Tangerine vs EQ Bank: Which bank is better?

Digital banks continue to grow in popularity among Canadian consumers due to their low monthly fees, high interest rates and streamlined mobile and online apps. As two of the most popular online banks in Canada, EQ Bank and Tangerine have a lot to offer in this domain.

Learn more about the features and financial products on offer from these reputable digital banks and delve into how they compare and contrast to decide on the best fit for your unique financial situation.

Tangerine vs. EQ Bank: An overview

Tangerine is an online-only bank that has nearly 2 million clients and over $40 billion in managed assets. Originally called ING Direct, Tangerine was acquired by Scotiabank in 2012 and was re-labelled as Tangerine in 2014. This bank offers a wide range of financial products such as chequing and savings accounts as well as GICs, loans, mortgages and credit cards.

EQ Bank is a popular digital banking provider in Canada that has over 639,000 clients. It acts as the online banking arm of Equitable Bank, which was founded in 1970 but began offering savings products in 2013. EQ Bank offers chequing, savings, US dollar, business, RSP and GIC accounts, along with a prepaid debit card for purchases and cash withdrawals. It also works with Wise to save you money on international money transfers.

Tangerine vs. EQ Bank: Chequing accounts

The Tangerine No-Fee Daily Chequing Account and the EQ Bank Personal Account are two of the best no-fee chequing accounts in Canada. Both accounts come with no monthly fees, no minimum balance requirements and unlimited transactions.

While Tangerine provides access to Scotiabank’s ATM network, EQ Bank reimburses fees charged by any ATM provider in Canada, offering more flexibility and broader access. The main difference between the two is that the EQ Bank Personal Account combines chequing and savings features, so you’ll earn more interest and even cashback.

Who’s the winner?

EQ Bank wins since it has all the same no-fee features as Tangerine with the added bonus of cashback and a much higher interest rate.

Tangerine vs. EQ Bank: Savings accounts

It’s another close call since Tangerine and EQ Bank have two of the best high-interest savings accounts in Canada. Both offer no monthly fees or minimum balance requirements, as well as competitive rates.

However, EQ Bank’s rates are much higher once Tangerine’s five-month promotional rate ends. The only caveat is to take advantage of EQ Bank’s higher rates, you need to give a 10- or 30-day notice period to withdraw your funds.

Who’s the winner?

EQ Bank. If you don’t need instant access to your money, the Notice Savings Account offers a higher yield, making it the smarter choice for strategic savers.

Tangerine vs. EQ Bank: Investments

Who’s the winner?

It’s a tie. If you only need a TFSA or RSP, EQ Bank is a better option with its higher rates. But if you want a broader range of investment products, Tangerine offers more choice.

Tangerine vs. EQ Bank: GICs

If you want to invest in GICs, both Tangerine and EQ Bank offer a wide range of term lengths, including short-term options and the standard 1-, 2-, 3-, 4- and 5-year terms.

The main difference between the two institutions is that EQ Bank provides longer terms and higher interest rates, while Tangerine offers USD, RSP, tax-free and RIF GICs, catering to a wider range of registered and foreign currency needs.

Who’s the winner?

EQ Bank for its broader selection of term lengths and higher interest rates. However, if you need USD or registered GIC options, Tangerine remains a strong contender.

Tangerine vs. Simplii: Other loan options

Both Tangerine and EQ Bank offer mortgages and home equity lines of credit, so you can borrow money using the equity built up in your home as collateral, but only Tangerine posts its rates online. Tangerine also offers a personal loan, RSP loan and line of credit.

Who’s the winner?

Tangerine. Its broader range of borrowing options gives it the edge over EQ Bank in the loan category.

How do the mobile apps for Tangerine vs. EQ Bank compare?

Tangerine and EQ Bank both offer free, user-friendly mobile apps available on Android and iOS, designed to handle everyday banking needs such as:

• Bill payments
• Money transfers
• Interac e-transfers
• Balance checks
• Transaction history reviews
• Mobile cheque deposits

Both apps have received positive feedback from users, but Tangerine has more ratings and a higher score on Google Play.

Who’s the winner?

Tangerine’s mobile app has a higher user rating based on much more downloads.

Other features we like about Tangerine vs EQ Bank

Here are some additional features to consider when comparing Tangerine and EQ Bank.

EQ Bank Global Money Transfers

EQ Bank offers an international money transfer service through a partnership with Wise, allowing you to send funds in 49 currencies with competitive exchange rates and low fees. Transfers arrive instantly or within three business days. Tangerine doesn’t offer international transfers.

Business accounts

While EQ Bank focuses primarily on personal banking, it does have a new beta business account available to existing customers. It comes with no monthly fees, free transactions and 2.25% interest.

Tangerine also provides business banking products. This includes a Business Savings Account with no monthly fees and interest rates ranging from 1.95%–2.55%, plus a Business USD Savings Account earning 0.9% interest.

Tangerine credit cards

Tangerine extends its offerings further with a World Mastercard and Money-Back Credit card. Both have no annual fee, 0.5–2% cashback in categories of your choice and purchase protection. EQ Bank only offers a prepaid reloadable Mastercard known as the EQ Bank Card with 0.5% cashback.

What does Reddit think of the Tangerine vs EQ Bank debate?

The r/PersonalFinanceCanada subreddit is full of threads debating Tangerine vs EQ Bank. Many users prefer EQ Bank for its consistently high interest rates on savings and GICs, no-fee structure and unique hybrid account that combines chequing and savings features. However, some users point out the limited product range as a drawback.

Tangerine is often praised for offering a more complete banking experience, including mutual funds, credit cards and access to Scotiabank’s ATM network. Users who value having all their financial products in one place often lean toward Tangerine, even if it means earning slightly lower interest, though some people say they’re regularly offered better promotional rates.

Some users even use both banks — Tangerine for their day-to-day banking and EQ Bank for their savings to take advantage of the higher interest rates.

Who’s the final winner?

Deciding between Tangerine and EQ Bank ultimately comes down to your personal banking needs. EQ Bank is the clear choice if you want higher ongoing interest rates, fee-free nationwide ATM access and a hybrid chequing-savings account with cashback.

Tangerine, meanwhile, offers a more complete range of products — including personal loans, credit cards and diverse investment options — which makes it better suited for those seeking a full-service digital bank experience.

Alternatives to Tangerine and EQ Bank

If you don’t think Tangerine or EQ Bank are right for you, here are some of the other best banks in Canada to consider:

• Neo. Neo is a Canadian fintech that offers a digital spending and savings account with high interest rates and cashback rewards. It’s designed for users who want modern banking tools, budgeting features and no monthly fees.
• Simplii Financial. Simplii is the digital banking arm of CIBC, offering a full range of no-fee banking products like chequing and savings accounts, credit cards, loans and investment options.
• KOHO. KOHO is another great Canadian fintech. It offers three prepaid Mastercard accounts with high interest rates and cashback, as well as budgeting tools and credit-building features.
• Wealthsimple. Wealthsimple is an online Canadian investment management service that boasts investment accounts, stock and crypto trading and a cash account that earns interest and provides a prepaid card with cashback.
• PC Financial. PC Financial offers a no-fee chequing account and Mastercard tied to its PC Optimum rewards program to maximize your savings.

Frequently asked questions about EQ Bank vs Tangerine

• What are the downsides of EQ Bank?

  EQ Bank doesn't offer standard lending products like personal loans or lines of credit, so you'd have to go to another financial institution if you need financing. Physical cheques are also unavailable, which may be inconvenient for people who need to write cheques to landlords or contractors, for example.

• What are the downsides of Tangerine?

  Although Tangerine customers can use any Scotiabank ATM in Canada for free, they'll have to pay a $1.50–$3 fee to use any other ATM. Its interest rates are also lower than EQ Bank's and many other Canadian banks.

• Do EQ Bank and Tangerine have physical branches?

  No, EQ Bank and Tangerine are digital-only banks. However, Scotiabank owns Tangerine, so customers have access to over 3,500 Scotiabank ATMs across Canada.

• Which bank will give me the highest interest rates?

  EQ Bank offers a higher standard, ongoing interest rate on its savings account compared to Tangerine, but Tangerine's bonus rate is often on par or higher than EQ Bank's.

• Do I have to claim the interest I earn from my account on my taxes?

  You'll need to claim any interest you earn on your taxes if you keep your money with EQ Bank since it doesn't offer registered accounts. With Tangerine, you'll have to pay taxes on the interest you earn on cash accounts, but it won't be an issue if you hold your funds in a registered account like a TFSA.

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Written by

Rebecca Low

Writer

Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel. See full bio