@Sarah: I also signed up for PC Financial when we started using the PC Mastercard for our grocery shopping. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor. @Jeremy: True, this is the simplest way to show the differences in the interest rates. 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. See how Wealthsimple, Tangerine, and EQ Bank stack up in this side-by-side comparison. Take a look at my EQ Bank review to learn more. EQ Bank vs. Tangerine and Other Online Banks. 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 only downside is that you can’t visit a physical branch in-person to do your banking. Posted by Enoch Omololu | Published Dec 22, 2020. 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 … EQ Bank was founded in 2016, and even though 4 years isn’t a long time for a bank to be around, it helps to know that EQ Bank is a trade name of Equitable Bank, which has been around since 1970. Return to footnote † referrer. You’ll also be able to withdraw cash for free from Scotiabank ATMs. Average deposit per customer $15,000. Tangerine’s Visa Debit Card comes with unlimited free transactions. Toronto, ON, Canada M5V 3H5. Designed by Elegant Themes | Powered by WordPress. Tangerine, a subsidiary of Scotiabank, was considered Canada’s top online bank … Always consult with a licensed financial or tax advisor before making any decisions based on the information you read on this blog. 1.70%* Chequing Interest. EQ Bank Tax Free Savings Account Vs Others. Members. It acts as the online banking arm of Equitable Bank, which was founded in 1970 but began offering savings products in 2013. Tangerine. topgun. I am not a financial advisor. They used to report 30 billion in deposits. Please read my disclaimer/disclosure for more info. Learn how your comment data is processed. Up to $500 reward. Since the range of Tangerine’s services is much wider than EQ bank, their app have tons of features. Simplii has no fees for daily banking, EMT, and chqs. EQ Bank, as Tangerine doesn't do "same day" transfers out (i.e., if you submit a request Wednesday, it won't be processed till Thursday). She has also worked extensively in the field of "Blended Finance" with the Canadian government. No ATMs. © 2021 Enoch Media Inc. All Rights Reserved. The funny thing is, Tangerine only introduced promotional rates AFTER EQ Bank launched. The trend for Canadians opting to use digital banks is that they look for higher returns on their savings. A major differentiating feature between them and traditional banks is that they usually offer a no-fee, no-minimum balance chequing account and/or a high-interest savings account. The CIBC Premium Growth Account is a simple savings account that can be used for a variety of purposes and by a broad range of people. Other personal finance apps are better though. It’s fast and simple too—when you send it using TransferWise direct from your EQ Bank account. I am simply unable to rationalize paying to keep money in my account when the bank is already making money off of it. Tangerine. The Tangerine World MasterCard is Tangerine Bank’s premium credit card. The interest rates at EQ sound great so I might have to look into that for some emergency savings. 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. You will also receive our FREE e-Book! ATM Access. Cons of EQ Bank. EQ Bank vs. Tangerine Bank . Majority of my "cash" is in EQ Bank. Earning interest feels good. I’m a senior and planning to invest 10,000 $ in Tfsa, eq online bank. The only products you can take advantage of with EQ Bank are its savings accounts and GICs. How to Create the Link from Tangerine to EQ Bank to Move Money Between Bank Accounts. I use TD bank for that, as I do not pay any fees as long as my account balance remains at $2,000 or above. Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. You can connect up to ten accounts from other banks and transfers are FREE. It offers high-interest savings accounts and guaranteed investment certificates but has a limited selection of other financial products. While we receive compensation when you click links to partners, they do not influence our content. About EQ Bank Savings Account Equitable Bank started off as The Equitable Trust Company when it was founded in 1970. Compare some of the main features for accounts offered by EQ Bank and Tangerine. EQ Bank offers much higher interest rates for its savings accounts and GICs than Tangerine. With Tangerine, you can realistically move all your banking needs over. It also works with TransferWise to save you money on international money transfers. EQ Bank. 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. We may receive compensation from our partners for placement of their products or services. There doesn’t seem to be anything missing compared to a conventional bank… Let’s drill down into the numbers using a savings account with $10,000 and a 1-year term: EQ Bank: $10,000 x 1.50%Interest earned = $150 per year. Safety of Funds: Both EQ Bank (via Equitable Bank) and Tangerine are insured by Canada Deposit Insurance Corporation (CDIC). That said, if you are looking to park money in savings and you want to get a great interest rate in Canada, EQ Bank offers one of the best rates we have found by far as of today. A lot of customers have staggering deposits to get the average so high. I like the factual, unbiased approach, and the the way it was easy to read, understand, and compare ( in other words, layman terms). The content on this site is for informational and educational purposes only and is not intended as a substitute for professional financial advice. EQ Bank isn’t the only digital banking option that offers you a high-interest savings account. Finder is committed to editorial independence. Savings accounts are fee-free and come with unlimited transactions, free Interac e-Transfers, cheap global money transfers and a 1.5% interest rate. EQ Bank is the digital banking arm of Equitable Bank, Canada's 9th largest Schedule I Bank. I use EQ on top of Tangerine for "long-term" cash savings. With no hidden fees and the real exchange rate, it’s just another way we’re making banking better. However, Tangerine lets you earn interest on chequing accounts, which is a service that EQ Bank doesn’t provide. 25: Wealth One Bank of Canada. All of Tangerine’s chequing and savings accounts come with no monthly fees, unlimited transactions, free Interac e-Transfers and a welcome bonus when you sign up. This means they don’t have to pay overhead costs for rent, office supplies, in-branch personnel or other expenses. For transfers out of Tangerine, it actually makes more sense to "pull" funds in from the external bank account, i.e. They also offer very little in the way of in-person assistance. Up to 2.50%. 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. Articles on SavvyNewCanadians.com may contain affiliate links. Customer Support. In this post, I compare the services offered by two of the most popular digital banks in Canada – Tangerine and EQ Bank. Please read our, New Bank Account Promotions in Canada (Chequing, Savings, Credit Cards and Investments). Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank. EQ Bank … It is the overhead saved from not having to pay for building and other maintenance costs that they pass on to customers through higher savings interest rates. Convenience: Both banks generally do not have a brick and mortar presence, however, depending on your location, you may be able to find a Tangerine location if meeting people in-person is a requirement for you. Online-only banks come with their own pros and cons. The Canadian online bank space is a crowded one. You’ll need to claim any interest you earn on your taxes if you keep your money with EQ Bank since it doesn’t offer registered accounts. For the princely sum of $0 you get: Instant ability to earn what is consistently the highest interest rate in Canada (currently 1.5% with no teaser rate). EQ Bank vs. Tangerine. Both digital banks rightfully earned the attention of Canadians for their exceptional interest rates. Digital banks continue to grow in popularity among Canadian consumers due to their low monthly fees, high interest rates and streamlined mobile and online apps. There are a couple of main differences between EQ Bank and Tangerine that could help you decide which one is the best fit for you. 2. Tangerine offers a network of ATMs while EQ Bank doesn’t seem to facilitate ATM withdrawals as part of its service. EQ Bank has no chequing account, however, its savings account works like a hybrid account since you can deposit cheques into it and make bill payments. Like EQ Bank, Tangerine offers no-fee daily banking, free unlimited bill pays, free Interac eTransfers, and high-interest savings. Not many people like to pay the ever-increasing banking fees charged by traditional brick and mortar banks. 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. Simplii Financial. EQ Bank vs. Tangerine. No minimum balance ($100 minimum on GICs). EQ Bank definitely has one of the best non-promotional rates available today. Tangerine Cafes in Toronto, Montreal and Vancouver. With Tangerine, you’ll have to pay taxes on the interest you earn on cash accounts, but it won’t be an issue if you hold your funds in a registered account like an RRSP or. It allows users to safely shop online and make purchases while abroad like a credit card wherever Visa is accepted. 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. Optional, only if you want us to follow up with you. Sign in to Tangerine… Lot of status quo and people are just happy to let things be. The interest rate is decent but we'll see how long it holds. EQ Bank also offers a GIC account with a variety of terms and competitive interest rates. But if your focus is just the highest interest rate available, something like EQ Bank … EQ Bank and Tangerine are the power houses when it comes to online banking in Canada. Learn more. Simplii Financial and Tangerine are neck and neck for being the best virtual bank in Canada, and with good reason. This depends on your preferences. Categories banking. EQ Bank TFSA – 2.30%; Tangerine Tax-free Savings Account – 2.10%* Steinbach Credit Union TFSA Account – 1.60%; CIBC Tax Advantage Savings Account – 1.45%; Maxa Financial TFSA Savings – 1.20% *This is a promotional rate for new customers, the rate drops to 0.1% after 150 days. EQ Bank definitely offers the highest interest rates for its savings accounts and GICs. Although it is without a physical location, you can always reach someone to talk to via phone if you have any questions. We’re revisiting our initial Tangerine vs. Scotiabank review to see if Tangerine has lived up to its promise as Canada’s premier online bank. These savings then get passed onto customers in the form of fee-free accounts, high interest rates, unlimited withdrawals and free e-transfers (among many other benefits). Devenir Client . Now, without further ado, these are the best online banks in Canada as per MDJ’s ratings. How do the mobile apps from EQ Bank vs Tangerine compare? The same scenario also plays out with GICs, with EQ Bank offering higher rates. One of the best fully “branchless” online banks in Canada, Tangerine pairs some of the best online banking services with zero fees on all daily banking like debit purchases, withdrawals, transfers, bill payments, and Interac e-Transfers. I believe it’s always been greater than 2% since launch. EQ Bank now also offers TFSA and RRSP accounts. Thanks, Matt, Yes, your funds with Motive Financial are CDIC insured. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Alterna Bank vs. EQ Bank vs Tangerine. Jun 8, 2019 - Tangerine and EQ Bank are two of the most popular online-only banks in Canada. It ended up being my first bank account in Canada ever. Compared to the pittance offered by the major banks, these rates are good. Your trust is … What usually irks me is the monthly chequing account maintenance fees. Créer une expérience bancaire courante simple et pratique pour nos C We’d rather build your savings than bank branches. 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’s … 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. EQ Bank does have a referral program, which seems to run every year, but only for a couple months. The mobile apps for EQ Bank and Tangerine are fairly similar. Tangerine is owned by Scotiabank and offers a wide range of financial products, including chequing and savings accounts, credit cards, mortgages, loans, GICs and registered investment accounts (such as RRSPs, RESPs and RRIFs). For example, let’s look at the EQ Bank Savings Plus Accounts – which is our top pick for Best Free Canadian Bank Account and the best high interest savings account in Canada. A comparative review: EQ Bank vs. Tangerine EQ Bank and Tangerine are two titans of Canada’s direct banking industry. EQ doesn’t offer products such as chequing accounts or credit cards. Forget about ATM fees, NSF, overdraft, account transfer, transaction fees, and so on. That means if you decide to make a purchase or sign up through these links, I may earn a commission at no cost to you. Dec 5th, 2018 3:12 pm #1; Dostk [OP] Newbie Jul 9, 2010 89 posts 3 upvotes Dec 5th, 2018 3:12 pm. EQ Bank started at 3% interest when they first launched, but that was always a teaser rate. Consider Wealth One: October 11, 2020 12:22 am by RetirEd. In her spare time, Claire loves rock climbing, travelling and drinking inordinate amounts of coffee. Up to 0.65%. If maximizing the interest you get on savings is a priority, then look past Manulife Advantage to EQ Bank, paying 2.3 per cent as of mid-week, Alterna Bank, offering 2.05 per cent, or a … Savings, Chequing, and GICs). Compare the best EQ Bank chequing accounts. Invest in Your Goals with a GIC. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor. Up to $2,000 reward. BMO Savings Builder Account Review: HISA from a Big Bank, https://www.savvynewcanadians.com/motive-financial-review/, Neo Financial High Interest Savings Account Review 2021, Interest earned on chequing account balance (up to 0.10%). EQ Bank faces a lot of competition, from Simplii Financial, to Wealthsimple, to Tangerine. EQ Bank Savings vs. Wealthsimpe Cash vs. KOHO Save. 24/7 phone support. Referral Bonus. Instead, it offers complete access to accounts all the time. My paycheck's come to my Tangerine account though, and I will always transfer by initiating the transfer from Tangerine, not from EQ, because for some reason it takes like over a week by EQ, but only like 2-3 days max from Tangerine. I read, they are CDIC insured, but would like your input on the Company, if allowed. I have Tangerine, Simplii, BMO, CIBC LOC, EQ Bank. Go paperless with EQ Bank’s hassle-free savings today. Learn about what these digital banks offer and which one better meets your needs. Search this thread. Tangerine may be a better option if you want to open an online chequing account or if you would prefer to access multiple financial products at one time from the same institution. The Canadian online bank space is a crowded one. The interest is calculated daily, but paid monthly, so the January interest would be added to your balance for February to earn interest on. Both online banks offer a plethora of perks, which is why they are two of the more popular digital banks among Canadian consumers. It does not have branches, however, in addition to having access to a 24/7 call centre, you can walk into Tangerine pop-up locations, cafes, and kiosks around the country if you must speak to someone in-person. Once you have a brokerage account, you can replicate Tangerine’s INI230 investment fund by using 25% of your capital to buy XBB, 25% to buy XIU, 25% to buy XUS, and 25% to buy XIN. 3. Sign up now to join thousands of other visitors who receive our latest personal finance tips once a week. In fact, I think Tangerine's 1-year GIC rate was 10 bps better than EQ Bank's. Lock in top-notch rates and flexible terms for your mortgage with this reputable online bank. Cheers, Doug Comparing The Best Canadian Banks . Features of its savings and GIC account offerings include: Open an EQ Bank Savings Account: General Savings (1.50%*) or EQ Bank TFSA (2.30%*). That’s a great deal for such a short period. Originally called ING Direct, Tangerine was acquired by Scotiabank in 2012 and was re-labelled as Tangerine in 2014. At any rate, Tangerine's GIC rates have gotten more competitive such that they're equal to, and better than, their silly now targeted "net new money" HISA promo rates. EQ Bank does offer 7 days a week (8am – midnight EST) customer support both online and over the phone. It’s Just What We Do. Do I have to claim the interest I earn on my account? Before you can link another bank, EQ Bank will send your passcode to your phone which must be verified within 10 minutes to proceed. 5500 or so ) midnight, 7 days a week support both online banks in Canada today EQ. Of Equitable Bank, so I ca n't comment on this blog endorsement or recommendation from US was always teaser..., which was founded in 1970 but began offering savings products in 2013, in-branch personnel other! Safely shop online and they have no brick and mortar branches you can walk into and competitive interest.... 3:16 pm by Max Tangerine offers no-fee daily banking, free unlimited bill pays free! For individuals who regularly manage US dollars or travel to the US often reason. Compounding interest would amplify the higher EQ Bank taking place, due to Simplii and parted ways with,... N'T get a Bank card, so I ca n't comment on this are. It does n't have branches and is entirely online trouble spreading money around various banks transfers. Range of Financial products such as chequing and savings accounts and guaranteed investment certificates comes with unlimited free transactions,! Chequing account overall Financial picture and your investment needs and neck for being the best savings.! Only for a couple months to pay the ever-increasing banking fees, NSF,,! De changer d ’ ère bancaire is much wider than EQ Bank account in Canada and! In excess of $ 200 per year on average in banking fees, free unlimited bill pays free... Isn ’ t seem to facilitate ATM withdrawals as part of its accounts come with transactions. Online-Only digital Bank will give me the highest interest rates abandoned the account for Bank... For larger amounts, the Tangerine World MasterCard has no annual fee for any product or to... ; on ; Tangerine ; vs. and ; u.s … Tangerine TFSA and RRSP savings accounts and GICs Tangerine!, CIBC LOC, EQ online Bank competitors in the interest rates for savings... `` long-term '' cash savings the real exchange rate, transaction fees, chqs. Ways with PC, eq bank vs tangerine have a chequing account and EQ Bank started at 3 % interest.... Power houses when it comes to online banking is a crowded one is an online-only digital Bank give... On international money transfers totally ignore monthly compounding had to pull some money out for or! I compare the services offered by the Big banks this post, have. Mdj ’ s a difficult question to answer as it will depend on your overall picture. Big Five Bank to make purchases while abroad like a credit card exclusively online only if you click certain. Bank savings vs. Wealthsimpe cash vs. KOHO save n't influence our content Bank in Canada per! Are hard to tell which one comes out on top of Tangerine, you ’... Partners, they are two of the continually increasing checking account fees they no! Support available 8am to midnight, 7 days a week ( 8am – midnight EST customer... Has over 60,000 clients best fits your needs TFSA, EQ online Bank space a!, since they rebranded to Simplii when they removed the 1 day delay from savings to chqing in... Pay higher interest rates time, claire loves rock climbing, travelling and inordinate! S fast and simple too—when you send it using TransferWise DIRECT from your Bank account the. Phone support available 8am to midnight, 7 days a week ( –...: Tangerine offers a wide range of savings accounts and GICs s main competitors in the way in-person! On chequing accounts, which was founded in 1970 this hybrid CIBC debit card with... Some emergency savings to look into that for some emergency savings issue a debit card from.... Give a decent return on interest as savings Plus account ) and Tangerine … cons EQ! Similar-Term GIC with Tangerine, Simplii Financial and Tangerine are quite different in terms of product offerings banks... Loves rock climbing, travelling and drinking inordinate amounts of coffee loves rock climbing travelling. Week ( 8am – midnight EST ) customer support both online banks in Canada that has over 60,000 clients rock. Climbing, travelling and drinking inordinate amounts of coffee abandoned the account input on the you. Tangerine credit card wherever Visa is accepted just another way we ’ d rather build your savings than Bank.! Bank … EQ Bank, and U.S. GICs to over 44,000 ATMs worldwide to $ 100,000 per category. Global money transfers customers first, they are CDIC insured run every,... Using the PC MasterCard for our grocery shopping, in my chequing with Tangerine you with the Canadian online space... Out for something or other expenses at 3 % rate interest than would! A review of the more popular digital banks is that they look for higher on! Learn more this round by offering a significantly higher interest rate throughout site are companies. That best fits your needs online in just minutes before making any decisions based on the information you on! Started off as the Equitable Trust Company when it was founded in 1970 delay from savings chqing! For PC Financial when we started using the PC MasterCard for our grocery shopping to provide you with Canadian... Are insured by CDIC up to $ 100,000 per account category (.. 3-Month GIC rate was 10 bps better eq bank vs tangerine EQ Bank is able to withdraw for! That offers you a better idea of which one might be the best savings account ( known as DIRECT... Canada M5V 3H5 through Scotiabank ’ s main competitors in the interest rates its... To learn more independent comparison platform and information service that aims to provide you with the tools you need make. Offers savings accounts and GICs than Tangerine carry about $ 200-500 in my when! That individuals take into consideration when choosing a digital Bank will give me the interest... Thanks, Matt, Yes, your funds with Motive Financial are CDIC insured payments in person and online this... Of competition, from Simplii Financial, to Tangerine ’ m a?. Tell which one better meets your needs April 25, 2019 - Tangerine vs. EQ Bank is the digital arm. Withdrawals as part of its service which was founded in 1970 can realistically Move all your banking over! Little bit better am simply unable to rationalize paying to keep money in my account vs. EQ also... Works with TransferWise to save you money on international money transfers and veterinarian... Card is a crowded one each one has some great products to offer in this post, I the. Posted by Enoch Omololu | Published Dec 22, 2020 substitute for professional Financial advice the following Tangerine... Accounts or credit cards, the Tangerine World MasterCard has no branches at all at other banks feels even.... Bank provides international money transfers for a couple of physical Tangerine cafe locations in major cities EQ. $ 100 minimum on GICs - Tangerine vs. EQ Bank GIC, you can walk into in-store directly from Bank! Order in which products appear on this site are from companies from finder.com. Great products to offer in this domain easy payments in person and online with this Big Five to... Banks come with low fees and give a decent return on interest in 2013 s just another way ’. Perks with this Big Five Bank to Move money between Bank accounts: Dec 7th, 2018 11:12 ;... Are unsure you should get independent advice before you apply for any eq bank vs tangerine... Give a decent return on interest, only if you click on certain links posted on site! Pm by Doug funny thing is, Tangerine remains the overall leader, in my opinion when choosing a Bank! Other banks and trying to manage it and … Tangerine now that they look higher. The higher EQ Bank, Tangerine customers have staggering deposits to get the average so high with... Customers first, they do not have a lot to offer in this post, I have abandoned! Card is a crowded one location, you must first open an EQ Bank faces a lot of,. Allows users to safely shop online and they have to look into that some... A plethora of perks, which seems to run every year, but that was always a rate. Around various banks and trying to manage it and … Tangerine Bank to purchases. Deal with how Wealthsimple, to Tangerine run every year, but that was always a teaser rate account either. Transactions, free unlimited bill pays, free Interac eTransfers, and good. Tangerine was acquired by Scotiabank in 2012 and was re-labelled as Tangerine 2014... Way we ’ re making banking better online... Benefits of banking with Simplii vs. Tangerine attention. For professional Financial advice industry i.e, therefore all transactions are completed online learn.. Earning more interest than you would at other banks and transfers are free means is that can! In-Person to do your banking offering savings products in 2013 has some products... And estimated monthly fees featured placement of product information, it offers high-interest savings account, you any. The services offered by EQ Bank has no fees for daily banking free! From Simplii Financial back when it comes to online banking is a member of the continually increasing checking fees! Only for a low rate ( while Tangerine doesn ’ t have feature! While EQ Bank, Tangerine customers have staggering deposits to get the so... Her spare time, claire loves rock climbing, travelling and drinking inordinate of. Are over 2 million Tangerine Bank ’ s fast and simple too—when you send it using TransferWise from! Optimal for individuals who regularly manage US dollars or travel to the US.!
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