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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.
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.
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 and Tangerine online bank offer guaranteed investments (GICs) at competitive yields. EQ Bank generally offers a better interest rate, but Tangerine offers regular promotions.
Actuellement, la Banque EQ ne propose pas de carte de crédit. Cependant, elle offre une carte de crédit prépayée avec des remises en argent : la Carte Banque EQ.
Quant à Tangerine, elle propose deux options de cartes de crédit. Tout d’abord, la Carte Remises Tangerine Mastercard, sans frais annuels, qui offre des remises en argent sur certaines catégories. Ensuite, la Carte World Mastercard Remises Tangerine, qui comprend des avantages supplémentaires et des assurances voyages.
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.
Savings this way:
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