With more than 76% of Canadians using online banking, the shift from brick and mortar banks to online ones is greater than ever.

Online banks usually offer no-fee chequing and high-interest savings accounts, making the hassle of moving your money to a new bank worth it.

At the top of Canada’s online banking world are EQ Bank and Tangerine. Both of these big-name banks offer similar products, but there are slight differences between them that leave one reigning supreme.

As I compare the two and help you find the one that best fits your lifestyle, I’ll look at the following three categories:

• Account Options
• Fees and Interest Rates
• Convenience

After my analysis and going through the pros and cons of each, finding the online bank that suits you should be a snap.

About EQ Bank

EQ is the online portion of Equitable Bank, a financial institution founded over 50 years ago and is now the eighth largest Schedule I bank in Canada.

EQ is looking to make banking smarter by not charging hidden fees or making customers pay for services they don’t use. With no physical locations, EQ Bank can limit its overhead costs and pass those savings on to customers – mainly in the form of higher interest rates.

• High-interest rates
• No minimum balance required
• Free Interac e-Transfers

• Does not offer a chequing account
• No ATM access available
• No physical branches

About Tangerine

Tangerine is a subsidiary of Scotiabank and offers one of the most popular online chequing accounts.

The company promises to make it simple to save and simple to do your everyday banking with them through their wide array of products and services.

• Variety of services from chequing and savings accounts to credit cards and mortgages
• No fee chequing account
• Pop up locations available if you need to speak to customer service

• Limits on ATM withdrawals
• Low-interest rate after promo period ends

EQ Bank Vs Tangerine – Features and Benefits

Now it’s time to get down to the nitty-gritty and compare the nuts and bolts of each bank. While both offer similar services, there are differences that show a clear winner in each category. Let’s examine each bank’s account options, fee and interest rate selection, and convenience.

EQ Bank Vs Tangerine – Fees and Interest Rates

EQ Bank – Fees and Interest Rates

As of 2025, EQ Bank continues to offer some of the most competitive savings and GIC interest rates in Canada. Their everyday interest rate remains consistently higher than traditional banks, and unlike promotional offers, it doesn’t expire after a few months.

Tangerine continues to offer new customer promotions with temporarily high interest rates, usually for five months. After the promo period ends, the rates drop significantly, often aligning with or falling below those of traditional banks.

Fee-wise, EQ Bank still leads with no monthly fees, no NSF charges, and unlimited free Interac e-Transfers. Tangerine, while also free of monthly fees and Interac e-Transfers, still charges NSF and inactivity fees, which can add up.

Tangerine – Fees and Interest Rates

As mentioned earlier, Tangerine regularly runs promotional offers for its savings and chequing accounts, touting super-high interest rates for a short period of time. However, after the promo period, the rate drops significantly.

While it’s enticing at first, customers are eventually left with a subpar interest rate that doesn’t help their savings effort.

As for fees, Tangerine doesn’t have many. They offer unlimited and free EFTs, no monthly account fees, or Interac e-Transfers. However, Tangerine does charge NSF fees, as well as an inactivity fee, both of which EQ Bank doesn’t.

EQ Bank Vs Tangerine – Accounts Offered

From chequing to savings accounts to investment accounts, let’s examine what each bank has to offer and who comes out on top.

EQ Bank Accounts

EQ offers the following banking accounts:

• Savings Plus
• Joint Savings Plus
• Tax-Free Savings Account (TFSA)
• U.S. Dollar Account

In addition, EQ Bank also has investment accounts:

• Registered and non-registered GICs
• Retirement Savings Plan (RSP) Accounts
• TFSA Accounts

EQ Savings Plus

The cornerstone of EQ Bank is its Savings Plus account. Since the bank does not offer a separate chequing account, it relies on its Savings Plus to act as the hybrid chequing feature. Within it, you can move money in and out, pay your bills, deposit cheques, and do free Interac e-Transfers.

There aren’t any monthly fees associated with this account, and there isn’t a minimum account balance required. In addition, you can connect up to 10 accounts from other banks, and the transfers are free.

The downside to the EQ Savings Plus account is that you can’t withdraw money. In order to get cash, you’ll need to transfer money from your savings account to another linked-up bank. You cannot take money out from an ATM.

Can You Link EQ Bank to Tangerine?

Yes! You can link your Tangerine account to your EQ Savings Plus account. This way, you can take advantage of EQ’s high-interest rates but still have access to cash when you transfer money to your Tangerine account.

Additional Products Offered

Through EQ, you can access their Mortgage Marketplace, where you can shop for mortgage products from lenders throughout Canada and find yourself the best rate around.

Unlike other banks, EQ does not offer a credit card, which might be a downfall for some looking to keep all their financial dealings within one bank.

Tangerine Bank Accounts

Tangerine offers the following accounts:

• No-fee chequing account
• Savings Accounts including TFSA, RSP, and US Savings Accounts
• Business Savings Accounts including U.S. Savings, Guaranteed Investment, and U.S. Guaranteed Investment

Tangerine also offers investment accounts:

• Guaranteed Investment (GIC), including RSP, Tax-Free, and RIF Guaranteed Investment Accounts
• There’s also TFSA, RSP, Non-Registered Investment, and Retirement Income Fund (RIF) accounts

Tangerine is well known for its no-fee chequing account that includes unlimited debit purchases, bill payments, and Interac e-Transfers. And with access to more than 3,500 Scotiabank ATMs, it’s easy to withdraw your money whenever you need it.

Tangerine’s savings account also includes no fees and doesn’t require a minimum balance. Tangerine regularly touts promotional offers for both its savings and chequing account, usually in the form of increased interest rates.

These promotions are designed to bring in customers. However, the downside is that once the promotional period ends, the high-interest rates new customers were used to often plummet to levels competitive to brick and mortar banks.

Additional Products Offered

In addition to its many savings and investment accounts, Tangerine offers two credit card options, both with no annual fees and monthly money back rewards.

Need a mortgage or a line of credit? No problem! Tangerine offers both, as well as a home equity line of credit if you’re looking to remodel or upgrade your current digs.

EQ Bank Vs Tangerine – Convenience

EQ Bank

These days, having a physical presence isn’t necessarily as important as an online one. While EQ Bank doesn’t have any brick-and-mortar locations, it’s easy to contact customer service either by phone, email, or through an online chat.

You can download the mobile app and use it to do pretty much anything – check your balance, make transfers or pay bills. It’s makes banking super convenient. Plus, it’s easy to use.

Tangerine

Tangerine doesn’t have any brick and mortar locations but if you need in-person customer assistance, there are pop-up locations and kiosks located around the country.

Similar to EQ Bank, Tangerine offers a mobile app designed for easy customer access. In addition, Tangerine relies on nearly 3,500 Scotiabank ATMs for their customer’s use, as well as 44,000 worldwide.

The Verdict – Is EQ Bank or Tangerine Better?

While there are many similarities between the two banks, their differences helped me make my decision. While Tangerine offers more account options, the significantly higher interest rates and low fees made EQ Bank the winner. If you’re still on the fence, here’s how to determine which bank is right for you.

Use EQ Bank If:

• You’re looking to earn a significantly higher interest rate than other banks.
• You already have a chequing or savings account at another bank you can link to your EQ Savings Plus Account.
• You’re not interested in lots of account options or need a credit card.

For more information, visit EQ Bank’s website. You can also read my full EQ Bank review.

Use Tangerine If:

• You want a separate chequing and savings account at the same financial institution.
• You want to keep all your financial products (chequing and savings accounts, credit cards, mortgages) in one spot.
• You’re concerned about the lack of physical locations. Tangerine offers pop-up locations for customer service solutions.

For more information, visit Tangerine’s website.

While both banks have pros and cons, the fact that EQ Bank can generate more interest income and fewer fees than Tangerine is reason enough. However, choosing a bank is a personal decision that you must research.

Ultimately, the decision will come down to which features are most important and what works out for you.

FAQs About EQ Bank vs Tangerine

1. Can I open an account with both EQ Bank and Tangerine?
Yes, you can hold accounts with both institutions. Many people use EQ Bank for high-interest savings and Tangerine for everyday chequing needs.

2. Are EQ Bank and Tangerine CDIC-insured?
Yes, both banks are CDIC members, so your eligible deposits are protected up to $100,000 per account type.

3. Does EQ Bank have a debit card?
No, EQ Bank does not offer a debit card. You’ll need to link an external bank account to withdraw cash.

4. Which bank offers better GIC rates in 2025?
EQ Bank continues to offer better GIC rates than Tangerine in 2025, especially for shorter-term investments.

5. Can I deposit cash into EQ Bank?
No, since EQ Bank is fully digital and does not offer ATM access, you cannot deposit cash directly.