A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| Neo Financial | BMO | |
|---|---|---|
| Signup Bonus | $50 free cash (code J4C9H3K5) | None (occasional $200–$350 promos) |
| Monthly Fee | $0 | $6.95–$30.00/month |
| Cash Back | Up to 15% at Neo partners, 0.5% elsewhere | Via BMO credit cards |
| Credit Check | Soft check only | Hard credit check for most products |
| Savings Interest | 2.25% (guaranteed) | 0.01–0.05% standard |
| Credit Building | Yes — via Neo Credit card | Yes — credit card products |
| Mobile App | ⭐⭐⭐⭐½ (4.6 App Store) | ⭐⭐⭐⭐ (4.2 App Store) |
| CDIC Protected | Yes — via ATB Financial partnership | Yes — CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
Neo Financial takes the overall edge thanks to a bigger signup bonus and no monthly fees.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. Neo Financial (No-fee account with $50 signup bonus and high cash back) vs BMO (Big 5 bank with full branch and ATM network). For a signup bonus, Neo Financial offers $50 free cash (code J4C9H3K5) while BMO offers None (occasional $200–$350 promos). For monthly fees, Neo Financial charges $0 vs BMO's $6.95–$30.00/month. See the full comparison table above for a complete breakdown.
Neo Financial signup bonus: $50 free cash (code J4C9H3K5). BMO signup bonus: None (occasional $200–$350 promos). If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.
Neo Financial: Yes — via ATB Financial partnership. BMO: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both Neo Financial and BMO to take advantage of each account's best features.
Neo Financial monthly fee: $0. BMO monthly fee: $6.95–$30.00/month. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
Neo Financial cash back: Up to 15% at Neo partners, 0.5% elsewhere. BMO cash back: Via BMO credit cards. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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