When it comes to online banking, Tangerine and EQ Bank are two of the most popular options. Both banks have stood the test of time as some of the best online banks you can find in Canada.
They offer attractive rates on savings, GICs, mortgages and other banking accounts, making them worthy alternatives to the big banks. But with some similar competitive products and services, you may find it challenging to choose between EQ Bank vs Tangerine.
So which one is right for you?
In this EQ Bank vs Tangerine article, we will take a look at the features offered by both banks and see how they compare. We will also discuss the pros and cons of each bank so that you can decide which one is right for you!
Let’s get started!
Overview of EQ Bank
EQ Bank is a digital banking platform offered by Equitable Bank that was established in 2016. It is one of Canada’s first digital banks that is committed to bringing smarter banking solutions to Canadians.
EQ Bank offers savings accounts and a variety of other banking services that is trusted by thousands of Canadians.
With no branches and no fees, you can sign-up on EQ Bank at any time and anywhere to enjoy comprehensive digital banking solutions.
Learn more about all its products and services in this detailed EQ Bank Review.
EQ Bank Pros and Cons
While EQ Bank offers an excellent way to earn interest on your savings, it still has its pros and cons you need to be aware of. Here are some EQ Bank pros and cons:
Pros
- No monthly fees
- High savings account interest rates
- No minimum balance requirement
- No fees on bill payments and Interac e-Transfer
- Low charges on international transfers
- Free prepaid card
- CDIC insurance
Cons
- Limited financial products.
EQ Bank Products
EQ Bank offers several financial products for your financial needs. Whether you’re looking to save for the rainy days, planning for the future or just want to do some everyday banking, EQ Bank has something for you.
Below are the current products and services offered by EQ Bank:
1. Savings Plus Account
EQ Bank Savings Plus Account is a high-interest savings account. It has no minimum balance requirements and offers a competitive interest rate of 3.00%.
Also, there are no monthly fees and no transaction fees on the account, so you can save more money at no cost. This account is ideal for people who want to save money without worrying about fees, such as students or retirees living off their savings.
Below are the key features of EQ Bank Savings Plus Account:
- High and competitive savings interest rate
- No monthly charges
- No minimum balance requirement
- Free bill payments and cheque deposits
- No fees for Interact e-Transfers
Learn more: EQ Bank Savings Plus Review
2. Joint Savings Plus Account
The EQ Bank Joint Savings Plus Account offers the advantage of saving in one account with a partner, spouse or friend. It is a great way for couples or partners to save money together without worrying about monthly fees.
The account can be opened by both you and your partner, ensuring maximum flexibility and security. Additionally, there are equal rights for each account holder to both deposit and withdraw from the joint account.
Below are some of the key features of the EQ Bank Joint Savings Plus Account:
- High interest rate
- No monthly charges
- A maximum balance of $500,000
- No minimum balance requirement
- Free bill payments and cheque deposits
- No fees for Interact e-Transfers
3. EQ Bank US Dollar Account
The EQ Bank US Dollar Account is a good option if you want to save money in U.S. dollars and want to avoid unnecessary high exchange fees.
The account works just like the EQ Bank regular savings account but with a US dollar currency.
With a 2.00% rate of return on U.S. dollar deposits, the EQ Bank US Dollar Account offers some of the highest rate on USD accounts you’ll find in Canada.
Below are some of the key features of the EQ Bank US Dollar Account:
- No monthly charges
- High savings interest rate
- A low rate for FX conversion
To learn more, read our EQ Bank USD Account review.
4. EQ Bank Registered Savings Accounts
EQ Bank lets you save in tax-advantaged accounts through the EQ TFSA Account and EQ RSP Account.
These accounts ensure maximum returns on your investments and unlimited access at any time.
Also, there are no fees associated with investments in any of the EQ Bank Registered Savings Accounts, nor do they require a minimum balance.
Below are some of the key features of EQ Bank Registered Savings Accounts:
- 3.00% interest rate
- No monthly charges
- Automated savings
- Tax-free savings
To learn more, read our EQ Bank TFSA and RSP Review.
5. EQ Bank GICs
EQ Bank is one of the top GIC providers in Canada that offers GICs with fixed rates and terms ranging from three months to ten years.
You can open an EQ Bank GIC with a minimum deposit of $100 and earn an some of the best GIC rates available in Canada. With a high-interest rate, EQ Bank GIC might be the ideal option for you if you are looking for a bank to lock -in your funds for long while earning a decent rate of return.
Below are EQ Bank’s current GICs rates:
| GIC Term | GIC Rate |
|---|---|
| Three Months | 3.25% |
| Six Months | 5.00% |
| Nine Months | 4.75% |
| One Year | 5.75% |
| Two Years | 5.55% |
| Three Years | 5.35% |
| Four Years | 5.10% |
| Five Years | 5.10% |
| Six Years | 4.25% |
| Seven Years | 4.25% |
| Ten Years | 4.25% |
Learn more: EQ Bank GIC Review
6. EQ Bank Card
This is the latest offering of EQ Bank that was launched in early 2023. The EQ Bank Card is a reloadable prepaid card that offers the following benefits:
- 2.50% interest on balance
- $0.5 cashback on purchases
- Free card access
- Zero monthly fees
- Zero FX fees
- Zero ATM fees
Overview of Tangerine Bank
Tangerine bank is a very well-known digital bank that has millions of customers. Initially named ING Direct Canada when it first opened for business in 1997, it was later acquired by Scotiabank and rebranded to Tangerine.
Tangerine offers a wide variety of services including no-fee chequing accounts and savings accounts, GICs, mortgages, credit cards and many more.
Pros and Cons of Tangerine Bank
Here are the pros and cons of Tangerine Bank that you need to be aware of before making the switch:
Pros
- No monthly charges
- No minimum balance requirement
- High promotional savings rate for new clients
- Free unlimited bill Payments, pre-authorized payments, and debit transactions.
- Automated savings
Cons
- Low standard savings interest
- Limitations on ATM withdrawals
Tangerine Bank Products
There are several Tangerine Bank products available to help you achieve your financial goals.
Whether you are looking for a no-fee chequing account, a high-interest savings account, or a GIC, Tangerine Bank offers a full suite of banking products to its customers.
Below are the products and services offered by Tangerine Bank:
1. Tangerine Saving
Tangerine Bank steps in to help you reach your financial goals with a variety of different saving options.
Whether you’re saving for a home, retirement or just stashing away some cash for emergencies, Tangerine’s saving accounts may be what you’re looking for. Tangerine Bank offers the following savings accounts:
- Regular savings account
- Chequing accounts
- US$ Savings Account
- Registered savings accounts (TFSA, RSP, and RIF savings accounts)
- Business accounts
Apart from the business accounts, if you open any of the Tangerine savings accounts using the code “EARNMORE” you will earn a welcome interest rate of 6.00% for the first five months and a bonus of $400 till October 2, 2023.
Learn more:
2. Tangerine GICs
When you are thinking about saving for the future, the GIC offering from Tangerine is an option.
Tangerine GICs are a flexible, safe and secure way to invest and earn better returns than you get with the Tangerine Savings account. You can choose from 90-day to 5-year GIC terms and earn competitive interest.
With GICs from Tangerine, you can lock your savings for up to five years and earn interest that’s guaranteed with great returns with no minimum balance requirement.
Tangerine Bank offers the following GICs:
- Non-registered GICs
- Tax-Free Guaranteed Investment
- RIF Guaranteed Investment
- US$ Guaranteed Investment
- RSP Guaranteed Investment
You can find the current Tangerine GIC rates here.
3. Spending
Tangerine also offers credit cards that come with cash back of up to 2% on all your daily purchases and generous welcome bonuses.
Also, you can get an additional with the Tangerine Money-Back Credit Card cash back of up to 10% when you make purchases of up to $1,000 within your first two months of getting the card.
Both the Tangerine World Mastercard and Tangerine Money-back credit card have no annual fee and offer competitive cash-back rewards on your purchases.
Tangerine also offers a chequing account that lets you make bill payment with no fees and comes with free access to 3,500 ABMs.
Learn more:
4. Investing
Tangerine also provides investment solutions to Canadians through its various investment portfolios and funds.
You can choose an investment option that suits your current age and risk tolerance. You can choose between the following types of investments:
- Tax-Free Savings Account (TFSA)
- Retirement Savings Plan (RSP)
- Retirement Income Fund (RIF)
- Non-Registered Investment Account
Learn more:
5. Borrowing
Tangerine Bank also offers a range of options to help you borrow money, whether it’s for buying a home, renovating, paying off higher-interest debt or consolidating your bills.
With flexible low-interest rates, flexible payment options and fast approval, Tangerine has the borrowing features you need. Some of the borrowing options at Tangerine include:
- Mortgages
- Home Equity Line of Credit
- Line of Credit
Related: Tangerine Mortgage Rates
EQ Bank vs Tangerine Bank
Both EQ Bank and Tangerine offer a range of products and services that compete with brick-and-mortar banks, but let’s see how they stack up against each other.
| Features | EQ Bank | Tangerine Bank |
|---|---|---|
| Products Offered | Individual & Joint Savings, US Dollar Account, Prepaid Card, RSP & TFSA, GICs | Savings, GICs, Credit Cards, Investing, Borrowing |
| Minimum Balance | No | No |
| Interest Rate on Savings Accounts | 3.00% | 1.00% |
| Monthly Fees | No | No |
| USD Savings Accounts | Yes | Yes |
| CDIC Insurance | Yes | Yes |
EQ Bank vs Tangerine – Savings Account
Both banks offer savings accounts that pay interest on all balances, with no minimum balance and no monthly fees.
However, you have more savings account options with Tangerine Bank but the two banks both offer regular savings accounts, USD savings accounts and registered savings accounts.
EQ Bank vs Tangerine – User-Friendly
When it comes to ease of use and user-friendliness, both EQ Bank and Tangerine are easy to use with intuitive and easy-to-navigate platforms.
Both banks have a straightforward online interface which makes it easy for beginners to navigate the website.
EQ Bank vs Tangerine – Interest Rate on Savings Accounts
Both provide you with the opportunity to earn high interest on your savings. However, EQ Bank has an advantage over Tangerine Bank.
EQ Bank’s savings account has a very high-interest rate of 3.00%. This is one of the best interest rates available in the market right now.
The Tangerine savings account, on the other hand, has an interest rate of just 1.00%. However, Tangerine offers a welcome interest rate of 6.00% for 5 months on its savings accounts.
EQ Bank vs Tangerine – GICs
One obvious difference between Tangerine GICs and EQ Bank GICs are the terms. The longest GIC term available at Tangerine is 5 years.
EQ Bank has a much larger variety of GIC terms from 3 months to 10 years, which makes it more suitable if you want to invest in a long-term GIC.
Also, EQ Bank offers one of the best GIC interest rates in Canada, it has an interest rate of up to 4.75% for a 1-year term compared to Tangerine’s 4.65% rate for the same term.
EQ Bank vs Tangerine – USD Account
Both EQ Bank and Tangerine Bank have USD Savings Accounts with no monthly fees. However, EQ Bank has a higher interest rate for a USD Savings Account than Tangerine Bank.
EQ Bank is currently offering an interest rate of 2.00% while Tangerine Bank is offering 0.10% for a USD Savings Account.
So clearly, EQ Bank is the clear winner if you have some US dollar funds to save and earn some decent interest.
EQ Bank vs Tangerine – Bank Promotions
If you move your payroll to EQ, you will earn a bonus of $150. Also, if you sign-up using a referral code, you will get a welcome bonus of $20.
Additionally, through its referral program, you can earn a referral bonus of up to $500 for referring your friends and family to EQ Bank.
Tangerine Bank on the other hand offers a welcome interest on a savings rate of 6.00% for five months and a bonus of $400 on chequing accounts if you sign-up using the code “EARNMORE”.
Related:
EQ Bank vs Tangerine: Which One is the Best?
Should you go with EQ Bank or Tangerine? Both of these banks provide a wide array of features, but their service quality and interest rates vary.
EQ Bank offers more benefits and better rates on savings account and GICs. So it is the clear winners over Tangerine if you’re looking for a place to stash your savings for better interest.
But if you need more banking products like personal loans, lines of credit and mortgages, Tangerine has an edge over EQ Bank.
In the end, what matters most is your personal preference. Depending on what kind of account you are looking for, either one will work for you. So start with your needs and choose the one that best meets your needs.
EQ Bank vs Tangerine FAQs
Yes. Your Tangerine account and EQ Bank account may be linked directly to one other.
As you can see, when it comes to GICs, better interest rates, and promotions, EQ Bank outperforms Tangerine. This makes EQ Bank a better option than Tangerine. For mortgages, investments and credit cards, Tangerine is the clear winner.
EQ Bank is a fantastic no-fee banking choice in Canada. Its savings account rates are among the highest in the country. EQ Bank also offers several promotions.
Since its inception and post-acquisition by Scotiabank, Tangerine has established itself as one of the best and most-trusted digital banks in Canada.
EQ Bank vs Tangerine Conclusion
Both EQ Bank and Tangerine are worth looking into if you’re in the market for a new digital bank.
That said, the banks differ in features and interest rates, all of which is detailed above. Ultimately, the choice is yours to make.
All you need to do is decide which features are more important to you. Overall, both banks have unique and competitive offerings.
