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Simplii vs. EQ Bank

Simplii vs. EQ Bank: Where should you keep your money?

Money.ca / Money.ca

Justin da Rosa

By Justin da Rosa

Fact Checked: Tyler Wade

🗓️

Updated: January 15, 2025

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These aren’t your parents’ bank accounts. In the past, there were only a handful of banking options, but today, Canadians have a wealth of choices from smaller financial companies and fintechs – such as Simplii Financial and EQ Bank. These alternatives offer a range of benefits that traditional banks may not provide. 

If you’re in the market for a new place to store your money, one of these (or both) might be on your radar. They’re great options for anyone who wants low or no fees, great interest rates, mobile-first banking and a safe place to keep your nest egg. 

Read on to see which may be the better option for you.

Pros and cons

Simplii Financial and EQ Bank pros and cons

No bank is perfect, and these two are no exception. That said, they do have some features and benefits that make them worth a look, even if you have an existing account with a traditional bank.

EQ Bank pros and cons

Pros

Pros

  • Up to 3.50%* interest with EQ’s Personal Account

  • No monthly fees or non-sufficient fund fees

  • Unlimited transactions

  • Free and unlimited e-transfers

  • Free withdrawals from any Canadian ATM

  • Earn cash back on purchases

  • No foreign exchange fees

  • CDIC insurance on your balance up to $100,000

  • Investing account options, including TFSAs, FHSAs and RRSPs

  • No overdraft fees

Cons

Cons

  • No physical banking locations

  • Lacks some of the account options that big banks have

Simplii Financial pros and cons

Pros

Pros

  • Earn up to 3.90% interest for five months after opening your account

  • Earn up to 10% cash back on eligible purchases for the first four months with a cash back Visa card

  • No monthly fees

  • Investing account options like TFSAs, FHSAs, RRSPs, GICs, RRIFs, RESPs and mutual funds

  • Access to over 3,400 CIBC ATMs

  • CDIC insurance on your balance up to $100,000

  • Access to personal loans, mortgages, and lines of credit

Cons

Cons

  • No physical banking locations

  • High non-sufficient funds fee of $45 (overdraft protection can be purchased for $4.97 per month)

Savings accounts

Simplii Financial vs. EQ Bank: High-interest savings

Both Simplii and EQ Bank offer competitive high-interest savings for their accounts. 

Simplii offers 3.90% interest rate on your first Simplii Financial High Interest Savings Account for the first 5 months. Limits apply. Offer ends March 31st, 2025. However, interest rates drop dramatically after that. You’ll earn 0.30% interest if your balance is below $50,000, 0.50% if your balance is below $100,000, 0.60% if your balance is below $500,000, 0.80% if your balance is below $1 million, and 2.0% if your balance is above $1 million. So, you know, plan to earn less than 1% on your balance after the promotional period ends if you’re not part of the 1%.

EQ Bank, meanwhile, doesn’t mess around with limited interest rate offers. There, you’ll earn 1.75%* interest on your account no matter what – and a bonus of 1.75% (for a total of 3.50%* interest) if you hook up a direct deposit of at least $500 per month up to your account.

Winner: EQ Bank

Chequing accounts

Simplii vs. EQ: Chequing

Now, let’s sort out which of our small but mighty banks has the better chequing account.

Simplii offers a no-fee account that requires no minimum balance, unlimited e-transfers and free access to CIBC ATMs across the country. However, there are some fees to take note of, including:

  • Non-sufficient funds fee of $45
  • $1.50 fee for using non-CIBC ATMs in Canada and $3 for using international ATMs

Now, onto EQ Bank. Their chequing account also has no monthly fees, unlimited e-transfers and unlimited access to ATMs. Though, it does one-up Simplii on the ATM front, offering free access to all ATMs across Canada, regardless of who owns them. Oh, and there are no non-sufficient fund fees here.

Winner: EQ Bank

Credit cards

Simplii Financial vs. EQ: Credit cards

10% cash back†

Welcome Bonus

$0

First Year Value

$0

Annual Value

Welcome Bonus: Earn up to 10% cash back† for your first 3 months up to $1,000 eligible spend.

Learn More Apply Now On CIBC's Secure Site

†Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec

‡"Purchase" means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. "Cash" means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.

$108

First Year Value

$0

Annual Value

Learn More Apply Now On Secure Site

Both cards are no-fee, both earn 0.5% cash back on everything, but the 4% on eligible restaurant, bar and coffee shop purchases and opportunity to build credit put Simplii over the top. 

Winner: Simplii Financial

Investment options

Simplii Financial vs. EQ Bank: Investment options

When it comes to saving for the future, both Simplii and EQ offer investment accounts, where they differ is their variety. 

Investment account SImplii Financial EQ Bank
Guaranteed investment certificates (GICs) ✅ ✅
Registered retirement savings plans (RRSPs) ✅ ✅
Tax free savings accounts (TFSAs) ✅ ✅
First home savings accounts (FHSAs) ❌ ✅
Registered educations savings plans (RESP) ✅ ❌
Registered retirement income funds (RRIFs) ✅ ❌

Simplii also gives you mutual fund portfolios depending on your level of risk you can use to invest in your TFSA or RRSP. Quite frankly, you should not be using these funds for savings, you should be using these accounts as investment vehicles for your retirement.  

It's an interesting split to be honest. 

EQ Bank is set up to help you get started on your retirement and saving for your first home. 

Simplii is better for after you've bought your home and are interest in saving for your children's education and once you enter retirement with their RRIF. 

EQ Bank gives you a 2.50% FHSA, or you can use a GIC within an FHSA where their current 9 month registered (meaning tax sheltered in an FHSA, TFSA, or RRSP) GIC is 3.15%*.

Simplii doesn't have an FHSA, but you could use a registered GIC and earn an APY of 5.00% over 1 year. 

EQ Bank Limited-time offer: Boost your TFSA, FHSA, and RSP with a 2% match. Deposit or transfer new funds to an EQ Bank TFSA, FHSA or RSP by February 28, 2025 to receive the 2%* match.

  • Every $1 contributed earns a 2%* bonus, in addition to the up to 2.50%* interest you can earn
  • No minimum contributions are required to qualify for the match
  • Conditions apply.*
Open a TFSA, FHSA, or RSP account at EQ Bank

Tie: Depends on your present needs and desires

Mortgages

Simplii vs. EQ Bank: Mortgages

Both Simplii and EQ Bank offer competitive high-interest savings for their accounts. 

Are you looking for a new home and wondering how to finance it? Simplii and EQ Bank have you covered—but they do it a little differently. 

Going a more traditional route, Simplii Financial offers fixed-rate and variable-rate mortgages. It also offers mortgages specifically for Canadian newcomers. 

While EQ Bank may not directly offer mortgages, it presents a unique solution with its Mortgage Marketplace. This online platform allows you to conveniently apply, explore a wide range of options and consult with a broker. It’s a novel approach that operates more like a comprehensive aggregator than a traditional lender.

Winner: Tie

Current promotions

Simplii vs. EQ Bank: Current promotions

Simplii Financial promotions EQ Bank promotions
No-Fee Chequing Account Welcome offer: Earn $300† when you become a new client and open a No-fee Chequing Account by April 28th, 2025. Add an eligible direct deposit of at least $100 a month for 3 straight months. Offer ends April 28th, 2025. No current promotions, but you’ll earn 3.50%* cash back when you link a direct deposit of at least $500.
HISA: Get a special interest rate. Earn 3.9% interest rate on your first Simplii Financial High Interest Savings Account for the first 5 months. Limits apply. Offer ends March 31st, 2025. -
Simplii Financial Cash Back Visa* Card: Up to 10% cash back† for your first 3 months up to $1,000 eligible spend -
TFSA, FHSA, and RSP: No current promotion Limited-time offer: Boost your TFSA, FHSA, and RSP with a 2%* match. Deposit or transfer new funds to an EQ Bank TFSA, FHSA or RSP by February 28, 2025 to receive the 2%* match. Conditions apply.*

Winner: Simplii Financial

Which account are you choosing?

If you’re looking for the most affordable option with a high interest rate, you may want to consider EQ Bank. 

Get started with EQ Bank

If you’re more interested in a bank that offers credit cards, various investing accounts, and enticing promotions, Simplii Financial may be your choice.

Get started with Simplii Financial

Either way, both provide great value and perks. And, since they both have no monthly fees, you could always choose both and get the best of both worlds.

FAQ

  • Can Simplii link with EQ Bank?

    +

    No, Simplii Financial cannot directly link with EQ Bank. While you can transfer funds between them, you can't link the accounts for seamless transactions. To move money, you need to use Interac e-Transfer or set up an external link using another bank account.

*Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice. For the Personal Account, Joint Account and EQ Bank Card, the current base interest rate is 1.75% (the “Base Rate”). Customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account are eligible to earn a bonus interest rate of 3.50% (the Base Rate plus an additional 1.75%) for the eligible accounts (the Personal Account, Joint Account, and the EQ Bank Card balance). Conditions apply. Please review the EQ Bank Bonus Interest Offer Terms and Conditions for details.

Justin da Rosa Freelance Writer

Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.

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