Guaranteed investment certificates offer higher interest rates than what you would get from a similar-term GIC with Tangerine. 1. While we receive compensation when you click links to partners, they do not influence our content. Any Scotiabank ATM. It ended up being my first bank account in Canada ever. Even their personalized Customer Care is readily accessible outside of the strict hours of a regular bank. Learn about what these digital banks offer and which one better meets your needs. As a customer, you have access to over 44,000 ATMs around the world through Scotiabank’s Global ATM Alliance. The only products you can take advantage of with EQ Bank are its savings accounts and GICs. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Canadians pay in excess of $200 per year on average in banking fees! Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor. Earning interest feels good. Dec 5th, 2018 3:12 pm #1; Dostk [OP] Newbie Jul 9, 2010 89 posts 3 upvotes Dec 5th, 2018 3:12 pm. What usually irks me is the monthly chequing account maintenance fees. Return to … It doesn’t make much difference in one year, but over time it will. Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank. See the pros and cons of each online savings account. It acts as the online banking arm of Equitable Bank, which was founded in 1970 but began offering savings products in 2013. EQ Bank Tax Free Savings Account Vs Others. Use to have tangerine but switched to EQ bank. Unlike many of Canada’s major banks, Simplii Financial and Tangerine both provide a … EQ Bank is a trade name of Equitable Bank. Compared to the pittance offered by the major banks, these rates are good. Tangerine, a subsidiary of Scotiabank, was considered Canada’s top online bank … Since then, it’s become a regulated Schedule I Bank … and it's gone immediately, but doesn't show up in EQ for a few days) - it's just a mental block I have Tangerine. Safety of Funds: Both EQ Bank (via Equitable Bank) and Tangerine are insured by Canada Deposit Insurance Corporation (CDIC). With Tangerine, you’ll have to pay taxes on the interest you earn on cash accounts, but it won’t be an issue if you hold your funds in a registered account like an RRSP or. 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. Hi Enoch, I need to park some cash with a higher interest, and have been looking at that Motive Financial and their “Savvy” account. EQ Bank and Tangerine are two of the most popular online-only banks in Canada. How do the mobile apps from EQ Bank vs Tangerine compare? The same scenario also plays out with GICs, with EQ Bank offering higher rates. EQ Bank vs. Tangerine and Other Online Banks. Some of the major online-only banks present in Canada today include EQ Bank, Tangerine, Wealthsimple, and Simplii Financial. This is a nitpick, but your interest calculations totally ignore monthly compounding. There are no credit or debit cards associated with EQ Bank at this time, but at the rate they are expanding and growing, those could be coming down the line soon. And while each one has some great products to offer customers, Tangerine remains the overall leader, in my opinion. Like EQ Bank, Tangerine offers no-fee daily banking, free unlimited bill pays, free Interac eTransfers, and high-interest savings. EQ Bank is a popular digital banking provider in Canada that has over 60,000 clients. Advice on GICs - Tangerine vs. EQ Bank, and U.S. GICs . Simplii has no fees for daily banking, EMT, and chqs. Both digital banks rightfully earned the attention of Canadians for their exceptional interest rates. EQ Bank was founded in 2016, and even though 4 years isn’t a long time for a bank to be around, it helps to know that EQ Bank is a trade name of Equitable Bank, which has been around since 1970. Simplii Financial vs. Tangerine: Monthly Fees, Transactions, and Account Options. Always consult with a licensed financial or tax advisor before making any decisions based on the information you read on this blog. 3. Since the range of Tangerine’s services is much wider than EQ bank, their app have tons of features. It acts as the online banking arm of Equitable Bank, which was founded in 1970 but began offering savings products in 2013. In fact, I think Tangerine's 1-year GIC rate was 10 bps better than EQ Bank's. However, since they rebranded to Simplii and parted ways with PC, I have simply abandoned the account. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor. The EQ bank institution number is 623; The EQ bank transit number is 80002; Your EQ bank savings account number will vary from mine! Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Learn how your comment data is processed. Up to $500 reward. Devenir Client . Tangerine vs. EQ Bank Comparison. EQ Bank vs. Tangerine. It also works with TransferWise to save you money on international money transfers. Toronto, ON, Canada M5V 3H5. More Canadians are choosing to go digital with their banking, with recent stats showing that more than three-quarters of Canadians now use online and mobile interfaces for conducting their banking transactions. She has also worked extensively in the field of "Blended Finance" with the Canadian government. En tant que Client Tangerine, vous bénéficiez de taux d’intérêt avantageux, évitez les frais injustes et profitez d’options bancaires qui vous aident à atteindre vos objectifs financiers. 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. I appreciate it even more because . However, unlike luxury credit cards, the Tangerine World MasterCard has no annual fee! And while each one has some great products to offer customers, Tangerine … This increasing adoption of online banking is a boon to relatively newer entrants into the banking industry i.e. EQ Bank wins this round by offering a significantly higher interest rate overall. 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. @Andrew: Happy to hear you found the post useful! Tangerine’s Visa Debit Card comes with unlimited free transactions. Tangerine credit card World: January 19, 2021 3:16 pm by Max. All of Tangerine’s chequing and savings accounts come with no monthly fees, unlimited transactions, free Interac e-Transfers and a welcome bonus when you sign up. ATM Access. I had set a goal to have my emergency fund at 7500. EQ Bank vs. Tangerine. Optional, only if you want us to follow up with you. EQ Bank … EQ Bank is the digital banking arm of Equitable Bank, Canada's 9th largest Schedule I Bank. EQ Bank’s … The interest rates at EQ sound great so I might have to look into that for some emergency savings. One of the best fully “branchless” online banks in Canada, Tangerine pairs some of the best online banking services with zero fees on all daily banking like debit purchases, withdrawals, transfers, bill payments, and Interac e-Transfers. A comparative review: EQ Bank vs. Tangerine EQ Bank and Tangerine are two titans of Canada’s direct banking industry. Read the comparison now . Sign in to Tangerine… If you’re looking for a place to store your hard-earned money to get some easy interest, EQ Bank has one of the best permanent interest rates in Canada. It is the overhead saved from not having to pay for building and other maintenance costs that they pass on to customers through higher savings interest rates. Looking at Scotiabank 2019 annual report you find there are over 2 million Tangerine Bank customers for self-directed banking solution. They also offer very little in the way of in-person assistance. Is a RUN on Tangerine Bank & EQ Bank taking place, due to Simplii - 3 % rate ? Consider Wealth One: October 11, 2020 12:22 am by RetirEd. Online-only banks come with their own pros and cons. Both online banks offer a plethora of perks, which is why they are two of the more popular digital banks among Canadian consumers. 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. EQ Bank is a popular digital banking provider in Canada that has over 60,000 clients. Tangerine is an online-only digital bank that has nearly 2 million clients and over $38 billion in managed assets. 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 ? The only downside is that you can’t visit a physical branch in-person to do your banking. EQ Bank TFSA and RSP Accounts Vs Bonds . Use this versatile Scotiabank Debit Card to earn points and make purchases online. Tangerine… EQ Bank. EQ Bank offers customers a high-interest savings account (known as Savings Plus Account) and GICs. Enoch Omololu is a personal finance expert and a veterinarian. These include the following: Tangerine offers a wide range of financial products while EQ Bank only offers savings accounts and GICs. 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. That said, if you are looking to park money in savings and you want to get a great interest rate in Canada, EQ Bank offers one of the best rates we have found by far as of today. That said, this bank could be a good fit for you if you’d like to open an online chequing account or you want to get a welcome bonus for signing up. Simplii Financial. EQ Bank now also offers TFSA and RRSP accounts. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. 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, … Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). Check it out! At any rate, Tangerine's GIC rates have gotten more competitive such that they're equal to, and better than, their silly now targeted "net new money" HISA promo rates. EQ Bank definitely has one of the best non-promotional rates available today. Tangerine will give you an accelerated interest rate and a bonus credit when you sign up (while there’s no promo offer with EQ Bank). Earning more interest than you would at other banks feels even better. Compare the best EQ Bank chequing accounts. For transfers out of Tangerine, it actually makes more sense to "pull" funds in from the external bank account, i.e. EQ Bank: A Better Way to Bank EQ Bank is Equitable Bank’s solution to every banking woe. 901 King Street West Suite 400 Other personal finance apps are better though. The fastest method is E-Transfer. @Jeremy: True, this is the simplest way to show the differences in the interest rates. What this means is that your deposits are insured by CDIC up to $100,000 per account category (i.e. Designed by Elegant Themes | Powered by WordPress. Product Offerings. A lot of customers have staggering deposits to get the average so high. EQ Bank is the digital arm of Equitable Bank, which is one of Canada’s largest independent banks. online banks. EQ Bank TFSA – 2.30%; Tangerine Tax-free Savings Account – 2.10%* Steinbach Credit Union TFSA Account – 1.60%; CIBC Tax Advantage Savings Account – 1.45%; Maxa Financial TFSA Savings – 1.20% *This is a promotional rate for new customers, the rate drops to 0.1% after 150 days. EQ Bank faces a lot of competition, from Simplii Financial, to Wealthsimple, to 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). 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. © 2021 Enoch Media Inc. All Rights Reserved. Now that they’ve done away with the points I’ve been thinking of switching over to Tangerine. We don't have monthly … One of EQ Bank’s main competitors in the Canadian banking space is Tangerine. Once you have a brokerage account, you can replicate Tangerine’s INI230 investment fund by using 25% of your capital to buy XBB, 25% to buy XIU, 25% to buy XUS, and 25% to buy XIN. There doesn’t seem to be anything missing compared to a conventional bank… EQ Bank faces a lot of competition, from Simplii Financial, to Wealthsimple, to Tangerine. Right now, you can get … I like the factual, unbiased approach, and the the way it was easy to read, understand, and compare ( in other words, layman terms). The Tangerine World MasterCard is Tangerine Bank’s premium credit card. But when it comes to savings accounts, it can be hard to tell which one comes out on top. We may also receive compensation if you click on certain links posted on our site. I do not have a chequing account with either Tangerine or Alterna Bank, so I can't comment on this. If you want a one-stop bank, something like Tangerine or Manulife Bank offers the full package: savings accounts, chequing accounts, and credit cards. We’re revisiting our initial Tangerine vs. Scotiabank review to see if Tangerine has lived up to its promise as Canada’s premier online bank. Up to 2.50%. 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 … EQ Bank vs Tangerine Bank One of EQ Bank’s main competitors in the Canadian banking space is Tangerine. Your email address will not be published. SCORE. EQ Bank is a top-tier digital Canadian bank that consistently offers one of the best savings interest rates (1.50%) and GICs in Canada. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Enjoy 25 free transactions and a handful of other banking perks with this fee-free student chequing account. I am simply unable to rationalize paying to keep money in my account when the bank is already making money off of it. The CIBC US$ Personal Account is optimal for individuals who regularly manage US dollars or travel to the US often. My primary bank was Tangerine but recently switched to Simplii when they removed the 1 day delay from savings to chqing. 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%). We’re revisiting our initial Tangerine vs. Scotiabank review to see if Tangerine has lived up to its promise as Canada’s premier online bank. Open the chequing account that best fits your needs online in just minutes. Tangerine … Forget about ATM fees, NSF, overdraft, account transfer, transaction fees, and so on. (I'd had to pull some money out for something or other so it was at 5500 or so). On the other side, Tangerine has a decent website and a good mobile app, but their savings account is more of a hassle than anything. There are a couple of main differences between EQ Bank and Tangerine that could help you decide which one is the best fit for you. He has a master's degree in Finance and Investment Management from the University of Aberdeen Business School and a passion for helping others win with their finances. EQ Bank vs Tangerine Bank. Simplii Financial and Tangerine are neck and neck for being the best virtual bank in Canada, and with good reason. EQ Bank offers a range of savings accounts and guaranteed investment certificates. You will also receive our FREE e-Book! EQ doesn’t offer products such as chequing accounts or credit cards. You can connect up to ten accounts from other banks and transfers are FREE. To open a EQ Bank GIC, you must first open an EQ Bank Savings Plus Account. More info Get started now. 1.70%* Chequing Interest. With Tangerine, you can realistically move all your banking needs over. NA. However, they also offer even more. Unlike brick and mortar establishments, digital banks such as EQ Bank and Tangerine operate exclusively online. I don't want to get into trouble spreading money around various banks and trying to manage it and … Tangerine ⇒ First 5 months ⇒ $10,000 x 2.10% x 5/12 yearInterest earned during the first 5 months: $87.50Remainder of year (7 months) ⇒ $10,000 x 0.10% x 7/12 yearInterest earned during the last 7 months = $5.83Total interest earned for Year 1: $87.50 + $5.83 = $93.33. What other financial products can I take advantage of? As two of the most popular online banks in Canada, EQ Bank and Tangerine have a lot to offer in this domain. The CIBC Premium Growth Account is a simple savings account that can be used for a variety of purposes and by a broad range of people. Please read our, New Bank Account Promotions in Canada (Chequing, Savings, Credit Cards and Investments). The content on this site is for informational and educational purposes only and is not intended as a substitute for professional financial advice. It offers high-interest savings accounts and guaranteed investment certificates but has a limited selection of other financial products. Invest in Your Goals with a GIC. Required fields are marked *. Which bank will give me the highest interest rates? With no hidden fees and the real exchange rate, it’s just another way we’re making banking better. Android app user experience Tangerine. Your trust is … Savings accounts are fee-free and come with unlimited transactions, free Interac e-Transfers, cheap global money transfers and a 1.5% interest rate. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. EQ Bank vs Tangerine: A quick review. EQ Bank provides international money transfers for a low rate (while Tangerine doesn’t have this feature). 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