Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Right now, you can get a 3-month GIC rate of 2.45%. Hi Enoch, I need to park some cash with a higher interest, and have been looking at that Motive Financial and their “Savvy” account. @Sarah: I also signed up for PC Financial when we started using the PC Mastercard for our grocery shopping. The trend for Canadians opting to use digital banks is that they look for higher returns on their savings. EQ Bank and Tangerine are quite different in terms of product offerings. Safety of Funds: Both EQ Bank (via Equitable Bank) and Tangerine are insured by Canada Deposit Insurance Corporation (CDIC). I am simply unable to rationalize paying to keep money in my account when the bank is already making money off of it. and it's gone immediately, but doesn't show up in EQ for a few days) - it's just a mental block I have EQ Bank vs. Tangerine. EQ Bank, as Tangerine doesn't do "same day" transfers out (i.e., if you submit a request Wednesday, it won't be processed till Thursday). 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. Make easy payments in person and online with this hybrid debit card from BMO. Required fields are marked *. topgun. His writing has been featured or quoted in The Globe and Mail, Toronto Star, MSN Money, Financial Post, Winnipeg Free Press, Wealthsimple, and many other personal finance publications. Product Offerings. Before you can link another bank, EQ Bank will send your passcode to your phone which must be verified within 10 minutes to proceed. EQ Bank is able to pay higher interest rates than other savings accounts because it doesn't have branches and is entirely online. What usually irks me is the monthly chequing account maintenance fees. BMO Savings Builder Account Review: HISA from a Big Bank, https://www.savvynewcanadians.com/motive-financial-review/, Neo Financial High Interest Savings Account Review 2021, Interest earned on chequing account balance (up to 0.10%). finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. 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. Online-only banks come with their own pros and cons. Advice on GICs - Tangerine vs. EQ Bank, and U.S. GICs. Never looked back-Tangerine: Cons: promotional savings account rate is temporary Pros: no fee, get ATM card, cheques, etc-EQ bank: Pros: no fee, free etransfers (to a certain limit), amazing savings account rate which is there all the time, easy to use web app Cons: virtual bank don't have an ATM card. You can connect up to ten accounts from other banks and transfers are FREE. My primary bank was Tangerine but recently switched to Simplii when they removed the 1 day delay from savings to chqing. Finder is committed to editorial independence. 901 King Street West Suite 400 EQ Bank has no physical branches. This post may contain affiliate links. Earning interest feels good. Tangerine Cafes in Toronto, Montreal and Vancouver. EQ Bank is a trade name of Equitable Bank. © 2021 Enoch Media Inc. All Rights Reserved. But if your focus is just the highest interest rate available, something like EQ Bank … Please read my disclaimer/disclosure for more info. If you want a one-stop bank, something like Tangerine or Manulife Bank offers the full package: savings accounts, chequing accounts, and credit cards. The Canadian online bank space is a crowded one. Categories banking. The content on this site is for informational and educational purposes only and is not intended as a substitute for professional financial advice. Tangerine … That’s a great deal for such a short period. EQ Bank – why I trust it. Remember to review all the important account details, such as interest rate, transaction fees, and estimated monthly fees. However, unlike luxury credit cards, the Tangerine World MasterCard has no annual fee! 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. EQ Bank wins this round by offering a significantly higher interest rate overall. Since then, it’s become a regulated Schedule I Bank … Info like this is what helped me make my decision. To open a EQ Bank GIC, you must first open an EQ Bank Savings Plus Account. Wealthsimple vs. Tangerine vs. EQ Bank general comparison overview. Devenir Client . EQ Bank vs. Tangerine and Other Online Banks. EQ Bank vs. Tangerine and Other Online Banks. 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. Alterna Bank vs. EQ Bank vs Tangerine. EQ Bank definitely has one of the best non-promotional rates available today. Toronto, ON, Canada M5V 3H5. Check it out! EQ Bank now also offers TFSA and RRSP accounts. EQ Bank = Tangerine for this feature. No ATMs. I have Tangerine, Simplii, BMO, CIBC LOC, EQ Bank. 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 ? Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). She has also worked extensively in the field of "Blended Finance" with the Canadian government. This bank offers a wide range of financial products such as chequing and savings accounts as well as GICs, loans and mortgages. It makes EQ Bank look that little bit better. Optional, only if you want us to follow up with you. Sign up now to join thousands of other visitors who receive our latest personal finance tips once a week. 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. @Htin: That’s a difficult question to answer as it will depend on your overall financial picture and your investment needs. Cons of EQ Bank. 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. I switched to Simplii Financial back when it was PC Financial because of a really good points promotion they had. NA. I don't want to get into trouble spreading money around various banks and trying to manage it and … I do not have a chequing account with either Tangerine or Alterna Bank, so I can't comment on this. No minimum balance ($100 minimum on GICs). edited 8 months ago. 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, … Please read our, New Bank Account Promotions in Canada (Chequing, Savings, Credit Cards and Investments). 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 … It acts as the online banking arm of Equitable Bank, which was founded in 1970 but began offering savings products in 2013. EQ Bank review. Tangerine’s Visa Debit Card comes with unlimited free transactions. I have EQ, but didn't get a bank card, so I keep some cash in Tangerine for easy access. Convenience: Both banks generally do not have a brick and mortar presence, however, depending on your location, you may be able to find a Tangerine location if meeting people in-person is a requirement for you. ; You don’t get a EQ Bank debit card (a physical bank … Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Invest in Your Goals with a GIC. EQ Bank’s … I will share my experience with EQ bank. The trend for Canadians opting to use digital banks is that they look for higher returns on their savings. And while each one has some great products to offer customers, Tangerine remains the overall leader, in my opinion. 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. 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. Compared to the pittance offered by the major banks, these rates are good. Prix et reconnaissances. It offers high-interest savings accounts and guaranteed investment certificates but has a limited selection of other financial products. As a baseline, EQ Bank could be a better fit for you if you send regular money transfers overseas or you’re interested in maximizing the interest you earn on your savings or GICs. Tangerine credit card World: January 19, 2021 3:16 pm by Max. EQ Bank offers a range of savings accounts and guaranteed investment certificates. 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