EQ Bank is an online-only bank that offers a hybrid account with the day-to-day convenience of a chequing account and the interest-earning power of a savings account. It also provides a high-interest savings account, GICs and other savings products. Wealthsimple offers a high-interest chequing account too, but it also lets you trade stocks, ETFs and crypto.
If you want unlimited transactions and no fees for day-to-day banking, plus competitive interest rates on your savings balance, EQ Bank is a great choice. But if you want commission-free stock and ETF trading as well as a high-interest chequing account, Wealthsimple is a better option.
| Feature or product | EQ Bank
| Wealthsimple
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|---|---|---|
| Bonus | Get 2.50% interest on everyday banking, plus get 1.50% interest when you direct deposit your pay. To receive the 4.00% rate for 12 months, you'll need to set up $500/month or more in direct deposit of your pay to a Personal Account or Joint Account. Conditions apply. Thereafter, you'll earn 2.50% on your balance. | Earn between 4.00% - 5.00% interest |
| Savings |
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| Chequing |
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| ATMs |
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| Branches | Online only | Online only |
EQ Bank is run by Equitable Bank and offers chequing and savings accounts, GICs, joint accounts and US dollar accounts. As a digital bank it doesn’t have any physical branches, but it offers fee-free ATM withdrawals across Canada with the EQ Bank Card. It’s also easy to manage your money with EQ’s online and mobile banking.
Wealthsimple is an investing and money management service. While best known as a commission-free stock and ETF trading platform, it also offers cryptocurrency trading, mortgages through a lending partner, and its hybrid Cash account for day-to-day spending and interest-earning power.
If you want no-fee everyday banking, EQ Bank is a good choice. But if you also want to invest in US and Canadian stocks and ETFs, Wealthsimple is a winner.
EQ Bank offers more bank account choices than Wealthsimple. This online bank offers the EQ Bank Personal Account, a hybrid chequing/savings account that supports unlimited transactions, free e-Transfers and ATM withdrawals, pays up to 4% interest on your balance and pays cash back on your spending. There’s also a Joint Account available if you want to share money with up to three people.
In 2024, EQ Bank also launched the Notice Savings Account, which pays up to 5% interest on your savings if you’re willing to provide 30 days’ advance notice before making a withdrawal. The bank also offers a US dollar account.
From a banking point of view, the Wealthsimple Cash account offers 4%–5% interest on your entire balance, along with the easy access to funds you’d expect from a chequing account. Up to $500,000 of CDIC protection is available for your funds, there are no monthly fees, and you get 1% cash back when you spend with your Cash card. So, just like the Personal Account from EQ Bank, Wealthsimple’s Cash account is a very competitive option for day-to-day cash management.
Dive deeper: EQ Bank review
EQ Bank and Wealthsimple both offer access to mortgages through their online platforms, but with one key difference. While EQ Bank acts as a broker, allowing you to compare mortgages from multiple lenders, Wealthsimple connects you directly with its lending partner.
EQ Bank’s Mortgage Marketplace lets you compare over 2,000 mortgages from Canadian lenders. It takes a few minutes to pre-qualify online, and then speak with a broker to discuss your borrowing needs and find the mortgage that’s right for you.
Wealthsimple offers access to mortgages through its lending partner, Pine. The application process is completely online, and you can get a personalized rate within minutes. You can then speak with a Pine agent to finalize your application, while Wealthsimple provides a rebate of 0.05% – 0.15% on your mortgage payments.
Wealthsimple offers a much more comprehensive range of investment products than EQ Bank. It starts with Wealthsimple’s self-directed investing, which provides commission-free US and Canadian stock and ETF trading. Fractional shares are available, while options trading is also provided for more experienced investors.
If you’d rather leave the job of choosing which stocks to invest in to someone else, Wealthsimple can provide you with professionally managed portfolios that are customized to suit your investment goals. Management fees range from 0.5% to 0.2% depending on your account level, and you can also invest through a range of registered accounts or a non-registered account.
And when you consider that Wealthsimple also offers cryptocurrency trading, including access to 60+ coins and the ability to stake your crypto, it’s a pretty extensive investment package.
Over at EQ Bank, you can invest in registered and non-registered GICs. Terms range from 3 months to 10 years, and rates of up to 5.05% are available. TFSAs FHSAs and RSP accounts are offered as well.
But if you want to trade stocks, ETFs, options or crypto, Wealthsimple is a better option.
Now let’s compare EQ Bank vs Wealthsimple across a few other key categories.
Both EQ Bank and Wealthsimple allow you to earn up to 5% interest, but EQ Bank is the slightly better pick because it makes it easier for a wider range of people to earn this maximum rate.
Let’s break down why. EQ’s Personal Account pays 2.5% interest as standard, but this rises to 4% if you direct deposit your pay into your account. And if you open a Notice Savings Account, you can earn 4.5% interest by agreeing to provide 10 days’ notice before making a withdrawal, or 5% if you provide 30 days’ notice. And this rate applies no matter how small or large your balance.
Over at Wealthsimple, the Cash Account comes with a standard interest rate of 4%, while Premium clients who have at least $100,000 in assets with Wealthsimple can access a 4.5% interest rate. You can also access a 0.5% rate increase if you direct deposit at least $2,000 into your account across a 30-day period. Generation clients with at least $500,000 in assets get 5% interest as standard. So if you’re just starting out on your savings journey, EQ Bank is a better choice.
EQ Bank and Wealthsimple both offer highly-rated mobile apps designed to make it easy to manage your money. EQ Bank Mobile Banking lets you check your balance, pay bills, send transfers, invest in GICs and deposit cheques. It’s simple to use and has earned the following ratings from users as of June 2024:
Wealthsimple’s Android and iOS app can be used to trade stocks and ETFs, trade and stake crypto, check your interest or cash back earned, pay bills and send money. And as you can see below, it’s also picked up plenty of positive user reviews.
Wealthsimple pays cash back at a higher rate than EQ Bank. Whenever you spend with your Cash card, you get 1% instant cash, crypto or stock back. If you choose to earn crypto back, the funds you get back can also be automatically reinvested in the cryptocurrency of your choice.
With an EQ Bank Card, you’re rewarded with 0.5% cash back on all purchases. This cash back is calculated daily and paid monthly.
Wealthsimple comes out on top when comparing the added features each provider offers to customers.One of the highlights is Wealthsimple Tax, which is user-friendly software that helps you file your taxes for free. Another is the fact that Wealthsimple provides users with up to $500,000 CDIC coverage on eligible deposits, ensuring added peace of mind. And with early access to your pay and auto-investing also available, there are plenty of perks.
EQ Bank doesn’t offer the same range of added benefits as Wealthsimple, but it does offer an international money transfer service in partnership with Wise. This allows you to get the mid-market exchange rate when you send money abroad, and the funds will arrive in your recipient’s bank account within three business days.
If you’re searching for no-fee day-to-day banking, EQ Bank is a top choice — but Wealthsimple is pretty good too.
Where EQ Bank really shines is by providing fee-free ATM withdrawals across Canada. So if an ATM operator slugs you with a fee for withdrawing cash, EQ Bank will reimburse you. Combine this with the fact that the Personal Account has no monthly fee or minimum balance requirement, plus it offers free e-Transfers and no overdraft fees, and it’s easy to see why EQ Bank is a great choice if you hate bank fees.
The good news is that there are no monthly fees, minimum balance requirements or overdraft fees with a Wealthsimple Cash Account either. Wealthsimple also doesn’t charge any foreign transaction fees when you shop internationally with your Cash card. It doesn’t charge ATM fees, but the ATM network you use might.
Self-directed stock and ETF trading with Wealthsimple is commission-free, but there’s a 1.5% currency conversion fee when switching between CAD and USD (or vice versa). If you use Wealthsimple’s managed investing services, the management fee is 0.5% for Core clients, 0.4% for Premium clients and range from 0.2% to 0.4% for Generation clients. And if you trade crypto, trading fees vary from 2% to 0.5% depending on your account level.
As of June 2024, EQ Bank has an average rating of 1.9/5 stars based on 83 Trustpilot reviews, 2.6/5 stars based on 380 Google reviews, and generally positive feedback on the PersonalFinanceCanada Reddit. Positive reviews praise the low fees, competitive rates and customer support, while negative comments complain about customer service and account issues.
As of June 2024, Wealthsimple has an average rating of 1.6/5 stars based on 328 Trustpilot reviews, while it also had plenty of positive feedback on the PersonalFinanceCanada Reddit. Positive reviewers praise the app for its ease of use, competitive fees and helpful customer service, while negative reviewers mention factors such as
If you have a question or a problem, you can call or chat with the EQ Bank support team from 8am to midnight (ET) 7 days a week. For simple questions, there’s also a chatbot available to provide assistance 24/7.
Wealthsimple also offers multiple customer support options. You can email 24/7, phone or live chat from 9am to 6pm (ET) Monday to Friday, or get support from a virtual assistant 24/7. And if you’re a Premium or Generation client, you also get priority support.
Wealthsimple is the better overall pick, but there’s every chance that EQ Bank might be the right choice for your personal financial situation. We like the fact that Wealthsimple combines commission-free stock and ETF trading with a convenient chequing account, not to mention the ability to earn competitive savings interest and cash back. But if you just want no-fee day-to-day banking, or easy access to a savings account with a high interest rate, EQ Bank may be a better option for you.
EQ Bank offers a hybrid account with fee-free transactions and a competitive interest rate, plus other savings and investment products.
Wealthsimple offers competitive cash back and savings rates, plus commission-free stock and ETF trading.
EQ Bank and Wealthsiple are just two of the best online banks in Canada. If you’re searching for other options, you might like to check out these alternatives:
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