{"id":887902,"date":"2020-11-03T13:31:42","date_gmt":"2020-11-03T18:31:42","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=887902"},"modified":"2026-11-02T17:38:02","modified_gmt":"2026-11-02T22:38:02","slug":"eq-bank-vs-tangerine","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/eq-bank-vs-tangerine","title":{"rendered":"Tangerine vs EQ Bank: Which bank is better?"},"content":{"rendered":"

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.<\/p>

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.<\/p>

Tangerine vs. EQ Bank: An overview<\/h3>
<\/th>Tangerine<\/th>EQ Bank<\/th><\/tr><\/thead>
Owned by<\/strong><\/td>Scotiabank<\/td>EQB Inc.<\/td><\/tr>
Chequing account monthly fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Savings interest rate<\/strong><\/td>Promo rate: 4.5% for the first 5 months

Ongoing rate: 0.3%<\/p><\/td>

  • 2.5% for a 10 Day Notice Savings Account<\/li>
  • 3% for a 30 Day Notice Savings Account<\/li><\/ul><\/td><\/tr>
Apple App Store rating<\/strong><\/td>4.7\/5 based on 76K reviews<\/td>4.8\/5 based on 62K reviews<\/td><\/tr>
Google Play rating<\/strong><\/td>4.3\/5 based on 48.8K reviews<\/td>4.3\/5 based on 13.8K reviews<\/td><\/tr>
CDIC insured?<\/strong><\/td>Yes<\/td>Yes<\/td><\/tr>
Products summary<\/strong><\/td>
  • No-fee chequing account<\/li>
  • World Mastercard<\/li>
  • Money-Back Credit Card<\/li>
  • Savings account<\/li>
  • TFSA and USD savings account<\/li>
  • RSP, RIF, LIRA and LIF<\/li>
  • Non-registered investment fund account<\/li>
  • Mortgage<\/li>
  • HELOC<\/li>
  • Line of credit<\/li>
  • RSP loan<\/li>
  • Business spending and savings account<\/li>
  • GICs and mutual funds<\/li><\/ul><\/td>
  • No-fee personal account<\/li>
  • Joint account<\/li>
  • GICs<\/li>
  • TFSA, RRSP and FHSA accounts<\/li>
  • USD account<\/li>
  • Business account<\/li>
  • Business GICS<\/li>
  • Mortgages<\/li>
  • Prepaid Mastercard<\/li>
  • International money transfers<\/li><\/ul><\/td><\/tr>
Notable differences<\/strong><\/td>
  • Free withdrawals from Scotiabank ATMs in Canada and Global ATM Alliance ATMs worldwide<\/li>
  • Cashback and rewards credit cards<\/li><\/ul><\/td>
  • No EQ Bank ATM fee worldwide<\/li>
  • International money transfers<\/li><\/ul><\/td><\/tr>
Get started<\/b><\/td>Tangerine No-Fee Daily Chequing Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section>Tangerine Savings Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/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><\/tr><\/tbody><\/table>

Tangerine is an online-only bank that serves more than 2.5 million clients across Canada. Originally called ING Direct, Tangerine was acquired by Scotiabank in 2012 and rebranded as Tangerine in 2014. It offers a wide range of financial products, including chequing and savings accounts as well as GICs, loans, mortgages and credit cards.<\/p>

EQ Bank is a popular digital banking provider in Canada operated by Equitable Bank, a subsidiary of EQB Inc. Across its businesses, EQB Inc. serves more than 4 million customers. EQ Bank launched in 2016 and offers chequing, savings, US dollar, business and registered accounts, along with GICs and a prepaid Mastercard for purchases and cash withdrawals. It also works with Wise to save you money on international money transfers.<\/p>

Tangerine vs. EQ Bank: Chequing accounts<\/h3>
<\/th>Tangerine No-Fee Daily Chequing Account<\/th>EQ Bank Personal Account<\/th><\/tr><\/thead>
Monthly transactions<\/strong><\/td>unlimited<\/td>Unlimited<\/td><\/tr>
Monthly fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Minimum balance<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Interac e-Transfers<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Overdraft protection<\/strong><\/td>$5 per use<\/td>Not available<\/td><\/tr>
ATM access<\/strong><\/td>Free at over 3,500 Scotiabank ABMs in Canada and 44,000 ABMs worldwide through Scotiabank\u2019s Global ATM Alliance<\/td>$0 EQ Bank fee worldwide and $5 reimbursement for 5 withdrawals a month for third-party Canadian ATM fees<\/td><\/tr>
Mobile cheque deposit<\/strong><\/td>Yes<\/td>Yes<\/td><\/tr>
Standard interest rate<\/strong><\/td>
  • $0.00\u2013$49,999.99: 0.01%<\/li>
  • $50,000.00\u2013$99,999.99: 0.05%<\/li>
  • $100,000.00\u2013$499,999.99: 0.10%<\/li>
  • $500,000.00+: 0.01%<\/li><\/ul><\/td>
1.5% or 3% if you set up recurring direct deposits of at least $2,000 per month<\/td><\/tr>
Cashback <\/strong><\/td>No<\/td>0.5%<\/td><\/tr>
Get started<\/b><\/td>Tangerine No-Fee Daily Chequing Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/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><\/td><\/tr><\/tbody><\/table>

The Tangerine No-Fee Daily Chequing Account and the EQ Bank Personal Account are two of the best no-fee chequing accounts in Canada<\/a>. Both accounts come with no monthly fees, no minimum balance requirements and unlimited transactions.<\/p>

While Tangerine provides access to the Scotiabank and Global ATM Alliance networks, EQ Bank doesn\u2019t charge ATM fees for worldwide withdrawals and reimburses fees charged by third-party providers in Canada, offering more flexibility and broader access.<\/p>

The main difference between the two is that the EQ Bank Personal Account<\/a> combines chequing and savings features, so you\u2019ll earn more interest and even cashback.<\/p>

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

EQ Bank wins<\/strong> since it has all the same no-fee features as Tangerine with the added bonus of cashback and a much higher interest rate.<\/p>

Tangerine vs. EQ Bank: Savings accounts<\/h3>
<\/th>Tangerine Savings Account<\/th>EQ Bank Notice Savings Account<\/th><\/tr><\/thead>
Standard interest rate<\/strong><\/td>0.3%<\/td>2.5% for 10 days\u2019 notice and 3% for 30 days\u2019 notice<\/td><\/tr>
Promo rate<\/strong><\/td>4.5% for the first 5 months<\/td>N\/A<\/td><\/tr>
Monthly fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Minimum balance<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Get started<\/b><\/td>Tangerine Savings Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td>
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><\/tr><\/tbody><\/table>

It\u2019s another close call since Tangerine and EQ Bank have two of the best high-interest savings accounts in Canada<\/a>. Both offer no monthly fees or minimum balance requirements, as well as competitive rates.<\/p>

However, EQ Bank\u2019s rates are much higher once Tangerine\u2019s five-month promotional rate ends. The only caveat is that to take advantage of EQ Bank\u2019s higher rates, you need to give a 10- or 30-day notice period to withdraw your funds.<\/p>

\"Award<\/h4>

Who\u2019s the winner?<\/h4>

EQ Bank. <\/strong>If you don\u2019t need instant access to your money, the Notice Savings Account offers a higher yield, making it the smarter choice for strategic savers.<\/p>

Tangerine vs. EQ Bank: Investments<\/h3>

Tangerine<\/h4>