EQ Bank vs Wealthsimple 2025: Which Is Best for Canadians?
🔄 Updated January 2025
EQ Bank and Wealthsimple are two of Canada's most popular digital financial platforms — but they were built for different purposes. Comparing them directly is like comparing a high-interest savings account to a full investment platform. Both do some things the other doesn't. This guide tells you exactly which one wins for each situation, and why the smartest move for most Canadians is to use both.
11 min read
Updated January 2025
🇨🇦 Canada · All Levels
What Each Platform Was Built For
Understanding the origin story of each platform immediately clarifies when to use which.
🏦
EQ Bank
A federally regulated Schedule I bank focused on delivering the highest savings rates in Canada with no monthly fees and no minimum balances.
4.75%
HISA Rate
CDIC
Protection
$0
Monthly Fee
2016
Founded
Best For: High-Interest Savings & GICs
📈
Wealthsimple
Canada's largest online investment platform — TFSA, RRSP, stock trading, crypto, tax filing, and a competitive cash account all in one app.
3M+
Customers
CIPF
Protection
$0
Trading Fee
2014
Founded
Best For: Investing, TFSA, RRSP
EQ Bank wins for savings and GICs — it is a fully regulated Canadian bank offering some of the highest HISA and GIC rates available with CDIC protection. Wealthsimple wins for investing — it is Canada's best commission-free investing platform for TFSA, RRSP, and non-registered accounts. For most Canadians, the optimal setup is using both — EQ Bank for savings, Wealthsimple for investing.
Canadian Registered Accounts — A Quick Primer
To compare these platforms properly, it helps to understand Canada's key registered account types — because both EQ Bank and Wealthsimple offer some of them.
🌿
TFSA
Tax-Free Savings Account
Contributions from after-tax dollars. All growth and withdrawals completely tax-free. 2025 annual room: $7,000. Lifetime room (from 2009): up to $95,000.
CA$7,000 / year
🏛️
RRSP
Registered Retirement Savings Plan
Contributions reduce taxable income now. Investments grow tax-deferred until withdrawal. Converts to RRIF at age 71. Annual limit: 18% of prior year income, max $31,560.
18% income / $31,560 max
💰
HISA
High-Interest Savings Account
Standard savings account paying interest above typical bank rates. Interest is taxable in non-registered accounts. Can be held inside TFSA or RRSP for tax advantages.
No limit — taxable gains
Savings Rates — Where Your Cash Earns the Most
This is where EQ Bank consistently shines. As a bank built around offering high rates with low overhead, it competes aggressively at the top of Canada's best-buy savings tables. Here's how current rates compare across both platforms and the Big Six banks.
📊 Canadian Savings Rates — January 2025
EQ Bank HISA
4.75% — Personal Account
4.75%
EQ Bank TFSA
3.75% — Tax-Free
3.75%
Wealthsimple Cash
4.00% — Premium tier
4.00%
Wealthsimple TFSA
3.00% (Cash) or invest
3.00%
Big Six Banks (avg)
0.01–0.50%
~0.25%
💡 The TFSA Savings Strategy
A TFSA HISA at EQ Bank (3.75%) earns interest that is completely tax-free. In a non-registered HISA at a traditional bank paying 0.25%, you pay income tax on that meagre interest too. Fill your TFSA first with EQ Bank's TFSA savings rate, then use EQ's personal HISA (4.75%) for additional savings beyond your TFSA room. This two-account structure maximises after-tax returns with minimal complexity.
GIC Rates — Locking In at Guaranteed Returns
EQ Bank is one of Canada's leading GIC (Guaranteed Investment Certificate) providers, consistently offering rates that match or beat the competition. Wealthsimple does not offer GICs — this is an EQ Bank exclusive in this comparison.
GIC Term
🔴 EQ Bank Rate
🟢 Wealthsimple
Big Bank Average
3 months
4.50%
Not available
~2.00%
6 months
4.65%
Not available
~2.20%
1 year
4.90%
Not available
~2.75%
2 years
4.20%
Not available
~2.50%
3 years
4.05%
Not available
~2.30%
5 years
3.90%
Not available
~2.20%
⚠️ GIC rates as of January 2025. Change frequently. Minimum deposit $100 for EQ Bank GICs. CDIC insured separately from savings deposits (up to $100,000 per category). Always verify rates directly.
Full Feature Comparison — January 2025
Feature
🔴 EQ Bank
🟢 Wealthsimple
📋 Account Structure
Type of institution
Schedule I Bank (federally regulated)
Investment dealer + e-money
Deposit insurance
CDIC up to $100K per category
CDIC via partner banks (Cash) + CIPF (investing)
Monthly fees
None
None (standard)
Minimum balance
None
None
💰 Savings Products
HISA rate
4.75% personal
4.00% (Premium)
TFSA savings rate
3.75%
3.00% Cash / invest
RRSP savings rate
3.75%
3.00% Cash / invest
GICs available
Yes — 3 months to 5 years
No
US Dollar account
Yes — USD savings
No
📈 Investing
Stock trading
No
Yes — commission-free
ETF investing
No
Yes — commission-free
Crypto trading
No
Yes
Managed portfolios (robo)
No
Yes — Wealthsimple Invest
TFSA investing
TFSA savings only
Full TFSA investing in stocks/ETFs
RRSP investing
RRSP savings only
Full RRSP investing
FHSA
Not yet
Yes (First Home Savings Account)
🏦 Banking Features
Debit card
Yes — Mastercard
Yes — Visa
Interac e-Transfer
Yes — free, unlimited
Yes
Direct deposit
Yes
Yes
Bill payments
Yes
Limited
International transfers
Yes (via Wise partnership)
Limited
Tax filing (Wealthsimple Tax)
No
Yes — free for simple returns
⚠️ Features and rates as of January 2025. Both platforms update their offerings regularly. Always verify current features directly before making any financial decisions.
Deep Dive — Each Platform in Detail
🏦
EQ Bank
Canada's Challenger Bank — High Rates, No Fees
4.75%HISA Rate
Schedule IBank Type
CDICProtection
$0Monthly Fee
EQ Bank is the digital banking arm of Equitable Bank, one of Canada's Schedule I chartered banks. Founded in 2016, it was built with a single purpose: to offer Canadians significantly better savings rates than the Big Six banks by operating entirely online with no branches and no legacy costs.
It is not trying to be a full-service bank. You won't find investment accounts, stock trading, or mortgage origination through EQ Bank's consumer platform. What you will find is consistently top-tier savings rates, competitive GIC products, a US Dollar savings account, and a functional everyday banking experience with a Mastercard debit card and free Interac e-Transfers.
Critically: EQ Bank is CDIC insured with separate coverage in multiple categories — savings, TFSA, RRSP, and RRIF each get their own $100,000 of protection. A Canadian household using EQ Bank across multiple registered accounts could have well over $400,000 of fully insured deposits.
Personal HISA4.75%No minimum, no fees, free e-Transfers, Mastercard debit included
TFSA Savings3.75%Tax-free interest. CDIC protected separately up to $100K
RRSP Savings3.75%Tax-deferred growth. CDIC protected separately up to $100K
GICs (1yr)4.90%Guaranteed rate, fixed term, CDIC insured, min $100
USD Account3.00% USDHold US dollars, earn interest in USD, no conversion needed
✅ Strengths
Consistently top HISA and GIC rates
Full Schedule I bank — CDIC insured
Multiple CDIC categories — high total coverage
No monthly fees, no minimums
Free unlimited Interac e-Transfers
USD savings account available
International transfers via Wise partnership
❌ Weaknesses
No stock, ETF, or crypto investing
No TFSA/RRSP investment accounts
No FHSA yet
Limited in-branch or phone support
No credit products (mortgage, LOC)
TFSA/RRSP savings only — cannot invest within registered accounts
📈
Wealthsimple
Canada's All-In-One Investment Platform
3M+Customers
$0Trade Commission
CIPFInvesting
CDICCash (via partners)
Wealthsimple has grown from a robo-advisor into Canada's most comprehensive digital financial platform. Today it offers commission-free stock and ETF trading, crypto buying, a managed portfolio robo-advisor service, a competitive cash account, tax filing (Wealthsimple Tax), and all major registered account types — TFSA, RRSP, RRIF, RESP, and FHSA.
The Wealthsimple Cash account is a legitimate competitor to EQ Bank's HISA — paying up to 4.00% for Premium tier customers (those with $100,000+ in assets) and around 3.00% for standard users. Its CDIC protection comes indirectly through partner banks rather than from Wealthsimple itself, which is important to understand.
Where Wealthsimple truly shines is as a TFSA and RRSP investing platform. Commission-free trades in stocks and ETFs within a TFSA or RRSP is genuinely transformative for long-term wealth building — this is something EQ Bank cannot offer at all. For Canadians serious about investing their registered accounts efficiently, Wealthsimple is the clear leader.
Cash Account4.00%Premium tier (4.00%) or Standard (3.00%). CDIC via partner banks.
TFSA Investing$0 tradesCommission-free stocks and ETFs inside your TFSA. Tax-free growth.
4.75% personal HISA vs Wealthsimple's 4.00% (Premium only) or 3.00% (standard). EQ Bank wins on rate at every tier with no conditions.
TFSA & RRSP Investing
Wealthsimple
Commission-free stocks and ETFs inside TFSA and RRSP. EQ Bank only offers savings rates — no investing. Wealthsimple wins by default and decisively.
GICs (Guaranteed Investment Certificates)
EQ Bank
EQ Bank offers GICs from 3 months to 5 years at rates well above the Big Six. Wealthsimple offers no GIC products — EQ Bank wins by default.
Deposit Protection
EQ Bank
EQ Bank is a Schedule I bank with direct CDIC protection across multiple categories. Wealthsimple's Cash CDIC protection is indirect via partner banks — still good, but EQ is more straightforward.
US Dollar Account
EQ Bank
EQ Bank offers a USD savings account earning interest in USD — useful for those who receive USD income or want to avoid constant conversion. Wealthsimple has no equivalent product.
First Home Savings Account
Wealthsimple
Wealthsimple offers FHSA investing — allowing first-time buyers to invest up to $40,000 lifetime with tax-deductible contributions and tax-free withdrawals for a home purchase. EQ Bank doesn't offer FHSA yet.
Tax Filing
Wealthsimple
Wealthsimple Tax is Canada's most popular free tax filing service — handling simple to moderately complex returns for free. EQ Bank offers no tax filing service.
Overall Best Setup
Use Both
EQ Bank for savings, GICs, and HISA. Wealthsimple for TFSA investing, RRSP investing, FHSA, and tax filing. No single platform does everything best — the combination wins.
Who Should Use Which — Personalised Recommendations
💰
Pure Savings — Maximise Interest on Cash
You want the highest possible rate on your savings with full CDIC protection and no conditions. Rate is the priority.
Best Pick
EQ Bank
🌿
TFSA Investor — Long-Term Wealth Building
You want to invest your TFSA room in stocks and ETFs for long-term growth, not just earn savings interest in a cash account.
Best Pick
Wealthsimple
🏠
First-Time Home Buyer — FHSA
You're saving for your first home and want to open an FHSA to get tax-deductible contributions and tax-free withdrawals for a home purchase.
Best Pick
Wealthsimple
🔒
GIC Investor — Lock In a Guaranteed Rate
You have money you won't need for 6–24 months and want to lock in a guaranteed rate higher than a savings account.
Best Pick
EQ Bank
💵
USD Income Recipient — Freelancer or Remote Worker
You receive income in US dollars and want to hold USD savings earning interest without constant CAD/USD conversion.
Best Pick
EQ Bank
🤖
Hands-Off Investor — Want It Done Automatically
You want to invest but don't want to pick stocks. You'd prefer an automated, diversified portfolio with minimal decisions.
Best Pick
Wealthsimple
🍁
Most Canadians — The Optimal Strategy
You want to save efficiently and invest for the long term. You don't want to compromise on either savings rates or investing access.
Best Pick
Both
✅ The Optimal Canadian Setup — Using Both
Step 1 — EQ Bank TFSA savings: Park your cash TFSA room at EQ Bank earning 3.75% tax-free while building up to invest. Step 2 — Wealthsimple TFSA investing: Invest TFSA contributions in low-cost ETFs for long-term growth. Step 3 — EQ Bank HISA: Keep emergency fund and short-term savings at 4.75% with full CDIC protection. Step 4 — EQ Bank GICs: Lock in medium-term savings at up to 4.90% for money you won't need for 6–24 months. Step 5 — Wealthsimple RRSP: Invest RRSP contributions commission-free. This structure maximises every dollar across both platforms.
Frequently Asked Questions
Yes — EQ Bank is the digital banking arm of Equitable Bank, a Schedule I federally regulated chartered bank in Canada. It has been operating since 1970 (as Equitable Trust) and became a Schedule I bank in 2013. EQ Bank itself launched as the digital platform in 2016. Deposits are protected by CDIC (Canada Deposit Insurance Corporation) up to $100,000 per depositor per insured category — including separate coverage for savings accounts, TFSAs, and RRSPs. It is as regulated and protected as any major Canadian bank.
Wealthsimple Premium is automatically available to customers with $100,000 or more in combined Wealthsimple assets. It offers a higher Cash account rate (4.00% vs 3.00% for standard), lower managed portfolio management fees (0.4% vs 0.5%), USD accounts, lower currency conversion fees on US stock purchases, and priority customer service. If you already have $100,000 in investable assets, Premium activates for free — there's no additional cost. For customers below that threshold, the standard tier is still competitive. The main financial benefit of Premium is the higher Cash rate and lower FX fees.
Yes — you can hold TFSAs at multiple institutions simultaneously. Your annual contribution room ($7,000 in 2025) is a total across all your TFSAs combined — not per institution. The CRA tracks your total contributions across all institutions. Having both an EQ Bank TFSA (for cash savings earning 3.75%) and a Wealthsimple TFSA (for investing in stocks and ETFs) is a legitimate and common strategy — just ensure your total contributions across both don't exceed your available room. Over-contributing triggers a 1% per month penalty tax.
Yes — EQ Bank GICs with terms of 5 years or less are CDIC eligible and insured separately from your savings deposits. This means your GIC deposits and your savings deposits each receive their own $100,000 of CDIC coverage within EQ Bank. Additionally, GICs held inside a TFSA or RRSP receive separate CDIC coverage from those held in non-registered accounts. A Canadian household could theoretically have several hundred thousand dollars of CDIC-protected deposits at EQ Bank alone by spreading across account types.
Standard Wealthsimple accounts charge a 1.5% currency conversion fee when buying or selling US-listed stocks in CAD. Premium tier customers pay 1.5% on the first $50,000 annually, then a lower rate. Wealthsimple also offers a USD account for Premium users who want to hold USD and avoid repeated conversion. For investors who frequently trade US stocks, this FX fee can add up. Alternatives include Questrade (which charges lower FX fees and allows CAD-denominated US purchases) or using a "Norbert's Gambit" strategy to convert CAD to USD at a lower cost.
Important: All rates and features quoted are as of January 2025 and change frequently. CDIC and CIPF protection limits and terms are subject to change — verify directly with CDIC (cdic.ca) and CIPF (cipf.ca). WiseInvestorPath does not recommend specific financial institutions or products. This article is for educational purposes only and does not constitute financial advice. Read our full Disclaimer.