Quick Comparison
| Feature | Simplii | Tangerine | EQ Bank |
|---|---|---|---|
| Parent company | CIBC | Scotiabank | Equitable Bank |
| Monthly fee | $0 | $0 | $0 |
| Savings rate | 0.40% (5%+ promo) | 1.00% (5%+ promo) | 4.00%+ |
| GIC rates | 4.00-5.00% | 4.00-5.00% | 4.50-5.50% |
| ATM network | CIBC | Scotiabank | None (fee rebate) |
| Chequing account | ✅ | ✅ | ✅ |
| Credit card | ✅ | ✅ | ❌ |
| Mobile app | Good | Excellent | Good |
Savings Accounts
| Account | Simplii | Tangerine | EQ Bank |
|---|---|---|---|
| Everyday rate | 0.40% | 1.00% | 4.00% |
| Promo rate (new deposits) | 5.50% (limited time) | 5.00% (limited time) | N/A (rate is consistent) |
| Minimum balance | $0 | $0 | $0 |
| CDIC insured | Up to $100,000 | Up to $100,000 | Up to $100,000 |
Winner: EQ Bank
EQ Bank offers the highest and most consistent savings rate without the hassle of promotional rate hunting.
Chequing Accounts
| Feature | Simplii No Fee Chequing | Tangerine No-Fee Daily Chequing | EQ Bank Personal Account |
|---|---|---|---|
| Monthly fee | $0 | $0 | $0 |
| Transactions | Unlimited | Unlimited | Unlimited |
| E-Transfers | Unlimited free | Unlimited free | Unlimited free |
| Interac debit | Yes | Yes | Yes |
| Interest on balance | 0.01% | 0.10% | 4.00%+ |
| Overdraft | Available | Available | No |
ATM Access
| Bank | Network | Cash Deposit | International |
|---|---|---|---|
| Simplii | CIBC ATMs (3,400+) | Yes (CIBC) | Global CIBC partnership |
| Tangerine | Scotiabank ATMs (3,600+) | Yes (Scotiabank) | Global Alliance |
| EQ Bank | None | No | Visa debit (fee rebate) |
Winner: Tie (Simplii/Tangerine for ATM access, EQ Bank for interest)
If you need cash deposits, choose Simplii or Tangerine. If you never use cash, EQ Bank pays 4%+ interest on your chequing balance.
GIC Rates
| Term | Simplii | Tangerine | EQ Bank |
|---|---|---|---|
| 1-year | 4.45% | 4.50% | 4.75% |
| 2-year | 4.00% | 4.00% | 4.50% |
| 3-year | 3.75% | 3.75% | 4.25% |
| 5-year | 3.75% | 3.75% | 4.25% |
Rates as of early 2025 — check current rates before purchasing.
Winner: EQ Bank
EQ Bank generally offers the highest GIC rates among these three.
Credit Cards
| Feature | Simplii Cash Back Visa | Tangerine Money-Back Mastercard | EQ Bank |
|---|---|---|---|
| Annual fee | $0 | $0 | No card |
| Cash back rate | 0.5-4% | 0.5-2% | N/A |
| Top categories | 4% restaurants, 1.5% grocery | 2% in chosen categories | N/A |
| Welcome bonus | Up to $350 | Up to $200 | N/A |
Winner: Simplii
Simplii’s 4% restaurant cash back is one of the highest no-fee card rates in Canada.
Mobile Apps
| Feature | Simplii | Tangerine | EQ Bank |
|---|---|---|---|
| App Store rating | 4.7/5 | 4.8/5 | 4.7/5 |
| Face/Touch ID | Yes | Yes | Yes |
| Mobile cheque deposit | Yes | Yes | Yes |
| e-Transfer | Yes | Yes | Yes |
| Bill payments | Yes | Yes | Yes |
| Budgeting tools | Basic | Good | Basic |
Winner: Tangerine
Tangerine has the most polished app with best budgeting and categorization features.
Joint Accounts
| Feature | Simplii | Tangerine | EQ Bank |
|---|---|---|---|
| Joint chequing | Yes | Yes | Yes |
| Joint savings | Yes | Yes | Yes |
| Joint GICs | Yes | Yes | Yes |
| Easy to set up | Yes | Yes | Yes |
Customer Service
| Channel | Simplii | Tangerine | EQ Bank |
|---|---|---|---|
| Phone | 24/7 | Extended hours | Business hours |
| Chat | Yes | Yes | Yes |
| In-person | Limited CIBC support | No | No |
| Response time | Good | Good | Good |
TFSA & RRSP
| Account | Simplii | Tangerine | EQ Bank |
|---|---|---|---|
| TFSA savings | Yes | Yes | Yes |
| TFSA GICs | Yes | Yes | Yes |
| TFSA investing | No | Yes (Tangerine Investing) | No |
| RRSP savings | Yes | Yes | Yes |
| RRSP investing | No | Yes | No |
Winner: Tangerine
Tangerine offers robo-advisor investing (Tangerine Investing) with low-cost index portfolios.
Who Should Choose Each Bank?
Choose Simplii If:
| Reason | Why |
|---|---|
| Need CIBC branches/ATMs | Access to 3,400+ ATMs |
| Want cash back credit card | 4% restaurants, no fee |
| Existing CIBC relationship | Easy integration |
Choose Tangerine If:
| Reason | Why |
|---|---|
| Need Scotiabank ATMs | Access to 3,600+ ATMs |
| Want investing option | Tangerine Investing available |
| Best mobile app | Most polished experience |
| Promotional rate hunter | Good at tracking promos |
Choose EQ Bank If:
| Reason | Why |
|---|---|
| Highest savings rate priority | Consistently 4%+ |
| Never use cash | No ATM access |
| Hate promo rate games | One consistent high rate |
| Want interest on chequing | 4%+ on everyday account |