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?
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.
| Feature | EQ Bank | Oaken Financial |
|---|---|---|
| Monthly fee | $0 | $0 |
| HISA rate (everyday) | 3.00%+ | 3.40%+ (Oaken Savings) |
| TFSA savings rate | 3.00%+ | 3.40%+ |
| RRSP savings rate | 3.00%+ | 3.40%+ |
| FHSA | Yes | Yes |
| 1-yr GIC | ~4.00%+ | ~4.10%+ |
| 5-yr GIC | ~3.90% | ~3.90%–4.00% |
| RRIF/LIF accounts | Yes | Yes |
| Debit/spending card | Yes (EQ Bank Mastercard) | No |
| E-Transfers | Yes (unlimited, free) | Yes (limited) |
| USD savings account | Yes | No |
| Physical locations | None | Kiosks (Toronto, Calgary, Vancouver) |
| App Store rating | 4.8 | 3.5 |
| CDIC coverage | Yes (Equitable Bank) | Yes (Home Trust + Home Bank) |
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.
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.
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.
Oaken wins — typically 0.20%–0.40% higher on savings and short-term GICs.
EQ Bank wins — spending card, USD account, unlimited e-Transfers.
EQ Bank wins — 4.8 vs 3.5.
Oaken wins — deposits split across Home Trust and Home Bank = up to $300,000 CDIC coverage per category.
Compare both — rates vary month to month. Both beat Big 5 banks significantly.
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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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.