A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| Tangerine | EQ Bank | |
|---|---|---|
| Signup Bonus | None (occasional promo rates) | None |
| Monthly Fee | $0 | $0 |
| Cash Back | 2% in 2 chosen categories | 0.5% cash back via EQ Bank Card |
| Credit Check | Soft check for savings, hard check for credit card | Soft check only |
| Savings Interest | 0.10% standard (promos to 5%+) | 3.00%+ (market-leading) |
| Credit Building | Yes — via Tangerine credit card | No |
| Mobile App | ⭐⭐⭐⭐ (4.1 App Store) | ⭐⭐⭐⭐ (4.3 App Store) |
| CDIC Protected | Yes — CDIC member | Yes — EQ Bank is a CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
Both Tangerine and EQ Bank have their strengths. Tangerine is the better fit for most Canadians, but your choice depends on your specific needs.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. Tangerine (Online bank from Scotiabank with no monthly fees) vs EQ Bank (High-interest savings and EQ Bank Card). For a signup bonus, Tangerine offers None (occasional promo rates) while EQ Bank offers None. For monthly fees, Tangerine charges $0 vs EQ Bank's $0. See the full comparison table above for a complete breakdown.
Tangerine signup bonus: None (occasional promo rates). EQ Bank signup bonus: None. If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.
Tangerine: Yes — CDIC member. EQ Bank: Yes — EQ Bank is a CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both Tangerine and EQ Bank to take advantage of each account's best features.
Tangerine monthly fee: $0. EQ Bank monthly fee: $0. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
Tangerine cash back: 2% in 2 chosen categories. EQ Bank cash back: 0.5% cash back via EQ Bank Card. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
🔥 Canadians are claiming $80 free from KOHO right now
Claim $80 Free →