EQ Bank vs. Tangerine Bank 2024

Both EQ Bank and Tangerine Bank have daily banking products, registered and non-registered accounts, and investing solutions, but only Tangerine offers borrowing options.

EQ Bank

• Everyday Banking: Open a Personal or Joint account that acts like a chequing account and has high interest-earning potential.
• Saving: Notice Savings account (choose interest rate based on how much notice you give before withdrawals), TFSA, FHSA, US Dollar Account.
• Investing: GICs, RSP.
• Payments: EQ Bank Card, International Money Transfers.
• Business: Coming soon.

Tangerine Bank

• Save: Savings Account, TFSA, RSP, RIF, US$ Savings Account.
• Spend: No-fee Daily Chequing Account, World Mastercard, Money-Back Credit Card.
• Invest: GICs, Mutual Funds, Money Market Fund, Non-Registered Investment account.
• Borrow: Mortgages, Home Equity Lines of Credit (HELOCs), Lines of Credit.
• Business: Savings, US$ savings, GIC, US$ GIC.

Both banks are online-only, with no brick-and-mortar locations. That means most of your banking will be done independently. But you can still reach a customer service representative when you need to.

EQ Bank

EQ Bank earns a Trustpilot rating of two stars, with some users having concerns about issues logging into their accounts through the EQ Bank app and over-active security blocks on their accounts. However, some four and five star ratings praise the bank’s GIC interest rates, claim it’s easy to bank with them online, and say response times are low.

EQ Bank offers 24/7 virtual assistance via its online chatbot. If you’d rather speak with a representative over the phone, you can do so from 8:00 a.m. to midnight (Eastern Time) every day of the week at 1-844-437-2265.

Tangerine Bank

Tangerine Bank has a Trustpilot rating of 1.3 stars. Some users claim to have had issues linking existing accounts to newly opened accounts, delayed e-transfers, and that customer service isn’t helpful. But, some positive reviews note that customer service successfully stopped fraudulent charges on one user account while others confirm quick problem-solving over the phone.

You can connect with a customer service representative to discuss everyday banking 24/7 at  1‑888‑826‑4374. Inquiries related to mortgages, investment funds, and business must be made from 8 a.m. to 8 p.m. ET, though no service is available on holidays. Otherwise, the Tangerine Chatbot is available to answer more general questions.

• Investment Funds: 1-877-464-5678
• Outside of Canada: 416‑758‑3139

Both banks reward customers for referring a friend or family member when they open a new account.

EQ Bank

To earn a referral bonus, new referrals must sign up using the link provided by the existing customer. The new customer has to deposit at least $100 in their new account within 30 days of opening it for the existing customer to earn money. While the new account holder will only earn $20 once they deposit money into their account, the existing customer earns $20 for their first three referrals, $30 for the following four referrals, and $40 for each referral thereafter, up to $500 maximum.

Tangerine Bank

Existing Tangerine customers can earn $50 for each friend or family member who becomes a Tangerine Client using their Orange Key code. Once it’s entered, the new customer can open their account of choice, but they must deposit at least $250 and maintain that amount for the first 60 days for the bonus to be granted. The new, successful referral will receive $50 as well.

While EQ Bank is known for its flexible Personal Account, prepaid EQ Bank Card and zero-fee structure, Tangerine Bank boasts ongoing, high promotional interest rates and cash-back welcome offers and a no-fee chequing account with interest.

EQ Bank

EQ Bank offers a unique Personal Account that provides chequing account capabilities within a savings account and earns up to 4% interest (when you set up direct deposits to the account). Its EQ Bank Card is reloadable, and the balance earns the same interest as your Personal Account until the money is spent一at which point cardholders earn 0.5% cash back. The flexibility allows customers to earn as they save and shop, while the prepaid card promotes responsible spending. On top of that, customers don’t have to worry about added fees, including NSF charges.

Tangerine Bank

Tangerine offers a 6% promotional interest rate on registered and non-registered savings accounts for five months. That offers a strong start for those opening an account with a large balance, particularly a registered account, so customers won’t be taxed on the interest. The bank also offers an extra 10% cash back for the first two months up to $100 on both of its credit cards. While Tangerine’s promotional value is high, it also offers a unique No-Fee Daily Chequing Account that consistently allows unlimited transactions and earns interest from 0.01% to 0.10%, which is rare for a chequing account.

EQ Bank

The Personal Account and Joint Account both offer 2.50% plus 1.5% interest with recurring direct deposit, reaching up to 4%. Its Notice Savings Account offers 4.50% interest for 10 days’ notice before withdrawing money and 5.00% for 30 days’ notice. EQ Bank’s TFSA, FHSA, RSP, and US Dollar Account all collect 3.00% interest, and its GICs range from 4.35% to 5.05%.

Tangerine Bank

The Tangerine Bank Savings Account, TFSA, and RSP all offer a 0.60% interest rate with a 6% promotional rate for five months. The RIF Savings Account earns 0.65% and the US Dollar Savings Account earns 0.10%. The No-Fee Daily Chequing Account offers very little interest from 0.01% to 0.10% depending on your balance, and GICs currently range from 3.30% to 4.80%.

The interest charged on Tangerine credit cards for purchases, balance transfers, and cash advances is 19.95%, a standard rate.

EQ Bank

EQ Bank charges zero fees. The only fees that may come up in your Personal Account or on your prepaid card include an International Money Transfer fee if you complete one (powered by a third-party provider called Wise) or an out-of-network ATM fee. Fortunately, EQ Bank reimburses ATM fees from other Canadian providers within 10 days. Since EQ Bank charges absolutely zero fees directly, its fees are among the lowest on the Canadian market.

Tangerine Bank

Tangerine Bank only charges what it calls “fair fees.” Fees associated with the chequing account include:

• $50 for subsequent chequebooks
• $12.50 for subsequent stop-payment cheques
• $10 for Canadian drafts
• $45 for non-sufficient funds
• $7.50 for returned items
• $1.50 for non-Scotiabank ABM withdrawals
• $3 for ABM withdrawals outside of Canada
• $10 for one year of inactivity
• 2.50% for foreign currency conversion
• $5 for overdraft protection and 19.00% overdraft interest

Non-registered savings accounts are also subject to a $45 non-sufficient fund fee and are charged $20 to $40 for dormancy, depending on the length. Registered savings accounts are charged $50 for transfers to a different banking institution and all savings accounts are subject to a $2 paper statement fee and a $5 fee for reprints. Though this may seem like a lot in comparison to EQ Bank, the fees are typical of other banks. The good news is there are no daily transactions or monthly fees on Tangerine accounts, and most of these fees can be avoided.

EQ Bank

In addition to its savings accounts, GICs, and a prepaid, reloadable Mastercard, EQ Bank offers International Money Transfers and a Mortgage Marketplace for EQ Bank customers to browse the best mortgage rates from Canadian lenders (keep in mind, Equitable Bank offers mortgages, but EQ Bank does not).

EQ Bank also claims its International Money Transfers are up to eight times cheaper than Canada’s Big Five Banks, and some institutions, like Tangerine, don’t offer the feature at all.

Its Mortgage Marketplace gives EQ Bank customers access to more than 2,000 mortgage products, so they can shop around for the best rate 一 all online. The four-step process can get customers preapproved for a mortgage that suits their needs within minutes, which can be a great option for those who want simplicity when comparing rates.

Related: Equitable Bank Mortgage Review

Tangerine Bank

While Tangerine Bank offers a chequing account, savings accounts, GIC accounts, and credit cards, it also offers mortgages, mutual and money market funds, HELOCs and lines of credit.

Tangerine mortgage rates are moderate to high, with its current five-year fixed rate (5.24%) surpassing that of the Bank of Montreal (4.84%). However, the bank’s mutual and money market fund investment options allow customers to start investing with just $25, making it accessible for beginners. Its HELOC interest rate is aligned with other banks (7.45%), though it only offers traditional variable-rate lines of credit without the option of a fixed-rate.