Canada has two institutions that consistently outperform the mainstream on savings rates: EQ Bank and Oaken Financial. If you are trying to decide where to put your savings, this side-by-side comparison gives you the full picture. If you want the broader savings-rate context, start with the HISA guide and the savings hub.
Quick summary
This table is the fastest way to decide which institution fits your use case. EQ Bank is the better all-in-one bank, while Oaken is the better rate specialist for parked savings and GICs.
| EQ Bank | Oaken Financial | |
|---|---|---|
| Best for | HISA + full digital banking | GICs + savings alongside primary bank |
| HISA rate | ~3.75% | ~3.40% |
| GIC rates (1 yr) | ~3.75% | ~3.85% |
| Daily banking | Full (e-transfer, debit card, bills) | None |
| Daily banking | Full-featured digital bank | Savings and GIC platform only |
| Number of CDIC institutions | 1 (Equitable Bank) | 2 (HomeEquity Bank + Haventree Bank) |
| Best account type | HISA + registered savings | GIC ladders + registered GICs |
The main takeaway is simple: EQ Bank usually wins on convenience, while Oaken can win on a slightly better GIC rate and extra deposit coverage.
EQ Bank: the full-featured digital bank
EQ Bank (Equitable Bank’s digital brand) has evolved from a simple HISA into Canada’s most feature-complete digital bank that still prioritizes rates. For readers comparing banking setups more broadly, the EQ Bank review and Tangerine review are useful adjacent reads.
What EQ Bank offers:
- EQ Bank Savings Plus Account — HISA with ~3.75% and chequing functionality
- Interac e-Transfers (unlimited, free)
- Bill payment and payroll deposit
- EQ Bank Card — Mastercard debit, 0.5% cashback, no foreign transaction fee
- TFSA, RRSP, RRIF, FHSA accounts
- GICs (non-redeemable, 3 months to 10 years)
- US dollar account
- International money transfers (via Wise partnership)
- Notice of Objection / GIC laddering tools
If you want a full-featured digital bank, EQ is the more flexible option. If you only need savings products, Oaken is the more focused alternative.
Best rates (approximate, April 2026):
| Product | EQ Bank rate |
|---|---|
| Savings Plus Account (HISA) | ~3.75% |
| TFSA HISA | ~3.75% |
| RRSP HISA | ~3.75% |
| 90-day GIC | ~3.50% |
| 1-year GIC | ~3.75% |
| 2-year GIC | ~3.70% |
| 5-year GIC | ~3.60% |
Oaken Financial: the savings and GIC specialist
Oaken operates through two federally chartered banks — HomeEquity Bank and Haventree Bank — both CDIC members. This makes Oaken unusual: deposits at Oaken operate under two separate CDIC envelopes.
What Oaken Financial offers:
- HISA
- GICs (non-redeemable, cashable, redeemable)
- TFSA, RRSP, RRIF, FHSA accounts
- Terms from 30 days to 5 years
Oaken is best thought of as a parking spot for savings rather than a replacement for your main bank. If you want the best place for emergency cash that must stay liquid, EQ Bank usually wins.
What Oaken does NOT offer:
- Chequing account
- Debit card
- Interac e-Transfer
- Bill payment
- ATM access
- Any daily banking functionality
Best rates (approximate, April 2026):
| Product | Oaken rate |
|---|---|
| HISA | ~3.40% |
| TFSA HISA | ~3.40% |
| 1-year GIC | ~3.85% |
| 2-year GIC | ~3.80% |
| 3-year GIC | ~3.75% |
| 5-year GIC | ~3.65% |
CDIC coverage comparison
This is where Oaken has a structural advantage for large depositors. The table below shows the practical difference between one CDIC member and two separate CDIC members under the same brand.
| Institution | CDIC member | Non-registered coverage | Registered (each type) |
|---|---|---|---|
| EQ Bank | Equitable Bank (1 member) | $100,000 | $100,000 each |
| Oaken (HomeEquity Bank) | 1st CDIC member | $100,000 | $100,000 each |
| Oaken (Haventree Bank) | 2nd CDIC member | $100,000 | $100,000 each |
A single depositor holding both Oaken accounts can access $200,000 CDIC coverage on eligible deposits (plus separate registered account coverage) — double what EQ Bank provides for non-registered savings.
For most Canadians with under $200,000 in savings, this distinction rarely matters. For retirees or anyone using Oaken to hold a large cash reserve, it is worth knowing. If you want a deeper explanation of the insurance rules, see CDIC deposit insurance.
Head-to-head: key scenarios
Scenario 1: You want a high-rate HISA for your emergency fund
Winner: EQ Bank
EQ Bank’s ~3.75% HISA beats Oaken’s ~3.40%. For accessible savings, EQ Bank is better — and the Interac e-Transfer functionality means you can move money out quickly when you need it. Oaken requires a 1–3 business day bank transfer. If you are building an emergency-fund setup, EQ Bank is usually the better operating account.
Scenario 2: You want to lock in a 1-year GIC
Winner: Toss-up — check rates at time of purchase
Oaken has historically edged EQ Bank on 1-year non-redeemable GIC rates by a few basis points. At current rates (~3.85% vs ~3.75%), Oaken is ahead by 10 basis points — on $50,000, that is $50 over 12 months. Worth comparing, but not worth losing sleep over. If you are shopping GICs, the GIC guide and best GIC rates pages are the right next stops.
Scenario 3: You want a full digital bank (not just savings)
Winner: EQ Bank (clear)
Oaken cannot function as a primary bank. EQ Bank can — and many Canadians use it as their sole financial institution.
Scenario 4: You have more than $100,000 in non-registered savings
Winner: Oaken (CDIC coverage)
Oaken’s dual CDIC membership lets you insure $200,000 in eligible deposits whereas EQ Bank covers only $100,000. For large non-registered cash holdings, opening both Oaken brands and splitting the balance optimizes coverage.
Scenario 5: You want the simplest possible setup
Winner: EQ Bank
One app, all features, one institution, competitive rates across the board.
Can you use both?
Yes — and it is a smart strategy. Many rate-focused Canadians use both institutions because they solve different problems.
- EQ Bank as primary daily-use savings and e-transfer hub (higher HISA rate, full banking)
- Oaken Financial for GICs when Oaken’s rates are competitive
Opening both also increases your CDIC coverage across three separate member institutions (Equitable Bank, HomeEquity Bank, Haventree Bank). For readers comparing the broader savings stack, this is often the same logic that leads people to pair a main bank with a dedicated savings account and a separate GIC provider.
Verdict
Choose EQ Bank if: You want one account for savings AND daily banking, you need Interac e-Transfer access to your savings, or you want a modern banking app.
Choose Oaken if: You are building a GIC ladder and want to compare rates institution by institution, you have a large balance and want maximum CDIC coverage, or you already have a primary bank and just need a better rate on parked savings. If you are comparing this against other bank choices, see the Bank Comparisons hub.
Use both if: You are a rate optimizer who wants maximum flexibility and coverage.
Related Reading
- EQ Bank vs Wealthsimple Cash 2026 | Which Is Better?
- Oaken Financial Review 2026: Canada’’s Best GIC and Savings Rates?
- EQ Bank vs Tangerine vs Simplii: Which Online Bank is Best?
- GIC Guide Canada
- HISA Guide Canada
- Savings Hub: Best HISAs, GICs & Savings Accounts in Canada
- Bank Reviews Hub: Big Banks, Online Banks & Credit Unions Compared