EQ Bank is an online-only bank that offers an interest-earning chequing account and high-interest savings account. It also provides GICs, other savings products and mortgages.
Wealthsimple offers a high-interest hybrid chequing/savings account, mortgages and a well-established stock, ETF and crypto trading platform.
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 prioritize commission-free stock and ETF trading options with a hybrid chequing/savings account, Wealthsimple is a better option.
| EQ Bank
| Wealthsimple
| |
|---|---|---|
| Product offerings |
|
|
| Welcome offers | Earn 3.50% for 12 months | No welcome offer |
| Account interest rates |
|
|
| Monthly fees | $0 | $0 |
| Purchase cards | Prepaid Mastercard (0.5% cashback) | Prepaid Mastercard (1% cashback) |
| Cash access | Free withdrawals from any ATM in Canada | Free withdrawals from any ATM in Canada |
| Branches | N/A (online only) | N/A (online only) |
| Unlimited transfer options |
|
|
| Get started | EQ Bank Personal Account: | Wealthsimple Cash: |
EQ Bank is run by Equitable Bank and offers chequing and savings accounts, GICs, joint accounts, mortgages 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.
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.
Both EQ Bank and Wealthsimple offer CDIC insurance and well-developed online platforms and mobile banking apps to allow you to easily manage your money online.
If you want no-fee everyday banking, EQ Bank is the winner. If you also want to invest in US and Canadian stocks and ETFs, Wealthsimple is the winner.
EQ Bank offers more bank account choices than Wealthsimple. It offers the EQ Bank Personal Account, a chequing account that supports unlimited transactions, free e-Transfers and ATM withdrawals, pays between 1.75% – 3.5% interest on your balance and pays 0.5% cash back on your purchases with the EQ Bank Card. You can also sign up for an EQ Bank Joint Account with up to three people.
EQ Bank also offers the EQ Bank Notice Savings Account. Choose to access your withdrawal funds after 10 days for a 3.00% savings rate or 30 days for a 3.05% interest rate. The interest rate on the Notice account is higher than what is offered by the Wealthsimple Cash account.
From a banking point of view, Wealthsimple only offers the Cash account where you can earn 2.75% – 3.75% interest on your balance, up to $500,000 of CDIC protection, $0 monthly fees and 1% cash back when you spend with your Cash card.
One notable difference between the two apps is that Wealthsimple does not support bill payments or Electronic Funds Transfers, whereas EQ Bank does.
As for account and transfer options, EQ Bank comes out on top. If you prefer account perks, like additional CDIC protection and a higher cash back rate, Wealthsimple is the better choice.
Both EQ Bank and Wealthsimple allow you to earn around 5% interest, but EQ Bank is the slightly better pick because it makes it easier for a wider range of people to earn that maximum rate.
Let’s break down why. EQ’s Personal Account pays 1.75% interest as standard, but this rises to 3.5% if you direct deposit your pay into your account. And if you open a Notice Savings Account, you can earn 3% interest by agreeing to provide 10 days’ notice before making a withdrawal, or 3.05% 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 2.75%, 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 3.75% interest as standard.
With its savings account, EQ Bank offers higher interest rates than Wealthsimple. With its chequing account, EQ Bank’s rates are comparable to Wealthsimple’s.
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.
The rate rebate is a standout feature for Wealthsimple mortgages. But if you’re more concerned about having multiple options to choose from, EQ Bank is the better choice.
| EQ Bank | Wealthsimple | |
|---|---|---|
| Savings/investment options |
|
|
| Get started | EQ Bank GIC: | Wealthsimple Invest: |
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, and 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.
EQ Bank offers registered and non-registered GICs, while Wealthsimple does not currently offer GICs. EQ Bank GIC terms range from 3 months to 10 years, with a 1 year rate of 3.5%. EQ Bank also offers TFSAs FHSAs and RSP accounts.
| Term | Non-registered GIC |
|---|---|
| 3 months | 3.1% |
| 6 months | 3.15% |
| 9 months | 3.2% |
| 1 year | 3.5% |
| 15 months | 3.45% |
| 2 years | 3.45% |
| 27 months | 3.45% |
| 3 years | 3.45% |
| 4 years | 3.5% |
| 5 years | 3.5% |
| 6 years | 3% |
| 7 years | 3% |
| 10 years | 3% |
If you want to trade stocks, ETFs, options or crypto, Wealthsimple is the only option of the two. If you prefer investing in GICs, EQ Bank is your only option out of the two.
Now let’s compare EQ Bank vs Wealthsimple across a few other key categories.
EQ Bank and Wealthsimple both offer highly-rated, user-friendly 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. The EQ Bank has the following user ratings as of August 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.
We’re calling this category a draw, as both EQ Bank and Wealthsimple’s mobile apps are highly rated across both app stores.
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 pays cash back at a higher rate than EQ Bank, and gives you more options (like stocks and crypto) to receive it.
One highlight between the two apps 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.
Wealthsimple comes out on top when comparing the added features each provider offers to customers.
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 August 2024, EQ Bank has an average rating of 2.3/5 stars based on over 100 Trustpilot reviews, 2.6/5 stars based on over 415 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 August 2024, Wealthsimple has an average rating of 1.6/5 stars based on 328 Trustpilot reviews and a 4.5/5 star rating based on over 2,500 Google reviews. 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.
Final verdict: EQ Bank winsAfter comparing EQ Bank and Wealthsimple, we’ve chosen EQ Bank as the overall winner because it offers comparable or better interest rates, more bank account options and more money transfer options. In terms of fees and extra perks, the two apps are similar. However, if investing is a big focus for you, Wealthsimple will be a far better choice.
If you want more information about either option, check out our full Wealthsimple review or our EQ Bank review.
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