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A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Wealthsimple edges ahead on our overall rating (4.3 vs 4.2), but the right pick depends on which products and fees matter most to you.
Overview
All products offered
While some of the biggest banks in Canada have been around for over two hundred years, EQ Bank is relatively new on the scene. It’s the digital platform of Equitable Bank, which is Canada’s seventh-largest bank ranked by assets. Established in 2016, EQ Bank received recognition from Forbes, appearing on its World’s Best Banks list from 2021 through to 2025. As of 2026, the bank has $10 billion in deposits.
What EQ Bank lacks in variety, it makes up for with quality. Its everyday banking lineup is limited to only a handful of choices, but each one is a unique offering. For example, the EQ Notice Savings Account provides one of the top interest rates outside of a promotional period with no monthly fees or minimum balance. The catch? You must provide notice before making withdrawals. Meanwhile, its EQ Personal Account pays interest, which is not common for a chequing account in Canada.
Credit card options are, again, limited, though well-ranking. Its EQ Bank Card is the only card that the bank offers. And it’s a prepaid card with a cashback feature, not a traditional credit card. That said, Finly Wealth rated it as the “best overall prepaid card in Canada.”
The limitations of the bank fall to the products and services it does not offer. EQ Bank does not have a branch network or wealth management services. But it does seem to be expanding, recently announcing an EQ Bank Business Card to service small business owners.
EQ Bank also has programs that help refer its customers to the products and services they need. For example, the bank itself does not provide mortgages, though it has Mortgage Marketplace. The program uses an algorithm to connect customers with a mortgage from other lenders, including those from its parent, Equitable Bank. It is not a full-service bank, but these services and expansion efforts help to fill the gaps of many digital-first institutions.
Launching in 2014, Wealthsimple’s goal was “to use technology to give powerful financial tools to many.” Since then, the company has grown to have $124.8 billion in assets under administration and 3.4 million customers as of the end of Q1 2026.
While Wealthsimple began as a digital investment platform, it quickly expanded into banking, offering no-fee chequing accounts that pay interest on every dollar. It is uncommon to find a Canadian chequing account that pays interest, which is part of the reason why FinlyWealth rated the account highly at 4.8 out of 5. Though the institution does not have its own ATMs or branches, you can still deposit cash for your Wealthsimple account at Canada Post and receive reimbursement of any amount covering unlimited ATM fees worldwide. Banking and credit card customers also have access to the company’s spend insights tool, which tracks transactions and category spending.
Wealthsimple’s rewards support its strong rating. It has a competitive credit card offering with 2% in cashback rewards with a simple structure of flat earn rates across all categories. This differs from many institutions, which instead offer cashback on certain categories of spending only. While its credit cards are well-ranked, though few in number, its options for borrowing are limited. The institution has lines of credit, which you can take out against your portfolio, and they also provide mortgages through outside brokers.
Beyond traditional banking, Wealthsimple’s claim to fame is its investing platform, where it offers both managed portfolios and self-directed investments. The firm differentiates itself from the biggest banks in Canada by charging no commissions on DIY trading. Even its options platform has $0 commission on trades.
Today, the institution remains on the cutting edge, having become “Canada’s first regulated crypto platform” and making a recent announcement about soon providing access to the prediction markets through a mobile app called Wealthsimple Predict. Both of these initiatives are unique offerings for a financial institution in Canada.
Overall rating
4.2
4.3
Customer experience
3.7
3.5
Best for
Canadians who want a low-cost digital banking experience with strong savings rates. It works well for those who are comfortable banking online and prefer a no-monthly-fee account over branch access.
Canadians who want a digital-first financial platform that combines no-monthly-fee banking with $0 commission stock and ETF trading.
Pros & cons
Pros
No-monthly-fee accounts
No minimum balance requirements
Earn interest on your chequing account
Higher relative savings rates compared to the major Canadian banks
The bank will reimburse you for up to 5 domestic ATM withdrawals per month (max $5 each)
Deposit insurance coverage from the Canada Deposit Insurance Corporation (CDIC)
Cons
Limited product options
No in-branch access available as it is a digital bank
No dedicated EQ Bank ATMs
Limited investment options beyond GICs and interest on cash
Not a full-service bank
No traditional credit card offering
Mixed customer reviews
Pros
No-fee chequing account with unlimited transactions
Chequing account earns interest on every dollar
Strong digital investing platform
No minimum balance requirements (interest rates instead increase for those with a higher relationship balance)
Offers both self-directed trading and managed portfolios
$0 commission on stocks and ETF trades, making it more affordable than traditional banks
Cash deposits available through Canada Post
Unlimited reimbursements on ATM fees worldwide which improves access for banking customers
No foreign transaction fee on its credit card
Continuous innovation and rollout of new services
Ability to buy, sell and earn cryptocurrencies on its platform
Cashback earnings can go to any eligible Wealthsimple account
Cons
4.5 Our rating
on EQ Bank's website
Welcome Bonus
N/A
Regular Interest
Up to 2.75%
Monthly Fee
$0
Account Type
Chequing • Personal
Enjoy the day-to-day flexibility of a chequing account, with an interest rate up to 6x higher** than the average savings account when you direct deposit your pay*.
Key Highlights:
Things to Note:
Is the Personal Account right for you?
It’s right for you if:
It’s not right for you if:
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$0
International
$0
4.6 Our rating
on Wealthsimple's website
Welcome Bonus
$25 bonus when you sign up and fund at least $1*
Regular Interest
Up to 2.25%
Monthly Fee
$0
Account Type
Chequing • Personal
New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*
CHEQUING & SAVINGS:
For everyday spending and saving
Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$0
International
$0
International & Currency
Foreign Currency Conversion
0%
Other Fees
NSF (Non-sufficient Funds)
$0
Overdraft Interest
0% annually (if used)
Bank Draft
$10
4.9 Our rating
on EQ Bank's website
Welcome Bonus
N/A
Regular Interest
Up to 2.75%
Monthly Fee
$0
Key Highlights:
Is our Notice Savings Account right for you?
It’s right for you if:
It’s not right for you if:
4.6 Our rating
on Wealthsimple's website
Welcome Bonus
$25 bonus when you sign up and fund at least $1*
Regular Interest
Up to 2.25%
Monthly Fee
$0
New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*
CHEQUING & SAVINGS:
For everyday spending and saving
Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.
on EQ Bank's website
RECOMMENDED CREDIT SCORE
4.4/5
The EQ bank card is not a credit card; it's a prepaid card, so you will not be able to get the same level of rewards as when using a credit card and it will not build credit. But if getting a prepaid card is your goal, then this card is, without a doubt, the best choice. Voted the best "Prepaid Card" in Canada, this card offers rewards and benefits that are mostly not offered by other prepaid cards. Earning interest on balance, rewards on purchases, no foreign transaction fee, and especially the unique no ATM fee that no other card provides, makes this card the best among prepaid cards.
Pros
Cons
Rewards
Benefits
Details
No Foreign Transaction Fees
Free ATM withdrawal
Interest on Balance
Eligibility
Credit Score
Annual Income
on Wealthsimple's website
Welcome Bonus
Get 5% cash back for the first 30 days (1)
Annual Fee
See Rates
Interest Rates
20.99%* / 22.99%*
RECOMMENDED CREDIT SCORE
4.4/5
The Wealthsimple Cash Back Visa Infinite Privilege offers a no-FX-fee spending solution with a conditional no-fee setup that earns 2% cash back on all purchases without any limits! It's currently the ONLY Visa Infinite Privilege card with an annual fee that can be completely waived. It also lets you grow your rewards—as you can deposit your cashback whenever you want in a high-interest chequing account. Its simplicity and flexibility make it ideal for many Canadians.
Pros
Cons
Rewards
Insurance
Coverage
Mobile Device Insurance
Purchase Protection
Extended Warranty
Travel Medical Insurance (64 & under)*
Trip Cancellation*
Trip Interruption*
Baggage Delay*
Lost or Stolen Baggage*
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Car Rental Damage & Theft*
Benefits
Details
No Foreign Transaction Fees*
Visa Infinite Exclusive Benefits*
Airport Lounge - Dragon Pass*
Eligibility
Credit Score
Annual Income
Overdraft protection is only available if you link it to your portfolio and is unavailable for joint chequing and USD accounts
No dedicated ATMs
Mortgages available through partners only, not in-house
No broad insurance offering, unlike some full-service institutions
No branches available for in-person service
Trend of customer service complaints
Customer criticism regarding locked or frozen accounts
Reports of intermittent outages
