Neo Financial (Neo), a leading Canadian financial technology company and Junior Achievement of Canada (JA Canada), a renowned educational organization, are thrilled to announce the launch of the JA Money card—powered by Neo. The JA Money card marks a turning point for young Canadians centered around financial education, digital convenience, and rewards for students.
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The JA Money card—powered by Neo marks a turning point for young Canadians centred around financial education, digital convenience, and rewards for students. (Photo: Business Wire)
This prepaid Mastercard® is a debit card alternative ushering in a new era of financial empowerment for young Canadians, enabling teens from the age of 13, to take control of their finances in a safe, secure, and educational environment.
JA Money cardholders will enjoy:
- Cashback on Categories Students Love: Instant cashback at eligible brands in spending categories like clothing, restaurants, cafes, books, electronics, fitness and more.
- No Monthly Fees: Say “no” to monthly fees and get free everyday transactions with no minimum balance.
- Simplified Money Management: Real-time, personalized insights to better understand spending habits through the Neo app.
- Tools for Saving: Organize and track financial goals through personalized high-interest savings accounts.
- Safety and Security: Get real-time purchase notifications, in-app card freezing, and eligibility for CDIC deposit protection.
- Fast Digital Application: Account signup in less than 5 minutes – with no branch visits required.
- Empowering Learning Content: Access to bite-sized learning content from JA Canada to build money management skills and confidence.
“With the vast majority of parents opening accounts for their children at the same financial institution where they themselves bank, the banks haven’t innovated to meet the needs of young Canadians,” said Andrew Chau, CEO of Neo Financial. “Through our partnership with JA Canada, Neo will empower the next generation to take control of their finances. Together, we’re creating a generational shift of financial independence for young Canadians, making it more accessible, more modern, and more relevant to youth than ever before.”
The JA Money card opens the doors to a library of financial literacy curated specifically for students, launching in the coming weeks — designed to help students build skills and confidence today and every day as they build their financial future.
“Educating young people about money and helping them build financial independence is what we do at JA,” said Scott Hillier, CEO, JA Canada. “We are thrilled to join forces with Neo to launch the JA Money card, and create new self-directed educational resources for Canadian youth. This innovative partnership model demonstrates how forward looking organizations, like Neo, can fuel an ecosystem of engagement and support non-profits to increase capacity and impact,” said Hillier.
JA Canada joins an exciting roster of Neo partnerships, including Tim Hortons, Cathay Pacific, and Hudson’s Bay, as a charity of choice and financial education partner. Every JA Money card generates a donation to JA at no cost to the cardholder – an innovative solution that uses financial products to generate recurring revenue for non-profits like JA, all to better support the communities they serve.
About Neo Financial
Neo Financial is a technology company simplifying finances through reimagined spending, savings, investing, and mortgages. Founded in 2019 by the co-founders of SkipTheDishes, Neo has raised more than $299 million in funding and has been recognized as one of the top tech startups in Canada by LinkedIn. Neo is headquartered in Calgary and Winnipeg, and is backed by top-tier investors across North America.
Through partnerships with leading financial institutions, Neo provides members with a safe and secure way to spend (Neo Credit), save (Neo Money™), invest (Neo Invest™), and get a mortgage (Neo Mortgage™). Neo for Business powers financial solutions for Tim Hortons, Cathay Pacific, Hudson’s Bay, and over 11,000 other partners across the country. To learn more, visit neofinancial.com.
About JA Canada
JA Canada is a renowned non-profit educational organization. Through its national network of local offices, JA collaborates with educators, volunteers, and organizations to deliver hands-on, immersive, and digital learning experiences to young people. JA inspires the next generation to realize their potential equipping youth with financial education, entrepreneurship and transferable work readiness skills. JA commits to ensuring accessibility and inclusivity through programs that support youth to build thriving communities. Success starts here. Learn more: www.jacanada.org
The JA Money card is a prepaid Mastercard® issued by Neo Financial™ pursuant to license by Mastercard International Incorporated. The JA Money card is powered by the Neo Everyday account.
Mastercard® and the circles design are registered trademarks of Mastercard International Incorporated.
The Neo Everyday account and Neo High-Interest Savings account are provided by Peoples Bank of Canada, a CDIC member institution, and are eligible for CDIC deposit protection. Deposits held in Neo Everyday accounts and Neo High-Interest Savings accounts are combined with eligible deposits held at Peoples Bank of Canada, for up to $100,000 of deposit protection, per category, per depositor. For more information about CDIC deposit insurance, please consult CDIC’s website cdic.ca.
Account only available to Canadian residents, excluding Quebec. You must be at least 13 years of age to be eligible.
There are no transaction fees applicable to the JA Money card. If you require a rushed card replacement, a $29 fee applies. The foreign exchange conversion fee is 2.50%.
There are no transaction fees applicable to the Neo Everyday account or Neo High-Interest Savings account. If you require a printed version of a monthly statement or other document, a $5 fee applies for each printed document.
Transactions are subject to certain dollar limit maximums. For details, please see https://card.neofinancial.com/ja
Cashback may be limited and varies by perks, offer, and partner. Value increase is an average and depends on card use. Offer is subject to the Rewards Policy. Offer may be amended or cancelled at any time without notice. Cashback, perks, insights, and other offers and rewards are operated by Neo.
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