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Neo Financial vs Toronto-Dominion Bank (TD)
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Neo Financial edges ahead on our overall rating (4.5 vs 4.3), but the right pick depends on which products and fees matter most to you.
Overview
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.
Toronto Dominion, known as TD, delivers a strong all-around banking experience through a broad product lineup and extensive branch networks including 1,100 branches throughout the United States. The bank boasts consistency across many categories with few major weaknesses.
Offering a range of banking products, TD has accounts for Canadian newcomers, youth, students, and even international students. It provides banking starting at a cost of $0 for specific groups up to an “All-Inclusive Banking Plan” with premium features and a much higher price tag. Fee waivers are available for those who maintain a certain balance in their account. Long-term savings rates may be less competitive than online banks and fintechs though.
TD has a smaller credit card offering in comparison to some of the other biggest banks in Canada. It does, however, have some strong products, including the TD® Aeroplan® Visa Infinite Card, which FinlyWealth ranks as the best overall Aeroplan credit card.
With a broad lending offering, TD receives recognition for its Canada-US cross-border services as well as various lending products. Its mortgage and lending breadth is amongst the strongest in Canada, though the bank doesn’t always have the lowest rates.
Top chequing accounts
Top savings account
Top credit card
All products offered
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
17 products
Savings
TD ePremium Savings Account
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