CALGARY, Alberta–(Organization WIRE)–Neo Monetary (Neo), a Calgary-dependent fintech firm established by two of the co-founders of SkipTheDishes, has declared a 1st-of-its-form collaboration with Concentra Lender (Concentra), a Program 1 lender that is quietly fuelling innovation. By way of this marriage, Neo is the initially Canadian fintech business to offer a CDIC-qualified significant-curiosity financial savings account that will work like an everyday banking account. The accounts are held at Concentra, a Canada Deposit Insurance coverage Company (CDIC) member bank. Alongside one another, Neo and Concentra have opened the door for innovation that has traditionally not been accessible in just Canada’s customer banking sector.
“Canada’s banking sector carries on to path other nations, employing technologies that is much more than 50 yrs outdated, and not able to innovate. This is why we set out to rebuild it from scratch. We wished to make a seamless consumer-initially practical experience, precisely for Canadians,” says Andrew Chau, Founder and CEO, Neo Fiscal. “Our collaboration with Concentra Lender is a fantastic case in point of how new technology organizations can perform with business companions to innovate superior and more quickly to make certain Canada doesn’t fall at the rear of.”
“We’re different from quite a few banks—we’re open to resourceful suggestions and alternatives for our consumers and we’re much less rigid in our strategy to innovation, even though controlling regulatory necessities,” suggests Don Coulter, President & CEO of Concentra Financial institution. “Collaboration with fintechs is central to our tactic. We have a strong history of doing work with fintechs and will carry on to do so. We’re proud to operate with Neo Economic to convey this terrific new personal savings product to Canadians.”
Neo’s proprietary technological know-how has been developed to simplify funds and build fulfilling activities for Canadians. Neo Financial savings is a substantial-curiosity discounts account that can be opened in minutes from your cell phone, and presently earns up to 30 periods a lot more* than other regular Canadian banking companies. It incorporates:
- A hugely competitive desire rate
- Monthly bill payments
- INTERAC E-TRANSFER®
- Direct payroll deposit
- Lender-to-financial institution transfers
- No regular costs
- No transaction limits
No bare minimum harmony needs
® Trademark of Interac Inc. Applied below license.
“Our crew is dedicated to making a cultural shift in how Canadians bank. This indicates not only modernizing the latest customer expertise, but rethinking the establishment as a full. By way of collaboration with companies like Concentra Bank, I think the future of Canadian banking will be available, empowering and innovative in ways we have not believed doable. I hope Canadians are as excited as we are to create this alter and create a thing considerable here in Canada,” says Andrew.
Alongside Neo Personal savings, consumers can also accessibility the Neo MasterCard and Rewards method, bringing shelling out and savings alongside one another on a person seamless system. Buyers throughout Canada can open a Neo account now with entry to Neo investing, savings and reward items, and be the very first to entry new account functions as they carry on to roll out.
* Centered on exploration evaluating significant-fascination price savings charges of Canada’s ‘Big 5’ financial institutions using a $100 investment decision, excluding advertising charges and amount premiums. Investigation was executed by Neo Monetary and based mostly on knowledge taken from public internet sites as at January 11, 2021.
About Neo Monetary
Neo Financial (Neo) is a technological know-how business doing work really hard to develop a better economic encounter for all Canadians. Established in 2019 by co-founders of SkipTheDishes, Neo is re-imagining paying, savings and rewards by using technological know-how to simplify funds and produce rewarding encounters for all Canadians.
By partnerships with primary economic institutions, Neo delivers users with a risk-free and safe way to devote and help save. Neo’s credit history card is issued by ATB Economic and backed by the Mastercard community, and the Neo Cost savings account is presented by Concentra Lender, a CDIC member institution, and is qualified for CDIC deposit protection. Neo is headquartered in Calgary, AB, and is backed by major buyers throughout North The usa. For much more info, be sure to take a look at neofinancial.com.
About Concentra Financial institution
Concentra Bank’s intent is Generating the future of banking, to enable your achievements. Concentra collaborates with fintechs, credit unions and other corporations to offer Canadian people and firms fantastic products and solutions to assist satisfy their desires, together with home loans, financial savings items, a variety of specialty banking solutions, professional lending and leasing alternatives, and additional. Concentra has both equally a Timetable I lender licence as perfectly as a individual federally regulated rely on licence, and is the primary supplier of wholesale banking and have confidence in alternatives to Canadian credit score unions. Concentra Have confidence in presents wealth management, particular and company believe in services, and estate organizing and administration. Concentra has an expenditure grade external personal debt ranking from Dominion Bond Ranking Services. For the past 17 decades, Concentra has been a person of Canada’s Very best Managed Corporations. concentra.ca | concentrabank.ca