KOHO Financial vs Neo Financial
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
Neo Financial edges ahead on our overall rating (4.5 vs 4.2), but the right pick depends on which products and fees matter most to you.
Overview
Since its founding in 2014, fintech company KOHO Financial Inc. has developed under the motto “no hidden fees, no fine print, no catch.” Its product offering is narrow, though full of valuable choices. For example, FinlyWealth rated the KOHO Essential Plan at 4.9 stars out of 5, naming it as the best for cash back. Meanwhile, these cash back rewards are available on all plans, as is interest, starting at a rate of 2% for the Essential plan. Considering the most basic plan comes at a low monthly cost, it’s an impressive selling point. The company also allows you to directly purchase cryptocurrencies.
One of the drawbacks of the fintech is that it does not provide the same benefits and products as a full-service bank. It doesn’t, for example, have mortgages or a complete loan offering. Instead, its lending platform limits the options to just cash advances, lines of credit, and pay later plans. It also has no in-person services, so it requires all customers to be comfortable with digital banking.
Neo Financial continues to stand out as a strong digital first alternative in Canada, offering competitive rates and no fee everyday banking products across its lineup.
Neo provides a high interest savings account with one of the more attractive rates in Canada, along with a streamlined spending account designed for daily use.
Its suite of credit cards includes both secured and unsecured options, with several no annual fee choices as well as premium cards that offer enhanced rewards. In fact, some of the credit cards offered are among the best in Canada. For example, the Neo World Elite Mastercard has earned the award for best overall cashback credit card in Canada, while the Neo World Mastercard Secured has received the award for best overall secured credit card.
While Neo’s products are offered separately rather than as a bundled account, they are designed to work together within a single app experience, making it easy to manage spending, saving, and rewards in one place. To unlock the highest savings rates and best rewards, customers may need to meet certain activity requirements such as maintaining balances or using Neo’s ecosystem regularly.
Overall rating
4.2
4.5
Customer experience
3.8
3.0
Best for
Digital users looking for a fintech that combines spending, saving, cash back and budgeting tools.
Those who want strong no fee financial products and are comfortable managing their banking entirely online or through an app. Neo offers a no fee high interest savings account with one of the most competitive rates in Canada, a solid everyday spending account, and a range of credit cards both secured and unsecured including options with no annual fees as well as premium cards with added perks.
Pros & cons
Pros
Competitive interest rates depending on the plan
Ability to waive monthly fees with a minimum balance requirement
Cash back benefits available on all plans
Access to “thousands” of no-fee ATMs using partners
Provides budgeting tools
Digital-first experience with spending, saving, borrowing and credit-building options all available in its app
Cons
No traditional chequing accounts or investment options
Does not offer mortgages
Does not operate a full-service bank, limiting the products and in-person services available
No deposit insurance coverage from the Canada Deposit Insurance Corporation (CDIC)
Best rates and perks are reserved for higher-level plans
Pros
No monthly fees on most core products.
Competitive savings interest rates in Canada.
Wide range of credit cards including secured options.
Strong cashback rewards on credit cards, especially with partner merchants.
Well designed and easy to use mobile app.
Cons
No physical branches.
Cash deposits are not supported
Mixed customer service experiences reported by some users.
Top chequing accounts
KOHO Financial has no chequing account listed.
Best for: No-fee chequing account with cashback
4.9 Our rating
on Neo Financial's website
+ Get $100 after spending $1,000*
Welcome Bonus
Get $100 after spending $1,000*
Regular Interest
Up to 0.1%
Monthly Fee
$0
Account Type
Chequing • Personal
Exclusive Offer: Earn $100 by spending at least $1,000 within the first three months on the Neo Money card or any other Neo credit card.*
MEMBERSHIP TIERS
Neo Chequing offers optional membership tiers with added benefits, both free for customers who keep enough on deposit with Neo.
Build — $7.99/month (free with $5,000+ in any Neo account)
- Credit Score Monitoring: track credit score in the Neo app
- Credit Builder: tools and insights to build credit history
- Cash Advance & Overdraft (coming soon): up to $300 at 0% interest, reported to both credit bureaus
- Free ATM Withdrawals: fees reimbursed up to $5/withdrawal, unlimited withdrawals
- Secured Card Fee Waived: $7.99/month fee waived for Build members
Grow — $12.99/month (free with $20,000+ across Neo Chequing and Savings)
Includes all Build benefits, plus:
- No Foreign Transaction Fees: FX fees rebated on Neo Credit Card and Money Card international spend (up to $10,000/month), full rewards kept at domestic rate
- Higher Savings Interest Rate: 2.75% on Neo Savings
- Priority Support: dedicated phone line for Grow members
CASHBACK REWARD LEVELS
Cashback rates on gas and groceries (earned via the Neo Money™ Card) increase automatically based on your Neo Chequing account balance.
Reward Level | Chequing Balance Required | Gas | Groceries | Everything Else
|
|---|---|---|---|---|
Level 1 | $0 | 1% | 1% | 0% |
Level 2 | $5,000 | 2% | 2% | 0.5% |
Level 3 | $10,000 | 3% | 3% | 1% |
On top of the rates above, customers earn an average of 5% (up to 15%) at thousands of Neo partner locations across Canada through the Neo app.
CORE FEATURES
Feature | Customer Benefit
|
|---|---|
Free Interac e-Transfer® payments | Send and receive money at no cost, including scheduled transfers |
Bill payments & pre-authorized debits | Pay bills and set up recurring debits directly from the account |
$0 NSF fees | No fee for insufficient funds — unlike most traditional banks |
Real-time spend tracking | See every transaction instantly with automatic categorization |
Smart budgeting tools | Insights and budget features built into the Neo app |
Instant payments to Neo credit cards | Pay off Neo credit card balances instantly from the same app |
Joint account available | Open a joint Neo Chequing account with a co-owner; both earn cashback independently |
CDIC deposit protection | Funds eligible for CDIC insurance up to $100,000 |
Biometric login & fraud monitoring | Next-gen security including 24/7 monitoring, real-time alerts, and instant card freeze |
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$0
International
$0
International & Currency
Foreign Currency Conversion
2.5%
Top savings account
Best for: No fee cash back
4.9 Our rating
on KOHO's website
+ New clients can earn 10% cash back* using promo code FW10C26
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26
Regular Interest
2%
Monthly Fee
$0
- New KOHO clients can earn 10% cash back in the first 3 months (up to $1,000 in eligible spending, max $100 value)*
- Use promo code FW10C26
With the KOHO Core Account, members receive:
- $0/month, with no conditions, direct deposit requirement, or minimum balance
- 2% interest earned on their balance
- 1% unlimited cash back on groceries, transportation, food & drinks
- Up to 6.5% extra cash back at selected merchants
- Cash advance of up to $500* at 0% interest with Cover
- Unlimited transactions
- Free instant e-transfers
- International money transfers to 190+ countries
- Free credit score monitoring
- Free Secured Credit Building
- Instant virtual card
*Terms and conditions apply.
Pros
- Interest on balance
- No annual fee
- Select merchant optimization
- Unlimited transactions and e-transfers
- International money transfers
- Free 30-day trial
Cons
- Limited and low cash back
- No physical branch access
- ATM fees
Best for: High interest savings
4.6 Our rating
on Neo Financial's website
Welcome Bonus
N/A
Regular Interest
Up to 2.75%
Monthly Fee
$0
Earn up to 2.75% interest1
- Get up to 2.75% interest, determined by your membership tier
- No promotional or limited-time offers — rates increase depending on membership
- Earn up to $508 more each year than at traditional banks
- Personalize up to 10 accounts with custom names, icons, and amounts for each goal. Whether it’s a vacation or an emergency fund, you’ll accomplish them sooner.
- Manage your money instantly between multiple accounts on the Neo app. Connect an external bank account and make money transfers between institutions a snap.
¹Interest Rates (based on membership tier):
Membership | Interest Rate |
|---|---|
Standard savings | 2.00% |
Build Membership ($0-9.99/month) | 2.50% |
Grow Membership ($14.99/month) | 2.75% |
Top credit card
on KOHO's website
Finly Special Offer
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26
Annual Fee
$0
Interest Rates
N/A / N/A
RECOMMENDED CREDIT SCORE
4.9/5
The KOHO Core Mastercard is a great base-tier option for those who want to collect cash back and build credit with KOHO; all for no monthly fee. Unlock rewards on common purchases, earn interest on your balance, and tap into credit monitoring and secured credit building.
Pros
- No credit check
- Interest on balance
- No annual fee
- Secured credit building
- Unlimited e-transfers
Cons
- Low purchase reward rate
- Limited benefits
Rewards
- 1% cash back on groceries, eating and drinking, and transportation
- 2% interest on your entire balance
- Up to 6.5% extra cash back at selected merchants
Benefits
Details
Unlimited e-Transfers
Interest on Balance
2% interest
Secured Credit Building
Free
Eligibility
Credit Score
PoorAnnual Income
N/A
on Neo Financial's website
Finly Special Offer
Welcome Bonus
$0 First-Year Annual Fee and $100 Welcome Bonus
Annual Fee
$149 $0
Interest Rates
19.99% - 26.99%□ / 22.99% - 28.99%
RECOMMENDED CREDIT SCORE
4.6/5
This card offers some of the highest cash back rates in Canada for gas, groceries, and recurring purchases, which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, if you're the average person whose spending is generally below $12k per year in groceries, $6k per year in recurring bills and $12k per year in gas, then you'll be doing pretty well, especially with the great insurance and benefit offers.
Awards & Recognition
Best Cash Back Credit Card
2026
Pros
- High cashback rates
- Premium insurance coverage
- Airport lounge membership
- Boosted partner cashback
- Instant approval and access
Cons
- High income requirements
- Spending caps
- Annual fee
Rewards
- 5% cash back on grocery purchases up to $1,000 spending per month
- 4% cash back on recurring purchases up to $500 spending per month
- 3% cash back on gas purchases up to $1,000 spending per month
- 1% cash back on all other purchases with no spending caps
- Up to 15% boosted cashback at thousands of partners across Canada - on top of base cashback rates
Insurance
Coverage
Travel Medical Insurance (64 & under)
Up to $1,000,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Flight Delay
$500Baggage Delay
$1,000
Hotel Burglary Insurance
$1,000
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child.svg)
Car Rental Damage & Theft
Yes.svg)
Car Rental Personal Effects
$1,000
Purchase Protection
90 days
Extended Warranty
1 year
Lost or Stolen Baggage
$1,000
Mastercard Zero Liability Protection
Yes
Benefits
Details
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
No Foreign Transaction Fees1
You can get all FX fees rebated up to $10K spending per month with a Neo Grow membership ($12.99/month cost or $0 with $20K across your Neo accounts)
World Mastercard Benefits
Including discounting with participating partners and DragonPass airport lounge access.
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
All products offered
6 products
10 products
Savings
Neo Savings Account
Chequing
Neo Chequing Account
Credit cards
Neo Mastercard®
Neo Secured Mastercard®
Neo World Mastercard® – Gas & Grocery
Secured Neo World Mastercard® – Gas & Grocery
Neo World Elite® Mastercard – Gas & Grocery
Secured Neo World Elite® Mastercard – Gas & Grocery
Neo Cathay World Elite® Mastercard®
Neo Cathay World Elite® Mastercard® Secured