Simplii Financial vs EQ Bank: Which bank is right for you?

Simplii Financial and EQ Bank are two online-only banks that are shaking up the world of traditional banking. If you’re searching for a bank that offers a wide range of convenient banking options — like a no-fee chequing account, a credit card, a personal loan or an investment account — Simplii is the better choice. But if you want a hybrid account that offers easy access to funds but also pays a high rate of interest on your balance, EQ Bank takes the win.

Simplii Financial vs EQ Bank: A quick comparison

Simplii Financial vs EQ Bank: Account options

Simplii Financial is an online-only bank, so it doesn’t offer any physical branches. But Simplii is the digital arm of CIBC, one of Canada’s Big Five banks, so you can enjoy fee-free access to your money at CIBC’s nationwide network of over 3,400 ATMs. Simplii also offers a wide range of conventional banking products, from chequing and savings accounts to loans, mortgages and a credit card.

EQ Bank is also completely online and doesn’t have any branches. Its main product offering is the EQ Bank Personal Account, a hybrid account that combines the features of a chequing account and a savings account. And when you need to withdraw money, you can enjoy fee-free access to funds at any ATM across the country with an EQ Bank Card.

Banking

Simplii Financial and EQ Bank both have competitive bank account options, but EQ Bank is the narrow winner.

Simplii’s account selection starts with the No Fee Chequing Account, which supports unlimited debit purchases, bill payments and withdrawals with no monthly fee and no minimum balance requirement. It also offers a High Interest Savings Account with a promo interest rate of 4.6% for the first 5 months, which then reverts to a much lower standard rate of 0.35% – 1.45% on balances of up to $1 million. Finally, Simplii also offers a USD Savings Account along with special offers for newcomers and students.

Over at EQ, the EQ Bank Personal Account supports unlimited transactions with no monthly fee and no minimum balance requirement. But it also pays up to 3.5% interest on your balance, and you get fee-free access to your money at any ATM across Canada. There’s also a Joint Account available that lets you share money with up to three people.

In 2024, EQ Bank launched the Notice Savings Account. This account pays 3% interest if you give 10 days’ advance notice before making a withdrawal, or 3.05% interest if you give 30 days’ notice.

So while Simplii is well worth a look if you just want no-fee everyday banking, EQ Bank’s combination of chequing account convenience and interest-earning power make it a top choice.

Borrowing

If you’re searching for a credit card, Simplii Financial is the better choice. Its Simplii Financial Cash Back Visa Card pays 10% cash back for a 4-month promo period, before reverting to:

• 4 cash back on restaurant, bar and coffee shop purchases
• 1.5 on gas, groceries and drugstore purchases
• 0.5 on all other purchases

EQ doesn’t offer a credit card — the EQ Bank Card is a reloadable prepaid card you can load with funds from your Personal Account.

Both Simplii and EQ can help you out if you’re looking for a mortgage. Simplii takes a conventional lending approach, offering fixed- and variable-rate mortgages with cash back promo offers. EQ Bank, meanwhile, has an online Mortgage Marketplace where you can compare over 2,000 loans from Canadian lenders, then speak to a broker to find the right mortgage for you.

But with its competitive cash back credit card and range of mortgage products, Simplii Financial takes the win in this category.

Investing

Neither Simplii Financial nor EQ Bank offer stock and ETF trading, but both offer investment products that can help you build wealth for the future.

With a Simplii Financial GIC, you can get terms of 1 to 5 years and APYs of up to 3.78%. EQ Bank offers registered and non-registered GICs, with terms ranging from 3 months to 10 years and APYs of up to 3.5%.

In terms of investment accounts, Simplii offers RRSPs, TFSAs, mutual fund accounts, RRSPs, RRIFs and RESPs. EQ Bank offers RRSPs, TFSAs and FHSAs. So the right bank for you may vary depending on the type of investment account you need, while you’ll also need to compare the latest interest rates before choosing.

Apps, features and more

Let’s compare Simplii Financial vs EQ Bank across a few other key categories.

Savings interest rates

EQ Bank is the better choice if you’re looking for an ongoing high interest rate on your savings. But Simplii is worth a look if you’re happy to shop around for the best savings account promo rates every few months.

Simplii’s High Interest Savings Account offers a promotional interest rate of 4.6% for the first 5 months. It then reverts to a lower standard rate, and the rate you get depends on your account balance:

• $50,000 or less: 0.35%
• $50,000.01 – $100,000: 0.35%
• $100,000.01 – $500,000: 0.8%
• $500,000.01 – $1 million: 1.45%
• $1,000,000.01 and up: 3.75%

Simplii’s US Dollar Savings Account has an interest rate of 3.05%.

The EQ Bank Personal Account pays 1.75% interest as standard, but this rises to 3.5% if you get your pay direct deposited into your account. And with the Notice Savings Account, you can earn 3% interest if you give 10 days’ advance notice before making a withdrawal, and 3.05% interest if you give 30 days’ notice.

So if you’re a set-and-forget saver, EQ Bank is the winner.

Mobile app

Simplii and EQ Bank both offer Android and iOS apps to help you manage your money on the go. You can use the apps to check your balance, deposit cheques, pay bills, send e-Transfers and more.

As of June 2024, the Simplii Financial app has earned:

• 4.2/5 stars based on over 11,000 App Store ratings
• 3.9/5 stars based on over 16,000 Google Play ratings

Meanwhile, EQ Bank Mobile Banking has a higher average rating among Apple users than Android users:

• 3.1/5 stars based on over 7,800 Google Play ratings
• 4.8/5 stars based on over 35,000 App Store ratings

Other features

Simplii and EQ both offer additional accounts and features that may appeal to you depending on your banking needs. For example, while both offer USD accounts, Simplii also offers foreign currency accounts that let you send and receive funds in EUR, GBP, INR, PHP and CNH.

Both also offer international money transfer services. Simplii Global Money Transfer lets you send money to over 130 countries with no transfer fee, but an exchange rate markup applies.

EQ offers its international money transfer service in partnership with Wise. You can send transfers in 49 currencies, and while a transfer fee applies, you get the real mid-market exchange rate for your transaction, which means more money arrives in your recipient’s bank account.

How Simplii Financial’s and EQ Bank’s fees compare

Simplii and EQ Bank are well worth a look if you’re searching for no-fee everyday banking — but EQ is a narrow winner.

Both providers offer chequing accounts with no monthly fees and unlimited transactions. Simplii offers free access to over 3,400 CIBC ATMs across Canada, and if you want to add overdraft protection to your account, you can do so for $4.97 a month. Simplii’s NSF fee is $45.

EQ Bank doesn’t charge overdraft, NSF or dormant account fees. And with its commitment to providing fee-free ATM withdrawals across Canada, including reimbursing fees charged by other ATM operators when you make an out-of-network withdrawal, EQ Bank is the better choice.

What customers say about Simplii Financial and EQ Bank

If you need customer support, you can phone Simplii Financial 24 hours a day. Email contact details are also provided, and live agent support is available through online banking 7am to 10pm (ET) Monday to Friday and 9am to 5pm Saturday and Sunday. There’s also a virtual assistant available 24/7.

EQ Bank can be contacted by phone or chat from 8am to midnight (ET) 7 days a week. A chatbot is also available to answer questions 24/7.

As of June 2024, Simplii Financial has an average rating of 2/5 stars based on over 600 Trustpilot reviews. EQ Bank has an average rating of 1.9/5 stars based on 83 Trustpilot reviews, and 2.6/5 based on 381 Google reviews. Both providers have also picked up their fair share of positive feedback on the PersonalFinanceCanada Reddit, though Simplii also also earned some mixed reviews.

Positive Simplii Financial reviews mention helpful customer service, minimal fees and ease of use. Negative reviews mention factors such as slow transaction times and poor customer service.

Positive EQ Bank reviews mention high savings account interest rates, no fees and responsive customer service. Negative reviews complain about customer service issues and experiences being locked out of their account.

Simplii Financial at a glance

Simplii Financial offers no-fee day-to-day banking and a wide range of other financial products and services.

EQ Bank at a glance

EQ Bank’s Personal Account combines the benefits of a chequing account and a savings account, while it also provides a decent selection of other products.

Alternatives to Simplii Financial and EQ Bank

Still not sure whether Simplii Financial or EQ Bank is the right choice? Consider some of the other best online banks in Canada, such as:

• KOHO. KOHO offers a convenient spending account that lets you earn cash back and also pays 5% interest on your balance. Check out our KOHO review for more details.
• Wealthsimple. Wealthsimple’s Cash Account pays 2.75% - 3.75% interest on your balance and offers cash back on spending, while the provider also offers stock, ETF and crypto trading. Read our Wealthsimple review for more information.
• Neo Financial. Neo Financial offers a savings interest rate of 3% plus the ability to earn 0.5 - 6% cash back with the Neo Money Card. Find out more in our Neo Financial review.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio