{"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":"2026-04-30T17:20:21","modified_gmt":"2026-04-30T21:20:21","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>

  • 2.35% for a 10 Day Notice Savings Account<\/li>
  • 2.75% 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 52K reviews<\/td><\/tr>
Google Play rating<\/strong><\/td>4.3\/5 based on 48.8K reviews<\/td>4.2\/5 based on 12K 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>
  • RSP and RIF savings accounts<\/li>
  • USD savings account<\/li>
  • Mortgage<\/li>
  • HELOC<\/li>
  • Line of credit<\/li>
  • Learning centre<\/li>
  • Money management tools<\/li>
  • Business savings and USD account<\/li>
  • GICs<\/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<\/strong><\/td>
  • Free withdrawals from Scotiabank ATMs only<\/li>
  • USD, RSP, tax-free and RIF GICs<\/li><\/ul><\/td>
  • Free ATM access nationwide<\/li>
  • International 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 has nearly 2 million clients and over $40 billion in managed assets. Originally called ING Direct, Tangerine was acquired by Scotiabank in 2012 and was re-labelled as Tangerine in 2014. This bank offers a wide range of financial products such as chequing and savings accounts as well as GICs, loans, mortgages and credit cards.<\/p>

EQ Bank is a popular digital banking provider in Canada that has over 639,000 clients. It acts as the online banking arm of Equitable Bank, which was founded in 1970 but began offering savings products in 2013. EQ Bank offers chequing, savings, US dollar, business, RSP and GIC accounts, along with a prepaid debit card 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>Free<\/td>Free<\/td><\/tr>
Overdraft protection<\/strong><\/td>$5 per use.<\/td>Not available<\/td><\/tr>
ATM access<\/strong><\/td>Over 3,500 Scotiabank ABMs<\/td>Free withdrawals from any ATM in Canada<\/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% or 2.75% 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 Scotiabank\u2019s ATM network, EQ Bank reimburses fees charged by any ATM provider in Canada, offering more flexibility and broader access. 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>2.35% for 10 days\u2019 notice2.75% 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 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>