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.
As of October 2026, EQ Bank is the better fit for saving: a hybrid account with no monthly fees, fixed-rate GICs and the EQ Bank Card with 0.5% cash back. Wealthsimple is the better fit for investing: managed portfolios, commission-free trading, Visa Infinite cards and a chequing account paying up to 2.25% interest depending on client status.
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.
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.
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.
You also earn the same great interest rate as on your EQ Bank account, plus 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 at Costco warehouses in 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
Wealthsimple Prepaid Mastercard
With the Prepaid Mastercard from Wealthsimple, you can access the money available in your chequing account with Wealthsimple.
With this welcome offer, you can get $25 cash back as a new client of Wealthsimple. All you have to do is open an account and deposit at least $1 within 30 days.
You can invest your money in an investment account or the cryptocurrency of your choice. You also earn interest on the balance of your Wealthsimple chequing account! Wealthsimple Generation clients can get an interest rate of up to 2.25%.
Plus, there are no foreign transaction fees on any purchase made in a currency other than the Canadian dollar, and no annual fee.
Our valuationMilesopedia 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.
With the Wealthsimple Prepaid Visa Platinum* Card, you can access your available funds in your Wealthsimple chequing 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 chequing account balance! Clients who have at least $500,000 in assets with Wealthsimple 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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* Trademark of Visa Int., used under license. 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.
Our valuationMilesopedia first-year estimateFirst-year valueWelcome bonus$500Total$500Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
$500
Welcome offerInvitation-only offer (new Wealthsimple clients): extra 3% cash back (5% total) on the first $10,000 in net purchases during the 35 days after approval. The card must stay open for 180 days after the boosted period.
Invitation-only welcome offer: earn up to $500 cash back on your first $10,000 in purchases during the 35 days after approval, for 5% cash back (2% base + 3% boost).
Purchases in the first 35 days
Base cash back (2%)
Boost (3%)
Total cash back (5%)
$2,500
$50
$75
$125
$5,000
$100
$150
$250
$10,000
$200
$300
$500
The 3% boost only applies to the first $10,000 in net purchases during the 35 days after approval; beyond that, purchases earn the standard 2%. The card must stay open for 180 days after the boosted period.
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 have a personal income of at least $80,000 or a household income of at least $150,000.
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 $1,000,000 / 14 days
Our valuationMilesopedia first-year estimateFirst-year valueWelcome bonus$500Total$500Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
$500
Welcome offerExclusive offer: extra 3% cash back (5% total) on the first $10,000 in net purchases during the 35 days after approval. The card must stay open for 180 days after the boosted period.
Exclusive welcome offer: earn up to $500 cash back on your first $10,000 in purchases during the 35 days after approval, for 5% cash back (2% base + 3% boost).
Purchases in the first 35 days
Base cash back (2%)
Boost (3%)
Total cash back (5%)
$2,500
$50
$75
$125
$5,000
$100
$150
$250
$10,000
$200
$300
$500
The 3% boost only applies to the first $10,000 in net purchases during the 35 days after approval; beyond that, purchases earn the standard 2%. The card must stay open for 180 days after the boosted period.
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.
Our valuationMilesopedia first-year estimateFirst-year valueWelcome bonus$469Annual fee rebated$120Total$589Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
The BMO eclipse Visa Infinite* Card is one of the best Visa Infinite rewards credit cards in Canada. Its welcome offer lets you earn up to 70,000 BMO Rewards points, for a total value of up to $1,150*.
It also includes a monthly statement credit for streaming services, an annual $50 lifestyle credit, and no annual fee for the first year (a $120 value)*.
With the BMO eclipse Visa Infinite* Card, you also get:
5x BMO Rewards points for every dollar spent on groceries, meal delivery or takeout, rideshare, public transit, and gas*
1 BMO Rewards point for every dollar spent on all other purchases*
10% more points when you add an authorized user to your account*
Mobile device insurance offering coverage up to $1,000*
The Pay with Points feature, which allows you to redeem your points on recent purchases starting at $1*
Six months of Instacart+ membership plus a monthly $10 Instacart credit with an eligible card*
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*Terms and conditions apply
BMO is not responsible for updating the content of this site. For the most up-to-date information, please click on the Online Application link.
Annual fee
Primary card$120
Additional card$50
Annual income required
Individual$60,000
Household$100,000
Conversion fees
2.5%
Earning rate
5xTransit
5xGas
5xRestaurants
5xGroceries
1xAll spending
Value
1st Year Value$1,128
2nd Year Value$365
Travel insurance
Travel medical (under 55)Up to $5,000,000 / 21 days
Travel medical (55-64)Up to $5,000,000 / 21 days
Travel AccidentUp to $500,000
Purchase protection
Purchase ProtectionIncluded
Extended Warranty+1 years
Mobile DeviceUp to $1,000 / 1 years
Auto Rental CollisionUp to $65,000 / 48 days
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Our reviews and rankings are based on an objective assessment. Advertisers do not influence our content. We may receive compensation through some links; our analysis and opinions remain independent.
