EQ Bank vs Tangerine 2025: Which Is Better?

Updated March 2025 · 10 min read

EQ Bank and Tangerine are two of Canada's most popular online banks, and they're frequently compared against each other. Both are no-fee, CDIC-insured digital banks — but they serve slightly different needs. This guide breaks down every major difference to help you choose.

Quick Comparison

Savings Rate: EQ Bank Wins

This is the clearest difference between the two. EQ Bank consistently offers one of the highest standard savings rates in Canada — typically 3–4%+. This is the rate you earn every day, not just for the first 90 days.

Tangerine offers high promotional rates (sometimes 4–6%) for new clients for a limited period — typically 90–180 days. After the promotional period, Tangerine's standard rate is significantly lower. For long-term savers, EQ Bank wins on savings interest every time.

Everyday Banking: Tangerine Wins

Tangerine is the better everyday bank. It has a full chequing account with a traditional debit card, free Scotiabank ATM access across Canada, a no-fee cash back credit card, mortgages, and loans. For Canadians who want one bank to handle everything — chequing, savings, credit card, and mortgage — Tangerine is the more complete solution.

EQ Bank's Savings Plus Account functions like a hybrid chequing/savings, and the EQ Bank Card can be used for purchases, but the overall product suite is narrower.

ATM Access: Tangerine Wins

Tangerine clients can use over 3,500 Scotiabank ABMs for free cash withdrawals. EQ Bank's ATM access depends on the EQ Bank Card — withdrawals may incur fees at some machines. For Canadians who regularly need cash, Tangerine's ATM network is a meaningful advantage.

GICs and Registered Accounts: Tie

Both banks offer competitive GIC rates and support TFSA, RRSP, and FHSA accounts. EQ Bank's GIC rates are often slightly higher, but both are well above what Big 5 banks offer. Either is a strong choice for registered account GIC investing.

CDIC Coverage: Both Are Strong

Tangerine is a separate CDIC member from Scotiabank — meaning you can have $100,000 insured at Tangerine and another $100,000 at Scotiabank simultaneously. EQ Bank (Equitable Bank) is also a separate CDIC member. Both provide full CDIC protection.

Which Should You Choose?

• Choose EQ Bank if: Your primary goal is maximizing savings interest. You want the highest ongoing savings rate in Canada without managing promotional periods.
• Choose Tangerine if: You want a full-service online bank for chequing, savings, credit card, and mortgage. Especially useful if you're near Scotiabank ATMs.
• Use both: Many savvy Canadians use Tangerine for chequing and day-to-day banking, and EQ Bank for savings and GICs. This gives you the best of both worlds at zero cost.

Bottom Line

EQ Bank and Tangerine aren't really competitors — they complement each other. Use Tangerine for everyday banking and Scotiabank ATM access. Use EQ Bank to park your savings at the highest standard rate in Canada. Add KOHO for cash back on spending. All three are free.