{"id":1041669,"date":"2024-07-02T23:41:04","date_gmt":"2024-07-03T03:41:04","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1041669"},"modified":"2026-04-15T04:34:30","modified_gmt":"2026-04-15T08:34:30","slug":"simplii-financial-vs-eq-bank","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/simplii-financial-vs-eq-bank","title":{"rendered":"Simplii Financial vs EQ Bank: Which bank is right for you?"},"content":{"rendered":"

Simplii Financial and EQ Bank are two online-only banks that are shaking up the world of traditional banking. If you\u2019re searching for a bank that offers a wide range of convenient banking options \u2014 like a no-fee chequing account, a credit card, a personal loan or an investment account \u2014 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.<\/p>

Simplii Financial vs EQ Bank: An overview<\/h3>
<\/th>

Simplii Financial<\/p>

\"Simplii\"<\/p><\/th>

EQ Bank\"eq<\/p><\/th><\/tr><\/thead>

Owned by<\/td>CIBC<\/td>EQB Inc.<\/td><\/tr>
Chequing account monthly fee<\/td>\u00a0$0<\/td>$0<\/td><\/tr>
Savings interest rate<\/td>\u00a0

Promo rate: 4.60% for the first 5 months<\/p>

Ongoing rates:<\/p>

  • 0.3% on $50,000.01 or less<\/li>
  • 0.5% on $50,000\u2013$100,000<\/li>
  • 0.6% on $100,000.01\u2013 $500,000<\/li>
  • 0.7% on $500,000.01\u2013$1,000,000<\/li>
  • 1% $1,000,000 and up<\/li><\/ul><\/td>
\u00a0
  • 2.85% for a 10 Day Notice Savings Account<\/li>
  • 3.00% for a 30 Day Notice Savings Account<\/li><\/ul><\/td><\/tr>
Apple App Store rating<\/td>4.2\/5 based on 13K reviews<\/td>4.8\/5 based on 52K reviews<\/td><\/tr>
Google Play rating<\/td>3.9\/5 based on 18.3K reviews<\/td>4.2\/5 based on 12K reviews<\/td><\/tr>
CDIC insured?<\/td>Yes<\/td>Yes<\/td><\/tr>
Products summary<\/td>
  • No-fee daily chequing account<\/li>
  • High-interest savings account<\/li>
  • USD and foreign currency savings accounts<\/li>
  • Cash back credit card<\/li>
  • Mortgages<\/li>
  • Personal loans and lines of credit<\/li>
  • GICs<\/li>
  • RRSP, TFSA, RRIF, RESP and mutual fund accounts<\/li><\/ul><\/td>
  • No-fee personal account<\/li>
  • GICs<\/li>
  • TFSA, RSP and FHSA accounts<\/li>
  • USD account<\/li>
  • Business account<\/li>
  • Business GICS<\/li>
  • Mortgages<\/li>
  • Cash back credit card<\/li><\/ul><\/td><\/tr>
Notable differences<\/td>
  • Full product suite<\/li>
  • Paper cheques<\/li>
  • Newcomer and student banking programs<\/li><\/ul><\/td>
  • Free ATM access nationwide<\/li>
  • Business account<\/li><\/ul><\/td><\/tr>
Get started<\/td>

Simplii No Fee Chequing Account:<\/p>

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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/p>

Simplii High Interest Savings Account:<\/p>

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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/p><\/td>

EQ Bank Personal Account:<\/p>

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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/p>

EQ Bank Notice Savings Account:<\/p>

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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/p><\/td><\/tr><\/tbody><\/table>

Simplii Financial is an online-only bank, so it doesn\u2019t offer any physical branches. But Simplii is the digital arm of CIBC, one of Canada\u2019s Big Five banks, so you can enjoy fee-free access to your money at CIBC\u2019s 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<\/a> and a high interest savings account to loans, mortgages and a credit card.<\/p>

EQ Bank is also completely online and doesn\u2019t 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.<\/p>

Simplii Financial vs EQ Bank: Chequing Accounts<\/h3>
<\/th>

Simplii Financial No Fee Chequing Account<\/p><\/th>

EQ Bank Personal Account<\/p><\/th><\/tr><\/thead>

Monthly transactions<\/td>unlimited<\/td>unlimited<\/td><\/tr>
Monthly fee<\/td>$0<\/td>$0<\/td><\/tr>
Minimum balance<\/td>$0<\/td>$0<\/td><\/tr>
Interac e-transfers<\/td>Free<\/td>Free<\/td><\/tr>
Overdraft protection<\/td>$4.97 when used. Interest rate of 19% on overdraft balances. Up to $5,000 protection available.<\/td>Not available<\/td><\/tr>
ATM access<\/td>Over 3,400 CIBC ATMs<\/td>Free withdrawals from any ATM in Canada<\/td><\/tr>
Mobile cheque deposit<\/td>Yes<\/td>Yes<\/td><\/tr>
Standard interest rate<\/td>0.01%<\/td>1% or 2.75% if you set up recurring direct deposits of at least $2,000 per month<\/td><\/tr>
Cashback<\/td>No<\/td>0.5%<\/td><\/tr>
Get started<\/td>

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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/p><\/td>
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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr><\/tbody><\/table>

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

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<\/a> offers, a 2.75% interest rate if you set up an eligible direct deposit.<\/p>

\"AwardWho\u2019s the winner?<\/h4>

EQ Bank.<\/strong> While both chequing account options are competitive, the Personal Account is the narrow winner for its interest rates and cashback.<\/p>

Simplii Financial vs EQ Bank: Savings accounts<\/h3>
<\/th>

Simplii Financial High Interest Savings Account<\/p><\/th>

EQ Bank Notice Savings Account<\/p><\/th><\/tr><\/thead>

Monthly fee<\/td>$0<\/td>$0<\/td><\/tr>
Minimum balance<\/td>$0<\/td>$0<\/td><\/tr>
Standard interest rate<\/td>
  • 0.3% on $50,000.01 or less<\/li>
  • 0.5% on $50,000\u2013$100,000<\/li>
  • 0.6% on $100,000.01\u2013 $500,000<\/li>
  • 0.7% on $500,000.01\u2013$1,000,000<\/li>
  • 1% $1,000,000 and up<\/li><\/ul><\/td>
  • 2.35% for 10 days\u2019 notice<\/li>
  • 2.75% for 30 days\u2019 notice<\/li><\/ul><\/td><\/tr>
Promo rate<\/td>4.6% for the first 5 months<\/td>N\/A<\/td><\/tr>
Get started<\/td>

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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/p><\/td>
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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr><\/tbody><\/table>

EQ Bank doesn\u2019t 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.<\/p>

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\u2019t earn as much interest once your promo rate is finished.<\/p>

\"AwardWho\u2019s the winner?<\/h4>

Simplii Financial<\/strong> narrowly wins this category for its everyday access and high promo rate.<\/p>

Simplii vs. EQ Bank: Investments<\/h3>
Simplii Financial<\/th>EQ Bank<\/th><\/tr><\/thead>
  • Mutual funds<\/li>
  • GICs<\/li>
  • TFSAs<\/li>
  • RRSPs<\/li>
  • RRIFs<\/li>
  • RESPs<\/li>
  • Non-Registered Investment Fund Accounts<\/li>
  • Self-directed investing via CIBC Investor\u2019s Edge<\/li><\/ul><\/td>
  • TFSAs<\/li>
  • RSPs<\/li>
  • FHSAs<\/li>
  • GICs<\/li><\/ul><\/td><\/tr><\/tbody><\/table>

    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.<\/p>

    EQ Bank focuses on savings oriented-products, offering GICs, TFSAs and RRSPs with competitive rates. However, it doesn\u2019t provide access to other types of investments like mutual funds or RRIFs.<\/p>

    \"AwardWho\u2019s the winner?<\/h4>

    Simplii Financial.<\/strong> 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.<\/p>

    Simplii vs. EQ Bank: Other loan options<\/h3>
    <\/th>

    Simplii Financial<\/p><\/th>

    EQ Bank<\/p><\/th><\/tr><\/thead>

    Personal loan<\/td>Yes<\/td>No<\/td><\/tr>
    Line of credit<\/td>Yes<\/td>No<\/td><\/tr>
    Home equity line of credit (HELOC)<\/td>Yes<\/td>Yes, through Equitable Bank (EQ Bank\u2019s parent)<\/td><\/tr>
    Mortgage<\/td>Yes<\/td>Yes<\/td><\/tr>
    Cash advance<\/td>No<\/td>No<\/td><\/tr><\/tbody><\/table>

    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.<\/p>

    EQ Bank doesn\u2019t 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\u2019t part of its core digital banking platform.<\/p>

    \"AwardWho\u2019s the winner?<\/h4>

    Simplii<\/strong>, for offering a broader and more accessible range of borrowing products.<\/p>

    How do the mobile apps for Simplii vs EQ Bank compare?<\/h3>

    Simplii and EQ Bank both offer Android and iOS apps to help you manage your money on the go.<\/p>

    You can use the apps to:<\/p>

    • Check your balance<\/li>
    • Pay bills<\/li>
    • Send Interac e-transfers<\/li>
    • Transfer funds between accounts<\/li>
    • Set up and manage recurring payments<\/li>
    • Secure login<\/li>
    • Push notifications<\/li>
    • ATM locator<\/li>
    • International money transfers<\/li><\/ul>

      Both apps have thousands of positive scores on the Apple App Store and Google Play. However, EQ Bank\u2019s app has a higher average rating on both app stores.<\/p>

      <\/p><\/th>

      Simplii Financial<\/p><\/th>

      EQ Bank<\/p><\/th><\/tr><\/thead>

      Apple App Store rating<\/td>\n\n\n\n\n\n\n\n\n \n \n4.2<\/strong> \u2013 \n\u2605\u2605\u2605\u2605\u2605<\/span>
      \n13K reviews\n<\/span>\n\n