Quick Comparison
| Feature |
EQ Bank |
Wealthsimple Cash |
| Interest rate |
2.50%+ |
2.50-4%+ |
| Monthly fee |
$0 |
$0 |
| CDIC insured |
✅ Yes |
✅ Yes |
| Debit card |
✅ Mastercard |
✅ Visa |
| e-Transfers |
Unlimited free |
Unlimited free |
| US accounts |
✅ Yes |
❌ No |
| GICs |
✅ Yes |
✅ Yes (limited) |
| Joint accounts |
✅ Yes |
✅ Yes |
| Premium tier |
❌ No |
✅ Yes ($3,000) |
Interest Rates
Savings Account Rates
| Account Type |
EQ Bank |
Wealthsimple |
| Basic savings |
2.50%+ |
2.50%+ |
| Premium/Plus |
N/A |
4%+ |
| TFSA savings |
2.50%+ |
Same |
| RRSP savings |
2.50%+ |
Same |
| Promotional |
Sometimes higher |
Sometimes higher |
GIC Rates
| Term |
EQ Bank |
Wealthsimple |
| 3 months |
3.50%+ |
Limited |
| 1 year |
4.00%+ |
Limited |
| 2 years |
3.75%+ |
Limited |
| 5 years |
3.50%+ |
Limited |
EQ Bank offers significantly more GIC options.
Account Features
EQ Bank Features
| Feature |
Details |
| Savings Plus Account |
High interest, daily access |
| TFSA |
Savings and GICs |
| RRSP |
Savings and GICs |
| US Dollar Account |
Save in USD |
| Joint Accounts |
Full functionality |
| GIC selection |
Many terms available |
| Mortgage |
EQ Bank mortgages |
| Bill payments |
✅ Unlimited |
| e-Transfers |
✅ Unlimited free |
Wealthsimple Cash Features
| Feature |
Details |
| Cash Account |
High interest |
| Premium tier |
Higher rate with $3,000 deposit |
| Direct deposit |
✅ Yes |
| TFSA |
Within Wealthsimple |
| Integration |
Trade, Crypto, Tax |
| Debit card |
Visa, tap enabled |
| Cash back |
Premium perks |
| Bill payments |
✅ Yes |
| e-Transfers |
✅ Unlimited free |
Debit Cards
Card Comparison
| Feature |
EQ Bank |
Wealthsimple |
| Card network |
Mastercard |
Visa |
| ATM access |
THE EXCHANGE network |
No ATM fees* |
| International |
Foreign transaction fees |
Lower fees (Premium) |
| Apple/Google Pay |
✅ Yes |
✅ Yes |
| Tap to pay |
✅ Yes |
✅ Yes |
*Wealthsimple Premium includes ATM rebates.
ATM Networks
| Account |
Network |
Coverage |
| EQ Bank |
THE EXCHANGE |
3,500+ ATMs |
| Wealthsimple |
Any ATM (rebate) |
Unlimited (Premium) |
Premium Features
Wealthsimple Premium ($3,000 deposit)
| Perk |
Value |
| Higher interest |
4%+ vs base |
| ATM rebates |
Unlimited |
| Forex savings |
Better rates |
| Priority support |
Faster |
| USD accounts |
For Trade |
EQ Bank (No Premium Tier)
| Feature |
Available to All |
| Full interest rate |
✅ Yes |
| All features |
✅ Yes |
| No minimum balance |
✅ Yes |
Integration & Ecosystem
Wealthsimple Ecosystem
| Product |
Integration |
| Wealthsimple Trade |
Instant transfers |
| Wealthsimple Crypto |
Direct access |
| Wealthsimple Tax |
Auto-import |
| Managed Investing |
Easy transfers |
EQ Bank Ecosystem
| Product |
Integration |
| EQ Bank Mortgages |
Rate discounts |
| GIC Laddering |
Easy to build |
| US Dollar |
Built-in |
| Partner cards |
Limited |
Who Should Choose Each
Choose EQ Bank If
| Situation |
Reason |
| Need US dollar account |
Not available at WS |
| Want GIC variety |
Better selection |
| Full banking |
More complete |
| Mortgage shopping |
EQ rates competitive |
| No investment platform |
Standalone banking |
| Prefer Mastercard |
Network preference |
Choose Wealthsimple Cash If
| Situation |
Reason |
| Use Wealthsimple Trade |
Seamless transfers |
| Have $3K+ to deposit |
Premium rate worth it |
| Want ecosystem |
All-in-one |
| Young investor |
Modern app |
| Prefer Visa |
Network preference |
| Use crypto |
Integrated |
Security & Insurance
CDIC Coverage
| Account |
Coverage |
How |
| EQ Bank |
$100K per category |
Direct member |
| Wealthsimple Cash |
$100K per category |
Through CWB |
Categories Covered
| Category |
Limit Each |
| Savings |
$100,000 |
| TFSA |
$100,000 |
| RRSP |
$100,000 |
| Joint (your share) |
$100,000 |
| GICs |
$100,000 |
App Experience
EQ Bank App
| Aspect |
Rating |
| Design |
Clean, functional |
| Speed |
Good |
| Features |
Full banking |
| Biometric login |
✅ Yes |
| User rating |
4.5+ stars |
Wealthsimple App
| Aspect |
Rating |
| Design |
Modern, sleek |
| Speed |
Fast |
| Features |
All products unified |
| Biometric login |
✅ Yes |
| User rating |
4.5+ stars |
Fees Comparison
| Fee Type |
EQ Bank |
Wealthsimple |
| Monthly fee |
$0 |
$0 |
| e-Transfer send |
$0 |
$0 |
| e-Transfer receive |
$0 |
$0 |
| Bill payment |
$0 |
$0 |
| Interac debit |
$0 |
$0 |
| NSF fee |
$25 |
N/A |
| Inactive fee |
$0 |
$0 |
| ATM fees |
$0 (EXCHANGE) |
Rebated (Premium) |
Opening Both Accounts
Dual Account Strategy
| Purpose |
Account |
| Everyday spending |
EQ Bank |
| Investment transfers |
Wealthsimple Cash |
| US dollars |
EQ Bank |
| GICs |
EQ Bank |
| Premium perks |
Wealthsimple (with $3K) |
No Downside to Both
| Factor |
Benefit |
| Both are free |
No cost |
| CDIC coverage |
More coverage total |
| Rate comparison |
Choose best current |
| Feature access |
Best of both |