National Bank of Canada 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 4.1), but the right pick depends on which products and fees matter most to you.
Overview
The National Bank of Canada, also called National Bank, is one of the biggest banks in Canada, though it is the smallest of the group. Initially, the bank dominated in the province of Quebec, but has since expanded its reach throughout the country. The migration of CWB Financial Group adds to National’s offering, with the integration of its clientele now complete according to the bank's website.
National Bank has a reputable Bank Account for Newcomers program and a range of chequing account options. Its monthly fees remain competitive, and certain groups can get the fee waived, as can those who maintain a minimum account balance. Minimum balance requirements are slightly above the other Big Six, though. In terms of savings accounts, the bank’s main option for Canadian dollar savers is its High Interest Savings Account. The account has a less competitive rate, causing National Bank to fall behind the offerings from the other major banks. Anyone focusing on earning a higher interest rate can find a better return with digital institutions.
Another area where National Bank is more limited is in its credit card offering. The bank does not have Visa cards, instead sticking with Mastercard only. While its choices are narrower compared to some of the other Big Six Canadian banks, it does have a quality selection. For example, the bank has the National Bank World Elite® Mastercard®, which Finly rates highly at a 4.6 out of 5 due to its “generous earn rate.”
For its lending and mortgage products, National Bank boasts a wide variety of fixed and variable-rate mortgages plus personal loans and lines of credit as well as home equity borrowing. As a full-service lender, National Bank is more than just a niche banking option with mortgage and loan options generally in line with the major Canadian banks. It also has promotional rates that offer a competitive edge.
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
4.1
4.5
Customer experience
3.4
3.0
Best for
National Bank is best for Canadians who want full-service banking and access to a major federally regulated bank. It’s particularly suitable for those in Quebec or customers in Western Canada where the bank expanded.
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
Part of THE EXCHANGE ABM network, providing customers with access to almost 2,500 machines
Availability of fee-waiver options
Has a stand-out newcomer program and well-ranked credit card even with a more limited offering
National Bank Direct Brokerage promotes a unique offering of $0 online stock and ETF commissions
More valuable rates and rewards available through periodic promotional pricing
Cons
Smaller branch network versus the other major Canadian banks
Monthly account fees apply to all chequing accounts unless you maintain a minimum account balance or meet other fee-waiver eligibility
Minimum balance waiver is at a higher level in comparison to the other Big Six
Savings account offering is limited
Credit card lineup includes Mastercard only, no Visa or AmEx options
Every credit card has a 2.5% foreign transaction fee
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
Best for: Newcomers to Canada
on National Bank's website
Welcome Bonus
Earn up to $600 cashback when you open an account for newcomers and meet certain criteria.
Monthly Fee
$15.95 (waivable)
Account Type
Chequing • Personal
Promotion: You could get up to $600 cashback
Start your life in Canada by taking advantage of our welcome offer: A bank account that allows you to earn up to $600 cashback. Here’s how to get the most out of it:
Get $300 cashback when you:
Open a chequing account and meet certain criteria.
- Sign up for online banking.
- Complete 20 eligible transactions.
- Receive 3 eligible automatic deposits of at least $100 each.
Get $100 cashback when you:
Apply for a Mastercard credit card, get approved, and complete 20 purchases with the new card.
Get $100 cashback when you:
Set up pre-authorized, recurring payments for your National Bank mortgage from your new chequing account.
Get $100 cashback when you:
Open a High Interest Savings Account and deposit at least $5,000.
You’re eligible to open a newcomer bank account if you:
- Are 18 years of age or older.
- Plan to move to Canada within 90 days or have been living in Canada for 5 years or less.
- Have permanent or temporary resident status with a valid work or study permit.
A journey that evolves with you over 4 years
Year 1
Get started with no monthly fees
As soon as you arrive, enjoy all the benefits we offer, without any fixed monthly fees.1
Years 2 and 3
Keep your account free by meeting certain conditions*
Maintain a minimum daily balance of $4,500 in your account
OR
Sign up for the following three products and services:
- A credit card
- Electronic bank statements
- Payroll deposit or the electronic payment of at least two bills per month
Year 4
Automatically switch to The Connected
After your newcomer offer ends, your account automatically switches to The Connected® package, which lets you reduce or even eliminate your monthly fees.
Get even more advantages with your account for newcomers
- Unlimited online transactions and Interac e-Transfer® usage within Canada
- Access to over 360 branches and to our network of ABMs across Canada 7
- First cheque order free of charge 4
- Free National Bank ABM and in-branch withdrawals, transfers and bill payments for the first year 5
- Free paper statements by mail for the first year 6
- Cash withdrawals abroad through our network of global partners 8
- Get 12 months of free legal advice through our partner FBA Solutions. 2
- Send transfers to 19 European Union countries, India, the Philippines, and more. 3
Pros
- Unlimited online transactions and Interac e-Transfers in Canada
- Cashback promotional offer
- Free legal assistance
- Online international money transfers
- Monthly fee waivers
Cons
- Tiered monthly fee rebate requirements
- Limited access outside Quebec
- Limited low-fee international transfer locations
Account fees
Monthly fee
$15.95
Fee waiver: Baseline Savings
Full waiver
Baseline savings of $334.92 over three years for the account You’ll save if you meet the following conditions: Open a bank account online before arriving with our secure form or visit a branch upon arrival. Sign up for our offer for newcomers. Savings are based on: First year: no flat monthly fee (savings of $15.95/month for 12 months) Second year: flat monthly fee of $7.98 instead of $15.95 (savings of $7.97/month for 12 months) Third year: flat monthly fee of $11.96 instead of $15.95 (savings of $3.99/month for 12 months)
Fee waiver: Maximum Savings
$4,500 min. balance
Maximum savings on the account: $574.20 over 3 years In addition to the basic savings conditions, you must: Maintain a minimum daily balance of $4,500 OR Sign up for the following three products and services before the end of the first year and maintain them until the end of the special offer: A Mastercard® personal credit card ; Electronic bank statements ; Payroll deposit to your bank account at one of our branches at least once a month or payment of at least two bills per month electronically from this bank account
Fee waiver: Maximum Total Savings
$4,500 min. balance
Maximum total savings of the offer: $683.30 over 3 years To reach these savings, you must meet all the conditions for maximum savings on the account (above) and take advantage of the following services: First check order free ($67.10/order) Free paper bank statements for the first year ($42) Please note: The savings depend on meeting all the requirements for the entire duration of the offer (3 years). If you do not meet all the conditions in a given month, your savings will be reduced. If you no longer have the bank account or the Newcomer Package, the savings will no longer apply.
Credit card rebate
Up to $100
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM fees
Own network
$0
Canadian ATMs
$2
International and currency
Foreign currency conversion
2.5%
Other fees
NSF (non-sufficient funds)
$10
Overdraft protection
$5/month
Overdraft interest
21% annually (if used)
Bank draft
$9
Best for: Premium Perks and Unlimited Transactions
on National Bank's website
Welcome Bonus
Up to $150 cashback with an eligible credit card
Monthly Fee
$28.95 (waivable)
Account Type
Chequing • Personal
Up to $150 cashback with an eligible credit card7
- Available to new holders of an eligible National Bank Mastercard credit card and a chequing account with The Total® package
- Eligible credit cards include: Echo® Cashback, Syncro, Platinum, World and World Elite®
- Discount only applies once after enrollment
- Bank account must be opened before the credit card account to qualify
- Discount will be applied as a credit to the credit card account statement within a maximum of 90 days after activation of the card
- Online application in a few clicks
- Unlimited use of Interac e-transfer, 1 free of charge
- Unlimited digital 2 and in-person 3 transactions
- An integrated line of credit up to $5,000 4
- Unlimited access to a lawyer by phone or videoconference, in partnership with FBA Solutions. Benefit from estate assistance to draw up your will and protection mandate in anticipation of incapacity, before witnesses, or online 5
- Overdraft protection 6
- Up to $150 cashback with an eligible credit card 7
- Unlimited use of Interac ® & Cirrus® network ABMs in Canada, free of charge
- Access to mobile cheque deposit
- Stop pre-autorized debits or cheques, free of charge
- Mail statements at no extra cost
- 100 cheques per year, 8 free of charge
- Access to THE EXCHANGE® network of ABMs at no additional cost
- Online statements at no extra cost
Pros
- Easy online application
- Unlimited free transactions and e-Transfers
- Integrated line of credit
- Promotional cashback
- Legal Assistance
- Monthly fee rebates
- Overdraft protection
Cons
- Minimum balance required for monthly fee rebates
- Limited branch access
- International transfer fees
Account fees
Monthly fee
$28.95
Fee rebate: 0-17 years old
Partial rebate
0-17 years old Monthly fees (9): $18/month
Fee waiver: 18-24 years old
$6,000 min. balance
18-24 years old Monthly fees (9): $13/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount
Fee waiver: 25-59 years old
$6,000 min. balance
25-59 years old Monthly fees (9): $28.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount
Fee waiver: 60 plus
$6,000 min. balance
60 plus Monthly fees (9): $23.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (5) and enjoy a $10/month discount
Credit card rebate
Up to $150
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM fees
Own network
$0
Canadian ATMs
$0
International and currency
International transaction fee
$5.95
Foreign currency conversion
2.5%
Other fees
NSF (non-sufficient funds)
$10
Overdraft protection
$5/month
Overdraft interest
21% annually (if used)
Bank draft
$0
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*
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 and currency
Foreign currency conversion
2.5%
Top savings account
Best for: Bulking up your savings
on National Bank's website
Welcome Bonus
N/A
Monthly Fee
$0
Benefits at a glance
- 0.55% interest1 paid monthly
- Risk-free saving available at all times
- Free unlimited funds transfers2 between your National Bank ® accounts
- No fixed monthly fees5
Earn interest from the first dollar invested
You will earn interest no matter how much money you have in your account. That means your savings will start growing right away!
Easily access your funds
You can access your savings at any time. With your online bank, transferring funds between your accounts* is fast and easy.
A handy emergency fund
Your savings provide a financial cushion against the unexpected. If needed, you can withdraw funds to face emergencies.
How to open a savings account
Apply
Submit an application online in less than 5 minutes.
Deposit
Transfer funds from your online bank in just a few clicks.
Pros
- Easy access (great for emergency funds)
- CDIC insured
- No monthly maintenance fee
- No minimum balance
Cons
- Relatively low interest rate
- Hefty transaction fee
- no free e-Transfers
Best for: High interest savings
4.6 Our rating
on Neo Financial's website
Welcome Bonus
N/A
Regular Interest
Up to 3%
Monthly Fee
$0
Earn up to 3.00% interest1
- Get up to 3.00% 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 |
|---|---|
Essentials | 2.25% |
Build | 2.75% |
Grow | 3.00% |
Top credit card
on National Bank's website
Welcome Bonus
Earn up to 35,000 rewards points upon enrollment + win one of five $10,000 À la Carte Travel gift certificates*
Annual Fee
$150
Interest Rates
20.99% / 22.49%
RECOMMENDED CREDIT SCORE
4.6/5
The National Bank World Elite Mastercard is a strong choice for frequent travelers who value rewards and comprehensive insurance coverage. With a generous earn rate on everyday spending categories like groceries and restaurants, it offers substantial value, especially if you redeem points for travel. The $150 annual travel credit effectively offsets the card's $150 annual fee, making this card almost "fee-free" if fully utilized. Additionally, the card’s airport lounge access, superior purchase protection, and extended warranties make it a great companion for those who prioritize convenience and peace of mind during their travels.
Pros
- High earn rates
- Annual travel credit
- Comprehensive insurance
- Unlimited airport lounge access
Cons
- High income requirements
- Annual fee
Rewards
- Earn up to 5 points per dollar in eligible grocery and restaurant purchases*
- 2 points per dollar in eligible gas and electric vehicle charging purchases, recurring bill payments and À la carteTM travel purchases*
- 1 point per 1 dollar in other purchases
Insurance
Coverage
Purchase Protection*
180 days
Extended Warranty*
Up to 2 years
Travel Medical Insurance (54 & under)
60 daysTravel Medical Insurance (55 to 64)
31 daysTravel Medical Insurance (65+)
15 days
Trip Interruption
$5,000
Trip Cancellation
$2,500
Baggage Delay
$500Flight Delay
$500
Lost or Stolen Baggage
$1,000.svg)
Car Rental Damage & Theft
yes
Mobile Device Insurance
$1,000
Benefits
Details
Airport Lounge - National Bank
Unlimited access to the National Bank Lounge at Montréal-Trudeau Airport.svg)
Travel Credit
$150 refund per year on travel expenses (seat selection, airport parking, baggage fees, airline ticket upgrades and lounges)
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
on Neo Financial's website
Finly exclusive offer
Welcome Bonus
Get your first year annual fee waived ($149 value) exclusively through us.*
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 $1,000,000Trip Cancellation
$1,000Trip Interruption
$1,000Flight 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 ChildCar Rental Damage & Theft
Yes.svg)
Car Rental Personal Effects
$1,000Purchase Protection
90 daysExtended Warranty
1 yearLost or Stolen Baggage
$1,000
Mastercard Zero Liability Protection
Yes
Benefits
Details
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
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
16 products
Chequing
National Bank Bank Account for Newcomers
National Bank The Total Chequing Account
National Bank The Connected Chequing Account
National Bank The USD Progress Account
National Bank The Minimalist Chequing Account
Credit cards
National Bank Allure® Mastercard®
National Bank Business Mastercard
National Bank ECHO® Cashback Mastercard
National Bank MC1® Mastercard®
National Bank mycredit Mastercard
National Bank Platinum Business Mastercard
National Bank Platinum Mastercard®
National Bank Syncro™ Mastercard®
National Bank World Elite® Mastercard®
National Bank World Mastercard
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