Tangerine vs EQ Financial institution – Comparability for 2025

If you happen to’re on the lookout for the Finest On-line Financial institution in Canada in 2025, the competitors actually boils all the way down to Tangerine vs. EQ Financial institution. 

With rates of interest of 4% and past, every of the 2 digital banks supply an ideal place to reliably develop your cash. In addition they each stand out for his or her number of accounts/merchandise, user-friendly platforms, and low charges. They excel not solely as on-line banks but additionally when in comparison with the standard Large Banks! That stated – on the finish of the day, there can solely be one Canada on-line banking champion.

On this comparability, we’ll study how Tangerine and EQ Financial institution examine when it comes to rates of interest, charges, product choices, and extra.

Tangerine vs EQ Financial institution Fast Comparability

Merchandise	Chequing and financial savings accounts U.S. Greenback financial savings Bank cards GICs Mortgages RRSP TFSA RSP HELOC Enterprise financial savings accounts	Hybrid Chequing/Financial savings accounts U.S Greenback financial savings Mortgage Market Reloadable EQ Financial institution card GICs RRSP TFSA FHSA Elite foreign money change Enterprise accounts
ATM/Interac transactions?	Sure, without spending a dime at POS and from Scotiabank ATMs.	Sure, with the reloadable EQ Financial institution card. Free withdrawals from any ATM in Canada, plus 0.5% cashback on each buy.
Account transaction charges	$0
Financial savings Account Curiosity Fee	0.30% base fee though promos presently exist with a brief time period 5 month -teaser fee of 4.50%	1.25% + 2.75% with direct deposit for a complete of 4%
GIC 1-12 months Curiosity Fee	3.45%	3.50%
Signal Up	Go to Tangerine	Go to EQ Financial institution

Tangerine vs EQ Financial institution Curiosity Charges

When most individuals are evaluating the perfect on-line banking choices in Canada, the important thing quantity is the rate of interest.  What rate of interest can I get in a Excessive Curiosity Financial savings Account (HISA)?

There may be merely no comparability between Tangerine and EQ Financial institution in relation to the long-term rate of interest.

EQ Financial institution = 4.00% – 1.25% +2.75% whenever you arrange direct deposit

Tangerine – 0.30%

EQ has all the time prioritized their long run financial savings fee and made positive that it stays on the very prime of the Canadian rankings or inside spitting distance.  

Tangerine however was once a market chief on this area again once they have been ING Direct.  Right here’s an old-fashioned ING Direct industrial that triggered some severe nostalgia for me.

The declare in that industrial, “Your account pays the very best fee – all the time will!”

Evidently, that has not been the case since ING was bought by Scotiabank and have become Tangerine. The rate of interest has steadily edged downwards ever since that time. Now Tangerine depends on short-term teaser charges to get you within the door, after which hopes you keep. It should be a worthwhile technique or they wouldn’t proceed to do it.  I simply don’t like the entire concept of “tricking folks within the door”. 

Large Winner: EQ Financial institution

GIC Charges for Tangerine and EQ Financial institution

It’s not simply the excessive curiosity financial savings account, TFSA, and RRSP charges, plus the provision of a FHSA the place EQ Financial institution beats Tangerine fairly soundly. Under is the comparability desk for GICs.

Winner: EQ Financial institution

Tangerine vs EQ Financial institution Account Choices

Each banks supply RRSPs and TFSAs. 

Tangerine’s rate of interest is similar as its Financial savings Account: 0.30% for each accounts.

EQ gives a superior rate of interest of 1.75% for the Tax Free Financial savings Account and the Retirement Financial savings Account.

As well as, EQ additionally gives a First House Financial savings Account (FHSA), additionally with an rate of interest of 1.75%. Tangerine doesn’t but supply a FHSA.For increased rates of interest, you’ll be able to lock in development with a TFSA or RRSP GIC. They’re supplied by each Tangerine and EQ, however as you noticed within the desk above, the perfect charges rely on the size of the GIC.

Winner: EQ Financial institution

Tangerine vs EQ Financial institution: Charges and Account Fees

Each Tangerine and EQ Financial institution have constructed their manufacturers on low charges. You gained’t discover any Large Checking account charges right here. Each Tangerine and EQ have slashed the enterprise bills related to department areas, and have handed these financial savings on to clients.  

Whereas the Tangerine vs EQ financial institution charge battle is a detailed one, the sting once more goes to EQ, as Tangerine prices an odd inactivity charge in addition to a NSF charge, neither of which is able to most likely apply to many individuals – however seems to be like a little bit of a money seize. Each corporations have zero month-to-month account charges, free limitless Digital Fund and Interac Cash transfers, in addition to free invoice funds.

Winner: EQ Financial institution

Tangerine vs EQ Financial institution: Credit score Playing cards and Cheques

On the subject of total comfort offered by an internet checking account, it was once that Tangerine couldn’t be beat. Their banking bundle permits purchasers to make use of debit playing cards, bank cards, and cheques.  Nonetheless, in January 2023, EQ financial institution launched the EQ Financial institution Card, serving to it catch as much as Tangerine within the areas of comfort and making your cash give you the results you want.

The EQ Financial institution Card gives free withdrawals from any Canadian ATM, offers you 0.5% money again on every buy, earns clients as much as 4% curiosity on their steadiness (rate of interest is similar as your Private Account rate of interest), and has perks like no overseas change charges. These advantages are on par with Canada’s greatest bank cards, which is fairly spectacular for an internet financial institution.

Whereas these are all nice choices, it isn’t fairly as diversified as Tangerine’s choices when it comes to bank cards and cheques.

Winner: Tangerine

Tangerine vs. EQ Financial institution Ease of Use

Being online-only banks, each Tangerine and EQ have prioritized easy-to-navigate web sites and customer support.

Establishing an account and connecting exterior financial institution accounts is fast and simple on each websites. Nonetheless, EQ financial institution lets you join as much as 10 exterior accounts, whereas Tangerine solely permits for 3.

On the subject of ATM entry for Tangerine purchasers, you’re restricted to Scotiabank’s ATM community. With EQ Financial institution you need to use any ATM in Canada freed from cost after transferring cash out of your EQ Checking account to an EQ financial institution card.

One other most popular attribute of EQ Financial institution is that they don’t cost an NSF charge (Non-Adequate Funds Price). An NSF charge is whenever you get penalized for not having sufficient cash in your account when making a switch. If this occurs to you as a shopper on Tangerine, you’ll owe them $45!

Winner: EQ Financial institution

Customer support

If you’ll want to discuss to somebody on the cellphone, you’ll be able to name Tangerine 24 hours a day, 7 days per week. EQ Financial institution’s cellphone traces are open 8am to midnight EST, 7 days per week. Each banks have chatbots on their web site that may present solutions to widespread questions.

Our private expertise with EQ Financial institution is that they’ve been responsive and immediate with emails. Tangerine has obtained prime rankings within the J.D. Energy Canada Retail Banking Satisfaction Research for over a decade, additionally signalling top-notch customer support.

Winner: Tie

Cellular App Evaluate

The Tangerine financial institution app is visually interesting and contains a variety of banking choices, together with digital signup, enabling you to finish account creation proper out of your cell gadget.

You’ll additionally be capable to arrange your cell pockets to make funds with ease. As well as, you’ll have entry to cash administration instruments, like their Objectives software, that will help you keep on observe in relation to saving cash.

The Tangerine cell app presently has a powerful 4.8 star score on the Apple App Retailer and a 4.7 star score on Google Play.

The EQ Financial institution Cellular Banking app lets you full your entire transactions in a single handy app. Every little thing from transferring funds, to paying payments, to buying GICs will be accomplished on the app. 

The EQ Financial institution cell app score is presently 4.8 on the Apple App Retailer and decrease on the Google Play Retailer at 4.4 stars, though it is a a lot improved rating since our 2024 replace.

Whereas EQ Financial institution nonetheless has enhancements to make on its Android app, each banks’ cell apps are extremely rated by customers.

Winner: Tangerine

Worldwide Banking With EQ Financial institution or Tangerine

I used to be fairly shocked to study that as a “full service on-line financial institution” Tangerine doesn’t have the power to obtain funds from overseas.  Because of the truth that Tangerine doesn’t have a SWIFT/BIC code, it’s ineffective to individuals who wish to switch cash.

EQ Financial institution, however, actually shines in relation to worldwide banking.  As the primary financial institution in Canada to accomplice with TransferWise (the main worldwide cash switch firm on the earth) EQ is ready to supply its members the most affordable attainable technique to convert currencies.  

Most individuals don’t actually perceive how a lot banks cost them to transform one foreign money for one more as a result of it’s sort of hidden within the nice print.  The fundamental concept is that banks take a slice on both facet of the “mid-market fee” – which is the precise change fee you’ll see when you look it up on-line. 

The scale of these slices is determined by the financial institution, and the currencies being exchanged, however the finish result’s that the majority clients find yourself paying greater than 800% extra when exchanging by way of their brokerage than they do with Transferwise!

Large Winner: EQ Financial institution (with an help from Transferwise)

Tangerine and EQ Financial institution Present Promotions and Referral Packages

On the subject of promotions, Tangerine loves to provide new purchasers a excessive rate of interest for a number of months. This teaser fee inevitably drops off although, leaving EQ with the upper persevering with rate of interest. They each additionally supply referral packages. Listed here are the present choices:

Tangerine:

• 4.50% financial savings fee for five months for brand spanking new purchasers
• Earn as much as $250 and 4.50% financial savings fee whenever you open a Chequing Account and transfer your pay
• Earn an additional 10% money again (as much as $100) with a Tangerine Cash-Again Credit score Card
• Referrals: Obtain a $50 bonus for each new shopper that makes use of your orange key to enroll (most 3 per yr). The brand new shopper will even obtain $50.

EQ Financial institution:

• 4% rate of interest whenever you add direct deposit to your account
• Referrals: Earn $20 per referral, as much as $500 whole. The brand new shopper will obtain $20.

In fact, these promos include nice print and required actions with the intention to declare the cash or activate the speed. For extra promo gives, try our checklist of Canada’s Finest Financial institution Account Promotions.

FAQ

EQ Financial institution vs Tangerine: What’s Finest for You?

We coated all of the bases when evaluating EQ Financial institution to Tangerine, placing them head-to-head throughout a wide range of classes: accounts, product choices, charges, rates of interest, cell app high quality, consumer expertise, promotions/referrals, and extra.

So, who comes out on prime—EQ Financial institution or Tangerine? Whereas Tangerine gained within the areas of bank cards and cheques, and may need a barely higher app, it wasn’t sufficient to surpass EQ Financial institution.

The clear winner on this comparability is EQ Financial institution. With considerably increased rates of interest on their high-interest financial savings account and their pay as you go Mastercard financial institution card, EQ Financial institution has turn out to be an much more compelling selection. Plus, EQ gives options like worldwide cash transfers and the power to open an FHSA, which Tangerine doesn’t presently present.

EQ Financial institution has additionally been rather more revolutionary than Tangerine over the previous couple of years, as they’ve rolled out Canada’s first 30-day Discover Financial savings Account, along with their EQ Financial institution Card and Small Enterprise Accounts.

After contemplating all elements, we advocate EQ Financial institution as Canada’s #1 on-line financial institution. Try our full EQ Financial institution Evaluate to study extra about why they got here out on prime.