Neo Financial Teams Up With Concentra Lender to Present Neo Financial savings, the To start with Canadian Fintech to Supply a CDIC-Eligible Higher-Interest Discounts Account

CALGARY, Alberta–(Small business WIRE)–Neo Monetary (Neo), a Calgary-dependent fintech corporation established by two of the co-founders of SkipTheDishes, has declared a initial-of-its-variety collaboration with Concentra Lender (Concentra), a Timetable 1 lender that is quietly fuelling innovation. By way of this partnership, Neo is the to start with Canadian fintech enterprise to offer a CDIC-suitable large-curiosity discounts account that will work like an day to day banking account. The accounts are held at Concentra, a Canada Deposit Insurance Company (CDIC) member lender. Alongside one another, Neo and Concentra have opened the doorway for innovation that has traditionally not been available inside Canada’s shopper banking sector.

“Canada’s banking sector continues to trail other nations around the world, utilizing technological innovation that is far more than 50 yrs outdated, and not able to innovate. This is why we established out to rebuild it from scratch. We desired to produce a seamless purchaser-initially experience, specifically for Canadians,” says Andrew Chau, Founder and CEO, Neo Money. “Our collaboration with Concentra Bank is a terrific example of how new know-how businesses can work with sector companions to innovate far better and more quickly to make certain Canada does not tumble driving.”

“We’re diverse from lots of banks—we’re open to creative strategies and alternatives for our consumers and we’re a lot less rigid in our tactic to innovation, whilst managing regulatory specifications,” states Don Coulter, President & CEO of Concentra Financial institution. “Collaboration with fintechs is central to our approach. We have a strong record of operating with fintechs and will continue to do so. We’re proud to work with Neo Monetary to deliver this wonderful new price savings item to Canadians.”

Neo’s proprietary engineering has been designed to simplify funds and generate gratifying ordeals for Canadians. Neo Savings is a superior-interest cost savings account that can be opened in minutes from your cellphone, and presently earns up to 30 moments extra* than other standard Canadian banking institutions. It consists of:

• A really competitive interest charge
• Monthly bill payments
• INTERAC E-TRANSFER®
• Immediate payroll deposit
• Lender-to-financial institution transfers
• No month to month charges
• No transaction limitations
• No minimal balance demands
  
  ® Trademark of Interac Inc. Utilised underneath license.

“Our group is dedicated to generating a cultural change in how Canadians financial institution. This usually means not only modernizing the recent shopper knowledge, but rethinking the establishment as a entire. By means of collaboration with companies like Concentra Bank, I believe that the long term of Canadian banking will be accessible, empowering and modern in ways we have not considered attainable. I hope Canadians are as energized as we are to make this improve and build anything significant right here in Canada,” says Andrew.

Together with Neo Personal savings, consumers can also obtain the Neo MasterCard and Benefits method, bringing paying and personal savings together on 1 seamless system. Customers across Canada can open up a Neo account right now with obtain to Neo investing, cost savings and reward merchandise, and be the initial to entry new account options as they go on to roll out.

* Based on investigate comparing higher-interest discounts fees of Canada’s ‘Big 5’ banking companies utilizing a $100 investment, excluding promotional prices and charge premiums. Study was executed by Neo Financial and centered on details taken from community sites as at January 11, 2021.

About Neo Fiscal

Neo Monetary (Neo) is a know-how enterprise working really hard to make a improved economical working experience for all Canadians. Founded in 2019 by co-founders of SkipTheDishes, Neo is re-imagining spending, cost savings and rewards by applying technological know-how to simplify funds and create gratifying experiences for all Canadians.

Through partnerships with primary monetary institutions, Neo presents customers with a protected and protected way to invest and help you save. Neo’s credit card is issued by ATB Financial and backed by the Mastercard network, and the Neo Discounts account is furnished by Concentra Lender, a CDIC member establishment, and is qualified for CDIC deposit defense. Neo is headquartered in Calgary, AB, and is backed by prime buyers throughout North The us. For far more data, remember to visit neofinancial.com.

About Concentra Bank

Concentra Bank’s purpose is Generating the foreseeable future of banking, to empower your good results. Concentra collaborates with fintechs, credit history unions and other businesses to offer you Canadian people and firms wonderful products and solutions to support fulfill their demands, like mortgages, cost savings goods, numerous specialty banking goods, commercial lending and leasing remedies, and more. Concentra has both a Plan I bank licence as properly as a different federally regulated have confidence in licence, and is the major service provider of wholesale banking and trust alternatives to Canadian credit history unions. Concentra Rely on offers wealth administration, personalized and company belief solutions, and estate scheduling and administration. Concentra has an financial commitment quality external personal debt ranking from Dominion Bond Score Products and services. For the past 17 a long time, Concentra has been a single of Canada’s Most effective Managed Corporations. concentra.ca | concentrabank.ca