Which is better, EQ Bank or Tangerine?

EQ Bank offers higher everyday interest rates and no-fee banking, while Tangerine provides Scotiabank ATM access and promotional savings rates. EQ Bank is better for earning interest; Tangerine is better if you want physical ATM access through a major network.

Is Simplii Financial a real bank?

Simplii Financial is a direct banking brand of CIBC. Your deposits are held by CIBC and covered by CDIC insurance. You get access to over 3,400 CIBC ATMs and the same security as a big bank — without the monthly fees.

Can I use EQ Bank as my main bank?

Yes. EQ Bank offers a no-fee chequing account with unlimited transactions, Interac e-Transfers, bill payments, and direct deposit. The main limitation is ATM access — EQ Bank uses the EXCHANGE network rather than a major bank ATM network.

Do online banks have the same deposit insurance as big banks?

Yes. EQ Bank, Tangerine, and Simplii are all CDIC members. Your eligible deposits are insured up to $100,000 per deposit category, the same as any big five bank.

EQ Bank vs Tangerine vs Simplii: Which Online Bank is Best?

EQ Bank, Tangerine, and Simplii Financial are Canada’s three most popular online banks. All three offer no-fee banking, but they differ in interest rates, ATM access, and product offerings. If you want the broader context first, start with the online bank guide and the savings hub. Here is how they compare.

Full comparison

This table is the fastest way to compare the three banks on the basics that usually decide the choice: fees, rates, access, and product breadth.

Feature	EQ Bank	Tangerine	Simplii Financial
Monthly fee	$0	$0	$0
Savings rate	Up to 2.50%	0.50% (up to 5% promo)	0.40%
Chequing interest	Up to 2.50%	0%	0.01%
e-Transfers	Unlimited free	Unlimited free	Unlimited free
ATM network	EXCHANGE (3,700+)	Scotiabank (3,600+)	CIBC (3,400+)
Credit card	No	Yes (Tangerine cards)	Yes (Simplii cards)
Mortgage	Yes	Yes	Yes
GICs	Yes (competitive rates)	Yes	Yes
Joint accounts	Yes	Yes	Yes
Mobile deposit	Yes	Yes	Yes
CDIC insured	Yes	Yes (via BNS)	Yes (via CIBC)
Parent bank	Equitable Bank	Scotiabank	CIBC

The main takeaway is that EQ Bank is the strongest all-in-one digital bank, while Tangerine and Simplii win when ATM access or a no-fee credit card matters more.

Interest rates

Savings accounts

EQ Bank wins on everyday savings rates. Their savings account pays up to 2.50% on every dollar with no promotional gimmicks and no minimum balance. Tangerine frequently offers promotional rates of 4–5% for a limited time, but the regular rate drops to 0.50%. Simplii’s regular savings rate sits around 0.40%. If your main goal is maximizing interest, EQ Bank is usually the cleaner default.

Chequing accounts

EQ Bank is the only one that pays meaningful interest on chequing balances — up to 2.50%. Tangerine and Simplii pay little to no interest on chequing. This matters most if you want a single account for spending and short-term cash rather than a separate savings setup.

GIC rates

All three offer GICs, but EQ Bank consistently offers the most competitive GIC rates among the three. Check our best GIC rates page for current comparisons. If you are building a ladder or comparing terms against other providers, the GIC guide is a useful next step.

ATM access

This is where Tangerine and Simplii have a clear advantage. For readers who still want free cash access without giving up online banking, this section usually decides the winner:

Tangerine: Access to 3,600+ Scotiabank ATMs across Canada
Simplii: Access to 3,400+ CIBC ATMs across Canada
EQ Bank: Uses the EXCHANGE network (3,700+ ATMs) but locations may be less convenient

If you frequently use ATMs to deposit cash or withdraw money, Tangerine and Simplii’s big bank ATM networks are more convenient. EQ Bank’s EXCHANGE access is workable, but it is less predictable depending on where you live.

Credit cards

EQ Bank does not offer a credit card. Tangerine and Simplii both offer no-fee credit cards with cash back rewards, which makes them more attractive if you want to keep chequing, savings, and card spending under one roof:

Card	Annual Fee	Cash Back
Tangerine Money-Back	$0	2% on 2-3 categories, 0.50% everything else
Simplii Cash Back Visa	$0	4% restaurants, 1.5% grocery/gas, 0.50% everything else

Who should choose which bank

Choose EQ Bank if:

You want the highest everyday interest rate on savings and chequing
You do not need frequent ATM access
You prioritize earning interest over all other features
You want the clearest path to a primary digital bank without extra product clutter

Choose Tangerine if:

You want Scotiabank ATM access
You like promotional savings rates (good for parking large sums short-term)
You want a no-fee credit card from the same bank
You prefer a bank that can act as a bridge between online banking and a big-bank network

Choose Simplii Financial if:

You want CIBC ATM access
You want a solid no-fee credit card with good cash back categories
You prefer the familiarity of a big bank brand (Simplii is backed by CIBC)
You already use CIBC and want a cheaper day-to-day banking setup

Can you use more than one?

Absolutely. Many Canadians use multiple online banks to take advantage of each one’s strengths. For example, you could use Simplii for everyday chequing (CIBC ATMs) and EQ Bank for savings (best interest rate). There are no fees, so there is no cost to maintaining accounts at multiple banks. If you want to compare the wider savings landscape, see EQ Bank vs Oaken Financial and the savings hub.

Side-by-side comparison: EQ Bank vs Tangerine vs Simplii (2026)

This second table is useful for readers who want a more detailed product comparison after the quick summary above. It emphasizes the features that matter once the basic fee question is already answered.

Feature	EQ Bank	Tangerine	Simplii
Monthly fee	$0	$0	$0
Savings rate (base)	~3.75%	~2.75%	~3.00%
TFSA savings rate	~3.75%	~2.75%	~3.00%
GICs	Yes	Yes	Yes
Mortgages	Yes	No	No
Credit cards	No	Yes	Yes
US dollar account	Yes	No	No
Interac e-Transfer	Unlimited	Unlimited	Unlimited
ATM access	Reimburses fees	Scotiabank ATMs	CIBC ATMs
CDIC insured	Yes (EQ Bank)	Yes (Scotiabank)	Yes (CIBC)
App quality	Very good	Good	Good
Parent company	Equitable Bank	Scotiabank	CIBC

The pattern here is consistent: EQ Bank leads on rate and functionality, Tangerine leads on ATM convenience, and Simplii leads for CIBC-backed no-fee banking.

Who wins for each use case

Best for savings rates: EQ Bank — consistently offers higher base rates than Tangerine and Simplii without relying on promotional rates.

Best for ATM access: Depends on your location. Tangerine users can use 3,600+ Scotiabank ATMs free; Simplii users access 3,400+ CIBC ATMs.

Best for mortgage: EQ Bank offers competitive mortgage products. Tangerine and Simplii don’’t offer mortgages directly.

Best for credit cards: Tangerine’’s Money-Back Credit Card and Simplii’’s Cash Back Visa are strong no-fee options; EQ Bank doesn’’t offer credit cards.

Frequently asked questions

These questions usually come up after readers have already narrowed the choice to one or two banks, so they are good follow-up checks rather than starting points.

Can I use EQ Bank, Tangerine, and Simplii simultaneously? Yes — many Canadians use multiple digital banks to optimize. Common setups: EQ Bank for savings/TFSA (best rates), Simplii or Tangerine for everyday chequing (ATM access), and a Big Six for complex needs (mortgage, investments). There’’s no cost to maintaining multiple accounts.

Are Tangerine and Simplii truly independent? No — Tangerine is wholly owned by Scotiabank; Simplii Financial is the direct banking division of CIBC. Both benefit from Big Six financial backing (CDIC protection, infrastructure) while operating independently with lower-cost digital models.