Wealthsimple vs EQ Bank

1. Wealthsimple vs EQ Bank: Quick Verdict

For a salaried saver who banks by app. EQ Bank wins if you can direct deposit your pay. Its 2.75% beats every Wealthsimple chequing rate, and it charges no monthly fee for it. That is the main reason it ranks first in our chequing ranking at 4.6 / 5.

For everyone else. Wealthsimple wins if you cannot move your pay, if you travel, or if you need cheques. Its Core chequing rate of 1.25% beats EQ’s 1.00% base, its 2.5% savings account has no notice period, its prepaid card charges no foreign transaction fee, and it reimburses ATM operator fees worldwide, while EQ’s confirmed reimbursement covers ATMs in Canada.

How the scores split. Both score 5.0 on fees, transactions and ATM access. EQ scores 3.81 on interest against Wealthsimple’s 3.25, because our rubric counts a direct-deposit bonus at half its value: EQ is scored at 1.875% (1.00% + 1.75% ÷ 2) and Wealthsimple Core at 1.50% (1.25% + 0.50% ÷ 2). EQ scores 4.0 on protection and features as a CDIC member without cheques; Wealthsimple scores 3.5 because its cash is held in trust at CDIC members, with a chequebook available.

Where to read more. The full rubric is on our rating methodology page. Our EQ Bank review and Wealthsimple Chequing review cover each account in depth. No provider pays for its score; see how WealthScale makes money. Our editorial standards explain how we treat figures that conflict, such as Wealthsimple’s US dollar rates.

2. Wealthsimple Chequing vs EQ Bank: Rates and Rules

Wealthsimple’s rate depends on your tier. Wealthsimple Chequing pays 1.25% for Core clients, 1.75% for Premium clients and 2.25% for Generation clients. Premium starts at $100,000 in assets with Wealthsimple and Generation at $500,000. Status is measured as the higher of your net deposits or your total portfolio value, and household members who share an address can combine assets toward a tier.

Wealthsimple’s direct-deposit boost. Core and Premium clients get an extra 0.50% with $2,000 or more of direct deposits within a 30-day period: Core rises to 1.75% and Premium to 2.25%. Generation clients already earn 2.25% and are not eligible for the boost. Interest is calculated daily and paid monthly.

EQ’s rate depends only on your pay. EQ Bank pays 1.00% on the whole Personal Account balance, or 2.75% (1.00% plus a 1.75% bonus) when you direct deposit your pay. There are no tiers. The minimum pay amount for the bonus was not part of the figures we checked, so please confirm it with EQ.

Everyday features. Both offer Interac e-Transfers at no charge; Wealthsimple states a daily limit of up to $50,000 for eligible clients. Wealthsimple adds bill pay, cash deposits at more than 5,300 Canada Post locations, paycheques up to a day early with direct deposit, and up to 8 individual and 8 joint chequing accounts. EQ offers unlimited transactions at no charge and mobile cheque deposit. Our best chequing accounts ranking sets both against 18 other accounts.

3. Savings Accounts and Rates

Wealthsimple Savings. Wealthsimple Savings pays 2.5% to all clients, with no tiers and no promotional period (data as of August 19, 2026). There are no fees, no minimum, and no withdrawal limits or notice. It is an individual non-registered account only for now. It has no account or transit number, so your pay cannot be direct deposited into it; money moves in from your Wealthsimple Chequing account or another bank.

EQ’s savings options. EQ has no separate instant-access savings account in the figures we checked; the Personal Account itself is the savings account, at 1.00% or 2.75% with a pay deposit. For higher rates without a pay deposit, EQ offers 30 Day Notice Savings at 2.75% and 10 Day Notice Savings at 2.35% (effective May 15, 2026). With a notice account you give notice before withdrawing and receive the money when the period ends.

Reading the table. Interest assumes rates stay the same for 12 months and ignores compounding. With a pay deposit, EQ’s Personal Account pays the most with instant access. Without one, Wealthsimple Savings pays $300.00 more than EQ’s Personal Account on $20,000 ($500.00 against $200.00), and EQ’s 30 Day Notice Savings pays $50.00 more than Wealthsimple Savings in exchange for the 30-day wait.

Promotions. Neither account depends on a short promotional rate. EQ lists no promotion on its savings, and Wealthsimple describes its 2.5% as non-promotional. That makes both easier to compare over a full year than accounts with 90-day or 5-month specials.

Use the savings interest calculator to compare both providers’ rates with every other savings account we track.

Our high-interest savings accounts comparison lists every rate, including Saven Financial at 2.85% and Oaken Financial at 2.80%.

4. Fees Compared

Monthly fees. Both everyday accounts charge $0 a month with no minimum balance, which is why both score 5.0 on fees in our ranking. Neither ties the $0 fee to a balance, unlike big-bank unlimited accounts, which charge $15.95 to $17.95 a month and mostly waive it only above a $4,000 or $4,500 balance.

Everyday transactions. EQ lists unlimited transactions and Interac e-Transfers at no charge. Wealthsimple lists $0 e-Transfers, $0 minimum balance and no Wealthsimple ATM fee, and does not state a transaction count or limit.

Where Wealthsimple can charge. An outgoing domestic wire costs $15, waived for Generation clients; incoming wires are free. Overdraft has no fee, but interest is charged from 3.95%. Incoming foreign-currency wires are converted with a standard FX fee that Wealthsimple does not state as a figure.

Where EQ can charge. International transfers from the US Dollar Account go through Wise, which charges its own fee. Conversions between Canadian and US dollars use EQ’s exchange rate on the transfer date. EQ’s charges for items such as returned payments were not part of the figures we checked.

The credit card fee. Wealthsimple’s credit cards cost $20 a month ($240 a year) unless you hold $100,000 or more in individual assets or direct deposit $4,000 or more a month; Premium and Generation clients pay $0. The cards pay 2% cash back on net purchases, so a Core client paying the fee needs $12,000 a year of spending just to cover it ($240 ÷ 2%). We do not cover an EQ credit card in this comparison.

5. Cards, ATMs and Cheques

Wealthsimple’s prepaid card. Each Wealthsimple Chequing account comes with a Visa Platinum Prepaid card, digital and physical, with no fee and a 0% foreign transaction fee. One gap to know: Wealthsimple says the card does not work in Costco Canada warehouses, which take Mastercard only. Wealthsimple reimburses eligible ATM operator fees worldwide, with no cap stated.

EQ’s card. The EQ Bank Card connects to the Personal Account and gives you cash at any ATM in Canada, with EQ reimbursing the ATM fees. We have not confirmed EQ card features beyond ATM access, such as foreign transaction fees, so we do not compare spending or travel use here.

Wealthsimple’s credit cards. Wealthsimple matches eligible clients to a Visa Infinite+ or a Visa Infinite Privilege card, in limited quantities. Both pay 2% cash back on net purchases with no categories and charge no foreign transaction fee. The purchase interest rate is 20.99%. The Visa Infinite+ requires $80,000 of personal income or $150,000 of household income, plus an active Wealthsimple chequing account; the balance can be paid only from Wealthsimple chequing. Our Wealthsimple credit card review covers the insurance and perks.

Cheques. Both accept mobile cheque deposits. Wealthsimple says deposited cheques take about 6 business days to process, and it provides a chequebook at no charge if your paycheque is direct deposited. EQ’s Personal Account does not offer cheques to write. If you still pay rent or a daycare by cheque, that difference may decide it.

6. US Dollar Accounts and Currency

EQ’s US Dollar Account. EQ pays 2.50% on US dollar balances (effective May 15, 2026), with no everyday banking fees. On US$10,000 for a year, that is US$250.00. Conversions use EQ’s exchange rate on the transfer date, and international transfers go through Wise, which charges its own fee. It is the highest US dollar savings rate in our register.

Wealthsimple’s US dollar savings. Wealthsimple offers up to eight US dollar savings accounts with no monthly fee and no minimum. Direct deposit into US dollars is not yet available. Two Wealthsimple pages showed different US dollar savings rates on October 22, 2026, so we do not print a rate until it is confirmed. No Wealthsimple page we checked states whether CIPF or CDIC covers US dollar savings.

Currency conversion. Wealthsimple’s prepaid card charges 0% on foreign purchases, which suits travellers spending in other currencies without holding them. For investing, Wealthsimple charges 1.5% to convert currency when you trade US securities from a Canadian-dollar account, and a tiered fee from 1.5% down to 0% on conversions in its US dollar investing account, depending on transaction size. EQ does not publish its conversion spread as a percentage, so compare EQ’s quoted rate with the market rate on the same day.

Deposit insurance on US dollars. CDIC rules cover eligible foreign-currency deposits at member institutions, and Equitable Bank is a member. EQ does not state the coverage of its US Dollar Account in the figures we checked, so please confirm it with EQ before holding a large balance. Interest on US dollar balances is taxable in Canada and is reported in Canadian dollars.

Which to use. For holding US dollars you already have, EQ’s confirmed 2.50% is the clear choice today. For spending abroad, Wealthsimple’s 0% foreign transaction fee card is the confirmed option. See our USD savings accounts comparison and Wealthsimple USD accounts review.

7. GICs and Registered Savings

EQ Bank GICs. EQ sells GICs from a $100 minimum, lower than most lenders in our register. Its rate tables list short terms of 3, 6, 9, 15 and 27 months as well as 1-year to 5-year terms, and the same terms inside an EQ TFSA, RRSP and FHSA. EQ’s GICs are eligible for CDIC protection. Three EQ pages showed three different sets of GIC rates on October 22, 2026, so we are confirming the rates and do not print them here.

A yardstick for EQ’s rates. When EQ’s rates are confirmed, compare them with the best rates in our register on October 22, 2026: 3.85% for 1 year (Hubert Financial and Outlook Financial) and 4.50% for 5 years (Oaken Financial and Saven Financial). Our best GIC rates in Canada page lists every term, and our GIC vs HISA guide shows when locking in pays.

EQ registered savings. Cash inside an EQ TFSA, RRSP or FHSA earns 1.50% (effective May 15, 2026). On a full $7,000 TFSA contribution for 2026, that is $105.00 a year, tax-free.

Wealthsimple registered accounts. Wealthsimple’s TFSA and FHSA pages list a savings version of each account, but its registered savings rate on those pages conflicts with its savings page, so we do not print it. The same TFSA and FHSA can also hold investments through self-directed trading, managed portfolios or Automated Investing. Wealthsimple covers transfer-out fees charged by your old institution on transfers of $25,000 or more, up to $150 per account. Our Wealthsimple TFSA review and Wealthsimple FHSA review cover those options.

2026 limits apply at both. Contribution room belongs to you, not the institution. The 2026 TFSA limit is $7,000, the FHSA allows $8,000 a year to a $40,000 lifetime limit, and the 2026 RRSP dollar limit is $33,810. Move registered money between the two by direct transfer so it does not count as a new contribution. Our TFSA guide explains the rules.

8. Deposit Protection: CDIC vs CIPF

EQ Bank: a CDIC member. EQ Bank is a trade name of Equitable Bank, a member of the Canada Deposit Insurance Corporation. CDIC insures eligible deposits up to $100,000 per insured category at each member, including interest. Deposits in your own name, joint deposits, TFSAs, RRSPs, RRIFs, RESPs, RDSPs and FHSAs are separate categories, so one person can have several $100,000 limits at EQ.

Wealthsimple Chequing: CDIC through partner banks. Wealthsimple is not a CDIC member. Chequing cash is held in trust at CDIC member institutions, for up to $1,000,000 of combined cover, at $100,000 per beneficiary per member institution. The cover is automatic and costs nothing extra. Wealthsimple does not disclose which partner banks it uses, for contractual reasons.

Wealthsimple Savings: CIPF, not CDIC. The Savings account is covered by the Canadian Investor Protection Fund up to $1,000,000, not by CDIC. CIPF protects accounts at member dealers such as Wealthsimple Investments Inc., a CIRO dealer member. It protects property held by a member firm if the firm fails; it does not cover market losses, and it covers cash in the general category with margin, TFSA and FHSA accounts up to $1,000,000 combined. Wealthsimple says its registered savings accounts are covered by CDIC up to $100,000 per beneficiary per category, not by CIPF.

What it means for a large balance. This example is hypothetical: someone holding $250,000 of cash in their own name has $100,000 insured at EQ Bank and $150,000 uninsured, unless they split it across categories or institutions. The same $250,000 in Wealthsimple Chequing falls within the $1,000,000 combined CDIC cover. For balances under $100,000 per category, both are fully covered.

Other safeguards. Wealthsimple Payments Inc., which runs chequing and issues the cards, is registered with FINTRAC as a money services business and with the Bank of Canada as a payment service provider. Wealthsimple reimburses passkey users for direct losses from unauthorized account activity. Our guide on whether Wealthsimple is safe covers each entity.

9. Interest for Four Saver Profiles

How we calculated this. These profiles are hypothetical. Each assumes the October 22, 2026 rates stay the same for 12 months and ignores compounding, so interest is balance x rate. Each person picks the best option at each provider for their situation.

Profile A. ($5,000 x 1.75% = $87.50) against ($5,000 x 2.75% = $137.50). EQ pays $50.00 more for the same balance and the same pay deposit.

Profile B. ($20,000 x 2.5% = $500.00) against ($20,000 x 1.00% = $200.00). Without a pay deposit and with a need for instant access, Wealthsimple Savings pays $300.00 more. If the saver can wait 30 days for withdrawals, EQ’s 30 Day Notice Savings pays ($20,000 x 2.75% = $550.00), or $50.00 more than Wealthsimple.

Profile C. ($10,000 x 2.25% = $225.00) against ($10,000 x 2.75% = $275.00). Even at the Premium tier with the direct-deposit boost, EQ pays $50.00 more.

Profile D. ($50,000 x 2.5% = $1,250.00) in Wealthsimple Savings, which beats Generation’s 2.25% chequing rate ($50,000 x 2.25% = $1,125.00), against ($50,000 x 2.75% = $1,375.00) at EQ. EQ pays $125.00 more. The $50,000 is within CDIC’s $100,000 limit at EQ, and within CIPF’s limit at Wealthsimple.

The fees can flip it. This example is hypothetical: a Core client earning more than $4,000 a month who wants Wealthsimple’s credit card. Moving the pay to EQ raises chequing interest on $10,000 from $175.00 ($10,000 x 1.75%) to $275.00 ($10,000 x 2.75%), a gain of $100.00. But without $4,000 of monthly direct deposits at Wealthsimple, the card costs $240 a year. Net, keeping the pay at Wealthsimple comes out ($240.00 – $100.00 = $140.00) ahead.

10. Who Should Choose Wealthsimple

People who cannot move their pay. Self-employed workers, contractors and anyone whose pay must land elsewhere earn more at Wealthsimple: 1.25% on Core chequing against EQ’s 1.00%, and 2.5% in Savings with no notice.

Premium and Generation clients. If you already hold $100,000 or more at Wealthsimple, chequing pays 1.75% before any pay deposit, or 2.25% at Generation, the credit card fee is $0, and tier perks such as priority phone support apply.

Travellers. The prepaid card charges 0% on foreign purchases, and ATM operator fees are reimbursed worldwide with no cap stated. EQ’s card features abroad were not confirmed.

Cheque writers and cash users. Wealthsimple provides a chequebook with a pay direct deposit and takes cash deposits at more than 5,300 Canada Post locations. EQ does not offer cheque writing, and cash deposits were not part of the figures we checked.

Investors who want one app. Wealthsimple combines chequing and savings with self-directed investing, managed portfolios and registered accounts, so money can move between banking and investing in one place. See our Wealthsimple review and Core vs Premium vs Generation comparison.

Large cash balances. Chequing cover of up to $1,000,000 through partner banks suits someone holding well above $100,000 in cash who wants it insured in one account.

11. Who Should Choose EQ Bank

Salaried people at any wealth level. If your pay can be direct deposited, EQ’s 2.75% beats every Wealthsimple chequing rate, with no tier to reach. A Core client with $10,000 earns $100.00 more a year at EQ (2.75% against 1.75%).

Savers who can plan withdrawals. EQ’s 30 Day Notice Savings at 2.75% pays more than Wealthsimple Savings at 2.5% for money you will not need on short notice, such as the second layer of an emergency fund.

People holding US dollars. EQ’s 2.50% US Dollar Account is a confirmed rate with no everyday banking fees. Wealthsimple’s US dollar rates were not confirmed when we checked.

GIC buyers with small amounts. EQ sells GICs from $100, in regular, TFSA, RRSP and FHSA versions, once its rates are confirmed.

People who want a bank. EQ is a CDIC member in its own right, with $100,000 of cover per insured category and no trust structure or investment-dealer entity in between. If that simplicity matters to you, EQ provides it. Our EQ Bank review covers every account.

12. Using Wealthsimple and EQ Bank Together

A common split. Many people use one provider for everyday banking and the other for a specific job. For example, pay goes to EQ for 2.75%, while the Wealthsimple prepaid card handles foreign purchases at 0% and Wealthsimple holds investments. Interac e-Transfers between the two cost nothing at either end.

Watch the direct-deposit rules. Both bonuses depend on pay arriving by direct deposit. Wealthsimple’s boost needs $2,000 or more within 30 days, and its credit card fee waiver needs $4,000 or more a month. EQ’s minimum for its bonus was not part of the figures we checked. If you split your pay, confirm that each portion still qualifies, or you may lose both bonuses at once.

Split savings by timeline. Keep instant-access money in Wealthsimple Savings at 2.5% and money you can give 30 days’ notice on in EQ’s 30 Day Notice Savings at 2.75%. On $10,000 in each for a year, that is $250.00 and $275.00.

Spread insurance. Holding money at both spreads it across CDIC cover at EQ and CDIC or CIPF cover at Wealthsimple, which helps if your cash is well above $100,000.

Keep it simple. Two providers mean two apps, two sets of tax slips and more to track. If one provider covers what you need, one may be enough. Our bank accounts hub and savings hub list every alternative, and our comparison hub has other head-to-heads.

Meet the Experts Behind WealthScale

Sharad Gondaliya, CPAWriter and tax reviewerCPA Ontario No. 61040184

Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.

• Chartered Professional Accountant, CPA Ontario
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Neha Gupta, CFAFinancial ReviewerCFA charterholder

Neha Gupta is a CFA charterholder based in Winnipeg who has worked in financial markets since December 2005. She has published more than 2,600 investment articles and is Head of Operations and Finance at Whiteland Real Estate. She reviews WealthScale’s investing pages for accuracy.

• CFA charter, CFA Institute (awarded 2023)
• Post Graduate Diploma in Business Administration (Finance), 2008
• In financial markets since December 2005
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