Tangerine is a digital bank that offers online banking services with no fees and high-interest savings accounts.
Best EQ Bank Alternatives ranked by AI · updated May 2025
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EQ Bank is an online bank that offers high-interest savings accounts and competitive rates on GICs.
Price: Free
Top 6 EQ Bank alternatives
BMO is a Canadian financial services provider offering personal and business banking, credit cards, mortgages, investments, and online banking. Its digital platform...
Pros
- Broad range of Canadian personal and business banking products
- Strong branch and ATM presence across Canada
- Integrated mobile and online banking for payments and transfers
Cons
- Many chequing accounts have monthly fees unless balance conditions are met
- Savings rates are generally less competitive than digital-only banks
- Online banking interface is less streamlined than some newer fintech platforms
Free to use; account fees vary
KOHO is a Canadian financial app with a prepaid Mastercard, spending account, savings tools, cashback, and optional credit-building features. It is designed...
Pros
- Combines spending, savings, cashback, and credit-building tools in one app
- Usually easier to access than a traditional unsecured credit card
- Provides budgeting and automated savings features suited to everyday spending
Cons
- Paid plans can reduce the value of rewards for light users
- Not a full-service bank with branches, mortgages, or a broad lending lineup
- Cashback and account benefits vary by plan and eligible purchase
Freemium, paid plans from $9/mo
Wealthsimple is an online investment management service that offers a range of diversified portfolios.
Pros
- Low fees for larger portfolios
- Socially responsible investment options
Cons
- Higher fees for smaller portfolios
- No direct indexing or tax-loss harvesting
Management fee of 0.4% - 0.5%
Simplii Financial is an online bank that offers no-fee daily banking and high-interest savings accounts.
Pros
- No-fee daily banking
- High-interest savings accounts
Cons
- Limited physical branches
- Limited product offerings
Wealthsimple Cash is a hybrid savings and spending account offering high-interest rates and no account fees.
Pros
- High-interest rates
- No account fees
Cons
- No physical branches
- Limited ATM access
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