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 and savings account, a credit card, a personal loan and a broader range of investment options — 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.
If you’re still not sure which bank is right for you, this guide compares Simplii Financial vs EQ Bank, including their accounts, fees, rates and range of products, to help you decide.
Simplii Financial
| EQ Bank | |
|---|---|---|
| Owned by | CIBC | EQB Inc. |
| Chequing account monthly fee | $0 | $0 |
| Savings interest rate | Promo rate: 5.00% for 5 months, 0.30% - 1.00% thereafter for the first 5 months Ongoing rates:
| Earn 3.00% interest with a 30-day withdrawal notice period, or 2.5% interest with a 10-day notice period. |
| Apple App Store rating | 4.1/5 based on 13K reviews | 4.8/5 based on 62K reviews |
| Google Play rating | 3.6/5 based on 18.7K reviews | 4.3/5 based on 13.8K reviews |
| CDIC insured? | Yes | Yes |
| Products summary |
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| Notable differences |
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| Get started | Simplii No Fee Chequing Account: Simplii High Interest Savings Account: | EQ Bank Personal Account: EQ Bank Notice Savings Account: |
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 2,800 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 worldwide with an EQ Bank Card, with reimbursements on third-party ATM fees in Canada.
Simplii Financial No Fee Chequing Account | EQ Bank Personal Account | |
|---|---|---|
| Monthly transactions | Unlimited | Unlimited |
| Monthly fee | $0 | $0 |
| Minimum balance | $0 | $0 |
| Interac e-transfers | $0 | $0 |
| Overdraft protection | $4.97 when used. Interest rate of 19% on overdraft balances. Up to $5,000 protection available. | Not available |
| ATM access | Over 2,800 CIBC ATMs | $0 EQ Bank ATM in Canada and internationally |
| Mobile cheque deposit | Yes | Yes |
| Standard interest rate | 0.01% | 1.5% or 3% if you set up recurring direct deposits of at least $2,000 per month |
| Cashback | No | 0.5% |
| Get started |
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 3% 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 higher interest rates and cashback.
Simplii Financial High Interest Savings Account | EQ Bank Notice Savings Account | |
|---|---|---|
| Monthly fee | $0 | $0 |
| Minimum balance | $0 | $0 |
| Standard interest rate |
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| Promo rate | 5% for the first 5 months on deposits up to $200,000 | N/A |
| Get started |
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 can be a good option for people who want to maximize their savings and can wait to access their funds.
Simplii Financial offers a more flexible High Interest Savings Account, with no transaction fees and access to your money when you need it. However, once the promotional period ends, its regular interest rates are much lower than those offered by EQ Bank.
Who’s the winner?Simplii Financial narrowly wins this category for its everyday access and high promo rate.
| Simplii Financial | EQ Bank |
|---|---|
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Simplii Financial and EQ Bank both offer solid options for Canadians looking to grow their savings and invest for the future. Simplii provides a broader range of registered and non-registered investment products, including RRSPs, TFSAs, RRIFs, GICs and mutual funds. Simplii customers can also access self-directed investing through CIBC Investor’s Edge.
EQ Bank focuses more on savings-oriented products, offering GICs, TFSAs, RRSPs and FHSAs 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 range of investment options, including access to self-directed investing through CIBC Investor’s Edge, making it a better choice if you want to manage more of your savings and income in one place.
Simplii Financial | EQ Bank | |
|---|---|---|
| Personal loan | Yes | No |
| Line of credit | Yes | No |
| Home equity line of credit (HELOC) | Yes | Yes, through Equitable Bank (EQ Bank’s parent) |
| Mortgage | Yes, through CIBC | Yes, powered by nesto |
| Cash advance | No | No |
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, personal and unsecured lines of credit and a home equity line of credit (HELOC). You can also apply for a mortgage through Simplii, but it will be provided by CIBC.
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.
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:
Both apps have thousands of positive ratings on the Apple App Store and Google Play. However, EQ Bank’s app has a higher average rating on both app stores.
Simplii Financial | EQ Bank | |
|---|---|---|
| Apple App Store rating |
4.1 –
★★★★★ 13K reviews |
4.8 –
★★★★★ 62K reviews |
| Google Play rating |
3.6 –
★★★★★ 18.7K reviews |
4.3 –
★★★★★ 13.8K reviews |
Who’s the winner?EQ Bank’s mobile app has a higher user rating from more users on both app stores.
Let’s compare Simplii Financial vs EQ Bank across a few other key categories.
Both Simplii Financial and EQ Bank offer international money transfer services. Simplii Global Money Transfer lets you send up to $75,000 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.
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:
EQ Bank’s only cashback offer is 0.5% back on every purchase you make with the EQ Bank Card, a reloadable prepaid Mastercard you can load with funds from your Personal or Joint Account.
Simplii and EQ both offer ways to hold and manage U.S. dollars. Simplii has a USD Savings Account with no monthly fee or minimum balance requirements. It pays 2.8% interest and lets you deposit cheques, transfer between your Simplii CAD and USD accounts and send USD to the U.S. for free.
EQ Bank’s US Dollar Account pays 2.5% interest and lets you transfer funds between linked Canadian bank accounts, convert CAD to USD and send international transfers through Wise. Both accounts don’t support ATM withdrawals, though.
EQ Bank offers a Business Account with no monthly fees or minimum balance requirements and 2.25% interest. It includes unlimited bill payments, electronic funds transfers and mobile cheque deposits, plus up to 50 free outgoing and 100 free income Interac e-Transfers per month. EQ Bank also offers a no-fee Business Card, Business US Dollar Account and business GICs.
Simplii Financial focuses on personal banking and doesn’t offer business services or accounts.
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.
With its fee-free banking and competitive savings interest rates, EQ Bank is a great choice. But Simplii Financial may be a better fit for your situation if you’re searching for a credit card or personal loan, or if you simply want a no-fee chequing account.
Compare some of the best banks in Canada to find one that suits your needs.
For high interest savings, the winner is EQ Bank.
For a broader mix of banking products, the winner is Simplii Financial.
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