Choosing between EQ Bank and Wealthsimple may seem complex. Yet, it all depends on your goal: high-interest savings, no-fee chequing account, or managed investments. In this EQ Bank vs Wealthsimple comparison, you’ll discover which platform suits your profile in Canada.
EQ Bank is an online bank focused on high-interest savings accounts and GICs. Wealthsimple is a hybrid financial platform that combines bank accounts, investments, and credit cards. Here are the key differences.
EQ Bank vs Wealthsimple – Overview
EQ Bank and Wealthsimple are two major players in online banking in Canada. However, their positioning differs.
EQ Bank primarily offers hybrid chequing-savings personal accounts, notice savings accounts, and GICs. It targets savers looking for competitive rates with no monthly fees. EQ Bank also offers business accounts and mortgages.
On its side, Wealthsimple offers a chequing account, managed investment accounts and Wealthsimple Trade (formerly Self-directed Investing), Visa Infinite cards, and even the purchase of physical gold. It targets modern investors looking to centralize their finances. Wealthsimple also offers financial planning services and group registered retirement savings plans.
EQ Bank vs Wealthsimple – Comparative Table
Here is a comparison table between EQ Bank and Wealthsimple to help you choose quickly.
In summary, EQ Bank is better suited for savings and guaranteed products, such as GICs. Wealthsimple stands out for managed investments, self-directed investing, and Visa Infinite credit cards.
No-Fee Bank Accounts
If your priority is a chequing or savings account with no monthly fees, both options are attractive.
Chequing and Savings Account
The EQ Bank Chequing Account functions as a hybrid chequing-savings account. You earn interest on your cash while making payments and Interac transfers.
It even allows physical gold purchases through its self-directed investing service.
EQ Bank, for its part, does not offer self-directed brokerage.
GICs and Notice Savings
EQ Bank stands out with its GICs and notice savings accounts. These products suit conservative savers.
Wealthsimple does not offer traditional GICs.
In summary, if you’re looking for managed or self-directed investments, Wealthsimple is more comprehensive. If you prefer guaranteed products, EQ Bank is better suited.
Cards and Payments
Cards are now a key element of the EQ Bank vs Wealthsimple comparison.
Carte Banque EQ
Avec la Carte Banque EQ, vous ne payez aucuns frais de change pour vos achats réalisés à l’étranger ou en devises étrangères. Cette carte Mastercard, est une carte prépayée rechargeable avec laquelle vous pouvez effectuer des retraits gratuits à n’importe quel guichet automatique au Canada.
De plus, vous obtenez le même excellent taux que votre Compte Courant, ainsi que 0,5 % de remise en argent sur chaque achat effectué avec la Carte Banque EQ.
Vu qu’il s’agit d’une carte Mastercard, vous pourrez l’utiliser n’importe où dans le monde ainsi que dans les entrepôts Costco au Canada.
With the 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.
In addition, you earn the same excellent rate as your Personal Account, as well as 0.5% cash back on every purchase made with the EQ Bank Card.
Since it is a Mastercard, you can use it anywhere in the world as well as in Costco warehouses in Canada.
Annual fee
Primary card$0
Annual income required
Individual$0
Household$0
Earning rate
0.5xAll spending
Value
1st Year Value$135
2nd Year Value$120
Carte Mastercard prépayée Wealthsimple
Avec la Carte Mastercard prépayée de Wealthsimple, vous accédez à votre argent disponible sur votre compte-chèques Wealthsimple.
Avec cette offre de bienvenue, vous pouvez obtenir 25 $ de remise en argent en tant que nouveau client chez Wealthsimple. Pour cela, il vous suffit d’ouvrir un compte, puis d’y déposer au moins 1 $ dans les 30 jours.
Vous pouvez investir votre argent dans un compte d’investissement ou une cryptomonnaie de votre choix. Aussi, vous bénéficiez d’intérêts sur le solde de votre compte Wealthsimple chèques! Les clients Wealthsimple Génération peuvent obtenir un taux d’intérêt allant jusqu’à 2,25 %.
De plus, il n’y a aucuns frais sur vos opérations à l’étranger pour tout achat effectué dans une devise autre que le dollar canadien et aucuns frais annuels.
$25ⓘMilesopedia first-year estimateFirst-year valueWelcome bonus$25Total$25Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueWelcome bonus$25Total$25Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
With the Wealthsimple Prepaid Mastercard, you can access your available funds in your Wealthsimple Cash account.
With this welcome offer, you can get $25 cash back as a new Wealthsimple client. To do this, you simply need to open an account and then deposit at least $1 within 30 days.
You can invest your money in an investment account or a cryptocurrency of your choice. Also, you earn interest on your Wealthsimple Cash account balance! Wealthsimple Generation clients can earn an interest rate of up to 2.25%.
In addition, there are no foreign transaction fees for any purchase made in a currency other than the Canadian dollar and no annual fees.
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Terms and conditions apply. For the most up-to-date product details, please visit Wealthsimple.com.
Annual fee
Primary card$0
Value
1st Year Value$295
Wealthsimple Visa Infinite Cards
Wealthsimple offers two credit cards: Visa Infinite and Visa Infinite Privilege.
With the Wealthsimple Visa Infinite + Card, earn 2% cash back on all your purchases, with no categories to track and no cap.
In addition, there are no foreign exchange fees on any purchase made in a currency other than the Canadian dollar, and no annual fee if you hold more than $100,000 in assets with Wealthsimple, or if you transfer the direct deposit of an eligible payroll to Wealthsimple.
To be eligible for this card, you must meet one of the following: a personal income of at least $80,000, a household income of at least $150,000, a minimum annual spend of $25,000, or at least $300,000 in assets with Wealthsimple.
Some travel insurance is not currently offered to Quebec residents.
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Annual Fee Waiver
The Annual Fee (“Fee”) for the Wealthsimple Visa Infinite* or Wealthsimple Visa Infinite Privilege* credit card (“Card”) is $240 and is charged monthly at $20. The monthly fee is charged when the Card is issued (regardless of activation) and is billed to the first statement and once a month thereafter, unless this Fee is waived. Waiving the Fee is a promotional offer (“Fee Waiver Offer”) and requires clients to meet specific criteria to qualify and continue having the Fee waived. The Card Fee is automatically waived for any client with a Premium or Generation status, and the Fee will continue to be waived so long as that status is maintained. The Fee Waiver Offer is also available to Core clients who direct deposit at least $4,000 per month into their Wealthsimple Chequing Account (“Chequing Account”) within the preceding 30-days. Only direct deposits classified by Payments Canada as pre-authorized transactions with transaction codes ranging from 200 to 207, 310, 311, and 318 would be considered eligible. (“Qualifying Deposit”). If a Core client doesn’t make a Qualifying Deposit, or if a Premium or Generation client cannot maintain their status and becomes a Core client without a Qualifying Deposit, the monthly fee of $20 will be added to their next statement and continue to be charged until a Qualifying Deposit is confirmed.
For residents of Quebec: The Quebec Annual Fee (“Annual Fee”) for the Wealthsimple Visa Infinite* or Wealthsimple Visa Infinite Privilege* credit card is $240 and is charged when the Card is issued (regardless of activation) and is billed to the first statement and once a year thereafter. Waiving the Fee is a promotional offer (“Quebec Fee Waiver Offer”) and requires clients to meet specific criteria to qualify. The Annual Fee is automatically waived for any client with Premium or Generation status at the time the Card is issued. If a Core client obtains Premium or Generation status after the Annual Fee has been applied, a prorated refund will be issued for the number of months remaining in the current twelve (12) month period, which starts on the anniversary of the Card issuance date (“Card Year”) from the month eligibility is obtained ($20 per month). The Quebec Fee Waiver Offer is also available to Core clients who direct deposit at least $4,000 per month into their Chequing Account within the 30-days preceding the time the Card is issued. Only direct deposits classified by Payments Canada as pre-authorized transactions with transaction codes ranging from 200 to 207, 310, 311, and 318 would be considered eligible. (“Qualifying Deposit”). If a Core client starts making Qualifying Deposits after the Annual Fee has been applied, a prorated refund will be issued for the number of months remaining in the current Card Year from the month eligibility is obtained ($20 per month).
Credit Card Rewards (Cashback Offer)
The cash back promotional offer (“Cashback Offer”) is valid for new and existing users of the Card. The 2% earn rate, which may be subject to change, applies to purchases, excluding cash-like transactions, refunds, any applicable fees and adjustments (“Qualified Spend”). Cash back credits are earned on Qualified Spend only. You may redeem your cash back as soon as the Qualified Spend transaction is settled or up to 10 years after the Qualified Spend transaction is settled. Cash back can be redeemed directly in the app. Cash back can only be deposited into your Wealthsimple chequing, TFSA, RRSP, or non-registered accounts. There is no minimum amount needed to redeem. If a refund is processed after the Cash back credit is redeemed, the amount will be deducted from your rewards balance.
General Terms and Conditions
Wealthsimple Payments Inc. (“Wealthsimple”) reserves the right to amend, withdraw or restrict the Fee Waiver Offer or the Cashback Offer at any time without notice. Wealthsimple is the sole arbiter of these rules, the eligibility criteria, and any other issue arising in connection with the Fee Waiver Offer or the Cashback Offer. If Wealthsimple suspects fraud or abuse, system manipulation, or a violation of these terms, Wealthsimple reserves the right to remove all promotions from the Wealthsimple account in question and take any other action it deems appropriate, including the termination of the card in question. An invitation to participate in the Fee Waiver Offer or the Cashback Offer does not constitute a guarantee that the recommended person will be accepted as a Wealthsimple client. The Fee Waiver Offer and the Cashback Offer are only available to individuals residing in Canada who meet Wealthsimple’s eligibility criteria. The Wealthsimple Visa Infinite +* Credit Card is issued under license by Wealthsimple Payments Inc. * Trademark of Visa Int., used under license.
Wealthsimple is not responsible for maintaining the accuracy of information on this website. Refer to Wealthsimple’s page for more details.
Terms and conditions apply. For the latest product details, please visit Wealthsimple.com.
Annual fee
Primary card$240
Additional card$0
Annual income required
Individual$80,000
Household$150,000
Conversion fees
0%
Earning rate
2xAll spending
Value
1st Year Value$300
2nd Year Value$240
Travel insurance
Travel medical (under 55)Up to $2,000,000 / 14 days
With the Wealthsimple Visa Infinite Privilege Card, get 2% cash back on all your purchases, with no annual limit.
In addition, there are no foreign exchange fees for any purchase made in a currency other than the Canadian dollar and no annual fees if you hold more than $100,000 in assets with Wealthsimple, or if you transfer direct deposit of an eligible payroll to Wealthsimple.
Some travel insurance is not currently offered to Quebec residents.
Legal
Annual Fee Waiver
The Annual Fee (“Fee”) for the Wealthsimple Visa Infinite* or Wealthsimple Visa Infinite Privilege* credit card (“Card”) is $240 and is charged monthly at $20. The monthly fee is charged when the Card is issued (regardless of activation) and is billed to the first statement and once a month thereafter, unless this Fee is waived. Waiving the Fee is a promotional offer (“Fee Waiver Offer”) and requires clients to meet specific criteria to qualify and continue having the Fee waived. The Card Fee is automatically waived for any client with a Premium or Generation status, and the Fee will continue to be waived so long as that status is maintained. The Fee Waiver Offer is also available to Core clients who direct deposit at least $4,000 per month into their Wealthsimple Chequing Account (“Chequing Account”) within the preceding 30-days. Only direct deposits classified by Payments Canada as pre-authorized transactions with transaction codes ranging from 200 to 207, 310, 311, and 318 would be considered eligible. (“Qualifying Deposit”). If a Core client doesn’t make a Qualifying Deposit, or if a Premium or Generation client cannot maintain their status and becomes a Core client without a Qualifying Deposit, the monthly fee of $20 will be added to their next statement and continue to be charged until a Qualifying Deposit is confirmed.
For residents of Quebec: The Quebec Annual Fee (“Annual Fee”) for the Wealthsimple Visa Infinite* or Wealthsimple Visa Infinite Privilege* credit card is $240 and is charged when the Card is issued (regardless of activation) and is billed to the first statement and once a year thereafter. Waiving the Fee is a promotional offer (“Quebec Fee Waiver Offer”) and requires clients to meet specific criteria to qualify. The Annual Fee is automatically waived for any client with Premium or Generation status at the time the Card is issued. If a Core client obtains Premium or Generation status after the Annual Fee has been applied, a prorated refund will be issued for the number of months remaining in the current twelve (12) month period, which starts on the anniversary of the Card issuance date (“Card Year”) from the month eligibility is obtained ($20 per month). The Quebec Fee Waiver Offer is also available to Core clients who direct deposit at least $4,000 per month into their Chequing Account within the 30-days preceding the time the Card is issued. Only direct deposits classified by Payments Canada as pre-authorized transactions with transaction codes ranging from 200 to 207, 310, 311, and 318 would be considered eligible. (“Qualifying Deposit”). If a Core client starts making Qualifying Deposits after the Annual Fee has been applied, a prorated refund will be issued for the number of months remaining in the current Card Year from the month eligibility is obtained ($20 per month).
Credit Card Rewards (Cashback Offer)
The cash back promotional offer (“Cashback Offer”) is valid for new and existing users of the Card. The 2% earn rate, which may be subject to change, applies to purchases, excluding cash-like transactions, refunds, any applicable fees and adjustments (“Qualified Spend”). Cash back credits are earned on Qualified Spend only. You may redeem your cash back as soon as the Qualified Spend transaction is settled or up to 10 years after the Qualified Spend transaction is settled. Cash back can be redeemed directly in the app. Cash back can only be deposited into your Wealthsimple chequing, TFSA, RRSP, or non-registered accounts. There is no minimum amount needed to redeem. If a refund is processed after the Cash back credit is redeemed, the amount will be deducted from your rewards balance.
General Terms and Conditions
Wealthsimple Payments Inc. (“Wealthsimple”) reserves the right to amend, withdraw or restrict the Fee Waiver Offer or the Cashback Offer at any time without notice. Wealthsimple is the sole arbiter of these rules, the eligibility criteria, and any other issue arising in connection with the Fee Waiver Offer or the Cashback Offer. If Wealthsimple suspects fraudulent or abusive behaviour, gaming of the system or a violation of these terms, Wealthsimple reserves the right to remove all promotions from the applicable Wealthsimple account and take any other action it deems appropriate including, but not limited to, canceling the applicable Card. An invitation to participate in the Fee Waiver Offer or the Cashback Offer does not provide assurance that the referred customer will be accepted as a customer of Wealthsimple. Both the Fee Waiver Offer and the Cashback Offer are only valid for individuals in Canada that otherwise meet Wealthsimple’s eligibility requirements. The Wealthsimple Visa Infinite Privilege* Credit Card is issued under license by Wealthsimple Payments Inc. * Trademark of Visa Int., used under license.
Wealthsimple is not responsible for maintaining the accuracy of information on this website. Refer to Wealthsimple’s page for more details.
Terms and conditions apply. For the latest product details, please visit Wealthsimple.com.
Annual fee
Primary card$240
Additional card$0
Annual income required
Individual$150,000
Household$200,000
Conversion fees
0%
Earning rate
2xAll spending
Value
1st Year Value$300
2nd Year Value$480
Card benefits
Airport lounge access$240
Travel insurance
Travel medical (under 55)Up to $2,000,000 / 14 days
Travel medical (55-64)Up to $2,000,000 / 14 days
Trip CancellationUp to $1,500
Trip InterruptionUp to $1,500
Delayed BaggageUp to $1,000
Lost BaggageUp to $1,000
Purchase protection
Purchase ProtectionIncluded
Extended Warranty+1 years
Mobile DeviceUp to $1,000
Auto Rental Collision (primary)Included
EQ Bank vs Wealthsimple – Additional Features
Wealthsimple offers retirement savings plans for businesses and group investment accounts. It also offers various registered accounts: TFSA, FHSA, RRSP, RESP, RRIF, LIRA, LIF, etc.
EQ Bank focuses more on personal accounts, savings, and guaranteed products.
Both platforms are accessible across Canada via mobile app.
You want to invest independently with no commission.
You want a Visa Infinite credit card.
You want to centralize accounts and investments.
In summary, EQ Bank is ideal for secure savings. Wealthsimple is more comprehensive for investing and optimizing your finances.
Conclusion
EQ Bank vs Wealthsimple is not a direct battle. Both platforms meet different needs.
If your goal is to maximize interest rates on your cash, EQ Bank is often more advantageous.
However, if you want to invest, get a premium credit card, and manage your finances in one place, Wealthsimple is more versatile.
In many cases, using both can be a smart strategy.
EQ Bank vs Wealthsimple – FAQ
Is There Anything Better Than Wealthsimple?
It all depends on your needs. For commission-free self-directed investing, Wealthsimple is competitive. However, some platforms offer more advanced tools.
Why Is Wealthsimple Better Than a Bank?
Wealthsimple combines bank accounts, managed investments, and credit cards. It often offers lower fees than traditional banks.
Is EQ Bank Good for Investing?
EQ Bank does not offer self-directed brokerage. It is better suited for savings, high-interest accounts, and GICs.
What is the downside to Wealthsimple?
The main disadvantage may be limited customer service and some banking features that are more restricted than a traditional bank.
EQ Bank or Wealthsimple for a Chequing Account?
Both offer accounts with no monthly fees. EQ Bank is simpler. Wealthsimple adds investment features.
Terms and conditions apply. For the most up-to-date product details, please visit Wealthsimple.com.
$990ⓘMilesopedia first-year estimateFirst-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Apply with confidence — no impact on your credit scoreⓘApply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
The Marriott Bonvoy® American Express®* Card is the best credit card in Canada for free hotel nights.
New Cardmembers can earn up to 110,000 Marriott Bonvoy® points with the current offer:
Earn 80,000 points after you spend $6,000 on your Card in your first 6 months of Cardmembership.
Plus, earn 30,000 points by making a purchase during your 15th month of Cardmembership.
This offer ends on September 22, 2026. The annual fee is $120, and there is no annual fee on Additional Cards, so you can add a partner or a family member at no extra cost.
Every year after your first Card anniversary, you receive an Annual Free Night Award good for a redemption of up to 35,000 points at eligible hotels and resorts worldwide. At a valuation of 0.9 cents per Marriott Bonvoy point, that certificate is worth roughly $315, which on its own more than covers the $120 annual fee. That is the main reason to keep this Card year after year instead of cancelling it.
To get the most out of the certificate, aim it at a night that would otherwise price close to the 35,000 point ceiling.
The Card also gives you 15 Elite Night Credits each calendar year and automatic Marriott Bonvoy Silver Elite status. Those credits count toward the next Elite tier, so you begin every year 15 nights ahead of where you would otherwise start.
You move up to Gold Elite status automatically when you reach $30,000 in purchases on the Card in a year, or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your Card.
Marriott Bonvoy points are generally valued at 0.9 cents each. On that basis, the 110,000 point welcome offer is worth about $990, and an Annual Free Night Award used at its full 35,000 point ceiling is worth about $315.
Marriott Bonvoy points pull their weight on free nights rather than on gift cards or merchandise, which is why this Card should be judged on the hotel stays it produces.
You earn 5 points per dollar on eligible purchases at participating Marriott Bonvoy hotels and 2 points per dollar on all other purchases. Points can be redeemed for free nights with no blackout dates at more than 7,000 hotels around the world.
The Card carries a solid package of coverages: $500,000 travel accident insurance, flight delay, baggage delay, lost or stolen baggage and hotel or motel burglary at $500 each, car rental theft and damage up to $85,000 for rentals of up to 48 days, Purchase Protection for 90 days and a one year Extended Warranty.
Two things to plan around: the 2.5% foreign transaction fee on purchases made in a foreign currency, and the 21.99% purchase interest rate, which makes this a Card to pay in full every month. Like all American Express Canada Cards, no minimum income is published for this Card, and you can see whether you would be approved before you apply, with no impact on your credit score.
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American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, we may receive compensation from American Express, which can be in the form of monetary payment.
Annual fee
Primary card$120
Additional card$0
Annual income required
Individual$0
Household$0
Conversion fees
2.5%
Earning rate
5xMarriott Bonvoy hotels
2xAll spending
Value
1st Year Value$1,437
2nd Year Value$312
Travel insurance
Delayed BaggageUp to $500
Lost BaggageUp to $500
Flight DelayUp to $500
Hotel BurglaryUp to $500
Travel AccidentUp to $500,000
Purchase protection
Purchase ProtectionIncluded
Extended Warranty+1 years
Auto Rental Collision (primary)Up to $85,000 / 48 days
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