EQ Bank does not currently issue a debit card, therefore all transactions are completed online. Simplii Financial and Tangerine are neck and neck for being the best virtual bank in Canada, and with good reason. Devenir Client . I bet besides the few RFD'ers who are not even a tiny fraction of Tangerine's 2 million customers, the general public doesn't care about transferring money out of Tangerine. In her spare time, Claire loves rock climbing, travelling and drinking inordinate amounts of coffee. Jun 8, 2019 - Tangerine and EQ Bank are two of the most popular online-only banks in Canada. That said, if you are looking to park money in savings and you want to get a great interest rate in Canada, EQ Bank offers one of the best rates we have found by far as of today. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. The EQ bank institution number is 623; The EQ bank transit number is 80002; Your EQ bank savings account number will vary from mine! Other personal finance apps are better though. @Htin: Thats a difficult question to answer as it will depend on your overall financial picture and your investment needs. I like the factual, unbiased approach, and the the way it was easy to read, understand, and compare ( in other words, layman terms). EQ Bank Tax Free Savings Account Vs Others. November 19, 2020 6:01 am. Concentra Bank now accepting GIC deposit clients directly: April 25, 2019 12:17 pm by Doug. Bonds or Bonds Which bank will give me the highest interest rates? Is a RUN on Tangerine Bank & EQ Bank taking place, due to Simplii - 3 % rate ? EQ Bank TFSA 2.30%; Tangerine Tax-free Savings Account 2.10%* Steinbach Credit Union TFSA Account 1.60%; CIBC Tax Advantage Savings Account 1.45%; Maxa Financial TFSA Savings 1.20% *This is a promotional rate for new customers, the rate drops to 0.1% after 150 days. Originally called ING Direct, Tangerine was acquired by Scotiabank in 2012 and was re-labelled as Tangerine in 2014. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor. He has a master's degree in Finance and Investment Management from the University of Aberdeen Business School and a passion for helping others win with their finances. About EQ Bank Savings Account Equitable Bank started off as The Equitable Trust Company when it was founded in 1970. In fact, I think Tangerine's 1-year GIC rate was 10 bps better than EQ Bank's. Savings, Chequing, and GICs). Thats a great deal for such a short period. And while each one has some great products to offer customers, Tangerine Articles on SavvyNewCanadians.com may contain affiliate links. This should give you a better idea of which one might be the best fit for your financial situation. Sign in to Tangerine Other personal finance apps are better though. Online-only banks come with their own pros and cons. The mobile apps for EQ Bank and Tangerine are fairly similar. Search this thread. These include popular names like Tangerine and EQ Bank. 0.80% for 1 year, up to 1.20% for 5 years, Credit cards, mortgages, loans, GICs, mutual funds, RRSPs, TFSAs and more, No monthly fees and unlimited transactions, Higher interest rates on savings and GICs, No monthly fees and many financial products available, Welcome bonus of up to $200 cash for chequing and savings accounts, No money transfer or foreign currency services. Cons of EQ Bank. EQ Bank definitely offers the highest interest rates for its savings accounts and GICs. Tangerine may be a better option if you want to open an online chequing account or if you would prefer to access multiple financial products at one time from the same institution. Now that theyve done away with the points Ive been thinking of switching over to Tangerine. Optional, only if you want us to follow up with you. Savings Rate: As of today (December 22, 2020), EQ Bank offers a 1.50%* non-promotional interest rate on its general savings account, while Tangerine is 6: Concentra Bank. EQ Bank vs. Tangerine. Enoch Omololu is a personal finance expert and a veterinarian. Prix et reconnaissances. However, Tangerine lets you earn interest on chequing accounts, which is a service that EQ Bank doesnt provide. NA. Like EQ Bank, Tangerine offers no-fee daily banking, free unlimited bill pays, free Comparing The Best Canadian Banks . I switched to Simplii Financial back when it was PC Financial because of a really good points promotion they had. Use to have tangerine but switched to EQ bank. Posted by Enoch Omololu | Published Dec 22, 2020. In this Tangerine Bank Review, you can take advantage of some sweet sign-up perks: you can now earn up to $150* in cash bonuses by switching to a Tangerine Chequing account. 1. I believe its always been greater than 2% since launch. If you are looking for more specific comparisons view our Canadas Best Chequing Account article or the one dealing with the Best Savings Accounts in Canada. Tangerines Visa Debit Card comes with unlimited free transactions. It is the overhead saved from not having to pay for building and other maintenance costs that they pass on to customers through higher savings interest rates. Tangerine will give you an accelerated interest rate and a bonus credit when you sign up (while theres no promo offer with EQ Bank). January 20, 2021 6:11 am by hwyc. Up to $500 reward. Wed rather build your savings than bank branches. No ATMs. January 20, 2021 12:18 pm by Loonie. 2021 Enoch Media Inc. All Rights Reserved. Youll also be able to withdraw cash for free from Scotiabank ATMs. All of its accounts come with low fees and give a decent return on interest. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. She has also worked extensively in the field of "Blended Finance" with the Canadian government. Tangerine. EQ Bank Savings vs. Wealthsimpe Cash vs. KOHO Save. (I'd had to pull some money out for something or other so it was at 5500 or so). Your email address will not be published. EQ Bank offers customers a high-interest savings account (known as Savings Plus Account) and GICs. The only products you can take advantage of with EQ Bank are its savings accounts and GICs. Tangerine credit card World: January 19, 2021 3:16 pm by Max. Tangerine. It allows users to safely shop online and make purchases while abroad like a credit card wherever Visa is accepted. Tangerine is a subsidiary of Scotiabank and was formerly known as ING DIRECT. Finder is committed to editorial independence. Even their personalized Customer Care is readily accessible outside of the strict hours of a regular bank. Simplii has no fees for daily banking, EMT, and chqs. Majority of my "cash" is in EQ Bank. Looking at Scotiabank 2019 annual report you find there are over 2 million Tangerine Bank customers for self-directed banking solution. Lot of status quo and people are just happy to let things be. In this Tangerine Bank Review, you can take advantage of some sweet sign-up perks: you can now earn up to $150* in cash bonuses by switching to a Tangerine Chequing account. With the mission of putting customers first, they completely did away with long lines and waiting. EQ doesnt offer products such as chequing accounts or credit cards. I use EQ on top of Tangerine for "long-term" cash savings. The CIBC US$ Personal Account is optimal for individuals who regularly manage US dollars or travel to the US often. Always consult with a licensed financial or tax advisor before making any decisions based on the information you read on this blog. This means they dont have to pay overhead costs for rent, office supplies, in-branch personnel or other expenses. EQ Bank and Tangerine are quite different in terms of product offerings. edited 8 months ago. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). EQ Bank definitely has one of the best non-promotional rates available today. Hi Enoch , Ive been thinking of switching over to meridian or there new digital bank called motusbank, what do you think of that online only bank ? Phone support available 8am to midnight, 7 days a week. This site uses Akismet to reduce spam. Dec 5th, 2018 3:12 pm #1; Dostk [OP] Newbie Jul 9, 2010 89 posts 3 upvotes Dec 5th, 2018 3:12 pm. Earning more interest than you would at other banks feels even better. Crer une exprience bancaire courante simple et pratique pour nos C Learn how your comment data is processed. Tangerine It is entirely online (as mentioned earlier this may be a con for you but it is not a negative for me); The EQ Bank App on Apple iTunes is not rated very well (a 1.5 out of 5 ratings) though in my experience it is reliable and Ive rarely had issues. Tags online Benefits of Banking With Simplii Vs. Tangerine. 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. Required fields are marked *. Its fast and simple toowhen you send it using TransferWise direct from your EQ Bank account. Earning interest feels good. Think long run. To do that, transparency is critical.MapleMoney receives compensation from some companies issuing financial products, like credit cards and bank accounts, that appear on this Features of its savings and GIC account offerings include: Open an EQ Bank Savings Account: General Savings (1.50%*) or EQ Bank TFSA (2.30%*). There doesnt seem to be anything missing compared to a conventional bank topgun. Its Just What We Do. However, since they rebranded to Simplii and parted ways with PC, I have simply abandoned the account. There are a couple of main differences between EQ Bank and Tangerine that could help you decide which one is the best fit for you. Hi Enoch, I need to park some cash with a higher interest, and have been looking at that Motive Financial and their Savvy account. EQ Bank is the digital arm of Equitable Bank, which is one of Canadas largest independent banks. The interest rate is decent but we'll see how long it holds. Their 0.10% interest rate for savings accounts is respectable, but the 2.10%* promotional rate when you sign up for a no-fee Tangerine @Andrew: Happy to hear you found the post useful! One of the best fully branchless online banks in Canada, Tangerine pairs some of the best online banking services with zero fees on all daily banking like debit purchases, withdrawals, transfers, bill payments, and Interac e-Transfers. Both banks have mobile apps that are accessible on both android and iOS devices. SCORE. Tangerine First 5 months $10,000 x 2.10% x 5/12 yearInterest earned during the first 5 months: $87.50Remainder of year (7 months) $10,000 x 0.10% x 7/12 yearInterest earned during the last 7 months = $5.83Total interest earned for Year 1: $87.50 + $5.83 = $93.33. EQ Bank has no chequing account, however, its savings account works like a hybrid account since you can deposit cheques into it and make bill payments. That said, this bank could be a good fit for you if youd like to open an online chequing account or you want to get a welcome bonus for signing up. Tangerine offers a network of ATMs while EQ Bank doesnt seem to facilitate ATM withdrawals as part of its service. Member. EQ Bank has a simple interface, maybe too simple, I remember tangerine used to be like that at one point, I guess as long as it does the job. EQ Bank vs. Tangerine. How to Switch to Tangerine Part 1. It also works with TransferWise to save you money on international money transfers. For transfers out of Tangerine, it actually makes more sense to "pull" funds in from the external bank account, i.e. 1. The fastest method is E-Transfer. Cons of EQ Bank. Right now, you can get See the pros and cons of each online savings account. It is entirely online (as mentioned earlier this may be a con for you but it is not a negative for me); The EQ Bank App on Apple iTunes is not rated very well (a 1.5 out of 5 ratings) though in my experience it is reliable and Ive rarely had issues. Up to $2,000 reward. I have EQ, but didn't get a bank card, so I keep some cash in Tangerine for easy access. EQ Bank vs Tangerine: Which has the best savings account. Invest in Your Goals with a GIC. @Jeremy: True, this is the simplest way to show the differences in the interest rates. If you are looking for the best savings rates for your money or are looking for high interest rates GICs, TFSA or RRSP savings accounts, EQ Bank is an excellent choice. Not many people like to pay the ever-increasing banking fees charged by traditional brick and mortar banks. We may receive compensation from our partners for placement of their products or services. The downside of EQ Bank is that it doesnt offer chequing accounts or ATM withdrawals, and you wont get a welcome bonus when you sign up. Pros. EQ Bank started at 3% interest when they first launched, but that was always a teaser rate. Consider Wealth One: October 11, 2020 12:22 am by RetirEd. Simplii Financial. I have Tangerine, Simplii, BMO, CIBC LOC, EQ Bank. Check it out! EQ Banks Open the chequing account that best fits your needs online in just minutes. EQ Bank also offers a GIC account with a variety of terms and competitive interest rates. At any rate, Tangerine's GIC rates have gotten more competitive such that they're equal to, and better than, their silly now targeted "net new money" HISA promo rates. Apply for a debit card with this Big Five bank to make purchases online or in-store directly from your bank account. How to Create the Link from Tangerine to EQ Bank to Move Money Between Bank Accounts. Enjoy 25 free transactions and a handful of other banking perks with this fee-free student chequing account. I am simply unable to rationalize paying to keep money in my account when the bank is already making money off of it. Before you can link another bank, EQ Bank will send your passcode to your phone which must be verified within 10 minutes to proceed. As two of the most popular online banks in Canada, EQ Bank and Tangerine have a lot to offer in this domain. Use this versatile Scotiabank Debit Card to earn points and make purchases online. But with neither a chequing account, nor a debit or credit card, you wont be able to satisfy all your banking needs in one place. It does not have branches, however, in addition to having access to a 24/7 call centre, you can walk into Tangerine pop-up locations, cafes, and kiosks around the country if you must speak to someone in-person. Earn rewards and make online purchases with this hybrid CIBC debit card. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Forum Posts: 240. Right now, you can get a 3-month GIC rate of 2.45%. I have a review of the bank here: https://www.savvynewcanadians.com/motive-financial-review/. Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank. The bank operates strictly online and they have no brick and mortar branches you can walk into. ATM Access. Please read my disclaimer/disclosure for more info. 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. Were revisiting our initial Tangerine vs. Scotiabank review to see if Tangerine has lived up to its promise as Canadas premier online bank. EQ Bank is one of the newer players on the Canadian banking scene (they opened in January 2016), but their parent company, Equitable Bank, is the ninth-largest domestic bank in Canada, The downside of Tangerine is that youll get a much lower interest rate on your savings and GICs than you would with EQ Bank. While we are independent, we may receive compensation from our partners for featured placement of their products or services. What usually irks me is the monthly chequing account maintenance fees. Tangerine is an online-only digital bank that has nearly 2 million clients and over $38 billion in managed assets. These savings then get passed onto customers in the form of fee-free accounts, high interest rates, unlimited withdrawals and free e-transfers (among many other benefits). Learn more. I do not have a chequing account with either Tangerine or Alterna Bank, so I can't comment on this. I will share my experience with EQ bank. More info Get started now. The interest rates at EQ sound great so I might have to look into that for some emergency savings. I don't want to get into trouble spreading money around various banks and trying to manage it and It acts as the online banking arm of Equitable Bank, which was founded in 1970 but began offering savings products in 2013. 1.70%* Chequing Interest. Lock in top-notch rates and flexible terms for your mortgage with this reputable online bank. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. The Canadian online bank space is a crowded one. It also recently introduced TFSA Savings (2.30%) and RRSP Savings accounts (2.30%). We may also receive compensation if you click on certain links posted on our site. Return to Savings Interest. Unlike many of Canadas major banks, Simplii Financial and Tangerine No minimum balance ($100 minimum on GICs). It offers high-interest savings accounts and guaranteed investment certificates but has a limited selection of other financial products. Interest Rates: Of the three, EQ Bank offers the highest interest rate at 1.50% (2.30% on TFSA & RRSP), followed by Wealthsimple Cash at 0.75%. Compare some of the main features for accounts offered by EQ Bank and Tangerine. Take a look at my EQ Bank review to learn more. HOWEVER. EQ Bank was founded in 2016, and even though 4 years isnt a long time for a bank to be around, it helps to know that EQ Bank is a trade name of Equitable Bank, which has been around since 1970. Some of the major online-only banks present in Canada today includeEQ Bank,Tangerine,Wealthsimple, andSimplii Financial. However, they also offer even more. That means if you decide to make a purchase or sign up through these links, I may earn a commission at no cost to you. If you are unsure you should get independent advice before you apply for any product or commit to any plan. Once you have a brokerage account, you can replicate Tangerines INI230 investment fund by using 25% of your capital to buy XBB, 25% to buy XIU, 25% to buy XUS, and 25% to buy XIN. Free and unlimited debit transactions, bill payments, and pre-authorized payments. EQ Bank and it's gone immediately, but doesn't show up in EQ for a few days) - it's just a mental block I have Advice on GICs - Tangerine vs. EQ Bank, and U.S. GICs. Another reason could be that theyre just tired because of the continually increasing checking account fees they have to deal with. EQ Bank is good because theyve had a consistent interest rate throughout. EQ Bank: A Better Way to Bank EQ Bank is Equitable Banks solution to every banking woe. 24/7 phone support. The CIBC Premium Growth Account is a simple savings account that can be used for a variety of purposes and by a broad range of people. EQ Bank is a trade name of Equitable Bank. ; You dont get a EQ Bank debit card (a physical bank Now, without further ado, these are the best online banks in Canada as per MDJs ratings. 25: Wealth One Bank of Canada. To open a EQ Bank GIC, you must first open an EQ Bank Savings Plus Account. The savings rates available through these hybrid accounts beat anything on offer by the big banks. While we receive compensation when you click links to partners, they do not influence our content. For larger amounts, the monthly compounding interest would amplify the higher EQ Bank rate. It doesnt make much difference in one year, but over time it will. The trend for Canadians opting to use digital banks is that they look for higher returns on their savings. The interest is calculated daily, but paid monthly, so the January interest would be added to your balance for February to earn interest on. Tangerine vs. EQ Bank Comparison. For some people, any monthly banking fee isanathema,and they want an online bank that can handle all their day-to-day banking needs such as with Tangerine. EQ Bank does have a referral program, which seems to run every year, but only for a couple months. We don't have monthly If maximizing the interest you get on savings is a priority, then look past Manulife Advantage to EQ Bank, paying 2.3 per cent as of mid-week, Alterna Bank, offering 2.05 per cent, or a With no hidden fees and the real exchange rate, its just another way were making banking better. Alterna Bank vs. EQ Bank vs Tangerine. Like EQ Bank, Tangerine offers no-fee daily banking, free unlimited bill pays, free Interac eTransfers, and high-interest savings. Both online banks offer a plethora of perks, which is why they are two of the more popular digital banks among Canadian consumers. Were revisiting our initial Tangerine vs. Scotiabank review to see if Tangerine has lived up to its promise as Canadas premier online bank. Savings accounts are fee-free and come with unlimited transactions, free Interac e-Transfers, cheap global money transfers and a 1.5% interest rate. For the princely sum of $0 you get: Instant ability to earn what is consistently the highest interest rate in Canada (currently 1.5% with no teaser rate). EQ Bank is the digital banking arm of Equitable Bank, Canada's 9th largest Schedule I Bank. DR EQ bank is good, solid interest rate, and you can pay all your bills from that 2% interest rate as This depends on your preferences. If you want a one-stop bank, something like Tangerine or Manulife Bank offers the full package: savings accounts, chequing accounts, and credit cards. General features you can expect on their savings and chequing accounts include: EQ Bank is the online-only arm of Equitable bank a Schedule I bank with total assets of approximately $34 billion. A major differentiating feature between them and traditional banks is that they usually offer a no-fee, no-minimum balance chequing account and/or a high-interest savings account. My paycheck's come to my Tangerine account though, and I will always transfer by initiating the transfer from Tangerine, not from EQ, because for some reason it takes like over a week by EQ, but only like 2-3 days max from Tangerine. She has a Bachelor of Arts in Gender Studies from the University of Victoria, along with an Associate's Degree in Science from Camosun College. One of EQ Banks main competitors in the Canadian banking space is Tangerine. Since then, its become a regulated Schedule I Bank Go paperless with EQ Banks hassle-free savings today. Read the comparison now . The content on this site is for informational and educational purposes only and is not intended as a substitute for professional financial advice. EQ Bank vs Tangerine Bank. How Debt Consolidation Affects Credit Score. EQ Bank faces a lot of competition, from Simplii Financial, to Wealthsimple, to Tangerine. They used to report 30 billion in deposits. Make easy payments in person and online with this hybrid debit card from BMO. And while each one has some great products to offer customers, Tangerine remains the overall leader, in my opinion. Youll need to claim any interest you earn on your taxes if you keep your money with EQ Bank since it doesnt offer registered accounts. Tangerine Cafes in Toronto, Montreal and Vancouver. Categories banking. Tangerine I read, they are CDIC insured, but would like your input on the Company, if allowed. That said, this account could be a good fit for you if you want a high interest rate on your savings or you send money overseas regularly. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Canadians pay in excess of $200 per year on average in banking fees! EQ Bank is a trade name of Equitable Bank. The Canadian online bank space is a crowded one. This is a nitpick, but your interest calculations totally ignore monthly compounding. Designed by Elegant Themes | Powered by WordPress. Your trust is Up to 0.65%. But if your focus is just the highest interest rate available, something like EQ Bank With Tangerine, youll have to pay taxes on the interest you earn on cash accounts, but it wont be an issue if you hold your funds in a registered account like an RRSP or. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services.