Go paperless with EQ Bank’s hassle-free savings today. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Phone support available 8am to midnight, 7 days a week. Info like this is what helped me make my decision. Members. But with neither a chequing account, nor a debit or credit card, you won’t be able to satisfy all your banking needs in one place. 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%. 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. 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. Read the comparison now . Take a look at my EQ Bank review to learn more. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. The CIBC US$ Personal Account is optimal for individuals who regularly manage US dollars or travel to the US often. Use this versatile Scotiabank Debit Card to earn points and make purchases online. These include popular names like Tangerine and EQ Bank. There doesn’t seem to be anything missing compared to a conventional bank… What usually irks me is the monthly chequing account maintenance fees. 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. 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. EQ Bank Tax Free Savings Account Vs Others. Make easy payments in person and online with this hybrid debit card from BMO. 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, … Interest rates are hard to compare between EQ Bank and Tangerine. KOHO Save is coming soon. Guaranteed investment certificates offer higher interest rates than what you would get from a similar-term GIC with Tangerine. 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. Always consult with a licensed financial or tax advisor before making any decisions based on the information you read on this blog. Not many people like to pay the ever-increasing banking fees charged by traditional brick and mortar banks. The downside of EQ Bank is that it doesn’t offer chequing accounts or ATM withdrawals, and you won’t get a welcome bonus when you sign up. EQ Bank does offer 7 days a week (8am – midnight EST) customer support both online and over the phone. Consider Wealth One: October 11, 2020 12:22 am by RetirEd. 6: Concentra Bank. Since then, it’s become a regulated Schedule I Bank … Good article. Hi Enoch , I’ve been thinking of switching over to meridian or there new digital bank called motusbank, what do you think of that online only bank ? Tangerine… Optional, only if you want us to follow up with you. Simplii Financial vs. Tangerine: Monthly Fees, Transactions, and Account Options. Cons of EQ Bank. HOWEVER. Forum Posts: 240. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. We’re revisiting our initial Tangerine vs. Scotiabank review to see if Tangerine has lived up to its promise as Canada’s premier online bank. I generally agree with everything you said. Compare the best EQ Bank chequing accounts. What this means is that your deposits are insured by CDIC up to $100,000 per account category (i.e. Finder is committed to editorial independence. EQ Bank: A Better Way to Bank EQ Bank is Equitable Bank’s solution to every banking woe. The interest is calculated daily, but paid monthly, so the January interest would be added to your balance for February to earn interest on. How Debt Consolidation Affects Credit Score. EQ Bank vs Tangerine: A quick review. EQ Bank vs Tangerine Bank One of EQ Bank’s main competitors in the Canadian banking space is Tangerine. Check it out! Much of Claire's coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. EQ Bank Tax Free Savings Account Vs Others. It has higher credit score and household income requirements than the Tangerine Money-Back Card, but in return it offers perks that typical of a luxury travel credit card. 1. EQ Bank also offers a GIC account with a variety of terms and competitive interest rates. More Canadians are choosing to go digital with their banking, with recent stats showing that more than three-quarters of Canadians now use online and mobile interfaces for conducting their banking transactions. 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. A lot of customers have staggering deposits to get the average so high. Forget about ATM fees, NSF, overdraft, account transfer, transaction fees, and so on. Instead, it offers complete access to accounts all the time. 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. For larger amounts, the monthly compounding interest would amplify the higher EQ Bank rate. EQ Bank TFSA and RSP Accounts Vs Bonds . It also works with TransferWise to save you money on international money transfers. We’d rather build your savings than bank branches. Devenez Client aujourd’hui et constatez les avantages de changer d’ère bancaire. 3. This increasing adoption of online banking is a boon to relatively newer entrants into the banking industry i.e. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. and it's gone immediately, but doesn't show up in EQ for a few days) - it's just a mental block I have Since the range of Tangerine’s services is much wider than EQ bank, their app have tons of features. The interest rate is decent but we'll see how long it holds. EQ Bank is very consistent in the high interest rates that it offers, not relying on ever changing promo rates like Tangerine … Comparing The Best Canadian Banks . Learn about what these digital banks offer and which one better meets your needs. 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. Toronto, ON, Canada M5V 3H5. The only downside is that you can’t visit a physical branch in-person to do your banking. What other financial products can I take advantage of? Tangerine Bank offers a suite of financial products including: 2) Spending: No-Fee Chequing Account and Tangerine 2% Money-Back Credit Card, 3) Investing: Tangerine Investment Funds, TFSA, RRSP, and RRIF, 4) Borrowing: Mortgage, HELOC, and RRSP Loans. Alterna Bank vs. EQ Bank vs Tangerine. If you are looking for more specific comparisons view our Canada’s Best Chequing Account article or the one dealing with the Best Savings Accounts in Canada. The Canadian online bank space is a crowded one. EQ Bank vs. Tangerine and Other Online Banks. Tangerine Bank wins the round on convenience. If you want a one-stop bank, something like Tangerine or Manulife Bank offers the full package: savings accounts, chequing accounts, and credit cards. If you’re looking for a place to store your hard-earned money to get some easy interest, EQ Bank has one of the best permanent interest rates in Canada. The same scenario also plays out with GICs, with EQ Bank offering higher rates. Simplii Financial vs. Tangerine: Monthly Fees, Transactions, and Account Options Simplii Financial and Tangerine are neck and neck for being the best virtual bank in Canada, and with good reason. If you are unsure you should get independent advice before you apply for any product or commit to any plan. Majority of my "cash" is in EQ Bank. EQ Bank Savings vs. Wealthsimpe Cash vs. KOHO Save. Categories banking. Is a RUN on Tangerine Bank & EQ Bank taking place, due to Simplii - 3 % rate ? As a customer, you have access to over 44,000 ATMs around the world through Scotiabank’s Global ATM Alliance. 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 … In her spare time, Claire loves rock climbing, travelling and drinking inordinate amounts of coffee. Unlike many of Canada’s major banks, Simplii Financial and Tangerine … The Canadian online bank space is a crowded one. EQ Bank wins this round by offering a significantly higher interest rate overall. Créer une expérience bancaire courante simple et pratique pour nos C However, unlike luxury credit cards, the Tangerine World MasterCard has no annual fee! EQ Bank faces a lot of competition, from Simplii Financial, to Wealthsimple, to Tangerine. This depends on your preferences. Cheers, Doug Savings Interest. EQ Bank vs. Tangerine. 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. @Andrew: Happy to hear you found the post useful! EQ Bank vs. Tangerine Bank . The interest rates at EQ sound great so I might have to look into that for some emergency savings. Which bank will give me the highest interest rates? Up to 2.50%. COVID-19 update—EQ Bank remains committed to delivering great service and better banking. 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. All of its accounts come with low fees and give a decent return on interest. Search this thread. The Tangerine World MasterCard is Tangerine Bank’s premium credit card. Articles on SavvyNewCanadians.com may contain affiliate links. © 2021 Enoch Media Inc. All Rights Reserved. It offers high-interest savings accounts and guaranteed investment certificates but has a limited selection of other financial products. But when it comes to savings accounts, it can be hard to tell which one comes out on top. You will also receive our FREE e-Book! Earn rewards and make online purchases with this hybrid CIBC debit card. Although it is without a physical location, you can always reach someone to talk to via phone if you have any questions. Tangerine is an online-only digital bank that has nearly 2 million clients and over $38 billion in managed assets. Even their personalized Customer Care is readily accessible outside of the strict hours of a regular bank. The trend for Canadians opting to use digital banks is that they look for higher returns on their savings. ... DR EQ bank is good, solid interest rate, and you can pay all your bills from that 2% interest rate as … As two of the most popular online banks in Canada, EQ Bank and Tangerine have a lot to offer in this domain. 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 … Product Offerings. These include the following: Tangerine offers a wide range of financial products while EQ Bank only offers savings accounts and GICs. I appreciate it even more because . EQ Bank definitely has one of the best non-promotional rates available today. It allows users to safely shop online and make purchases while abroad like a credit card wherever Visa is accepted. Your email address will not be published. Free and unlimited debit transactions, bill payments, and pre-authorized payments. If you are looking for an online-only bank that handles everything from chequing and savings to general investing, TFSA, RRSP, and RRIF, Tangerine is the better option. Now that they’ve done away with the points I’ve been thinking of switching over to Tangerine. Up to 0.65%. Tangerine’s Visa Debit Card comes with unlimited free transactions. 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 … Last Updated: Dec 7th, 2018 11:12 am; Tags: advice; on; tangerine; vs. and; u.s. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Tangerine comes with a host of financial products including credit cards, mortgages, loans, GICs, mutual funds, RRSPs, TFSAs and more. The trend for Canadians opting to use digital banks is that they look for higher returns on their savings. Dec 5th, 2018 3:12 pm #1; Dostk [OP] Newbie Jul 9, 2010 89 posts 3 upvotes Dec 5th, 2018 3:12 pm. She has also worked extensively in the field of "Blended Finance" with the Canadian government. The bank operates strictly online and they have no brick and mortar branches you can walk into. The TD Access Card is a widely accepted, flexible debit card with an array of options. Lock in top-notch rates and flexible terms for your mortgage with this reputable online bank. This bank offers a wide range of financial products such as chequing and savings accounts as well as GICs, loans and mortgages. Another reason could be that they’re just tired … With regards to ATMs, Tangerine customers have access to over 44,000 ATMs worldwide. We may receive compensation from our partners for placement of their products or services. 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. I only carry about $200-500 in my chequing with Tangerine. Bonds or Bonds … Return to … Disclaimer - We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. EQ Bank … Before you can link another bank, EQ Bank will send your passcode to your phone which must be verified within 10 minutes to proceed. Claire loves rock climbing, travelling and drinking inordinate amounts of coffee and people are just to! Of status quo and people are just Happy to hear you found the post!! Offer higher interest rates, we may also receive compensation from our partners placement! 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