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Neo Financial partners with Concentra Bank to offer Neo Savings, the first Canadian fintech to offer a CDIC-enabled high-interest savings account

Calgary, Alberta – (BUSINESS WIRE) – Neo Financial (Neo), a Calgary-based fintech company founded by two of the co-founders of SkipTheDishes, has announced a unique collaboration with Concentra Bank (Concentra), a Schedule 1 bank that innovates quietly drive forward. Through this relationship, Neo is the first Canadian fintech company to offer a CDIC-enabled high-interest savings account that works like an everyday bank account. The accounts are held with Concentra, a member bank of the Canada Deposit Insurance Corporation (CDIC). Together, Neo and Concentra have opened the door to innovation that was not accessible in the Canadian consumer banking sector in the past.

“Canada’s banking sector continues to lag behind other countries, using technology that is more than 50 years old and incapable of innovating. Because of this, we decided to build it from scratch. We wanted to create a seamless, consumer-first experience specifically for Canadians, “said Andrew Chau, Founder and CEO of Neo Financial. “Our collaboration with Concentra Bank is a great example of how new tech companies can work with industrial partners to innovate better, faster, to ensure Canada doesn’t fall behind.”

“We are different from many banks – we are open to creative ideas and solutions for our customers and less rigid in our approach to innovation while we meet regulatory requirements,” says Don Coulter, President & CEO of Concentra Bank. “Working with fintechs is central to our strategy. We have many years of experience working with fintechs and will continue to do so. We are proud to partner with Neo Financial to bring Canadians to this great new savings product. ”

Neo’s proprietary technology is designed to simplify finances and create rewarding experiences for Canadians. Neo Savings is a high-yield savings account that can be opened in minutes from your phone and is currently making up to 30 times more * than other traditional Canadian banks. It contains:

  • An extremely competitive rate

  • Bill payments

  • INTERAC E-TRANSFER®

  • Direct payroll

  • Bank-to-bank transfers

  • No monthly fees

  • No transaction limits

  • No minimum balance requirements

    ® Trademark of Interac Inc. Used under license.

“Our team has set itself the goal of bringing about a cultural change in the Canadian banking industry. This not only means modernizing the current consumer experience, but also rethinking the institution as a whole. By working with organizations like Concentra Bank, I believe that the future of Canadian banking will be accessible, empowering and innovative in ways that we never thought possible. I hope Canadians are as excited as we are to make this change and build something big here in Canada, ”says Andrew.

In addition to Neo Savings, consumers can also access the Neo MasterCard and Rewards program, which brings spending and savings together on one seamless platform. Consumers across Canada can today open a Neo Account with access to Neo Spend, Savings and Reward products and be the first to access new account features as they roll out.

* Based on a study comparing the high interest savings rates of Canada’s Big 5 banks for a $ 100 investment, excluding advertising and interest premiums. The research was carried out by Neo Financial and is based on data from public websites as of January 11, 2021.

About Neo Financial

Neo Financial (Neo) is a technology company working hard to create a better financial experience for all Canadians. Founded in 2019 by the co-founders of SkipTheDishes, Neo reinvents expenses, savings and rewards by using technology to simplify finances and create rewarding experiences for all Canadians.

By partnering with leading financial institutions, Neo offers members a secure way to spend and save money. Neo’s credit card is issued by ATB Financial and supported by the Mastercard network, and the Neo savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit insurance. Headquartered in Calgary, AB, Neo is backed by top investors across North America. Please visit neofinancial.com for more information.

About the Concentra Bank

The goal of Concentra Bank is to shape the future of the banking business in order to enable your success. Concentra works with fintechs, credit unions and other businesses to bring Canadian consumers and businesses great products to meet their needs, including mortgages, savings products, various specialty banking products, commercial loan and leasing solutions and more. Concentra has both a Schedule I banking license and a separate government-regulated trust license and is the leading provider of wholesale banking and trust solutions for Canadian credit unions. Concentra Trust offers asset management, fiduciary services for individuals and companies, and estate planning and administration. Concentra has an investment grade external debt rating from Dominion Bond Rating Services. Concentra has been one of Canada’s best-run companies for 17 years. concentra.de | concentrabank.ch

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