The funny thing is, Tangerine only introduced promotional rates AFTER EQ Bank launched. The interest rate is decent but we'll see how long it holds. Simplii Financial and Tangerine are neck and neck for being the best virtual bank in Canada, and with good reason. Which bank will give me the highest interest rates? Posted by Enoch Omololu | Published Dec 22, 2020. The trend for Canadians opting to use digital banks is that they look for higher returns on their savings. And while each one has some great products to offer customers, Tangerine remains the overall leader, in my opinion. 1.70%* Chequing Interest. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). He has a master's degree in Finance and Investment Management from the University of Aberdeen Business School and a passion for helping others win with their finances. Simplii has no fees for daily banking, EMT, and chqs. 0.80% for 1 year, up to 1.20% for 5 years, Credit cards, mortgages, loans, GICs, mutual funds, RRSPs, TFSAs and more, No monthly fees and unlimited transactions, Higher interest rates on savings and GICs, No monthly fees and many financial products available, Welcome bonus of up to $200 cash for chequing and savings accounts, No money transfer or foreign currency services. EQ Bank and Tangerine are the power houses when it comes to online banking in Canada. Sign in to Tangerine… ... DR EQ bank is good, solid interest rate, and you can pay all your bills from that 2% interest rate as … Tangerine offers a couple of physical Tangerine cafe locations in major cities while EQ Bank has no branches at all. They also offer very little in the way of in-person assistance. Always consult with a licensed financial or tax advisor before making any decisions based on the information you read on this blog. What usually irks me is the monthly chequing account maintenance fees. ; You don’t get a EQ Bank debit card (a physical bank … EQ Bank and Tangerine are two of the most popular online-only banks in Canada. Please read my disclaimer/disclosure for more info. She has also worked extensively in the field of "Blended Finance" with the Canadian government. Up to 2.50%. EQ Bank is good because they’ve had a consistent interest rate throughout. What this means is that your deposits are insured by CDIC up to $100,000 per account category (i.e. @Jeremy: True, this is the simplest way to show the differences in the interest rates. As a baseline, EQ Bank could be a better fit for you if you send regular money transfers overseas or you’re interested in maximizing the interest you earn on your savings or GICs. Tangerine… I have a review of the bank here: https://www.savvynewcanadians.com/motive-financial-review/. Is it a sensible thing to do as a senior? More info Get started now. You will also receive our FREE e-Book! These include popular names like Tangerine and EQ Bank. Advice on GICs - Tangerine vs. EQ Bank, and U.S. GICs . Tangerine. The bank operates strictly online and they have no brick and mortar branches you can walk into. That’s a great deal for such a short period. EQ Bank provides international money transfers for a low rate (while Tangerine doesn’t have this feature). EQ Bank Tax Free Savings Account Vs Others. Interest Rates: Of the three, EQ Bank offers the highest interest rate at 1.50% (2.30% on TFSA & RRSP), followed by Wealthsimple Cash at 0.75%. Optional, only if you want us to follow up with you. Any Scotiabank ATM. The CIBC US$ Personal Account is optimal for individuals who regularly manage US dollars or travel to the US often. Earning interest feels good. I do not have a chequing account with either Tangerine or Alterna Bank, so I can't comment on this. EQ Bank is able to pay higher interest rates than other savings accounts because it doesn't have branches and is entirely online. The factors that individuals take into consideration when choosing a digital bank will vary based on their needs and expectations. Tangerine is a subsidiary of Scotiabank and was formerly known as ING DIRECT. EQ Bank vs. Tangerine. It makes EQ Bank look that little bit better. EQ Bank definitely has one of the best non-promotional rates available today. I also do all of my transfers from EQ as it will show as "received" there before it leave my Tangerine, which feels a little more secure to me (compared to sending from Tang. 2. Tangerine comes with a host of financial products including credit cards, mortgages, loans, GICs, mutual funds, RRSPs, TFSAs and more. Unlike brick and mortar establishments, digital banks such as EQ Bank and Tangerine operate exclusively online. It also recently introduced TFSA Savings (2.30%) and RRSP Savings accounts (2.30%). Both online banks offer a plethora of perks, which is why they are two of the more popular digital banks among Canadian consumers. EQ Bank offers much higher interest rates for its savings accounts and GICs than Tangerine. Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank. It is entirely online (as mentioned earlier this may be a con for you but it is not a negative for me); The EQ Bank App on Apple iTunes is not rated very well (a 1.5 out of 5 ratings) though in my experience it is reliable and I’ve rarely had issues. HOWEVER. Hi Enoch, I need to park some cash with a higher interest, and have been looking at that Motive Financial and their “Savvy” account. For some people, any monthly banking fee is anathema, and they want an online bank that can handle all their day-to-day banking needs – such as with Tangerine. EQ Bank is the digital banking arm of Equitable Bank, Canada's 9th largest Schedule I Bank. The downside of Tangerine is that you’ll get a much lower interest rate on your savings and GICs than you would with EQ Bank. Before you can link another bank, EQ Bank will send your passcode to your phone which must be verified within 10 minutes to proceed. Looking at Scotiabank 2019 annual report you find there are over 2 million Tangerine Bank customers for self-directed banking solution. Pros. You’ll also be able to withdraw cash for free from Scotiabank ATMs. This means they don’t have to pay overhead costs for rent, office supplies, in-branch personnel or other expenses. On the other side, Tangerine has a decent website and a good mobile app, but their savings account is more of a hassle than anything. She has a Bachelor of Arts in Gender Studies from the University of Victoria, along with an Associate's Degree in Science from Camosun College. COVID-19 update—EQ Bank remains committed to delivering great service and better banking. Compared to the pittance offered by the major banks, these rates are good. With regards to ATMs, Tangerine customers have access to over 44,000 ATMs worldwide. Now, without further ado, these are the best online banks in Canada as per MDJ’s ratings. But with neither a chequing account, nor a debit or credit card, you won’t be able to satisfy all your banking needs in one place. Savings Rate: As of today (December 22, 2020), EQ Bank offers a 1.50%* non-promotional interest rate on its general savings account, while Tangerine is offering a 2.10% promotional rate for 5 months and 0.10% after. Wealthsimple vs. Tangerine vs. EQ Bank general comparison overview. I only carry about $200-500 in my chequing with Tangerine. Simplii Financial vs. Tangerine: Monthly Fees, Transactions, and Account Options Simplii Financial and Tangerine are neck and neck for being the best virtual bank in Canada, and with good reason. It’s Just What We Do. EQ Bank also offers a GIC account with a variety of terms and competitive interest rates. Learn more. 6: Concentra Bank. edited 8 months ago. In this post, I compare the services offered by two of the most popular digital banks in Canada – Tangerine and EQ Bank. If we assume rates stay the same in Year 2, EQ Bank will still pay $150 interest on a $10,000 savings, while earnings on a Tangerine account drops to $10 (no promo rate in second year). The Tangerine World MasterCard is Tangerine Bank’s premium credit card. It doesn’t make much difference in one year, but over time it will. Tangerine … Cons of EQ Bank. I appreciate it even more because . All of its accounts come with low fees and give a decent return on interest. Product Offerings. Phone support available 8am to midnight, 7 days a week. Check it out! There doesn’t seem to be anything missing compared to a conventional bank… I read, they are CDIC insured, but would like your input on the Company, if allowed. If you’re looking for a place to store your hard-earned money to get some easy interest, EQ Bank has one of the best permanent interest rates in Canada. Take a look at my EQ Bank review to learn more. Average deposit per customer $15,000. EQ Bank – why I trust it. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor. The only products you can take advantage of with EQ Bank are its savings accounts and GICs. (I'd had to pull some money out for something or other so it was at 5500 or so). They both receive positive reviews online and come with a number of features and tools that let you manage your account quickly and easily using your mobile phone. Referral Bonus. EQ Bank Savings vs. Wealthsimpe Cash vs. KOHO Save. Earning more interest than you would at other banks feels even better. I switched to Simplii Financial back when it was PC Financial because of a really good points promotion they had. 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