While both are popular and well-established Canadian online banks, EQ Bank's higher interest rates and high-quality products give it an edge over Simplii Financial. It's a difficult comparison, though, as both offer valuable, convenient bank accounts and financial services.
With its no-fee chequing and HISAs, plus a traditional cash back credit card, Simplii Financial provides a more traditional approach to banking in Canada. EQ Bank focuses more on specific details like interest rates and its overall online/mobile banking experience.
The guide below compares the products and services offered by both institutions in detail.
Key Takeaways
- Overall, EQ Bank provides better products and a higher level of service than Simplii Financial.
- EQ Bank's no fee chequing account comes with an excellent interest rate and other features.
- EQ Bank has two high interest savings accounts to choose from that both highly encourage saving over spending.
- Simplii's cash back credit card is a valuable choice for those who want a typical card that rewards spending and can help improve credit scores.
- Both banks have valuable, albeit very distinct, investment products available.
- Simplii provides more loan products and traditional banking products than EQ Bank.
Simplii vs. EQ Bank: Overview
Simplii Financial and EQ Bank are popular Canadian online banks, known for their low-to-no-fees and convenient, high-quality features.
Both are completely digital institutions, with no brick-and-mortar branches available for clients to visit. Still, since Simplii is owned by CIBC and EQ Bank by Equitable Bank, both institutions have extensive ATM networks and provide excellent security.
Customer service is an important consideration when comparing banks, but also a tricky one when the banks in question are online institutions.
Simplii offers 24/7 assistance via its toll-free phone line (1-888-723-8881) and its in-app virtual assistant service – you can be connected with a live agent through this chatbot.
This Reddit user reports fast and smooth customer service with Simplii:
Impressively, Simplii was also listed as the third-best mid-size bank in J.D. Power's Canada Retail Banking Satisfaction Study for 2024.
Of course, EQ Bank also has a chatbot service, available 24/7 via the mobile app. Clients can also use the toll-free line (1-844-437-2265) to contact a representative, but the hours are more limited: 8 a.m. to midnight ET, seven days a week.
EQ's chat service is apparently quite convenient:
EQ Bank was proclaimed the best bank in Canada by Forbes' list of the World's Best Banks in 2023.
Chequing accounts
Simplii and EQ Bank both offer convenient no fee chequing accounts with plenty of features. In fact, their chequing accounts have so much in common that it’s hard to choose a winner.
While EQ's account isn't a straightforward chequing account (more of a hybrid account), both the Simplii No Fee Chequing Account and the EQ Bank Personal Account include these features:
- No monthly fee
- Unlimited transactions
- Direct deposits
- Free unlimited Interac e-Transfers
- Mobile cheque deposit
- Mobile wallet compatibility
- Extensive ATM access
- Earns interest
EQ has more than a few happy, loyal clients on Reddit, including this one:
There are a few notable differences between these chequing accounts:
| Simplii No Fee Chequing Account | EQ Bank Personal Account | |
|---|---|---|
| Overdraft fees | * $4.97 per month * 19% interest | * N/A |
| ATMs | * CIBC network * 3,000+ machines nationwide | * THE EXCHANGE network * 3,000+ machines nationwide * All out-of-network fees reimbursed |
| Linked card | * Debit Mastercard | * Prepaid Mastercard |
| International money transfers | * Simplii Financial™ Global Money Transfer | * Partnership with Wise |
| Interest | * 0.1% | * 3% |
| Cheques | * Free | * N/A |
| Referral bonus | * $125 for you * $50 for the referee | * $20 for you * $20 for the referee |
| Sign-up promotion | * $350 | * N/A |
| Genius Rating | * 3.2 | * 5.0 |
The winner: EQ Bank
It's hard to beat 3% interest on a chequing account. That and the free ATM use are the main points that set EQ Bank above Simplii.
Even so, if you value a good welcome offer, still use cheques, or feel better with big-bank security, Simplii Financial is a solid choice.
High-interest savings accounts
EQ Bank has two accounts that can be considered HISAS: the EQ Bank Notice Savings Account and the EQ Bank Personal Account. Simplii has its popular Simplii High Interest Savings Account.
The maximum interest rates for these accounts are as follows:
- EQ Bank Notice Savings Account: 2.75%
- EQ Bank Personal Account: 3%
- Simplii High Interest Savings Account: 1.5%
The EQ Bank Notice Savings Account takes an unusual approach to interest rates, offering a decent rate of 2.6% if you commit to providing 10 days' notice before withdrawing funds, or a higher rate if you lock in for 30 days' notice.
Meanwhile, the EQ Bank Personal Account provides a surprisingly high rate on all funds, but only if you set up direct deposits of at least $2,000 per month. Without meeting this requirement, the rate is just 1%.
Contrasting both of these EQ accounts, the Simplii High Interest Savings Account has tiered interest rates based on your account balance. You'll need more than $1 million to earn the max 1.5%/ – but this account always features a very enticing promo rate, as mentioned here:
Here are a few noteworthy features to compare between these three accounts:
| Simplii High Interest Savings Account | EQ Bank Notice Savings Account | EQ Bank Personal Account | |
|---|---|---|---|
| Promotional rate | * 4.5% | * N/A | * N/A |
| Monthly fee | * N/A | * N/A | * N/A |
| Minimum balance for max interest rate | * $1,000,000.01 | * N/A | * N/A |
| Monthly transactions | * N/A | * Unlimited | * Unlimited |
| Automatic deposits | * Yes - Autodeposit | * N/A | * N/A |
| Genius Rating | * 2.4 | * 4.3 | * 5.0 |
The winner: EQ Bank
With two accounts to choose from and much higher interest rates, EQ Bank is the hands-down champion in this category. Simplii's promotional rate is impressive, but it only lasts for five months – EQ's rates are consistent.
Credit cards
These two institutions offer very different credit card options: EQ's is a prepaid card while Simplii's is a cash back card.
Here's what the EQ Bank Card has to offer:
- No monthly or annual fee
- 0.5% cash back on all purchases
- Up to 4% interest on your balance
- No FX Fees
- Free ATM withdrawals
- No credit check required
To repeat what this Reddit and EQ user says, there's no catch:
Simplii has its Simplii Financial Cash Back Visa with these features:
- No monthly or annual fee
- 4% cash back at restaurants, bars, coffee shops, etc.
- 1.5% cash back on gas, groceries, drugstore purchases, etc.
- 0.5% cash back on all other purchases
- 10% cash back welcome bonus
- Extended warranty and purchase protection insurance
These features are precisely what prompts this Redditor to recommend the Simplii card:
As one is a prepaid card and one is a typical Visa, there are some significant differences – the biggest being that the EQ card can't help build your credit. On the other hand, it can't bring down your credit either.
The winner: Simplii
Simply put, Simplii has a true credit card while EQ has a credit card alternative (albeit a safe, valuable one). The cash back rates are much better too, making it that much more valuable for Canadians who want to make the most of their purchases.
Investments
If you’re looking for a bank you can invest with, Simplii and EQ Bank both have valuable options.
Mutual funds
EQ Bank doesn't offer mutual funds, instead focusing more on registered savings accounts and GICs
Simplii Financial, however, provides a range of mutual funds tailored to different risk levels. You can choose from Conservative, Balanced, and Growth-focused portfolios, all managed by investment professionals.
Here are some details of Simplii's mutual funds:
- Automatic rebalancing
- Global diversification
- 1.11% MER for ETF portfolios
- 0.42% – 1.44% for index funds
- Low $25 minimum investment
While the exact management fees aren't listed, the website does state that Simplii clients benefit from a 10% discount on fees for CIBC mutual funds.
Simplii also gives you access to money market funds from CIBC. The Class A fund has a 0.5% MER and requires a minimum initial investment of $500, while the Premium Class fund has a lower 0.35% MER but requires at least $100,000 to start.
The winner: Simplii
Since EQ Bank doesn't offer mutual funds at all, Simplii is the clear winner here. Providing access to CIBC money market funds and other investments is also a plus.
GICs
Guaranteed Investment Certificates (GICs) allow you to grow your savings over a set period, and both Simplii and EQ Bank offer these investment products.
To find the best GIC for you, simply compare each bank's interest rates and choose your preferred term length.
EQ Bank GICs are available in these term lengths:
- 3 months
- 6 months
- 9 months
- 1 year
- 15 months
- 2 years
- 27 months
- 2 years
- 4 years
- 5 years
- 7 years
- 10 years
And these are the GIC term lengths available from Simplii Financial:
- 1 year
- 2 years
- 3 years
- 4 years
- 5 years
Note that both EQ Bank and Simplii require an investment of at least $100 to get started.
As of February 2025, here are each bank's GIC interest rates for some of the most popular term lengths:
| Bank | 1-year term | 2-year term | 3-year term | 4-year term | 5-year term |
|---|---|---|---|---|---|
| Simplii | 3.16% | 3.06% | 3.06% | 3.16% | 3.25% |
| EQ Bank | 3.05% | 3.15% | 3.3% | 3.4% | 3.45% |
The winner: EQ Bank
Not only does EQ Bank have significantly more term lengths to choose from – both short and long – but its GIC rates are quite a bit higher than Simplii's.
As pointed out here, EQ Bank provides a sweet opportunity to try out the GIC ladder investment strategy:
Registered and foreign currency savings accounts
If you're looking for registered accounts or foreign currency accounts, both Simplii Financial and EQ Bank have rather extensive product menus.
| Account type | Simplii Financial | EQ Bank |
|---|---|---|
| TFSA | * Simplii Tax-Free Savings Account * 0.4% interest | * EQ Bank TFSA Savings Account * 2% interest * 2% match on new deposits (promo offer) |
| RSP | * Simplii RRSP * 0.4% interest * No minimum deposits or balances required | * EQ Bank RSP Savings Account * 2% interest * 2% match on new deposits (promo offer) |
| FHSA | * N/A | * EQ Bank FHSA Savings Account * 2% interest * 2% match on new deposits (promo offer) |
| U.S.D. accounts | * Simplii Financial USD Savings Account * 2.8% interest * No monthly fee | * EQ Bank US Dollar Account * 3% interest * No monthly fee |
| Foreign currency accounts | * CNH (Chinese Yuan) Savings Account * EUR (Euro) Savings Account * GBP (British Pound Sterling) Savings Account * INR (Indian Rupee) Savings Account * PHP (Philippine Peso) Savings Account | * N/A |
The winner: Tie
It's tough to choose a winner here – EQ's interest rates for its registered accounts are higher (sometimes significantly so) than Simplii's, but Simplii's long list of foreign currency accounts sort of counteracts this.
EQ was one of the first institutions to offer an FHSA and its still one of its highest-quality products.
This client jumped at the opportunity and reports that it was an easy process:
If earning interest is your main goal with these accounts, choose EQ Bank. If you need accounts to hold foreign currencies, choose Simplii.
Mobile apps
Simplii Financial and EQ Bank both have very impressive ratings for their mobile apps:
| Simplii | EQ Bank | |
|---|---|---|
| App Store | * 4.2 stars * 12,200+ reviews | * 4.8 stars * 42,800+ ratings |
| Google Play | * 4.2 stars * 17,300+ reviews | * 4.4 stars * 9,600+ ratings |
There are many happy Simplii and EQ Bank users out there, enjoying all features of these apps:
The winner: EQ Bank
As you can see, EQ's app ratings are higher – there are a lot of happy EQ app users out there.
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.Other bank features
When you’re choosing a bank, it’s important to look at the features that are important to you. If you’re looking for a bank that offers HELOCs or you regularly need to transfer money internationally, these features might make a difference in your decision.
Take a look at the other products and features offered by Simplii Financial and EQ Banke:
| Simplii | EQ Bank | |
|---|---|---|
| Mortgage | Yes | No* |
| Personal loan | Yes | Yes |
| Line of credit | Yes | No |
| HELOC | Yes | No |
| International money transfers | Yes | Yes |
| Business GICs | No | Yes |
| Business bank account | No | Yes |
| Kids bank account | No | No |
* Technically, EQ Bank does offer mortgages through its partnership with nesto, which also allows it to offer a unique Mortgage Marketplace where clients can compare top rates from across the market.
These Reddit users make some good points about both Simplii and EQ Banks' products:
The winner: Simplii
This is a tough call, but the overall applicability of the first few products in this list gives Simplii the edge. Offering mortgages, lines of credit, etc., makes it feel like a more full-featured banking institution that provides value for everyday Canadians.
Final winner
EQ Bank won the majority of the categories we explored, but just barely. Its impressive interest rates make it an extremely attractive choice, whether you're looking for a chequing account, savings account, or even a prepaid credit card.
Still, the Simplii No Fee Chequing Account provides a more traditional feel. By offering mortgages and various borrowing options, it appears more well-rounded and better suited for those who like to keep their finances all under one roof.
There's quite a bit of chatter on Reddit from EQ Bank lovers:
FAQ
Is Simplii Financial better than EQ Bank?
While we can't say that one bank is overall better than the other, Simplii is better for those who want to keep all of their financial dealings under one roof. It also offers certain borrowing products that EQ Bank doesn't.
Who is EQ Bank owned by in Canada?
EQ Bank is the digital arm of Equitable Bank, a federally regulated Schedule I bank. It was founded in 1970 and launched EQ Bank in 2016, an innovative digital retail bank that balances Equitable Bank's more traditional approach.
Is EQ Bank a reputable bank?
Yes, EQ Bank has an excellent reputation as a solid, safe financial institution – largely due to Equitable Bank's support. In fact, it was named the best bank in Canada on Forbes' list of the World's Best Banks in 2024
What are the drawbacks of Simplii Financial?
Simplii's HISA has an excellent promo interest rate, but its regular rates are disappointing for everyday Canadians with less than $1 million in savings. For investors, Simplii's GIC rates and term lengths aren't very competitive.
Do Simplii and EQ Bank have FHSAs?
EQ Bank has an excellent FHSA product with an impressive interest rate and an even more impressive 2% deposit match offer. There are also high-rate EQ Bank FHSA GICs also available Unfortunately, Simplii Financial doesn't yet offer an FHSA.
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