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Online banks have revolutionized the Canadian banking landscape in recent years. Relying on 100% digital platforms, they offer competitive interest rates, lower fees and a simplified user experience. Two of the most popular banks in this category are EQ Bank and Tangerine. While they may look similar, their offerings differ greatly depending on your financial goals. In this article, we present an overview of each bank and their financial products, as well as a comparison chart: EQ Bank vs Tangerine.
EQ Bank is a division of Equitable Banking, a well-established Canadian financial institution. Its online platform aims to simplify savings management while maximizing returns.
EQ Bank offers a wide variety of financial products: current account, joint account, savings accounts, EQ Bank Card, etc. In addition, all its deposit products are eligible for CDIC deposit insurance.
For more details, read our full review of the EQ Bank Card.
Unfortunately, some EQ Bank financial products are not currently available in Quebec.
Although EQ Bank does not issue debit cards, it does offer a prepaid credit card, the EQ Bank Card. You can transfer funds to it, then use it as a credit card and earn cash back on your purchases.
What’s more, with this card, you can withdraw money free of charge from any ATM in Canada, since EQ Bank reimburses the fees charged. This gives you great flexibility, despite the lack of an ATM network.
Customer service is open daily from 8 a.m. to midnight (ET). They can be reached at 1-844-437-2265 (toll-free within North America) or 1-416-551-3449 (from outside North America).
In addition, EQ Bank offers a chat service, available online and via the mobile application.
Tangerine is an online bank affiliated with Scotiabank and a member of the Canada Deposit Insurance Corporation (CDIC). It combines digital accessibility with a full range of financial products.
Tangerine offers a full range of financial products and services, including chequing accounts, savings accounts, credit cards, investments and loans.
Tangerine allows you to use the Scotiabank ATM network free of charge. You can make deposits, withdrawals or check your bank balance, just like at a traditional bank.
Tangerine’s daily banking customer service is available 24 hours a day, 7 days a week, at 1-888-826-4374 (or 416-758-3139 from outside Canada).
To reach a Tangerine mortgage specialist, call 1-888-826-4374, Monday to Friday, 8 a.m. to 8 p.m. ET.
For investment funds, please call 1-877-464-5678, Monday to Friday, 8 a.m. to 8 p.m. (Eastern Time).
Finally, for the Business line, dial 1-888-826-4374, Monday to Friday, 8 a.m. to 8 p.m. (ET).
Here’s a comparative overview of the main features and functions of EQ Bank vs Tangerine:
EQ Bank does not offer a traditional chequing account, but rather a high-interest, no-fee hybrid account: the EQ Bank Personal Account. This account offers a number of free features, such as day-to-day transactions, Interac transfers and bill payments. A joint account is also available.
Tangerine offers a No-fee chequing account and debit card, cheques, free transfers and much more. They also offer a joint account.
The Personal Account from EQ Bank (formerly known as Savings Plus Account) is a no-fee account that offers a generous interest rate of up to 2.75%* to all customers on everyday banking services:
This account also offers several free features, such as:
Finally, there is no minimum balance required for this type of account.
Tangerine offers a chequing account with no monthly fees and no minimum balance, ideal for simplifying your day-to-day finances.
What’s more, new customers get up to $250:
Here are the main features of the Tangerine No-Fee Daily Chequing Account:
In addition to personal and joint accounts, EQ Bank offers a high-interest account: the EQ Bank Notice Savings Account.
Tangerine offers a savings account with attractive promotional rates, but the rate is reduced after the offer ends.
Maximize your savings with the EQ Bank Notice Savings Account.
Enjoy an interest rate of up to 2.50% with no monthly fees or minimum balance required.
Plan your withdrawals with 10 or 30 days’ notice and benefit from interest calculated daily.
Transfers are free and unlimited.
Until October 31, 2025, you can earn an interest rate of 4.50% for 5 months† by opening a Tangerine savings account!
Here are the main features of the Tangerine savings account:
The promotional rate applies to new deposits, up to a maximum of $1,000,000.
EQ Bank and Tangerine online bank offer guaranteed investments (GICs) at competitive yields. EQ Bank generally offers a better interest rate, but Tangerine offers regular promotions.
EQ Bank Card does not currently offer credit cards. However, it does offer a prepaid cash-back credit card: the EQ Bank Card.
Tangerine offers two credit card options. First, the no-annual-fee Tangerine Money-Back Credit Card, which offers cash back on selected categories. Secondly, the Tangerine Money-Back World Mastercard, which includes additional benefits and travel insurance.
With EQ Bank Card, you pay no foreign exchange fees for purchases made abroad or in foreign currencies. This Mastercard is a reloadable prepaid card with which you can make free withdrawals at any ATM in Canada.
Plus, you get the same great rate as your Personal Account, plus 0.5% cash back on every purchase you make with EQ Bank Card.
Since it’s a Mastercard, you can use it anywhere in the world, as well as at Costco warehouses in Canada.
The Tangerine Money-Back Credit Card has no annual fee and offers cash back.
With this limited-time welcome offer, you can earn an additional 10% cash back (up to $100) when you spend up to $1,000 on everyday purchases during the first 2 months.
You can choose two to three purchase categories that interest you (groceries, gas, home furnishings, renovations, recurring bills, pharmacy, etc.) to earn 2% cash back ! And there’s no annual cash-back limit. It is one of the best credit cards for renovations.
In addition, the Tangerine Mastercard offers several insurance coverages for your purchases :
Finally, during the first 30 days you hold the card, transfer credit card balances and pay only 1.95% interest on these balances for the first 6 months.
If you have an individual income of $60,000 or a household income of $100,000, you can choose the Tangerine Money-Back World Mastercard.
This credit card has no annual fee and offers cashback. With this limited-time welcome offer, you get $120 when you spend $1,500 in the first 3 months.
You can choose up to three spending categories that interest you (groceries, gas, home furnishings, home improvement, recurring bills, pharmacy, etc.) to earn 2% cash back! And there’s no annual cash back limit.
In addition, the Tangerine Money-Back World Mastercard comes with several insurance coverages for your purchases and travel:
In short, EQ Bank and Tangerine represent two of the most popular online banks in Canada.
If your priority is to maximize your savings, EQ Bank is an interesting option, especially with its high interest rates on its TFSA, FHSA and GIC accounts.
In contrast, Tangerine offers a complete package for your day-to-day operations: checking account, credit cards, investments, mortgages, lines of credit, and much more. In this way, it can serve as a fully digital main bank.
Tip: you can use both: EQ Bank for savings and Tangerine for day-to-day transactions and credit card rewards.
EQ Bank focuses on savings with high rates, while Tangerine offers a full range of products, including checking accounts, credit cards, investments and mortgages.
EQ Bank stands out for its high interest rates on savings accounts and GICs. However, Tangerine stands out for its regular promotional offers on interest rates.
Yes. You can withdraw your money at any ATM in Canada, and EQ Bank will reimburse your fees.
Yes. Tangerine is a subsidiary of Scotiabank and a member of CDIC, as is EQ Bank.
Yes. For example, you can save at EQ Bank and use Tangerine for your daily transactions and for their credit cards.
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