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: An overview

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 one of the best chequing accounts in Canada and a high interest savings account 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.

Simplii Financial vs EQ Bank: Chequing Accounts

The Simplii Financial No Fee Chequing Account and the EQ Bank Personal Account are two of the best free chequing accounts in Canada. Each account comes with unlimited transactions, no minimum balance requirement and free Interac e-transfers.

The EQ Bank Personal Account stands out, though, as it blends chequing and savings features, offering cashback and one of the best new bank account offers, a 2.75% interest rate if you set up an eligible direct deposit.

Who’s the winner?

EQ Bank. While both chequing account options are competitive, the Personal Account is the narrow winner for its interest rates and cashback.

Simplii Financial vs EQ Bank: Savings accounts

EQ Bank doesn’t have a traditional savings account. Instead, it offers a Notice Savings Account with higher interest rates in exchange for a 10- or 30-day withdrawal notice period. This account is perfect for people who want to maximize their savings and can wait to access their funds.

However, if you want a more flexible savings account, you can transfer funds to your linked chequing account or send Interac e-transfers from your Simplii Financial High Interest Savings Account at any time. You just won’t earn as much interest once your promo rate is finished.

Who’s the winner?

Simplii Financial narrowly wins this category for its everyday access and high promo rate.

Simplii vs. EQ Bank: Investments

Simplii Financial and EQ Bank both offer solid options for Canadians looking to grow their savings and invest for the future. Simplii provides a full suite of registered and non-registered accounts, including GICs, RRSPs, TFSAs, mutual funds and RRIFs.

EQ Bank focuses on savings oriented-products, offering GICs, TFSAs and RRSPs with competitive rates. However, it doesn’t provide access to other types of investments like mutual funds or RRIFs.

Who’s the winner?

Simplii Financial. It offers a wider mix of investment and retirement options for those looking to build, manage and earn income from their savings in one place.

Simplii vs. EQ Bank: Other loan options

Simplii Financial and EQ Bank differ significantly when it comes to borrowing options. Simplii offers a wider range of lending products, including personal loans with fixed or variable rates, unsecured lines of credit and a home equity line of credit (HELOC). It also gives borrowers the flexibility to make early repayments without penalty.

EQ Bank doesn’t offer personal loans or traditional lines of credit directly. While it does provide access to mortgages and HELOCs through its parent company, Equitable Bank, these aren’t part of its core digital banking platform.

Who’s the winner?

Simplii, for offering a broader and more accessible range of borrowing products.

How do the mobile apps for Simplii vs EQ Bank compare?

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
• Pay bills
• Send Interac e-transfers
• Transfer funds between accounts
• Set up and manage recurring payments
• Secure login
• Push notifications
• ATM locator
• International money transfers

Both apps have thousands of positive scores on the Apple App Store and Google Play. However, EQ Bank’s app has a higher average rating on both app stores.

Who’s the winner?

EQ Bank’s mobile app has a higher user rating from more users on both app stores.

Other features we like about Simplii vs. EQ Bank

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

International money transfers

Both Simplii Financial and EQ Bank 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 50+ 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.

Simplii Financial Cash Back Visa Card

One easy way to increase your savings is with a cash back card or account, like the no-fee Simplii Financial Cash Back Visa Card. This card has a 3-month introductory period when you can earn 8% (up to $80) cash back on eligible purchases, and it then reverts to paying:

• 4% cash back on restaurant, bar and coffee shop purchases (up to $5,000 per year)
• 1.5% cash back on gas, groceries, drugstore purchases and pre-authorized payments (up to $15,000 per year)
• 0.5% on all other purchases with no limit

EQ Bank’s only cashback offer is 0.5% back on every purchase you make with the EQ Bank Card, a reloadable prepaid card you can load with funds from your Personal or Joint Account.

Foreign currency accounts

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 savings accounts that let you send and receive funds for free in EUR, GBP, INR, PHP and CNH.

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

Reddit users have a lot to say about the Simplii vs EQ Bank debate, especially on the r/PersonalFinanceCanada subreddit. Many users prefer EQ Bank because it offers one of the best high-interest savings accounts in Canada. But, they don’t like that the Personal Account comes with a prepaid Mastercard rather than a traditional debit card.

Simplii is praised for its no-fee chequing account, access to CIBC ATMs and the ability to order physical cheques. Users say it’s a good option for simple and free everyday banking.

Some users even use both Simplii and EQ Bank to take advantage of Simplii’s traditional chequing account and EQ Bank’s higher interest rates.

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:

• Tangerine. Tangerine is a completely digital bank with a range of savings accounts, a no-fee chequing account, GICs, mutual funds and even business accounts to take care of all your banking needs. Learn more about Tangerine with our Tangerine Bank review.
• Neo. Neo combines banking with budgeting tools and cashback rewards. It offers flexible accounts with no monthly fees and perks like 3% interest and 2$ cashback. Get a more in-depth look with our Neo review.
• Koho. KOHO offers a convenient spending account that lets you earn cash back and also pays 3.5% interest on your balance. Check out our KOHO review for more details.
• Wealthsimple. Wealthsimple offers a cash account that pays 1.75%–2.25% interest on your balance and offers cash back on spending, while the provider also offers stock, ETF and crypto trading. Check out our Wealthsimple review for more information.
• PC Financial. PC Financial provides a no-fee chequing account linked to its popular loyalty program, PC Optimum. It’s a good option for those who want to earn points on everyday purchases and take advantage of the 2.2% interest rate on savings balances. If you’re interested, read our PC Money Account review to learn more.

Frequently asked questions about Simplii vs EQ Bank

• What are the downsides of Simplii Financial?

  One of the main downsides of Simplii Financial is its low interest rates, especially when compared to EQ Bank. Its services also aren't available in Quebec and there's no business banking available.

• 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.

• Do Simplii Financial and EQ Bank have physical branches?

  No, Simplii Financial and EQ Bank are digital-only institutions. However, since Simplii is part of CIBC, customers have access to over 3,400 CIBC ATMs across Canada.

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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