neo Savings account, because they force you to use their app. I've asked them on Twitter whether browser-based online banking is in their plans. It was once listed as "coming soon" on their website, but that seems to have disappeared.

In any case, I'm not ready to do a review of Neo Financial yet. I mostly opened the account just so I could document and share the account opening process!

May 2, 2021
2:55 pm
hwyc
GTA
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A "like" to Peter for the efforts going thru

May 3, 2021
8:16 am
Alexandre
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When Neo Mastercard credit card balance is paid from Neo Savings account, payment is processed immediately. It is similar to what TD does, but some banks take "1-2 business days" for money transferred from their Checking to their own CC to be reflected in CC balance.

I am going to use Neo Savings to pay Neo credit card balance. I don't mind using an app - most other banks I have accounts with have banking apps and they are installed on my smartphone.

May 3, 2021
8:23 am
KamWest
Toronto
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Hmmm

There is something weird with the screen shots, if you did not tell me it was a Neo Savings account I would have sworn it was the new motus bank app. In fact the colours, graphics, everything is nearly identical to the motus app on android.

That said the Meridian app is top notch and Motus was using the same until recently when they switched to this new app. When using the new motus app it is virtually identical to the Neo screenshots.

So who is using who's app code base or is it a service that is providing it to both institutions.

May 3, 2021
10:30 am
LK
British Columbia, Canada
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KamWest said
Hmmm

There is something weird with the screen shots, if you did not tell me it was a Neo Savings account I would have sworn it was the new motus bank app. In fact the colours, graphics, everything is nearly identical to the motus app on android.

That said the Meridian app is top notch and Motus was using the same until recently when they switched to this new app. When using the new motus app it is virtually identical to the Neo screenshots.

So who is using who's app code base or is it a service that is providing it to both institutions.  

Perhaps not surprising given that Neo states that it is a "a technology company that’s building a better financial experience for all Canadians." Maybe it is also an app developer, licensing its app infrastructure to different financial institutions? It certainly is hosting the app for the Concentra account (named the Neo Savings Account). https://www.neofinancial.com/about

Also: https://www.neofinancial.com/enterprise

May 3, 2021
11:08 am
KamWest
Toronto
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That explains it, I gave the new app a one star rating on google play. All stark white with childish animations and a lot harder to see things than the app before.

May 5, 2021
2:39 pm
maGIC
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Has anyone opened a Neo account in the last few weeks? I applied about two weeks ago and still have the “your application is under review” message when I log on. My credit score is north of 850. Can anyone share their recent experience?
Thanks
Love this forum

May 5, 2021
3:33 pm
Peter
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I had a username and password since November, but I didn't actually "apply" for the savings account until the end of April, and it was opened immediately. This was the savings account only. I didn't try to apply for the Mastercard.

May 5, 2021
4:15 pm
maGIC
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Thanks Peter, I applied for a savings account only.

May 5, 2021
4:42 pm
harbottle
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Got the savings account and the Neo M/C. Savings interest rate at 1.55% is better than EQ.
I like the fast instant payment to the M/C. Purchases on the credit card appear instantly. 3% cashback is nice sf-laugh
Bank transfers into savings all have 5 business day holds. Transfers out appear to be near instant.
This Fintech is doing things right.

May 5, 2021
5:11 pm
Alexandre
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maGIC said
Has anyone opened a Neo account in the last few weeks? I applied about two weeks ago and still have the “your application is under review” message when I log on. My credit score is north of 850. Can anyone share their recent experience?
Thanks
Love this forum  

I applied for Savings account on March 30. Application was accepted immediately, I got access to account same day.

Three days later I applied for Neo Mastercard, application was accepted immediately again.

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