EQ Bank vs Simplii Financial (2026)
A detailed side-by-side comparison of digital banking — rates, fees, features, and who each account is best for.
Quick Answer
For pure savings rate, EQ Bank currently offers a higher regular HISA rate. But the best choice depends on your full banking needs — read the full comparison below.
Rate Comparison
EQ Bank
2.75%
Personal Account, requires direct deposit. No monthly fees. Notice Savings pays 2.35% (10-day notice) or 2.75% (30-day).
Open Account →Simplii Financial
0.30%
4.60% promo until 2026-10-31
Base rate is tiered by balance: 0.30% up to $50k, 0.50% to $100k, 0.60% to $500k, 0.70% to $1M, 1.00% above (not reconfirmed since 2026-08-26). New clients get 4.60% for 5 months (153 days) on eligible deposits up to $200,000, offer ends October 31, 2026 (confirmed 2026-10-08).
Open Account →EQ Bank vs Simplii Financial — Full Comparison
| Feature | EQ Bank | Simplii Financial |
|---|---|---|
| Monthly Fee | None | None |
| Minimum Balance | None | None |
| Interac e-Transfer | Unlimited | Unlimited |
| CDIC Coverage | Yes | Yes |
| Mobile App | Yes | Yes |
| Joint Accounts | Yes | Yes |
| USD Account | Yes | Check site |
Verify current features directly with each institution — terms change.
Choose EQ Bank if…
- You want the highest regular savings rate
- You prefer a straightforward no-fee account
- You already bank with their ecosystem
Choose Simplii Financial if…
- You want a promotional rate boost right now
- You prefer a full-service digital bank experience
- You want additional products in one place