EQ Bank, Tangerine, and Simplii are Canada’s three largest online banks. Each has strengths, but they’re quite different in how they work and which features they prioritize.
Quick answer: EQ Bank has the best savings rate and GICs. Tangerine is the best all-around online bank (chequing, savings, credit card, investing). Simplii is best for users near CIBC ATMs who want a simple, no-fee chequing account.
Full Comparison
| Feature | EQ Bank | Tangerine | Simplii Financial |
|---|---|---|---|
| Savings rate | 4.00% | 1.00% (promos to 5%+) | 0.40% (promos to 5%+) |
| Chequing account | Yes (no ATMs) | Yes | Yes |
| ATM network | None | Scotiabank (3,500+) | CIBC (3,400+) |
| Monthly fees | $0 | $0 | $0 |
| e-Transfers | Free (5/day) | Free | Free |
| Credit card | No | Yes (cash-back) | Yes (cash-back) |
| GIC rates | Best (4–4.5%) | Good (3.5–4%) | Good (3.5–4%) |
| Mortgage | Yes (competitive) | Yes | Yes |
| Investing | No | Yes (DIY + robo) | No |
| TFSA savings | Yes (4%+) | Yes (lower base rate) | Yes (lower base rate) |
| RRSP savings | Yes | Yes | Yes |
| Joint accounts | Yes | Yes | Yes |
| Mobile app quality | Good | Excellent | Excellent |
| Parent bank | Equitable Bank | Scotiabank | CIBC |
| CDIC insured | Yes | Yes | Yes |
Savings Rate Comparison
| Scenario | EQ Bank | Tangerine | Simplii |
|---|---|---|---|
| Everyday savings | 4.00% | 1.00% | 0.40% |
| Promo rate (new customers) | N/A | 5.00%+ (6 months) | 5.25% (5 months) |
| After promo expires | 4.00% | 1.00% | 0.40% |
| Interest on $50,000 (annual, no promo) | $2,000 | $500 | $200 |
EQ Bank wins for consistent earnings. Tangerine/Simplii win short-term if you actively promo-chase.
Which Is Best for Each Need
| Need | Best Choice | Why |
|---|---|---|
| Highest savings rate | EQ Bank | 4%+ consistently, no promo chasing |
| Everyday chequing | Tangerine or Simplii | Free ATM networks (Scotiabank/CIBC) |
| All-in-one banking | Tangerine | Chequing + savings + credit card + investing |
| Best GIC rates | EQ Bank | Consistently highest GIC rates |
| Cash-back credit card | Tangerine | Free Mastercard with up to 2% categories |
| DIY investing | Tangerine (via Wealthsimple partnership) | Access to investment products |
| Mortgage | EQ Bank or compare all 3 | EQ Bank often has best mortgage rates |
| CIBC ATM access | Simplii | Uses CIBC branch ATMs |
| Scotiabank ATM access | Tangerine | Uses Scotiabank branch ATMs |
| No ATM needed | EQ Bank | Best rates compensate for no ATMs |
Recommended Setup: Use 2 Banks
| Banks | How to Use Them |
|---|---|
| EQ Bank + Simplii | EQ Bank for savings/GICs (best rates), Simplii for chequing (CIBC ATMs) |
| EQ Bank + Tangerine | EQ Bank for savings, Tangerine for chequing + credit card |
| Tangerine + Big 5 | Tangerine for everything day-to-day, keep Big 5 for mortgage/branches |
Bottom Line
You don’t have to choose just one. The optimal setup for most Canadians is EQ Bank for savings (highest consistent rate) and Tangerine or Simplii for chequing (ATM access). Together, they cover all your banking needs for $0 in fees while earning the highest possible interest.
For related guides, see best savings accounts in Canada, best chequing accounts in Canada, and best GIC rates.