EQ Bank vs Tangerine: Which Is the Best Online Bank?

What is EQ Bank?

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: Bank Accounts and Other Financial Products

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.

• Personal and joint accounts
• Notice Savings Account
• GIC Savings Account
• Registered accounts: TFSA, FHSA and RRSP
• EQ Bank Card
• U.S. Dollar Account
• Business Accounts and Business GICs
• International funds transfer
• Mortgages

For more details, read our full review of the EQ Bank Card.

EQ Bank: Access to ATMs

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.

EQ Bank: Customer Service

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.

What is Tangerine?

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: Bank Accounts and Other Financial Products

Tangerine offers a full range of financial products and services, including chequing accounts, savings accounts, credit cards, investments and loans.

• Chequing account and joint account
• Savings account
• Registered accounts: TFSA, RRSP and RRIF
• Credit cards: Tangerine Money-Back Credit Card and Tangerine Money-Back World Mastercard
• Investment portfolios (managed portfolios and ETFs)
• Guaranteed investments (GICs)
• US dollar savings account
• Business savings accounts and GICs
• Mortgages
• Home equity line of credit
• Line of credit

Tangerine: Access to ATMs

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 : Customer Service

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).

EQ Bank vs Tangerine: Comparison Chart

Here’s a comparative overview of the main features and functions of EQ Bank vs Tangerine:

EQ Bank vs Tangerine: Chequing Accounts

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.

EQ Bank Personal Account

Tangerine No-Fee Daily Chequing Account

EQ Bank vs Tangerine: Savings Accounts

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.

EQ Bank Notice Savings Account

Tangerine Savings Account

EQ Bank vs Tangerine: Guaranteed Investment Certificates (GICs)

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 GIC Savings Account

EQ Bank vs Tangerine : Credit cards

EQ Bank does not currently offer a credit card. However, it does offer a prepaid card with cash back: the EQ Bank Card.

Tangerine, for its part, offers two credit card options. First, the Tangerine Money-Back Credit Card, which has no annual fee and offers cash back in select categories. Next, the Tangerine Money-Back World Mastercard, which includes extra perks and travel insurance.

EQ Bank Card

With the EQ Bank Card, you pay no foreign exchange fees on purchases made abroad or in foreign currencies. This Mastercard is a reloadable prepaid card that lets you make free withdrawals at any ATM in Canada.

Plus, you earn the same great interest rate as your Personal Account, along with 0.5% cash back on every purchase made with the EQ Bank Card.

Since it’s a Mastercard, you can use it anywhere in the world, including at Costco warehouses in Canada.

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card has no annual fee and offers cash back.

With this limited-time welcome offer, you can earn an extra 10% cash back (up to $100) when you spend up to $1,000 on everyday purchases in the first 2 months.

You can choose two or three spending categories that suit you (groceries, gas, furniture, home improvement, recurring bills, drugstore, etc.) to earn 2% cash back, with no annual cap on cash back. It’s also one of the best credit cards for home renovations.

In addition, the Tangerine Money-Back Credit Card offers several purchase protection benefits:

• 90-day purchase protection
• One-year extended warranty

Finally, transfer credit card balances within the first 30 days of having the card and pay only 1.95% interest on those balances for the first 6 months.

Fuel savings at Shell

All Tangerine cardholders can get fuel discounts and rewards at Shell and with Scene+^™ by linking their cards to their Shell Go+ account. Get up to 8¢/L in value with a linked Tangerine Money-Back World Mastercard or Tangerine Money-Back Credit Card:

• Instant discount of 3¢ per litre on all grades of Shell fuel.
• Up to 3¢ per litre in cash back when gas is selected as a 2% category.
• 1¢ per litre in points value with Scene+^™ on all grades of Shell fuel, or 2¢ per litre in points value with Scene+^™ on Shell V-Power^® fuel when your Scene+^™ account is linked to Shell Go+.

Tangerine^® Money-Back World Mastercard^®*

If you have a personal income of $60,000 or a household income of $80,000, you can choose the Tangerine^® Money-Back World Mastercard^®*.

This credit card has no annual fee and lets you earn cash back on your everyday purchases. With the current offer, you can get $100 when you spend $1,500 in your first three months^††.

You earn unlimited 2% cash back in 2 categories of your choice and 0.5% on all other purchases. Plus, you can add a third 2% category when your cash back is deposited into a Tangerine Savings Account.

Choose from 13 spending categories (groceries, gas, restaurants and more) and change them every 90 days to match your spending habits^◊.

The card also includes useful protections, such as purchase protection and extended warranty⁵, as well as mobile device insurance and coverage for rental cars⁵.

Finally, you can transfer high-interest credit card balances and take advantage of a promotional rate of 1.95% for 6 months (a 1% transfer fee applies)¹¹.

Fuel savings at Shell

All Tangerine cardholders can get fuel discounts and rewards at Shell and with Scene+^™ by linking their cards to their Shell Go+ account. Get up to 8¢/L in value with a linked Tangerine Money-Back World Mastercard or Tangerine Money-Back Credit Card:

• Instant discount of 3¢ per litre on all grades of Shell fuel.
• Up to 3¢ per litre in cash back when gas is selected as a 2% category.
• 1¢ per litre in points value with Scene+^™ on all grades of Shell fuel, or 2¢ per litre in points value with Scene+^™ on Shell V-Power^® fuel when your Scene+^™ account is linked to Shell Go+.

Bottom Line

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.

What's the difference between EQ Bank and Tangerine?

EQ Bank focuses on savings with high rates, while Tangerine offers a full range of products, including checking accounts, credit cards, investments and mortgages.

Which online bank offers the best savings rate?

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.

Can I use an ATM with EQ Bank?

Yes. You can withdraw your money at any ATM in Canada, and EQ Bank will reimburse your fees.

Is Tangerine safe?

Yes. Tangerine is a subsidiary of Scotiabank and a member of CDIC, as is EQ Bank.

Can I have an account at both banks?

Yes. For example, you can save at EQ Bank and use Tangerine for your daily transactions and for their credit cards.