EQ Bank vs Simplii is a choice between two no-monthly-fee banks that are good at different things. EQ Bank pays a higher ongoing rate on savings; Simplii is built around a chequing account with CIBC ATM access and a new-client cash offer. This comparison uses figures read from each bank’s own pages on October 8, 2026, so you can see which one fits how you use a bank account, or whether holding both makes sense.
Full write-ups of each bank are in the EQ Bank review and the Simplii Financial review. This page is general education, not financial advice.
EQ Bank vs Simplii at a glance
| Feature | EQ Bank | Simplii Financial |
|---|---|---|
| Savings rate with no conditions | Personal Account: 1.50% (better on this row) | High Interest Savings regular rate: 0.30% on balances up to $50,000 |
| Higher rate, and what it takes | 2.75% with payroll deposits of at least $2,000 a month | 4.60% for 5 months on eligible deposits up to $200,000, new clients only |
| Notice savings | 2.35% (10-day notice) or 2.75% (30-day notice) (better on this row) | Not on Simplii's account menu |
| Monthly fee | $0 — no monthly fees and no minimum balance | $0 on the No Fee Chequing Account |
| Interac e-Transfers | No fees to send or receive | free to send, request and receive |
| Cash withdrawals | no EQ Bank ATM fees anywhere; fees charged by ATM operators in Canada reimbursed up to $5 per withdrawal, up to five times a month | free at over 3,400 CIBC ATMs in Canada (better on this row) |
| Overdraft | not available | $4.97 in any month you use it, plus 19% interest on overdraft balances |
| Joint accounts | up to 4 people (you plus 3 co-holders) (better on this row) | with one other person |
| US dollar account | US Dollar Account paying 2.50% | USD Savings Account |
| Credit card on the menu | PC Mastercard (no annual fee) | Cash Back Visa ($0 annual fee) |
| Current new-client offer | $20 through a referral link | $350 (offer ends January 31, 2027) on chequing (better on this row) |
| CDIC coverage | $100,000 per insured category, per depositor | combined with eligible deposits held at CIBC, with no separate coverage for Simplii |
Sources: eqbank.ca and simplii.com product, rates and offer pages, and cdic.ca, all read October 8, 2026. Rates and offers can change without notice.
Does EQ Bank or Simplii pay more interest on savings?
EQ Bank pays more on money that stays put: its Personal Account base rate is 1.50%, against a regular rate of 0.30% on balances up to $50,000 on Simplii’s High Interest Savings Account. EQ Bank’s rates page shows its rates as effective October 2, 2026.
EQ Bank also has two ways to earn more than its base rate:
- Payroll direct deposit. The Personal Account and Joint Account rate rises to 2.75% for customers who keep qualifying direct deposits of at least $2,000 a month coming in.
- Notice Savings Accounts. These pay 2.35% with 10 days’ notice and 2.75% with 30 days’ notice. The trade-off is access: withdrawn money is available on the 11th or 31st day after you ask for it, plus 2–3 business days if it's going to an account at another bank.
Simplii’s regular rate is tiered by balance: 0.30% up to $50,000, 0.50% to $100,000, 0.60% to $500,000, 0.70% to $1,000,000 and 1.00% above that. Its account menu lists No Fee Chequing, High Interest Savings and a USD Savings Account, with no notice account. What Simplii does have is a promotional rate for new clients: 4.60% for 5 months on eligible deposits up to $200,000, on accounts opened by October 31, 2026. The offer terms define the promotional period as 153 days (about 5 months) from the day the account is opened, and afterward balances earn only the regular rate.
What the rates mean in dollars
Take a hypothetical $10,000 left untouched for one year, before tax and ignoring monthly compounding:
- EQ Bank base rate: about $150
- EQ Bank with payroll deposits, or the 30-day Notice Savings Account: about $275
- EQ Bank 10-day Notice Savings Account: about $235
- Simplii as a new client: about $210
- Simplii at the regular rate all year: about $30
So Simplii’s promotion beats EQ Bank’s base rate in the first year by about $60 in this example, and trails all three of EQ Bank’s higher rates: the 10-day notice rate, the 30-day notice rate and the payroll direct deposit rate. From the second year on, with no promotion, the same balance earns about $120 a year more at EQ Bank’s base rate. EQ Bank’s posted rates are tracked on the EQ Bank interest rate today page, and wider options are in the high-interest savings account comparison.
Which has lower fees, EQ Bank or Simplii?
Neither bank charges a monthly fee on its main account, so everyday costs are close to identical. EQ Bank’s Personal Account costs $0, with no minimum balance, and EQ Bank describes it as free — no fees to send or receive Interac e-Transfers or pay bills, and no account, overdraft or dormant-account fees.
Simplii’s No Fee Chequing Account costs $0 a month and includes unlimited debit purchases, bill payments and withdrawals. Interac e-Transfers are free to send, request and receive. Its High Interest Savings Account has no monthly fees and no minimum balance.
The one fee difference that shows up on these pages is overdraft. Simplii offers overdraft protection on chequing that costs $4.97 in any month you use it, plus 19% interest on overdraft balances. At EQ Bank, overdraft on the Personal Account is not available, which means no overdraft fee and also no cushion if a payment exceeds the balance.
Which is easier for cash and ATM withdrawals?
Simplii is the simpler choice for cash, because its clients get withdrawals free at over 3,400 CIBC ATMs in Canada. That is a named network of machines with no charge for using them.
EQ Bank handles cash through the EQ Bank Card, which is a prepaid reloadable Mastercard issued by Equitable Bank (EQ Bank is its trade name). The card comes with no EQ Bank fee on ATM withdrawals in Canada, with fees charged by Canadian ATM providers reimbursed up to $5 per withdrawal, up to 5 times per month. That covers occasional withdrawals at Canadian machines, but someone who takes out cash more than five times a month, or who uses a machine whose operator charges more than the reimbursed amount, can end up paying something.
EQ Bank is also clear about what its Personal Account leaves out: no cheques, no bank drafts, no in-branch support and no cash deposits. Readers who are paid by paper cheque, who need bank drafts, or who handle cash regularly have to account for that before making EQ Bank their only bank.
What else does each bank offer?
Both banks offer more than a savings account, and the two product lists overlap in several places.
EQ Bank. Its menu lists a Notice Savings Account, a TFSA, an FHSA and a US Dollar Account under Savings, and GICs and an RRSP under Investing. The US Dollar Account pays 2.50%, and a 1-year GIC pays 3.70%. EQ Bank’s site also lists the no-annual-fee PC Mastercard under Credit Cards and residential mortgages, a Home Equity Line of Credit and reverse mortgages under Mortgages & Lending. A Joint Account can have up to 4 people (you plus 3 co-holders).
Simplii. Beyond its accounts, the menu lists the Cash Back Visa as its credit card, mortgages, borrowing through a Personal Line of Credit, a Secured Line of Credit and a Personal Loan, and investing through an RRSP Savings Account, GICs, a Tax-Free Savings Account and Mutual Fund Accounts. Joint accounts can be opened with one other person.
The Simplii Cash Back Visa is the card most readers comparing these two banks ask about. It has a $0 annual fee and pays:
- 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year
- 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year
- 0.5% on all other purchases, with no limit
Its current welcome offer is up to $100 cash back in the first 3 months, on up to $500 of eligible gas, grocery, drugstore and pre-authorized payment spending. The EQ Bank Card, by contrast, is a prepaid card: it spends money already loaded onto it instead of a credit limit.
Are EQ Bank and Simplii both covered by CDIC?
Yes: deposits at both are eligible for CDIC protection, each through the bank that stands behind the brand. EQ Bank is a trade name of Equitable Bank, and CDIC’s member list shows it listed as a trade name under Equitable Bank, which is a CDIC member. Coverage is $100,000 per insured category, per depositor, with one $100,000 limit shared by your individual Personal Account, GICs, US Dollar Account and any other deposits in your name at Equitable Bank; joint deposits are insured separately. A Joint Account is covered up to $100,000 per set of co-holders, not per co-holder.
Simplii is a trade name of CIBC, which is a CDIC member. CDIC’s list shows it listed as a trade name under Canadian Imperial Bank of Commerce, not as a separate member, and Simplii states that deposits with Simplii get no additional or separate CDIC coverage from CIBC, and eligible deposits at Simplii and CIBC are protected together up to the CDIC maximum. A reader with savings at both CIBC and Simplii therefore has one limit per category across the two, not two.
Two rules from CDIC matter when comparing these banks. First, each member institution has its own distinct coverage, so money at Equitable Bank and money at CIBC are counted separately. Second, CDIC states that eligible deposits include deposits in Canadian or foreign currency, which is relevant to both banks’ US dollar accounts. The safety pages go deeper: Is EQ Bank safe? and Is Simplii Financial safe?.
Sign-up offers at EQ Bank and Simplii
Simplii has the larger offers as of October 8, 2026, and both of its main ones are for only new clients, meaning people with no existing Simplii accounts:
- No Fee Chequing Account: $350 for new clients who set up an eligible direct deposit of $100 or more for 4 straight months. The offer ends January 31, 2027.
- High Interest Savings Account: 4.60% for 5 months on eligible deposits up to $200,000. The offer covers HISAs opened August 1 to October 31, 2026 by new clients (within 60 days of becoming a client).
EQ Bank’s offer is its referral program. A new client who joins through a referral link gets $20 and has to fund the account with at least $100 within 30 calendar days of activation. EQ Bank’s terms describe the program as available on an ongoing basis, though EQ Bank can change or end it without notice.
Editorial pick
EQ Bank
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Simplii Financial
Pick EQ Bank or Simplii: the verdict
These two banks are not substitutes for each other; each is stronger on one side of everyday banking.
Pick EQ Bank if the goal is interest on a balance that stays for longer than a promotion. The base rate is 1.50% with no conditions, 2.75% is available through payroll deposits, and the Notice Savings Accounts reach 2.75%. It also suits households that want more than two people on a joint account.
Pick Simplii if the account is for daily spending and cash: withdrawals are free at over 3,400 CIBC ATMs in Canada, overdraft protection is available, and new clients have a chequing offer of $350 (offer ends January 31, 2027). Its savings account pays the most during the promotional period.
Hold both if you want each for what it does well. Neither charges a monthly fee, and deposits at the two are counted separately for CDIC purposes, with any CIBC deposits counted on the Simplii side. The cost is managing two apps and moving money between them.
Read next
- EQ Bank Review
- Simplii Financial Review
- Tangerine vs Simplii, another no-fee head-to-head
- Wealthsimple vs EQ Bank
- High-interest savings accounts in Canada compared