EQ Bank vs Simplii Financial 2023: Accounts, Rates, Fees & More

EQ Bank and Simplii are some of the top online-only banks competing against traditional brick-and-mortar banks in Canada.

Both banks offer a wide range of financial products, ranging from savings accounts, chequing accounts, USD savings accounts, GICs, TFSA,  and other unregistered accounts.

With this level of similarities, choosing between EQ Bank vs Simplii Financial can be a difficult task. But don’t worry!

Here we’ve done the hard job for you by comparing the key differences between EQ Bank vs Simplii to help you make an informed selection decision.

EQ Bank Overview

EQ Bank is the online banking division of Equitable Bank, a 45+-year-old Schedule I Bank with more than $40 billion assets under management.

As an online-only bank, EQ Bank has stood the test of time as one of the best providers of high-interest rates on savings accounts since its inception in 2016.

In addition to competitive GIC accounts, EQ Bank USD account is one of the best options for US denominated savings accounts and cheap international money transfers in Canada. 

This and many other factors make EQ Bank one of the top alternatives to traditional brick-and-mortar banks in Canada.

Learn more: EQ Bank Review

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EQ Bank Products

From high-interest savings accounts to GICs, EQ Bank has a lot of competitive products that we will discuss in detail below.

1. EQ Bank Savings Plus Account

The EQ Bank Savings Plus Account is the primary product of the bank. This high-interest account has remained the major center of attraction to EQ Bank since its inception. 

From the beginning, EQ Bank Savings Plus Account had 3% attractive high-interest rates, which gradually reduced to a 1.65% rate.

Even at that, the current 2.59% interest on EQ Bank Savings Plus Account retains a spot in any objective compilation of the best high-interest savings in Canada.

What also distinguishes this account from other accounts in Canada is that it has no monthly, banking, and Interac e-Transfer fees. 

In addition, the EQ Bank Savings Plus Account allows free mobile cheque deposits and bill payments. 

Features

• High (2.50%) interest rate
• $0 monthly fees
• $0 banking and e-Transfer fees
• Free mobile cheque deposits and bill payments
• No minimum balance
• $200,000 maximum balance
• Cheap international money transfers

2. EQ Bank Joint Savings Plus Account

EQ Bank Joint Savings Plus Account is a replica of the standard savings plus account designed for people that want to share their savings.

If you share savings goals or expenses with your friend, spouse or common-law partner, this account could be your ideal option. You can add up to three persons and save up to $500,000 in total. 

Each joint account holder has equal rights to contribute and withdraw from the account. But you can have individual savings plus account alongside the EQ Bank joint savings account.  

Features

• $500,000 maximum balance
• All the features of EQ Bank Savings Plus Account

3. EQ Bank US Dollar Account

If you’re looking to save your money in US dollars, the EQ Bank US Dollar Account could be your best option. 

With EQ Bank US Dollar Account, you will earn a 1.40% interest rate on your USD savings without worrying about monthly or transaction fees.

In addition to a low conversion rate, this account helps you make fast money transfers across the US and other parts of the world.

 Features

• High (2.00%) interest rate
• $0 monthly fees
• Low conversion rate 
• CDIC protection 

Learn more: EQ Bank US Dollar Account Review

4. EQ Bank Registered Savings Accounts

EQ Bank TFSA and RSP accounts are some of the best-registered savings accounts in Canada. These accounts offer a 3.00% high-interest savings rate and also high GIC rates. 

Investing in any of these registered savings accounts means enjoying the full dividends of your investment without taxes, deposit and withdrawal fees. 

In 2022, you can save up to $6,000 tax-free in a TFSA account or $81,500 if you’ve never contributed to a TFSA since its inception in 2019.

Features

• High (3.00%) interest 
• High GIC rate
• Tax benefits
• $0 monthly fees
• Automated contributions
• CDIC protection

Learn more:

• EQ Bank TFSA and RSP Review
• Registered Retirement Savings Plan (RRSP) FAQs
• Beginner’s Guide to TFSA (How To Start Investing With TFSA)

5. EQ Bank GICs

If you’re looking for the best GIC rates in Canada, this is one of the options to consider. EQ Bank GICs offer up to 4.70% interest, one of the highest in the industry. 

Investing in a high-interest GIC account could be the best option if you have a low-risk profile and are looking for a guaranteed return on your investment. 

From 3-month to 10-years, EQ Bank GICs have competitive rates that suit different investment goals and time horizon. 

As at the time of writing, these are EQ Bank GICs rate:

Term	Rate
10-Year	3.60%
7-Year	3.60%
6-Year	3.60%
5-Year	4.15%
4-Year	4.15%
3-Year	4.20%
2-Year	4.35%
1-Year	4.75%
6-Month	3.60%
3-Month	2.65%

Features

• Competitive rates
• $0 banking fees
• $100 minimum investment 
• $100,000 maximum investment
• Automated updates
• CDIC protection

Learn more: EQ Bank GICs Review

6. Prepaid Card

Recently EQ Bank launched its first prepaid card to give its customers physical touch like other online banks.

With the EQ Bank prepaid card, you will earn 0.5% cash back on all your purchases and a 2.50% interest on your balances.

Features

• 0.5% cash back on purchases
• 2.50% interest on balance
• No monthly fees
• No FX fees
• Free domestic ATM withdrawals
• Free card access

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Simplii Financial Overview

Like EQ Bank, Simplii Financial is a neo-bank that operates entirely online.

As a division of the Canadian Imperial Bank of Commerce (CIBC), Simplii was founded in 2017 to provide Canadians with low-cost savings and investment solutions.

Simplii is a one-stop-shop shop for everything banking and investing in Canada, from savings accounts, chequing accounts, loans, credit cards, and mortgages to investment accounts. 

While Simplii Financial is not per other best high-interest savings account providers in Canada, its high promotional rate sets it apart in the industry. 

That said, Simplii Financial has over 2 million clients and has won numerous awards in recognition of its distinguished services and products.

Learn more about the bank in this Simplii Financial Review.

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Simplii Financial Products

Simplii has a wide range of financial products and services offered by CIBC, a multinational bank with over 60 years of experience. 

Here’s a detailed view of Simplii’s range of financial products and services. 

1. Simplii Financial High-Interest Savings Account

Simplii high-interest savings account is a special HISA that earns its name through its competitive promotional rates. 

This account offers a high promotional rate of 5.25% that’s way higher than the regular interest rate of 0.40% to 2.00%

While the promotional offers last till April 30, 2023, you can earn thousands of dollars in interest if you save up to the maximum deposit of $1,000,000.

This makes Simplii’s savings account ideal for short-term investment compared to standard high-interest savings accounts in Canada.

 Features

• 5.25% promotional rate
• 0.40% to 2.00% standard interest rate
• $0 monthly fees
• $0 transaction fees
• No minimum balance 
• Automated deposits

2. Simplii Financial USD Savings Account

Simplii Financial USD Savings Account is a no-fee savings account suitable for those with USD funds or someone that do international money transfers.

Like the EQ Bank US Dollar Account, Simplii Financial USD Savings Account has no monthly fees and minimum balance. 

With this account, you can enjoy low conversion exchange rates on CAD and USD while enjoying free transactions to more than 120 countries. 

Features

• 2.50% interest
• No monthly fees
• No minimum balance
• Free transactions
• Low conversion rate
• Money orders and bank drafts 

3. Simplii Financial No Fee Chequing Account

This account functions the same way as other traditional chequing accounts, offering free ATM access to all CIBC ATMs. 

Currently, you can earn a $400 bonus for depositing a minimum of $100 on a Simplii chequing account for up to three consecutive months. Learn more about Simplii Promotions here.

Furthermore, this account allows unlimited free Interac e-Transfer, bill payments, debit purchases and withdrawals. 

Features

• Up to 10% interest on balance
• No monthly fees
• No minimum balance
• Unlimited free Interac e-Transfer, bill payments, debit purchases and withdrawals

Related: Simplii Chequing Account Review

4. Simplii Financial Cash Back Visa Card

This is a Visa credit card with unlimited competitive cashback on eligible purchases on gas, groceries and restaurants as follows:

• 10% bonus cash back
• 4% on your first $5,000 purchases at bars, coffee shops and restaurants 
• 1.5% on your first $15,000 purchases on drugstore, grocery, and pre-authorized spendings.
• 0.5% on all other purchases.

With this card, you can enjoy 9.99% introductory annual interest on purchases within your first six months of membership. After that, a 19.99% rate applies. 

While the Simplii credit card doesn’t have an annual fee, you need an average of $15,000 to qualify.

Features

• Unlimited cashback rewards
• Competitive promotional rates on purchases
• No annual fee
• Up to 3 additional cardholders
• Purchase Security and Extended Protection Insurance
• Travel medical insurance
• Free access to all CIBC ATMs 

5. Mortgage

Simplii offers a wide range of mortgages for home buying, renewal, refinancing, and mortgage transfer. 

The mortgage rate ranges from a 2-year fixed of 5.89% to a 5-year variable of 6.55%. Choose from:

• Fixed-rate mortgages
• High-ratio mortgages
• Cashback mortgages
• Variable-rate mortgages
• Convertible mortgages

Features

• Competitive mortgage rates
• Multiple rates
• Mortgage calculators

6. Borrowing

You can also take personal loans, lines of credit, secured lines or creditor insurance through Simplii Financial. 

Requirements vary by the type of loan you apply for. However, you can get a minimum of $5,000 personal loans depending on your credit history.

Simplii calculates interest daily and charges monthly depending on an individual’s credit score. 

Features

• Multiple loan types
• High loan amount
• Fixed and variable rates

7. Investment

Finally, Simplii offers several registered and unregistered accounts, such as Tax-Free Savings Account, RRSP Savings Account, Guaranteed Investment Certificate and Mutual fund accounts.

Simplii index mutual funds cover seven portfolios that fit different investment objectives and risk tolerance as follows: 

• Income
• Income plus
• Conservative income
• Balanced
• Growth
• Balanced growth
• Aggressive growth

Features

• Multiple investment options
• Discount on management fee
• Tax-advantage
• CDIC protection

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EQ Bank vs Simplii Financial

So far in this EQ Bank vs Simplii Financial comparison, we have covered the products offered by both online banks.

Next, we’ll highlight the key differences and similarities between the two.

Features	EQ	Simplii
Standard interest rate on savings accounts	2.50%	0.40% to 2.00%
Promotional interest rate on savings accounts	None	5.25%
Monthly fees	None	None
Interac e-Transfer and bill payment fees	None	None
USD Savings Account	Yes	Yes
Credit/prepaid card	Yes	Yes
Registered and unregistered accounts	Yes	Yes
Standard chequing investment accounts	No	Yes
CDIC protection	Yes	Yes

Let us go into the details of the core differences between EQ Bank vs Simplii Financial.

EQ Bank vs Simplii Financial: Savings Account Interest Rate

EQ Bank offers a 2.50% interest rate on standard savings accounts, while Simplii offers 0.40% to 2.00%. This makes EQ the automatic winner on standard interest rates on savings accounts.

If you’re simply looking for an online bank where you can earn decent interest on your emergency funds or other funds you may have, EQ Bank is the better option.

EQ Bank vs Simplii Financial: Promotions 

E.Q Bank has no promotional rate on savings accounts. However, Simplii Financial currently offers one of the industry’s highest promotional rates of 5.25%.

That said, EQ Bank offers a $20 bonus to new users that use an EQ Bank referral link to create an account. All you need to qualify is to deposit at least $100 within your initial 30 days of activation. 

EQ Bank also offers up to $500 commission for referring friends and family to the bank.  

On the other hand, Simplii offers a $400 bonus for depositing a minimum of $100 on a Simplii chequing account for up to three consecutive months

EQ Bank vs Simplii Financial: Chequing and Investing Account 

While EQ Bank’s savings account is an hybrid account that allows mobile cheque deposits and bill payments, it doesn’t support all the features of traditional chequing accounts like Simplii Financial’s chequing account. 

Furthermore, EQ Bank only has a registered savings account and GIC account, while Simplii has standard investment accounts, such as mutual funds.

EQ Bank vs Simplii Financial: Savings Account Fees 

Both EQ Bank and Simplii standard savings accounts offer a wide range of freebies including, zero monthly fees, free Interac e-Transfer and free transactions.

If you want a bank with zero monthly fees and no charges on everyday banking transactions, both Simplii and EQ Bank are top choices.

EQ Bank vs Simplii Financial: Credit/Prepaid Card

EQ Bank offers a prepaid Mastercard while Simplii has a cash-back Visa card and you also get free access to all CIBC ATMs.

The Simplii Financial Visa card also comes with a promotional rate on purchase and comprehensive insurance.

On the other hand, EQ Bank card offers high interest on balance and a considerable cashback on purchases.

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EQ Bank vs Simplii Financial: What’s the Neobank Best For You? 

By now, you should be able to make an informed decision on which of these two neo-banks is perfect for your situation.

For obvious reasons, EQ Bank is the best for earning long-term interest on registered and unregistered savings accounts. 

But if you’re only looking to save for the short-term, you can’t make the wrong choice with Simplii’s current promotional rate on savings accounts.

You’ll also want to consider your overall needs when deciding between EQ Bank vs Simplii Financial. As you can see, Simplii offers a wider range of accounts than EQ Bank currently does. 

So if you’re looking for a one-stop-shop for your savings, investing and borrowing needs, Simplii Financial is your ideal option here. 

Overall, the choice between EQ Bank vs Simplii comes down to what your key banking needs are. And since your deposits on both banks are insured by the CDIC, you can’t make the wrong decision by choosing either of the two. 

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Final Thoughts

This brings us to the end of this EQ Bank vs Simplii Financial comparison. The two banks have lots in common with key differences to consider before deciding.  

Let us know which of the two you’re going with. If you need more help deciding which to choose, please leave a comment below. 

Kindly explore our other relevant posts to learn more about the best financial products and services in Canada. 

Get $400 welcome bonus when you sign-up for Simplii Financial and deposit a minimum of $100.