EQ Bank vs Simplii Financial

EQ Bank is one of our most frequently recommended banks; we’ve even granted it first place in our list of top-rated Canadian online banks. Simplii Financial, an online-only branch of CIBC, is another low-fee contender for Canadians looking for a place to stow and grow their money. 

Both banks offer a multitude of account options: chequing and savings accounts, RRSPs, TFSAs, GICs, and more. Best of all, both banks offer these account options with very low fees. And when it comes to high interest rates – you’ve got options from each bank. The new Notice Account from EQ Bank, as well as Simplii Financial’s lucrative sign-up bonuses and teaser rates, will have your money making money at an interest rate of 4% or more.

In this article, you’ll discover how EQ Bank and Simplii Financial compare in terms of high-interest savings account rates, GICs, account fees, product offerings, mobile and web app functionality, and more.

Simplii vs EQ Quick Comparison

Products	Chequing and svaings accounts Joint accounts Simplii Debit Mastercard Simplii Cash Back Visa card Mortgages GICs TFSA + RRSP+ RESP Global money transfers Foreign currency exchange HELOC	Hybrid chequing/ wavings accounts Reloadable EQ Bank card U.S. Dollar savings Joint accounts GICs Cash Back card Notice Account Mortgage Marketplace RRSP + TFSA+ FHSA Global money transfers Elite currency exchange HELOC and Reverse Mortgage
ATM/Interac transactions?	Yes, with the Simplii Debit Mastercard. Free withdrawals from CIBC ATMs (over 3,400 across Canada). $1.50 per withdrawal from non-CIBC ATMs (within Canada), $3.00 (foreign). 2.5% fee on top of conversion rate for foreign currency conversions.	Yes, with the reloadable EQ Bank card. Free withdrawals from any ATM in Canada. No currency conversion fees when abroad. 0.5% cash back on every purchase.
Account transaction fees	$0	$0
Savings Account Interest Rate	0.40% for account balances up to $100,000.00 5.90% teaser rate for new clients for the first 5 months .	3.75% or 3.65% with the EQ Notice Account.
GIC 1-Year Interest Rate	3.75%.	4.00%
Sign Up	Visit Simplii	Visit EQ Bank

EQ Bank vs Simplii: Interest Rates

Many Canadians turn to online banks for the best rates for High Interest Savings Accounts (HISAs). Since online banks have lower overhead costs they can pass on some of those savings to clients via increased interest rates.

EQ Bank offers a few options for high interest savings accounts, the first of which is the EQ Personal Account. It will pay 4% if you set up direct deposit to your account. Otherwise, the rate is a steady 2.5%.

However, the best high interest rate offer from EQ Bank is via the new Notice Account. With the Notice Account, you receive an everyday 5% interest rate with no fees or minimum balance. This is much better than continuously chasing promotional rates and moving your money around.

Simplii’s interest rates for their high interest savings accounts are not very impressive unless you have over a million dollars to deposit. The higher your account balance, the higher your annual interest rate:

• 0.40% for account balances up to $100,000.00
• 0.65% for account balances of $100,00.01 to $500,000.00
• 1.25% for account balances of $500,000.01 to $1,000,000.00
• 5.25% for account balances over $1,000,000.01 

Simplii currently has a promotion for new clients: an interest rate of 5.90% on eligible deposits but this teaser rate will only last for 5 months. 

Winner: EQ Bank (unless you have over a million dollars in your savings account).

GIC Rates for EQ Bank and Simplii

EQ Bank offers some of the best GIC rates in Canada and there is no exception when compared to Simplii’s GIC rates. In addition to having higher interest rates, EQ Bank has considerably more options for term length, including short-term GICs (less than one year).

The table below outlines the different term lengths and their corresponding interest rates for GICs in registered and non-registered accounts.

Cleaer Winner: EQ Bank

Fees for EQ Bank and Simplii

As online banks without brick-and-mortar locations, EQ Bank and Simplii Financial have reduced their overhead costs to pass savings on to their clients. In addition to offering high interest rates, they can keep fees low – or even eliminate them, as shown by EQ Bank for many items in the following table.

Winner: EQ Bank

Simplii vs EQ Bank: Account Options

Simplii Financial and EQ Bank offer many different types of accounts and are continuously competing alongside other online banks to bring innovative options to the Canadian banking scene. 

Understanding the background story of each bank makes it apparent why they have the differences they do. 

For 2 decades, Simplii Financial was known as PC Financial. When the partnership between Loblaws and CIBC disintegrated in 2017, PC Financial was rebranded as Simplii Financial and carried on as an online-only branch of CIBC. This has made Simplii Financial a simple and logical choice for CIBC customers looking to save money but wanting to stay with their parent bank. It also means that Simplii has some offerings that we would associate with a big bank such as mortgages, lines of credit, and bank drafts – the latter being something that can be tricky to obtain as a customer of an online bank.

In 2016, EQ Bank was created with the focus of simplifying day-to-day banking by eliminating the need for in-person transactions. This also led them to create enticing offers of exceptional interest rates for customers and to develop top-tier customer service and easy-to-use online platforms. One of EQ Bank’s new and notable offerings is the EQ Notice Account providing 5% interest, as outlined in the following section.

EQ Bank has a hybrid savings and chequing account called the EQ Personal Account, that comes with the versatile EQ Bank Card. Simplii Financial has separate accounts: the No Fee Chequing Account, and the High Interest Savings Account. The chequing account is linked to a debit Mastercard.

While both EQ Bank and Simplii Financial offer RRSP and TFSA accounts, you can only open a FHSA account with EQ Bank. Simplii on the other hand, has mutual fund accounts where you can open a RESP account – an account type that EQ Bank doesn’t currently offer. 

With EQ Bank, you can earn a guaranteed interest rate of 3% on a Tax-Free Savings Account, Retirement Savings Account, or First Home Savings Account. You can earn even higher interest rates of up to 5.05% within any of these accounts by purchasing a GIC. 

Simplii’s interest rates for TFSA, RRSP, and RESP accounts are much lower at 0.40%. You can purchase mutual funds through Simplii Invest for an expected higher return, but you’ll be paying fees.

For a complete list of account offerings check out the quick comparison table at the top, or our Simplii Financial Review and EQ Bank Review.

Winner: EQ Bank

Editor’s Note: If you’re specifically seeking the best all-inclusive chequing account, Scotiabank is currently the best choice. Provided their $350 signup promotion for the Ultimate Package and Preferred Package remains available, they are the top option.

For a thorough look at why this promotion offers more value than any other Canadian bank, read our Scotiabank Review.

EQ Bank’s New “Notice Account”

EQ Bank recently introduced the EQ Notice Account, which I’m thrilled to see. It is an account type that has been available in the UK for decades. EQ Bank has been the first to offer it to Canadians.

The EQ Notice Account combines features of a GIC and a HISA, offering a flexible withdrawal period of either 10 days or 30 days. You’ll earn an impressive 5% interest with no fees, no minimum balance requirement, and no need to set up deposits. This is not a teaser rate, so you won’t need to constantly open new accounts or move your money around to chase the best interest rate.

In addition to low hassle, it’s also low stress. This account is CDIC-insured, ensuring your money is safe. If you’re saving for an upcoming purchase such as a trip or a vehicle, this account is an ideal option. 

This account is not yet available for your FHSA, RRSP, or TFSA, but top EQ Bank executives have mentioned the possibility of expansion to those types of accounts.

EQ Bank vs. Simplii Financial Credit Cards and Cheques

Both Simplii and EQ offer unique, no-fee cards linked to their savings/chequing accounts. They didn’t always have them available, so it’s proof that these banks are listening to customers. These cards can easily be added to your phone’s digital wallet for convenient use.

The EQ Bank Card isn’t technically a credit card, but it has many of the same features, as well as features of a debit card. It can be used anywhere Mastercard is accepted. The card offers 0.5% cash back on every purchase, 4% interest on your balance (if you set up automatic paycheque deposits), and perks such as no foreign exchange fees. These benefits rival those of Canada’s best credit cards. The EQ Bank card is also how you can withdraw cash – simply transfer money to it from your EQ Bank Account, and then use any ATM in Canada free of charge.

Simplii Financial also offers a cash back credit card, the Simplii Financial Cash Back Visa Card. The card can be used anywhere Visa is accepted – in person or online. New clients can enjoy 10% cash back on eligible restaurants, food delivery, and bar purchases for the first 4 months on up to $500 spent. Regular cash back rates for cardholders are 4% on restaurants, bars, and coffee shops, 1.5% on gas, groceries, drugstores, and pre-authorized payments, and 0.5% on all other credit card purchases.

As for cheques, EQ Bank does not offer cheques. Simplii clients can order cheques by giving them a call. Some people still use cheques, while others haven’t picked up their chequebook in years. So, depending on your need for cheques, or lack of, you may prefer one bank over the other

Winner: Tie (depends on where you spend your money, and whether or not you need cheques).

Simplii vs. EQ Ease of Use

As with many online banks, customer service reviews fluctuate as new issues arise and banks scramble to address them. In addition, online banks are also looking for the most effective ways to connect with and assist clients.

EQ Bank gets stellar reviews when it comes to customer service. They are responsive to emails and are easily available over the phone with customer service hours of 8am to midnight EST 7 days a week.

Simplii Financial has a 24 hour phone line but their online live agent support is only available Monday to Friday 7am-10pm EST and Saturday, Sunday and holidays 9am to 5pm EST. 

If you are someone who finds chatbots helpful, both bank’s websites have them available. I have found EQ’s chatbot to be the more useful of the two when seeking information.

With your pre-loaded EQ Bank Card, withdrawals are free at any ATM in Canada. If you’re banking with Simplii you’ll need to find a CIBC ATM to make a free withdrawal, but fortunately for you, there are over 3,400 across the country. 

Both cards can be added to your mobile wallet.

EQ Bank doesn’t charge a NSF fee (Non-Sufficient Funds Fee) if your account balance wasn’t high enough to make a transfer. If this happens to you with Simplii you’ll owe them $45, plus the 19% on the overdraft balance.

Winner: EQ Bank

Mobile App Comparison

In the era of online banking, we expect functional and user-friendly mobile banking apps. EQ Bank and Simplii Financial provide apps that effectively allow for banking anywhere, anytime.

A popular login and security feature offered by both is biometric login.

The EQ Bank app allows clients to handle all their transactions in one place: transferring funds, depositing cheques, paying bills, purchasing GICs, and sending funds.

The EQ Bank app is highly rated with 4.8 stars on the Apple Store (34K reviews), and 4.2 stars on the Google Play Store (7K reviews). Reported issues on the Google Play Store are log-in difficulties and bill payment issues. EQ Bank has been proactive about publicly responding to the negative reviews and is hopefully working behind the scenes to improve the Android app. 

The Simplii Financial app allows users to pay bills, transfer funds, send, request, and receive money for free in Canada using Interac e-Transfers. You can also use it to order foreign cash and send money internationally.

Simplii also has great app ratings with 4.5 stars on Google Play Store (16K reviews) and 4.2 stars on the Apple App Store (11K reviews). Recent complaints about the app are primarily related to the user interface, distaste with the new colour theme, and trouble with bill statements or payments.

Winner: EQ Bank

Promotions and Referral Programs

Simplii Financial

• Promotions:
  • Earn $400 when you open a No Fee Chequing Account by October 31, 2024 and add a direct deposit of at least $100 per month for 3 consecutive months.
  • Obtain a 5.90% interest rate for 5 months when you open a High Interest Savings Account before July 31, 2024.
  • Get up to 10% cash back for the first 4 months when you open a Cash Back Visa Card (cash back is on eligible restaurants, food delivery, and bar purchases, up to a maximum of $500 spent).
  • Receive a $250 PRESTO Voucher (redeemable with participating transit agencies) when you sign up for the Cash Back Visa Card and add 2 pre-authorized payments of at least $50 for 3 straight months.
• Referrals:
  • Earn $125 when your friend opens a High Interest Savings Account, No Fee Chequing Account, Cash Back Visa Card, or Personal Line of Credit (and then deposits, spends, or draws down a minimum of $100). Your friend will earn $50.
  • Earn $50 for each of you and a friend when your friend sends money abroad with Global Money Transfer.

EQ Bank

• Promotions:
  • set up direct deposit to your EQ Bank Personal Account and receive 4% interest for a year.
• Referrals:
  • earn $20 for each of your first three referrals, $30 for the following four, and $40 for each additional referral, to a maximum of $500. The newly referred client will receive $20.

Editor’s Note: Always check the specific terms and required actions of promotions to claim the bonuses or activate the rates. Explore our list of Canada’s Best Bank Account Promotions for more promotional offers from other financial institutions.

Winner: Simplii Financial

FAQ

So Which One is Better – EQ Bank or Simplii?

So who is our top choice between EQ Bank or Simplii Financial?

After our evaluation comparing types of accounts, fees, customer service, mobile apps, promotions/referrals, and more, EQ Bank emerged as the leader across most categories. In addition, when seeking high interest rates, their new Notice Account offering a 5% interest rate and their industry-leading GIC rates outperform Simplii.

However, if you are already a customer of CIBC or looking for some lucrative sign-up bonuses, Simplii may be a good option for you. Additionally, if you need cheques or want to open a RESP, Simplii can offer these, whereas EQ cannot.With all things considered, we recommend EQ Bank over Simplii Financial for anyone looking for a comprehensive online bank with large offerings and low fees. Read our full 2024 EQ Bank Review for more details on why EQ takes the top spot.