- If you want one account for everyday banking and savings, EQ Bank is the fit: its Personal Account has no monthly fee and 3.00% with direct deposits. If you want free ATMs, Tangerine (Scotiabank) or Simplii (CIBC) fit better.
- Tangerine and Simplii headline promo rates of 4.50% and 5.00% for 5 months, then drop to 0.30% and between 0.30% and 1.00%. EQ Bank’s rates are steadier and sit lower at the top.
- Simplii Financial is a trade name of CIBC, so money at both shares one CDIC limit. Tangerine Bank is a separate CDIC member from Scotiabank, and EQ Bank is a trade name of Equitable Bank.
- CDIC covers up to $100,000 per category at each member institution, principal and interest combined. What counts is the member institution, not the brand name on the app.
- Motive Financial is listed by CDIC as a trade name of National Bank of Canada, and its website now redirects to nbc.ca. We could not verify its current rates or fees, so check them first.
Checked November 2026
How the four online banks differ
EQ Bank is the digital brand of Equitable Bank. Its EQ Bank Personal Account works as chequing and savings in one. Tangerine is owned by Scotiabank. Simplii Financial is a division of CIBC. CDIC lists Motive Financial under National Bank of Canada.
| Bank | Who is behind it | Everyday account | Savings headline |
|---|---|---|---|
| EQ Bank | Equitable Bank | Personal Account, no monthly fee | 3.00% with direct deposit, otherwise 1.50% |
| Tangerine | Tangerine Bank, owned by Scotiabank | No-Fee Daily Chequing | 4.50% promo for 5 months, then 0.30% |
| Simplii Financial | Division of CIBC | No Fee Chequing | 5.00% promo for 5 months, then 0.30% to 1.00% |
| Motive Financial | National Bank of Canada (per CDIC) | Not verified | Not verified |
Rates in our product data, as of October 2026. Promo rates are for new clients and have end dates; check each bank before you open.
Savings rates: promo versus regular
Tangerine and Simplii win the headline with promotions. EQ Bank wins on how long its rate lasts. A promo rate that ends after five months is not the rate you will earn for the year.
The Tangerine Savings Account shows 4.50% for 5 months in our data. Tangerine’s page says the promo runs 153 days and is for new clients who open within 60 days of getting a client number. After that it pays 0.30%, Tangerine’s regular rate since February 23, 2026.
The Simplii Financial High Interest Savings Account pays 5.00% for 5 months on deposits up to $100,000. The offer ends January 31, 2027. After that the 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 million and 1.00% above that. Balances under $50,000 earn 0.30%.
EQ Bank has no big starter promo in our data. Its EQ Bank Personal Account pays 1.50% as a base rate and 3.00% when you send in direct deposits of $2,000 or more a month. The EQ Bank Notice Savings Account pays 2.35% with 10-day notice and 2.75% with 30-day notice, as of October 2026 in our data.
| Account | Promo | Promo length | Regular rate |
|---|---|---|---|
| Tangerine Savings Account | 4.50% | 5 months | 0.30% |
| Simplii Financial High Interest Savings Account | 5.00% | 5 months | 0.30% to 1.00% |
| EQ Bank Personal Account (formerly Savings Plus Account) | None | Not applicable | 1.50%, or 3.00% with $2,000 a month in direct deposits |
Chequing, fees and day-to-day banking
All three of the banks we review charge no monthly fee on their main chequing account and give unlimited transactions. The gaps show up in ATM access, overdraft and extras.
The EQ Bank Personal Account has no monthly fee, no minimum balance and unlimited Interac e-Transfers. In our data it reimburses other providers’ ATM fees up to $5 per withdrawal, up to 5 times per month. For two people there is the EQ Bank Joint Account.
The Tangerine No-Fee Daily Chequing Account has no monthly fee and no minimum balance. Fees to know: $10 for a non-sufficient funds item, $50 for each extra cheque book and $10 for a Canadian draft.
The Simplii Financial No Fee Chequing Account has no monthly fee. Overdraft protection is optional, up to $5,000 for $4.97 a month in months you use it, plus 19% fixed interest on the overdraft balance, per Simplii’s page.
| Feature | EQ Bank | Tangerine | Simplii |
|---|---|---|---|
| Monthly fee | $0 | $0 | $0 |
| Minimum balance | None | None | None |
| Free ATMs | Fees reimbursed up to $5, 5 times a month | 3,500+ Scotiabank ABMs | Over 3,400 CIBC ATMs |
| Overdraft | Not verified | $10 NSF fee | Optional, up to $5,000 |
e-Transfers, ATMs and cash
Interac e-Transfers are free at all of these banks, but only some publish their own limits. Cash is where the three differ most.
Tangerine says it does not set e-Transfer limits; Interac does. Sending is capped at $3,000 a day, $10,000 a week and $20,000 a month. Simplii’s limits are $3,000 in any 24 hours, $10,000 in any 7 days and $30,000 in any 30 days. EQ Bank lists unlimited free e-Transfers in our data, but we could not read a published limit from its site.
For cash, Tangerine gives you free ABM access across the Scotiabank network, plus 44,000 ABMs worldwide through the Global ATM Alliance. Simplii gives free access to CIBC ATMs. EQ Bank has no network of its own, so it refunds other providers’ fees instead.
GICs and registered accounts
All three offer GICs and the main registered accounts, so you can keep your savings under one roof. Rates are close on the shorter terms and the long terms differ a little.
The EQ Bank GIC Savings Account lists 3.70% for 1 year, 4.00% for 2 years and 4.30% for 5 years, with a $100 minimum. It is non-redeemable. Tangerine’s rates file lists 3.60% for 1 year and 4.25% for 5 years. Simplii’s file lists 3.60% for 1 year and 4.25% for 5 years on balances under $100,000. See our GIC rates page for more.
On registered accounts, EQ Bank offers the EQ Bank TFSA Savings Account, EQ Bank RRSP Savings Account and EQ Bank FHSA Savings Account, each at 1.50% in our data. Tangerine offers the Tangerine Tax-Free Savings Account (TFSA), Tangerine RSP Savings Account and Tangerine Registered Retirement Income Fund (RRIF) Savings Account, with promos of 5.00% for 5 months in our data. Simplii also offers TFSA and RRSP savings and registered GICs.
CDIC coverage and who holds your money
CDIC covers eligible deposits up to $100,000 per category, including principal and interest, at each member institution. The institution is what counts, not the brand.
CDIC’s list of member institutions shows how each brand sits. Simplii Financial is a trade name under Canadian Imperial Bank of Commerce, and Simplii’s own page calls it a division of CIBC. So money at CIBC and at Simplii is with one member, and the same category limit applies across both. Tangerine is different. Tangerine says it is a member of CDIC in its own right, even though Scotiabank owns it.
| Brand | CDIC member institution | Shares a limit with |
|---|---|---|
| EQ Bank | Equitable Bank (EQ Bank is a listed trade name) | Other Equitable Bank accounts |
| Tangerine | Tangerine Bank | Not Scotiabank; Tangerine is its own member |
| Simplii Financial | Canadian Imperial Bank of Commerce | CIBC accounts |
| Motive Financial | National Bank of Canada (listed trade name) | National Bank accounts |
| Oaken Financial | Home Bank and Home Trust Company | Each listed separately by CDIC |
Checked against CDIC’s list of members and category page on 2026-10-26.
If your total in one category is under the limit, none of this changes your coverage. Single-name, joint, TFSA, RRSP, RRIF, FHSA, RDSP, RESP and trust deposits are separate categories.
What about Motive Financial?
Motive Financial is the hardest of the four to compare. CDIC lists it as a trade name of National Bank of Canada, and Motive’s web address now redirects to National Bank’s site.
CDIC’s list shows Motive Financial and CWB Financial Group as trade names under National Bank of Canada. We could not confirm Motive’s current rates, fees or ATM access, so we give no figures. If you are considering Motive, check the rate, fees and promo end date first.
We do not review Motive Financial.
Which one suits you
Pick the bank that matches how you use money, not the biggest number in an ad. Where two are close, they are close.
| If you want… | Look at |
|---|---|
| One account for chequing and savings with steady rates | EQ Bank |
| A big first-months rate, and free ATMs at a big-bank network | Tangerine or Simplii |
| To keep money away from your main bank’s CDIC limit | Tangerine, which is its own member |
| CIBC branches and ATMs alongside an online account | Simplii (the same CDIC member as CIBC) |
| Registered accounts and GICs in one place | Any of the three; compare the rates |
Tangerine and Simplii suit people who will move their money again when the promo ends. EQ Bank suits people who want to set it and leave it. See our savings accounts and chequing accounts pages for full lists.
Frequently Asked Questions
Which online bank should I pick?
It depends on what you need. EQ Bank suits steady rates and a single account, Tangerine suits free Scotiabank ATMs and a separate CDIC limit, and Simplii suits CIBC ATM access. Promo rates change, so compare current rates before you open.
Is Simplii owned by CIBC?
Yes. Simplii’s own page calls it a division of CIBC, and CDIC lists Simplii Financial as a trade name under Canadian Imperial Bank of Commerce. Deposits at both share one CDIC limit per category.
Is Tangerine owned by Scotiabank, and does that affect my CDIC coverage?
Scotiabank owns Tangerine, but CDIC lists Tangerine Bank as its own member. Tangerine says it is a member of CDIC in its own right, so its coverage is separate from Scotiabank’s.
Is my money safe at EQ Bank?
CDIC lists Equitable Bank as the member, with EQ Bank as a trade name. Eligible deposits are covered up to $100,000 per category, including principal and interest. Check eqbank.ca for the products that qualify.
Who owns Motive Financial now?
CDIC lists Motive Financial as a trade name of National Bank of Canada, alongside CWB Financial Group. Motive’s web address now redirects to nbc.ca. Confirm current details with National Bank.
Can I be insured twice by having accounts at two banks?
Yes, if the two banks are different CDIC members. CDIC says each member institution has its own distinct coverage. Two brands under one member, such as CIBC and Simplii, share one limit.
Does CDIC coverage apply per account or per bank?
It applies per category at each member institution, up to $100,000 including principal and interest. Single-name, joint, TFSA, RRSP, RRIF, FHSA, RDSP, RESP and trust deposits are separate categories.
Are the promo rates permanent?
No. Tangerine’s promo runs 153 days from when you meet the conditions, and our data shows 5 months for Tangerine and Simplii. After that each account drops to its regular rate, so check the date before you open.
Try this next
Sources, checked November 2026
- CDIC: what’s covered cdic.ca
- CDIC: list of member institutions cdic.ca
- Simplii: about us simplii.com
- Tangerine: CDIC tangerine.ca
- Motive Financial (redirects to National Bank) motivefinancial.com
- Tangerine: Savings Account tangerine.ca
- Tangerine: current rates file tangerine.ca
- Tangerine: chequing account tangerine.ca
- Tangerine: Interac e-Transfer limits tangerine.ca
- Simplii: No Fee Chequing simplii.com
- Simplii: Interac e-Transfer simplii.com
- Simplii: rates file online.simplii.com
- Simplii Financial: High Interest Savings Account simplii.com
General information for Canadians, not financial, tax or legal advice. Rules and menus change, so confirm details with your bank, lender or the Government of Canada. See our methodology.