EQ Bank, Tangerine, and Simplii are three of Canada’s most popular online banks. Each has strengths, but they’re quite different in how they work and which features they prioritize. Rates confirmed directly at each provider’s website on September 16, 2026 — all rates are variable and change frequently, so confirm the current offer before opening an account.
Quick answer: EQ Bank offers an ongoing rate on its Personal Account without needing a promo. Tangerine is a strong all-around online bank (chequing, savings, credit card, investing) with periodic promotional savings offers. Simplii is a strong choice for users near CIBC ATMs who want a simple, no-fee chequing account, also with periodic promotional savings offers.
Full Comparison
| Feature | EQ Bank | Tangerine | Simplii Financial |
|---|---|---|---|
| Savings rate (confirmed Sept 16, 2026) | 1.00% base / up to 2.75% with qualifying direct deposit | ~0.30%–1.00% base tier; 4.50% promo (5 months, new clients) | ~0.30%–1.50% base tier; 4.60% promo (153 days, new clients) |
| Chequing account | Yes (no ATMs) | Yes | Yes |
| ATM network | None | Scotiabank (3,500+) | CIBC (3,400+) |
| Monthly fees | $0 | $0 | $0 |
| e-Transfers | Free (limits apply) | Free | Free |
| Credit card | No | Yes (cash-back) | Yes (cash-back) |
| GIC rates | Confirm at eqbank.ca | Confirm at tangerine.ca | Simplii does not offer GICs |
| Mortgage | Yes | Yes | Yes |
| Investing | No | Yes (DIY + robo) | No |
| TFSA savings | Yes — same tiered structure as Personal Account | Yes — promo may apply | Yes — promo may apply |
| RRSP savings | Yes | Yes | Yes |
| Joint accounts | Yes | Yes | Yes |
| Mobile app quality | Good | Strong | Strong |
| Parent bank | Equitable Bank | Scotiabank | CIBC |
| CDIC insured | Yes | Yes | Yes |
Savings Rate Comparison — Confirmed September 16, 2026
| Scenario | EQ Bank | Tangerine | Simplii |
|---|---|---|---|
| Base/everyday rate | 1.00% | ~0.30%–1.00% (tier-dependent) | ~0.30%–1.50% (tier-dependent) |
| Qualifying-condition/bonus rate | 2.75% (with $2,000+/mo direct deposit) | N/A | N/A |
| Promo rate (new customers) | N/A | 4.50% (5 months) | 4.60% (153 days) |
| After promo expires | 1.00%–2.75% (ongoing) | Reverts to base tier | Reverts to base tier |
| Interest on $50,000 (annual, at EQ Bank’s bonus rate) | $1,375 | Confirm current base rate for a fair comparison | Confirm current base rate for a fair comparison |
EQ Bank’s structure avoids the need to chase a new promo, but its top rate (2.75%) is lower than Tangerine’s and Simplii’s confirmed promotional rates. Tangerine/Simplii can win in dollar terms during the promo window if you’re disciplined about moving the money once it ends. Confirm current rates and terms before deciding — this table reflects the offers confirmed on September 16, 2026, which may since have changed.
Which Is Best for Each Need
| Need | Consider | Why |
|---|---|---|
| Simple ongoing rate, no promo-chasing | EQ Bank | Tiered rate structure without an expiring promo |
| Everyday chequing | Tangerine or Simplii | Free ATM networks (Scotiabank/CIBC) |
| All-in-one banking | Tangerine | Chequing + savings + credit card + investing |
| GIC access | EQ Bank (Simplii does not offer GICs) | Confirm current rates before comparing to Tangerine |
| Cash-back credit card | Tangerine | Mastercard with cash-back categories — confirm current terms |
| DIY investing | Tangerine (via Wealthsimple partnership) | Access to investment products |
| Mortgage | Compare all three directly | Rates and terms change — confirm current offers |
| CIBC ATM access | Simplii | Uses CIBC branch ATMs |
| Scotiabank ATM access | Tangerine | Uses Scotiabank branch ATMs |
| No ATM needed | EQ Bank | ATM fees reimbursed anywhere in Canada |
Recommended Setup: Use 2 Banks
| Banks | How to Use Them |
|---|---|
| EQ Bank + Simplii | EQ Bank for savings/GICs, 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. A common approach for Canadians is pairing a savings-focused account (EQ Bank, or a Tangerine/Simplii account during a promotional period) with a chequing-focused account (Tangerine or Simplii for ATM access). Together, they can cover most banking needs for $0 in fees. Confirm current rates directly at eqbank.ca, tangerine.ca, and simplii.com before opening any account, since all figures in this comparison are variable and change frequently.
For related guides, see best savings accounts in Canada, best chequing accounts in Canada, and best GIC rates.
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