I now have all the services with Neo - what’s good and what can be improved

🏗️ Building Neo
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I finally have all my services with Neo - less the mortgage and loans because I don’t need them. What was missing so far for me was the investment and the insurance.

  • Spending Account

Great - it has all the feature of a checking account and no need to reload the card like other institution offering a Mastercard. What’s missing on that card is the Interac Debit feature. So many businesses now offers interesting rebates if you pay with Interac - sometimes offering a better rebate than the reward you would get using a credit card ( has nothing to do with Neo btw ) but it’s not uncommon a merchant will offer 3-5 percents off through Interac debit. Neo card lacks the Interac feature and the merchant treats this card as a normal credit card. Since it’s not a credit card it should have the Interac feature. For that I have no choice but to have a Simplii Account for their Interac debit card.

  • credit card

Nothing to say there. All tiers are just perfect. I have the world Elite and I’ve never got so many rewards as before lol.

  • Investment.

This one is a mix bag. It took forever for my initial deposit to go in. 4 days when I requested the transfer from my Neo account and another 6 business days for the funds to be in the investment account. I’m at day 12 and there’s no investment yet. Wealthsimple is instant. You transfer your funds from Your WS account to the investment account and the next business day the funds are already invested.

If the funds come directly from the Neo account it should be taken out immediately. Neo can set aside these funds in escrow like WS. Since it comes from the same account there’s no risk there since the funds would be drawn / made unavailable instantly until it’s cleared. I hope this is something Neo and OneVest will work out. OneVest fees is 0.75 and WS is 0.5 , however OneVest seems to have a better quality portfolio / management than WS. For the same amount of money the estimated return with OneVest is much higher than with Wealthsimple and the risk level is also lower than from WS.

  • Walnut insurance.

That one is straight forward however the tab doesn’t tell you I have took the insurance. Despite having one now it just says to click to enroll to one. We should be able to see the plan there because it’s confusing.

  • high interest saving account.

Still very competitive. You offer top rate even without auto deposits. You should however have some incentive for people to want to deposit their paychecks with Neo. Mine is deposited with Neo but there’s no extra reward for that. I believe a lot of people have their people paychecks deposited elsewhere and it should change would be good for Neo cash flow - even tho I have no clue about your numbers , pretty sure the more people who subscribe to direct deposit the more benefits it is for the financial institution. Simplii had a promo to auto deposit at least 100dollars ( yes one hundred lol ) a month for 3 months and they give you 300 back. If it wasn’t profitable they wouldn’t do that. So I can see a real benefits for Neo to try and get as much people onboard for auto deposits and make Neo their primary banking need.

there is also a hard cap of 200,000.00 dollar per account. So I guess 10 savings account plus one chequing you can theorically have 2mil 200. There shouldn’t be any cap for these accounts. Idk why there is a cap. Cap doesn’t affect me lol because I’m not that rich but I’m sure you do have millionaires customers using Neo

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Hey @jsmaster! This is all such great feedback, thanks a ton for it.

I won’t pretend to know all the intricacies behind us not having an Interac Debit card rather than our Neo Money card, but I’ll try to dig into it and see what’s holding us back on that. Otherwise, I’m glad you’re getting great use out of the credit card, and finding the rewards lucrative!

Neo Invest is a bit of a weird one since it’s not us actually offering it which is why the transfers can take so long since it’s still technically a transfer to an external account, but it’s definitely worth trying to find out if there’s a way we can speed up that process. I like your idea for it, so I’ll see what kind of possibilities there are regarding that. Good to know that you’re seeing better growth with them though, that’s awesome to know!

Could you expand a bit on what you mean for the Walnut insurance stuff? A screenshot of what you’re experiencing (as long as theres no personal information on it) could be really helpful just to help us get some more context on what can be improved here.

I am going to get some more clarity on the deposit limit across the Everyday and Savings accounts though, I’ll update you here once I have one. For now though, was there any questions I could help with to improve your experience even more?

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that’s what I get. It’s the same screen as before I subscribed to the insurance. If the policy could be linked there that would be nice. I needed to save the link sent by email by walnut in order to see the policy and download documents

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Yeah OneVest actually won a prize in June lol. It’s a nice partner you got there.

Scrolled Reddit posts from months years back and it’s the same complaint about Neo invest with onevest : the time it takes for the money to be taken out and invested. Mine been 2 weeks now. I see the potential returns the money is there but there’s no investment yet.

The Reddit thread in question. - there are more but that one is similar to the others

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Also to be able to buy a metal card for the World Elite would be nice.

The Neo world elite is one the of the most beautiful card on the credit card market it. When I flex it at the restaurant people think I’m a millionaire lol

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Oh I got you, thanks for the context. That’s great feedback, and definitely something I’ll be taking away to our team for consideration!

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Have you been in touch with our support team about this at all? They should have a direct line right to OneVest where they can try and get some updates or request OneVest to get in touch with you themselves. I’ll try to get some more understanding about what the delay could be for your and other accounts so I can try and see what can be improved on in terms of processes, or communications.

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Selfishly, this is one that I would love to have. The cards already have that metallic look to them and being able to offer a real metal one would be awesome! Probably not something that would be high up on a roadmap any time soon, but definitely a cool thing to push for somewhere down the line!

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