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. EQ doesn’t offer products such as lines of credit, credit cards or mortgages.
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.
EQ Bank vs Tangerine: A quick review
Tangerine is an online-only digital 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.
Why should I choose a digital bank?
Unlike brick and mortar establishments, digital banks like EQ Bank and Tangerine operate exclusively online. This means they don’t have to pay overhead costs for rent, office supplies, in-branch personnel or other expenses.
Those savings then get passed onto customers in the form of fee-free accounts, high interest rates, unlimited withdrawals and free e-transfers (among many other benefits). The only downside is that you can’t visit a physical branch in-person to do your banking.
EQ Bank vs Tangerine: Products offered
Product | EQ Bank | Tangerine |
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Chequing accounts |
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Savings accounts |
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Guaranteed investment certificates |
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Other products |
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Our full bank reviews | Read review | Read review |
Compare EQ Bank and Tangerine savings accounts
EQ Bank vs Tangerine: Features offered
Compare some of the main features for accounts offered by EQ Bank and Tangerine. This should give you a better idea of which one might be the best fit for your financial situation.
Feature | EQ Bank | Tangerine |
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Monthly fees | No monthly fees | No monthly fees |
Interest rates |
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Debits and withdrawals | Unlimited for free | Unlimited for free |
ATM withdrawals | No charge from any ATM with ATM surcharge fee reimbursement | Free from any Scotiabank ATMs |
Interac e-Transfers | Unlimited for free | Unlimited for free |
Automatic deposits | Yes | Yes |
Overdraft protection | Yes | Yes |
Global money transfers | Yes | Not available |
Mobile app | Yes, iOS and Android | Yes, iOS and Android |
Branches | Not available | Tangerine Cafes in Toronto, Montreal and Vancouver |
Debit card | No, but you can get a prepaid Mastercard | Yes (Visa Debit) |
Free cheques | Not available | Yes (50 for free) |
Compare EQ Bank and Tangerine chequing accounts
EQ Bank vs Tangerine: Pros and cons
EQ Bank
EQ Bank is the digital arm of Equitable Bank, which is one of Canada’s largest independent banks. It offers high-interest savings accounts and guaranteed investment certificates but has a limited selection of other financial products.
The EQ Bank Personal Account is fee-free and come with unlimited transactions, free Interac e-Transfers, cheap global money transfers and up to a 4% interest rate.
The EQ Bank Notice Savings Account let’s you earn one of the highest ongoing savings interest rates in Canada of 4.00% - 4.25%. Guaranteed investment certificates offer higher interest rates than what you can typically get from similar-term GICs elsewhere.
The downside of EQ Bank is that it doesn’t offer chequing accounts or ATM withdrawals, and you won’t get a welcome bonus when you sign up. That said, this account could be a good fit for you if you want a high interest rate on your savings or you send money overseas regularly.
Pros | Cons |
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Tangerine
Tangerine is owned by Scotiabank and offers a wide range of financial products, including chequing and savings accounts, credit cards, mortgages, loans, GICs and registered investment accounts (such as RRSPs, RESPs and RRIFs).
All of Tangerine’s chequing and savings accounts come with no monthly fees, unlimited transactions, free Interac e-Transfers and a welcome bonus when you sign up. You’ll also be able to withdraw cash for free from Scotiabank ATMs.
The downside of Tangerine is that it offers a lower ongoing interest rate on your savings and GICs than you would with EQ Bank (although customers are frequently offered bonus interest rates for months on end).
That said, this bank could be a good fit for you if you want all of your financial products (e.g. chequing savings, credit card and mortgages) under one roof, or you want to get a welcome bonus for signing up.
Pros | Cons |
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Tangerine vs EQ Bank: Which one is better?
Deciding which is the better option between EQ Bank and Tangerine really depends on your financial priorities and how you want to manage your money. Here are some key factors to consider and which bank pulls ahead for each.
Feature | Winner (EQ Bank vs Tangerine) |
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Financial products | Tangerine offers a wider range of financial products than EQ Bank. |
Interest rates | EQ Bank offers higher ongoing savings rates than Tangerine (but Tangerine bonus rates are competitive). |
Promo offers | Tangerine will give you an accelerated interest rate and a bonus credit when you sign up (while there’s typically no promo offer from EQ Bank). |
International money transfers | EQ Bank is partnered with Wise to provide international money transfers for a low rate (while Tangerine doesn’t have this feature). |
Physical branches | Tangerine offers a couple of physical Tangerine cafe locations in major cities while EQ Bank has no branches at all. |
Network of ATMs | Tangerine offers a full network of ATMs while EQ Bank doesn’t have its own ATM network, and does not offer free international ATM withdrawals. |
Bottom line: EQ Bank vs Tangerine
EQ Bank and Tangerine are quite different in terms of product offerings. As a baseline, EQ Bank could be a better fit for you if you send regular money transfers overseas or you’re interested in maximizing the interest you earn on your savings or GICs. Tangerine may be a better option if you want the convenience of a digital bank with access to the range of financial products offered by the bigger banks.
Frequently asked questions
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