{"id":1041054,"date":"2024-07-03T00:03:46","date_gmt":"2024-07-03T04:03:46","guid":{"rendered":""},"modified":"2026-01-11T16:01:44","modified_gmt":"2026-01-11T21:01:44","slug":"eq-bank-vs-wealthsimple","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/eq-bank-vs-wealthsimple","title":{"rendered":"EQ Bank vs Wealthsimple: Which one is right for you?"},"content":{"rendered":"

Deciding between EQ Bank vs Wealthsimple can be difficult, especially when both digital banking platforms seem to offer competitive rates and features. But even if they may seem similar on the surface, there are many differences that make each platform better suited for some use cases compared to others.<\/p>

In this guide, we breakdown where each platform shines and how to decide whether EQ Bank or Wealthsimple is right for you.<\/p>

EQ Bank vs Wealthsimple: A quick comparison<\/h3>
<\/th>EQ Bank

\"EQ<\/p><\/th>

Wealthsimple

\"Wealthsimple<\/p><\/th><\/tr><\/thead>

Product offerings<\/strong><\/td>
  • Chequing account<\/li>
  • Standard\/registered savings accounts<\/li>
  • US dollar account<\/li>
  • GICs<\/li>
  • Mortgages<\/li><\/ul><\/td>
  • Hybrid chequing\/savings account<\/li>
  • Registered savings accounts<\/li>
  • Stock and crypto investment options<\/li>
  • Mortgages<\/li><\/ul><\/td><\/tr>
Welcome offers<\/strong><\/td>Earn 2.75%<\/b> for <\/span><\/td>No welcome offer<\/td><\/tr>
Account interest rates<\/strong><\/td>
  • 1% \u2013 2.75%<\/strong> for the Personal chequing<\/li>
  • 2.35% - 2.75%<\/span><\/strong> for the Notice savings<\/li><\/ul><\/td>
  • 1.25% - 2.25%<\/span><\/strong> for the Cash hybrid chequing\/savings<\/li><\/ul><\/td><\/tr>
Monthly fees<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Purchase cards<\/strong><\/td>Prepaid Mastercard (0.5% cashback)<\/td>Prepaid Mastercard (1% cashback)<\/td><\/tr>
Cash access<\/strong><\/td>Free withdrawals from any ATM in Canada<\/td>Free withdrawals from any ATM in Canada<\/td><\/tr>
Branches<\/strong><\/td>N\/A (online only)<\/td>N\/A (online only)<\/td><\/tr>
Unlimited transfer options<\/strong><\/td>
  • Interac e-Transfers<\/li>
  • Bill payments<\/li>
  • Electronic Funds Transfers<\/li>
  • Transfers between EQ Bank accounts<\/li><\/ul><\/td>
  • Interac e-Transfers<\/li>
  • Transfers between Wealthsimple accounts<\/li><\/ul><\/td><\/tr>
Get started<\/b><\/td>EQ Bank Personal Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section>EQ Bank Notice Savings Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td>
Wealthsimple Chequing Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr><\/tbody><\/table>

If you want unlimited transactions and no fees for day-to-day banking, plus competitive interest rates on your savings balance, EQ Bank is a great choice. But if you prioritize commission-free stock and ETF trading options with a hybrid chequing\/savings account, Wealthsimple is a better option.<\/p>

<\/p>

EQ Bank vs Wealthsimple: Account options<\/h3>

EQ Bank is run by Equitable Bank and offers chequing and savings accounts, GICs, joint accounts, mortgages and US dollar accounts. As a digital bank it doesn\u2019t have any physical branches, but it offers fee-free ATM withdrawals across Canada with the EQ Bank Card<\/a>.<\/p>

Wealthsimple is an investing and money management service. While best known as a commission-free stock and ETF trading platform, it also offers cryptocurrency trading, mortgages through a lending partner, and its hybrid Cash account for day-to-day spending and interest-earning power.<\/p>

Both EQ Bank and Wealthsimple offer CDIC insurance and well-developed online platforms and mobile banking apps to allow you to easily manage your money online.<\/p>

\"AwardIf you want no-fee everyday banking, EQ Bank is the winner. If you also want to invest in US and Canadian stocks and ETFs, Wealthsimple is the winner.<\/p><\/div><\/article>

Banking<\/h4>

EQ Bank offers more bank account choices than Wealthsimple. It offers the EQ Bank Personal Account<\/a>, a chequing account that supports unlimited transactions, free e-Transfers and ATM withdrawals, pays between 1% \u2013 2.75% interest on your balance and pays 0.5% cashback on your purchases with the EQ Bank Card. You can also sign up for an EQ Bank Joint Account<\/a> with up to three people.<\/p>

EQ Bank also offers the EQ Bank Notice Savings Account<\/a>. Choose to access your withdrawal funds after 10 days for a 2.35% savings rate<\/b> or 30 days for a 2.75% interest rate<\/b>. The interest rate on the Notice account is higher than what is offered by the Wealthsimple Chequing account.<\/p>

From a banking point of view, Wealthsimple only offers a Chequing account<\/a> where you can earn 1.75% \u2013 2.25% interest on your balance, up to $1,000,000 of CDIC protection, $0 monthly fees and 1% cash back when you spend with your Wealthsimple prepaid Mastercard.<\/p>

Wealthsimple\u2019s Chequing account and EQ Bank\u2019s Personal Account are offer many of the same features. The big difference between the two banks shows in the other account options, where EQ Bank has a much more built out suite of account options.<\/p>

is similar<\/p>

\"AwardAs for account options, EQ Bank comes out on top. If you prefer account perks, like additional CDIC protection and a higher cash back rate, Wealthsimple is the better choice.<\/p><\/div><\/article>

Account interest rates<\/h4>

Both EQ Bank and Wealthsimple allow you to earn around 5% interest, but EQ Bank is the slightly better pick because it makes it easier for a wider range of people to earn that maximum rate.<\/p>

Let\u2019s break down why. EQ\u2019s Personal Account pays 1% interest as standard, but this rises to 2.75% if you direct deposit your pay into your account. And if you open a Notice Savings Account, you can earn 2.35% interest by agreeing to provide 10 days\u2019 notice before making a withdrawal, or 2.75% if you provide 30 days\u2019 notice. And this rate applies no matter how small or large your balance.<\/p>

Over at Wealthsimple, the Cash Account comes with a standard interest rate of 1.75%, while Premium clients who have at least $100,000 in assets with Wealthsimple can access a 4.5% interest rate. You can also access a 0.5% rate increase if you direct deposit at least $2,000 into your account across a 30-day period. Generation clients with at least $500,000 in assets get 2.25% interest as standard.<\/p>

\"AwardWith its savings account, EQ Bank offers higher interest rates than Wealthsimple. With its chequing account, EQ Bank\u2019s rates are comparable to Wealthsimple\u2019s.<\/p><\/div><\/article>

Borrowing<\/h4>

EQ Bank and Wealthsimple both offer access to mortgages through their online platforms, but with one key difference. While EQ Bank acts as a broker, allowing you to compare mortgages from multiple lenders, Wealthsimple connects you directly with its lending partner.<\/p>

EQ Bank\u2019s Mortgage Marketplace lets you compare over 2,000 mortgages from Canadian lenders. It takes a few minutes to pre-qualify online, and then speak with a broker to discuss your borrowing needs and find the mortgage that\u2019s right for you.<\/p>

Wealthsimple offers access to mortgages through its lending partner, Pine. The application process is completely online, and you can get a personalized rate within minutes. You can then speak with a Pine agent to finalize your application, while Wealthsimple provides a rebate of 0.05% \u2013 0.15% on your mortgage payments.<\/p>

It\u2019s also worth noting that Wealthsimple offers a cash back credit card, while EQ Bank does not offer a credit card.<\/p>

\"AwardThe rate rebate is a standout feature for Wealthsimple mortgages. But if you\u2019re more concerned about having multiple options to choose from, EQ Bank is the better choice.<\/p><\/div><\/article>

Investing<\/h4>
<\/th>EQ Bank<\/th>Wealthsimple<\/th><\/tr><\/thead>
Savings\/investment options<\/strong><\/td>
  • GICs, RSP, TFSA, FHSA, standard savings account<\/li><\/ul><\/td>