EQ Bank vs Tangerine 2025: High-Interest Savings Compared
Updated March 2025. Both EQ Bank and Tangerine are popular digital banks that offer no monthly fees and competitive savings rates. If you're looking for the best place to park your savings or hold a TFSA, this comparison will help you decide.
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EQ Bank vs Tangerine: At a Glance
| Feature | EQ Bank | Tangerine |
|---|
| Monthly Fee | $0 | $0 |
| Standard Savings Rate | ~3.00–3.50% | ~1.00–1.60% |
| Promotional Savings Rate | N/A | Up to 6% (new clients) |
| TFSA Savings | ~3.00%+ | ~2.75% |
| RRSP Savings | Yes (~3.00%) | Yes (~2.00%) |
| GICs | Yes (wide range) | Yes (limited) |
| Cash Back (debit) | 0.5% (EQ Card) | No |
| Cash Back (credit) | No | Up to 2% (Mastercard) |
| Owned By | Equitable Bank | Scotiabank |
Standard Savings Rates: EQ Bank Wins
On a day-to-day basis, EQ Bank consistently offers higher standard savings rates than Tangerine. As of early 2025:
- EQ Bank Personal Account: ~3.00–3.50% on everyday balances. This is a standard ongoing rate, not a promotional offer.
- Tangerine Savings: ~1.00–1.60% standard rate. New clients occasionally see promotional rates up to 6% for the first 5 months.
After the promotional period expires at Tangerine, EQ Bank's standard rate is typically higher for most Canadians.
GICs: EQ Bank's Strength
| Term | EQ Bank GIC | Tangerine GIC |
|---|
| 30-Day | ~3.5%+ | Limited |
| 1-Year | ~4.5–5.0% | ~3.5–4.5% |
| 3-Year | ~4.0–4.5% | ~3.5–4.0% |
| 5-Year | ~3.5–4.0% | ~3.5–4.0% |
| TFSA GIC | Yes | Yes |
| RRSP GIC | Yes | Yes |
EQ Bank offers a broader range of GIC terms and generally more competitive rates than Tangerine. EQ Bank is a top choice for GIC investors.
Tangerine's Advantages
- Promotional rates: New Tangerine clients get rates up to 6% for 5 months — excellent for short-term savings
- Cash back credit card: Tangerine's Mastercard earns 2% cash back in up to 3 categories — one of the best no-annual-fee cash back cards in Canada
- Chequing account: Full-featured no-fee chequing account (EQ Bank only added a basic spending card recently)
- Big bank backing: Scotiabank ownership provides comfort for some customers
EQ Bank's Advantages
- Consistently higher standard rates — no need to chase promotions
- Broader GIC selection — more terms and types
- US Dollar Account — hold USD and earn interest
- EQ Bank Card — debit card with 0.5% cash back
- Better RRSP savings rates
Who Should Choose EQ Bank?
- Canadians who want consistently high savings rates without chasing promotions
- GIC investors looking for competitive rates
- Those with US dollar savings needs
- RRSP and TFSA savers
Who Should Choose Tangerine?
- New clients who can take advantage of the high promotional rate
- Those who want a full no-fee chequing account with a credit card
- Scotiabank customers who want an integrated digital bank
Verdict: EQ Bank wins on standard savings rates and GICs. Tangerine wins for new client promotional rates and its cash back credit card. For everyday spending, add KOHO to the mix for cash back and budgeting tools.
Information current as of March 2025. Savings rates and GIC rates change frequently. Always verify with EQ Bank and Tangerine directly.