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Updated March 2025  |  10 min read

EQ Bank vs Oaken Financial: Complete Comparison 2025

EQ Bank and Oaken Financial are two of Canada's best high-interest savings banks. Both are digital-only, both pay substantially more than Big 5 banks, both are CDIC insured, and both focus on GICs and savings accounts rather than full-service banking. Which one pays more interest in 2025, and which is the better choice for your savings?

Table of Contents

  1. Quick Overview
  2. Comparison Table
  3. Savings Rates
  4. GIC Rates
  5. Account Types
  6. Pros & Cons
  7. Which Is Better For…?
  8. Verdict

Quick Overview

EQ Bank is owned by Equitable Bank (Canada's 7th largest bank), CDIC insured. EQ Bank offers a Savings Plus Account with 3%+ daily interest, TFSA, RRSP, and FHSA savings accounts, GICs, a USD savings account, and the EQ Bank Card (a Mastercard for everyday spending). It has evolved into a more complete banking product.

Oaken Financial is a brand of Home Trust Company and Home Bank — both CDIC members. Oaken focuses almost exclusively on GICs and savings accounts, targeting rate-conscious savers. It's a no-frills, rate-first platform without a debit card or everyday spending features. Oaken operates limited physical kiosks in major cities as well.

EQ Bank vs Oaken Financial — Comparison Table

FeatureEQ BankOaken Financial
Monthly fee$0$0
HISA rate (everyday)3.00%+3.40%+ (Oaken Savings)
TFSA savings rate3.00%+3.40%+
RRSP savings rate3.00%+3.40%+
FHSAYesYes
1-yr GIC~4.00%+~4.10%+
5-yr GIC~3.90%~3.90%–4.00%
RRIF/LIF accountsYesYes
Debit/spending cardYes (EQ Bank Mastercard)No
E-TransfersYes (unlimited, free)Yes (limited)
USD savings accountYesNo
Physical locationsNoneKiosks (Toronto, Calgary, Vancouver)
App Store rating4.83.5
CDIC coverageYes (Equitable Bank)Yes (Home Trust + Home Bank)

Savings Rates

Oaken Financial's everyday savings rate (3.40%+) is slightly higher than EQ Bank's (3.00%+) on standard savings accounts. Both calculate interest daily and pay monthly. Both support TFSA and RRSP savings at similar rates.

For someone parking $50,000 in a savings account:

Edge: Oaken on everyday savings rate. But rates change frequently — always check current rates at both before committing.

GIC Rates

Both EQ Bank and Oaken Financial consistently offer GIC rates well above Big 5 banks. Oaken typically posts slightly higher rates on 1-year GICs. For longer-term (3–5 year) GICs, rates are more comparable.

Both allow GICs inside TFSA, RRSP, FHSA, and non-registered accounts. Both offer a range of terms from 30 days to 5 years.

Tip: Always compare both EQ Bank and Oaken (plus EQ Bank's partner GIC marketplace, which lists rates from multiple issuers) before locking in. The difference of 0.20% on a $100,000 GIC is $200/year.

Account Types

EQ Bank supports: Savings Plus Account, TFSA, RRSP, FHSA, RRIF/LIF, joint accounts, USD savings account, and GICs across all account types. Plus the EQ Bank Card for everyday spending.

Oaken Financial supports: Oaken Savings Account, TFSA, RRSP, FHSA, RRIF/LIF, and GICs. No everyday spending card. No USD account.

EQ Bank has a broader product set — it can function as a near-primary bank. Oaken is strictly a savings/GIC vehicle.

Pros & Cons

EQ Bank — Pros

  • EQ Bank Card for everyday spending
  • USD savings account
  • Excellent app (4.8 rated)
  • Unlimited free e-Transfers
  • Broader product range
  • Larger, more established platform

EQ Bank — Cons

  • Savings rate slightly below Oaken
  • GIC rates sometimes slightly below Oaken

Oaken Financial — Pros

  • Typically higher savings rate
  • Typically higher short-term GIC rates
  • Physical kiosks (Toronto, Calgary, Vancouver)
  • Double CDIC coverage (Home Trust + Home Bank)

Oaken Financial — Cons

  • No spending card
  • No USD account
  • App rated much lower (3.5)
  • More limited everyday banking

Which Is Better For…?

Pure savings rate maximizers

Oaken wins — typically 0.20%–0.40% higher on savings and short-term GICs.

Everyday banking functionality

EQ Bank wins — spending card, USD account, unlimited e-Transfers.

App experience

EQ Bank wins — 4.8 vs 3.5.

CDIC coverage maximization

Oaken wins — deposits split across Home Trust and Home Bank = up to $300,000 CDIC coverage per category.

GICs in TFSA/RRSP

Compare both — rates vary month to month. Both beat Big 5 banks significantly.

Don't Forget Your Everyday Spending

EQ Bank and Oaken are great for savings. For everyday spending with cash back and no fees, KOHO earns up to 5% cash back and pays 3%–5% interest on your balance. Use all three for the optimal money setup.

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Verdict: EQ Bank vs Oaken Financial

Choose EQ Bank if you want the better app, everyday banking functionality (EQ Bank Card, USD account, unlimited e-Transfers), or prefer a more complete digital banking experience alongside your savings.

Choose Oaken Financial if your only goal is maximizing savings and GIC rates, you want physical kiosk access in a major city, or you want to maximize CDIC coverage by spreading deposits across two institutions (Home Trust + Home Bank).

The smartest strategy: Use both. Keep savings at Oaken for the higher rate; use EQ Bank for its superior app, e-Transfer functionality, and spending card. Both crush any Big 5 bank savings account.

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