EQ Bank vs Wealthsimple Cash

As our top rated online bank in Canada, we frequently mention EQ Bank here at Million Dollar Journey. Meanwhile, Wealthsimple has become a household name thanks to its growing suite of financial products. As a result, comparing EQ Bank and Wealthsimple Cash is a natural way to determine which platform offers the best place for Canadians to grow and manage their cash.

In this review, we’ll compare the Wealthsimple Cash Account with the EQ Bank Personal Account, as well as EQ Bank’s Notice Account.

These accounts are hybrid chequing and savings accounts that offer competitive interest rates, making them particularly attractive during periods of high inflation when Canadians are looking for better returns on their savings. Both EQ Bank and Wealthsimple are modern, digital-first financial institutions known for their user-friendly apps, strong customer service, and broad range of account options.

In this article, we’ll examine how EQ Bank and Wealthsimple compare across key areas, including savings account interest rates, GIC offerings, account fees, available products, and overall value, helping you decide which option best fits your financial goals.

Wealthsimple vs EQ Bank Quick Comparison

Products	Hybrid chequing/ savings accounts Wealthsimple cash card	Hybrid chequing/ savings accounts Reloadable EQ Bank card GICs
ATM/Interac transactions?	Yes, with the Wealthsimple Cash prepaid Mastercard. Use anywhere that accepts Mastercard. Wealthsimple doesn’t charge fees on the card and now reimburses fees made by third parties. No cash back on purchases.	Yes, with the reloadable EQ Bank card. Free withdrawals from any ATM in Canada. No currency conversion fees when abroad. For ATMs that charge withdrawal fees, EQ Bank will reimburse up to 5 charges per month. 0.5% cash back on every purchase.
Account transaction fees	$0	$0
Savings Account Interest Rate	1.25% (up to $99,999.99 in assets) 1.75% ($100,000 to $499,999.99 in assets) 2.25% (over $500,000 in assets)	2.75% with Savings Account when direct deposit of $2,000/month set up / 2.35% with 10-day Notice Account and 2.75% with 30-day Notice Account.
GIC 1-Year Interest Rate	GICs not available with Wealthsimple.	3.25%
Sign Up	Visit Wealthsimple	Visit EQ Bank

EQ Bank vs Wealthsimple Cash Interest Rates

You are likely wondering what interest rate you can get in a High Interest Savings Account (HISA) with each of these banks. They both have competitive options.

Wealthsimple’s high interest savings account is known as the Wealthsimple Cash Account. It is a hybrid account that functions as a savings account but also has the flexibility of a chequing account. The interest rate starts at 1.25%. Premium clients (over $100,000 in assets), and Generation clients (over $500,000) will receive 1.75% and 2.25% interest, respectively. Not long ago, these rates ranged from 4% to 5%.

Meanwhile, at EQ Bank, you have a few options for your high interest savings account and their rates haven’t dropped quite as drastically as Wealthsimple’s since our last update. The first option is the EQ Personal Account. It has a base interest rate of 1.25% 1.0% which can be topped up to 2.75% if you set up direct deposit (minimum $2,000/month) to your account.

Winner: EQ Bank

Best 2026 Canadian Bank Offer:
2.75% Everyday Interest Rate 

Open an account with EQ Bank & get the best interest rates in Canada: 1% + 1.75% interest rate if you direct deposit your pay.

The best daily interest rates in Canada* and great rates for GICs - up to 4.00% guaranteed in your registered account. Get it by clicking the button below:

Visit EQ Bank & Get 2.75% Rates

* Rates are subject to change ** Applies to both New and Existing clients who open a new account. ***EQ Bank Review: more details

EQ Bank’s “Notice Account”

A more recent consideration in the EQ Bank vs Wealthsimple Cash battle, is the EQ Notice Account, introduced in 2024. This was a brand new offering in Canada that we were excited to see, and while we expected other banks to follow suit, EQ Bank remains the only provider of notice accounts for Canadians.

The EQ Notice Account is essentially a hybrid GIC/HISA with a flexible (10-day or 30-day) withdrawal period. You’ll receive a very decent 2.35% interest for a 10-day period or 2.75% interest for a 30-day period, all with no fees, no minimum balance requirement, and no tedious setting up of deposits. It is not a teaser rate either, so you won’t have to be continuously opening new accounts and moving your money around in search of the best current interest rate.

The account is CDIC-insured so you can rest easy knowing your money is safe. This is a perfect account to save up for a new car or a vacation.

GIC Rates for EQ Bank and Wealthsimple

It wasn’t hard to select a winner in the battle for GIC rates, as Wealthsimple does not currently offer GICs. On the other hand, EQ Bank offers some of the best GIC rates in Canada. 

The table below shows the various term lengths and interest rates for GICs when held in registered vs non-registered accounts.

Winner: EQ Bank (by a massive margin)

Wealthsimple vs EQ Account Options

Both EQ Bank and Wealthsimple have many different account options and are continuously offering new accounts and products for different purposes. 

In order to understand the difference in account options between the two, you have to understand the different backgrounds of the companies. EQ has been built to make day-to-day banking as simple as possible, eliminating the need for in-person transactions, and rewarding customers with elite interest rates.

Wealthsimple started life as a robo advisor, has added a mediocre discount brokerage option, and makes most of its money from commissions on cryptocurrency trades and payment-for-order flow transactions. It has recently added Wealthsimple Cash as a new way to bring in customers for its other platforms. Consequently, Wealthsimple does have certain accounts through its other platforms that are not available within Wealthsimple Cash.

We rate Wealthsimple Invest as one of the best robo advisors in Canada, while Wealthsimple Trade Self-Directed Investing (formerly known as Wealthsimple Trade) is at the bottom of our list of best Canadian online brokerages.

Through its robo advisor platform, Wealthsimple offers LIRAs, LIFs, RRIFs, and RESPs – accounts that EQ Bank does not currently offer.

Both Wealthsimple and EQ Bank provide choices for RRSP, TFSA, and FHSA accounts.

Wealthsimple does not have the option to hold cash within a registered account. Instead, there are options for managed and self-directed investing within these accounts

Meanwhile, with EQ Bank you can receive an easy and guaranteed interest rate of 3% 1.50% for the Retirement Savings Account, Tax Free Savings Account, and/or the First Home Savings Account. You can also opt to purchase a GIC within one of these accounts and profit from higher interest rates (up to 4.00% depending on the term length). There have also been statements by top EQ executives that they are looking at expanding the EQ Notice Account availability to include TFSA, RRSP, and FHSA accounts.

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

Winner: Slight edge to Wealthsimple if you want to use multiple platforms and open multiple account types. Slight edge to EQ if you are looking at a straight Wealthsimple Cash vs EQ Savings comparison.

Fees and Account Charges

Being online banks without brick-and-mortar locations, both have cut their overhead costs to pass savings on to clients. Beyond offering high interest rates, they can also afford to keep fees low, or even free as we like to see for most items in the following table! 

Winner: Wealthsimple Cash

EQ Bank vs. Wealthsimple Cash: Credit Cards and Cheques

Being the forward-thinking online banks that Wealthsimple and EQ are, they each offer unique cards paired with their hybrid savings/chequing accounts. Both cards can be added to your phone’s digital wallet for ease of use.

EQ Bank’s card is aptly named the EQ Bank Card, and can be used anywhere Mastercard is accepted. To use this card, you simply transfer money from your EQ Bank Account to your card. EQ Bank does not charge fees for ATM withdrawals in Canada, but for any fees or surcharges charged by third-party Canadian ATM providers, they will reimburse up to $5 per withdrawal, up to 5 times per month. With it you receive 0.5% cash back on each purchase, 2.75% interest on your balance (assuming you auto deposit your paycheque with EQ), and perks such as no foreign exchange fees. These benefits are close to what you’d receive with one of Canada’s best credit cards.

Wealthsimple’s Cash Card is also a prepaid Mastercard. It allows you to spend funds directly from your Cash account and can also be used anywhere that accepts Mastercard. It no longer offers cash back on purchases but you can earn 1.25% to 2.25% interest on your balance. Back in 2025, when Wealthsimple withdrew the cash back offer on this card, they began to reimburse all ATM fees by third-party providers with no limits. So, while you’re no longer earning cash back, at least your ATM withdrawals are free of charge.

EQ Bank does not currently offer cheques to clients. Depending on your needs, this may or not be a deal breaker. Wealthsimple Cash offers free cheques, but with a caveat. You need to set up direct deposit and wait for the direct deposit to land in your account before you can receive a cheque book for free. Otherwise, a cheque book is going to cost you $50 plus tax. They have also added bank drafts to their handful of offerings. These will cost $10-$30 depending on the method of shipping and location.

Winner: Tie

Editor’s Note: If you’re looking for the best chequing account with all the features, Scotiabank is currently the top choice by a significant margin. As long as their $350 signup promotion for the Ultimate Package and Preferred Package is available, they stand out as the best option.

For a comprehensive analysis of why this promotion offers more value than any other Canadian bank, read our Scotiabank Review.

Wealthsimple vs. EQ Bank Ease of Use

Both banks have easy-to-use websites and intuitive mobile apps. In fact, I’d argue that both EQ and Wealthsimple are miles ahead of the big banks in Canada when it comes to building excellent websites!

When it comes to customer service, EQ Bank gets higher reviews. You’re also more likely to connect with them when trying to reach someone for service on the phone. EQ Bank’s customer service lines are open 7 days a week from 8am to midnight EST while Wealthsimple is more limited at Monday-Friday 9am-6pm EST, excluding holidays. Wealthsimple however, does offer an online chat, available 24/7.

As for ATMs, you have free withdrawals at any ATM in Canada using both your pre-loaded EQ Bank Card, and your Wealthsimple Cash Mastercard. If there are third party charges within Canada, EQ Bank will reimburse up to 5 per month, whereas Wealthsimple has unlimited reimbursements.

Both allow your card to be added to your mobile wallet.

Winner: Tie

Mobile App Comparison

Functional and easy-to-use mobile apps are something we expect from online banks and are a feature that both EQ Bank and Wealthsimple provide. Both utilize biometric login which is very popular with users.

The Wealthsimple app has been designed to give you a full picture of all your holdings under the Wealthsimple umbrella. If you have investment accounts you’ll see them there, and you can move money between accounts, and make trading decisions in-app.

User reviews of the Wealthsimple app are impressively high at 4.6 stars on the Apple Store and 4.1 stars on the Google Play Store. 

With the EQ Bank app clients can complete all transactions within one app: transfer funds, pay bills, and purchase GICs.

The EQ Bank app is highly rated on the Apple Store at 4.8 stars and 4.1 stars on the Google Play Store. The recent low reviews on Android are for troubling logging in/staying logged in, and for issues with paying bills. EQ Bank has responded to all reviews, so we hope they are also spending time trying to improve the app for Android users.

Winner: EQ Bank

Current Promotions and Referral Programs

Wealthsimple Cash:

• Promotions: no current promotion available.
• Referrals: both you and a friend will each receive a $25 cash reward (“base bonus”) when they accept your invite to sign up and fund an account with Wealthsimple. There is an “additional bonus” of up to $1975 available to you, depending on your friend’s net funding amount.
• Your friend has to deposit between $50,000 to $99,999.99 in order for you to get the minimum additional bonus of $75. And, they would have to deposit over $1,000,000 for you to receive $1,975.

EQ Bank

• Promotions: 2.75% interest rate for the Personal Account when you add direct deposit.
• Referrals: Earn up to $500. You’ll earn $20 per new client, up to a maximum of $500. Additionally, the new client will receive $20.

Winner: EQ Bank

Best 2026 Canadian Bank Offer:
2.75% Everyday Interest Rate 

Open an account with EQ Bank & get the best interest rates in Canada: 1% + 1.75% interest rate if you direct deposit your pay.

The best daily interest rates in Canada* and great rates for GICs - up to 4.00% guaranteed in your registered account. Get it by clicking the button below:

Visit EQ Bank & Get 2.75% Rates

* Rates are subject to change ** Applies to both New and Existing clients who open a new account. ***EQ Bank Review: more details

Editor’s Note: Keep in mind that these promotions come with specific terms and required actions to claim the bonuses or activate the rates. For other offers, explore our list of Canada’s Best Bank Account Promotions.

EQ Bank or Wealthsimple Cash: Which is Better?

So, which comes out on top: EQ Bank or Wealthsimple Cash?

Based on our analysis, EQ Bank earns the overall win, outperforming Wealthsimple Cash in most categories. Its high-interest Notice Account with a 2.75% savings rate, and consistently industry-leading GIC rates, give it a clear advantage for Canadians looking to maximize their savings.

That said, Wealthsimple Cash may still be the better choice for some users. If you already use Wealthsimple’s robo-advisor or self-directed investing platform, the convenience of keeping your banking and investments in one ecosystem could potentially outweigh the benefits of switching to EQ Bank.

Wealthsimple Cash also offers a few features that EQ Bank doesn’t, including bank drafts and the ability to write personal cheques. However, when evaluating these accounts primarily as hybrid chequing and savings solutions, EQ Bank delivers stronger value for most Canadians.After weighing the pros and cons, we recommend EQ Bank as the better all-around option for anyone seeking a flexible, high-interest chequing and savings account. For a deeper dive into its features, rates, and overall performance, check out our full EQ Bank Review.

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