Duo Bank Canada Review and FAQs

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Duo Bank of Canada boasts of being an efficient and customer-centred financial institution in Canada. As one of Canada’s licensed and regulated banking service providers, Duo Bank is responsible for providing value-driven financial products and services to ensure that Canadians enjoy a simple and convenient banking experience.

Apart from the mode of operation, one of many factors that distinguish banks in Canada is their services and products. Valuable and customer-centred banking services, including pocket-friendly interest rates, attract customers’ loyalty.

How does the Duo Bank of Canada compare to other financial institutions, including the traditional brick and mortar banks and online/digital banks?

About Duo Bank of Canada

Duo Bank is a Canadian bank providing various financial products and services to its Canadian customers. The bank offers extensive and value-driven financial services, including credit portfolio management, risk, marketing and operations, card services, and more.

Duo Bank’s financial products and services help its business partners to deliver the best value to their customers. Duo Bank of Canada’s claim of being a client-oriented bank is evident in how it helps Canadians focus on what matters to them.

Founded in 2010 as Walmart Canada Bank, a schedule II bank (foreign-owned), the bank was acquired in 2019 by Stephen Smith and Centerbridge Partners, L.P.

As a result of the acquisition from Walmart Inc., the bank assumed a new name – Duo Bank of Canada – and became a schedule 1 bank (domestic-owned). Duo Bank is privately held by an investor group led by Stephen Smith, Centerbridge Partners, L.P, and the Ontario Teachers’ Pension Plan Board.

Duo Bank headquarters is in Toronto, where it provides customizable financial services solutions to encourage and reward customer loyalty and expand sales. As part of its partnership with industry-leading service providers, Duo Bank of Canada acquired Fairstone Financial Holdings Inc., a leading credit and borrowing solutions provider for near-0prime borrowers with over $3 billion in assets.

Company Duo Bank of Canada
Sector Financial Services
Industry Banking
Founded 2010
Headquarters Toronto, Ontario
Former Name Walmart Canada Bank
Products and Services Rewards program, Credit Cards, protection services, deposits, etc.

Duo Bank of Canada Products and Services

Duo Bank of Canada continues to expand in operation and service delivery to its numerous customers across Canada. The bank’s value-driven and customer-first approach to financial services reflects efficient operational and financial solutions, including credit cards, protection services, rewards programs, deposits, and more.

Duo Bank is a Canadian bank that provides financial services, technology, and specialized financial operations to businesses and their customers. The bank boasts of its retail experience and expertise to help its clients identify opportunities with a unique solution for every business.

Duo Bank Credit Services

Duo Bank of Canada has gone a step further in ensuring that its customers enjoy good credit services. The bank develops credit programs that can help your business to attract customers and encourage customer loyalty.

These credit programs are tailored to support your business needs. Through the acquisition of Fairstone Financial Holdings Inc., Duo Bank further proves its readiness to ensure that Canadians enjoy access to responsible credit.

Fairstone Financial is one of Canada’s leading solutions providers for near-prime borrowers. Duo Bank, through its subsidiaries, provides lending directly to consumers – online and in-branch, and also finance consumer retail and car purchases through retailers and dealers.

Duo Bank Protection Services

Some situations could lead to loss of investments, funds, assets, etc. So, wouldn’t you prefer a service that can protect your business, finances, and customers’ valuable? Duo Bank offers reliable protection services at affordable pricing plans for your business. As a result, your customers can transact safely and confidently, knowing that there’s adequate protection on their finances, transactions, and purchases.

Duo Bank Sales Financing Solutions

Duo Bank helps businesses bolster sales while also promoting customer retention and encouraging card usage. The bank provides this through its wholesome and competitive consumer promotional financing solutions. The sales financing solutions are designed to provide your business with intelligent tools that can aid business growth and provide clients with the things they need.

Duo Bank Broker Deposits (GICs)

Duo Bank offers Guaranteed Investment Certificates (GICs) at competitive rates and guaranteed returns. The Duo Bank of Canada provides safe and guaranteed GIC plans of one to five-year terms for short and long-term investment tools. As a member of the Canada deposit insurance corporation (CDIC), the Guaranteed Investment Certificates (GICs) and other investors’ funds are insured up to $100,000 per account.

Duo Bank of Canada GIC Terms and Rates

Term Monthly Rate Semi-annual Rate Annual Rate
1 year GIC 0.250 0.350 0.450
2 year GIC 0.390 0.490 0.590
3 year GIC 0.910 1.010 1.110
4 year GIC 1.150 1.250 1.350
5 year GIC 1.310 1.410 1.510

Duo Bank of Canada GIC Minimums

Monthly Minimum Semi-Annual Minimum Annual Minimum
$3500 $3500 $3,500

Duo Bank of Canada Rewards Credit Card

The Duo Bank rewards credit card is known as the Walmart Rewards MasterCard. The Rewards credit card earns you great rewards for purchases online, in-store, or at any gas station. It comes with no annual fee and other promotional offers.

You can earn Walmart Rewards Dollars (equivalent to $1) whenever you use your card for purchases at Walmart Canada and other retail outlets or gas stations. The earned rewards can be redeemed for any item at Walmart stores in Canada – online and in-store locations.

Duo Bank’s Walmart Rewards MasterCard is of two categories.  The Rewards MasterCard comes with MasterCard credit cards’ complete functionality and features, including liability protection, extended warranty plan, emergency card services, etc.

Walmart Rewards MasterCard

The Walmart rewards MasterCard is issued by Duo Bank of Canada for online and in-store shopping. You’ll earn Walmart Rewards Dollars when you shop with your card at Walmart and other retail stores. The Walmart Rewards MasterCard is available to Canadian residents of the age of majority in their province or territory.

Features

  • Suitable for online and in-store purchases.
  • Earn 1.25% on online shopping at Walmart Canada (Walmart.ca)
  • Earn 1.25% on everyday purchases at any Walmart store locations in Canada.
  • Earn 1% on purchases at any gas station.
  • Earn 1% on purchases at all retail stores.
  • There’s no annual fee.
  • Rewards can be redeemed at Walmart Canada store locations and online for any item at $5 increments.
  • Rewards are not redeemable for cash, tobacco, lottery, etc.

Walmart Rewards World MasterCard

Duo Bank of Canada issues the Walmart rewards world MasterCard for earning rewards on everyday purchases at online, in-store, and gas stations. It comes with no annual fee and a $15 welcome bonus. Cardholders enjoy World MasterCard benefits, including liability protection, MasterCard global services, extended warranty plan, emergency card services, purchase protection services, etc.

The Walmart rewards world MasterCard now comes in a new premium card design with access to over one million Boingo Wi-Fi hotspots free of charge and other exclusive MasterCard offers. The card comes with a 16-digit credit card number, expiry date, and CVC number.

Features

  • No annual fee
  • Earn Walmart Rewards Dollars on everyday purchases
  • Earn 3% on online purchases at Walmart Canada online store.
  • Earn 1.25% on everyday purchases at any Walmart Canada store locations.
  • Earn 1.25% on purchases at any gas station.
  • Earn 1% on purchases at every other retail store.
  • Receive $15 welcome bonus and $10paperless statement bonus

Eligibility

Walmart Rewards World MasterCard is available to Canadian residents of the age of majority in their province. New applicants must have an annual household income of $100,000 or more. Existing Walmart Rewards MasterCard cardholders who wish to upgrade to the World card must spend $15,000 or more on their Walmart Rewards MasterCard in the previous 12 months (about $1,250 per month).

Safety Regulations

Duo Bank of Canada is a member of the Canada Deposit Insurance Corporation (CDIC). Therefore, the funds and investments of its customers are protected up to $100,000 per account. Duo Bank is a Schedule 1 Canadian bank, regulated by the Canada bank act and the Office of the Superintendent of Financial Institutions (OSFI).

Customer Service

You can reach the customer service of Duo Bank of Canada for feedback, account opening, or any other solution inquiries through:

Contact Us: An on-screen form for general and partnership inquiries.

Mail: Duo Bank

33, Yonge Street, Suite 810

Toronto, Ontario

Canada, M5E 1G4

FAQs

Where can I use the Walmart Rewards MasterCard and Walmart rewards world MasterCard in Canada?

You can use the Walmart Rewards MasterCard, and Walmart rewards world MasterCard for purchases anywhere MasterCard is accepted.

Can I redeem Walmart rewards dollars on Walmart.ca?

You can redeem your earned Walmart rewards dollars for any item sold on Walmart.ca and other Walmart store locations in Canada.

Who owns Duo Bank?

Duo Bank is owned by a private investor group led by managed funds of Stephen Smith, Centerbridge Partners, L.P, and Ontario Pension Plan Board.

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Kareena Maya

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.