The short answer: EQ Bank wins for pure cash savings — a higher top rate with direct deposit, 0.5% card cashback, and registered savings accounts paying 1.50%. Wealthsimple Cash is the better pick if your money lives inside the Wealthsimple investing ecosystem, with instant transfers and strong USD interest. Either way, keep a backup account: both have real complaint histories.
1. Interest rates
EQ Bank pays 1.00% as a base rate, rising to 2.75% when you set up a $2,000 monthly direct deposit. Wealthsimple Cash pays 1.25%–2.25% on CAD depending on your balance tier, plus an extra 0.5% with a $2,000+ direct deposit in 30 days. Wealthsimple also pays 2.5%–3.5% on USD balances — something EQ doesn’t match.
Winner: it depends on your saver type. High-balance direct-deposit savers will likely earn more at EQ (2.75%); USD holders and Wealthsimple investors earn more with Wealthsimple Cash.
2. Fees
Both accounts charge $0 per month with unlimited transactions, and both offer free Interac e-transfers. Neither plays the fee-on-everything game of the Big Banks.
Winner: tie.
3. Card
Both issue a prepaid Mastercard with no FX fee on card purchases. The difference is rewards: EQ’s card pays 0.5% cashback, while Wealthsimple’s 1% cashback ended on October 1, 2025 — its card now earns nothing.
Winner: EQ.
4. Registered accounts
EQ Bank offers TFSA, RRSP, and FHSA savings accounts paying 1.50% — registered cash that actually earns. Wealthsimple offers TFSA, RRSP, and FHSA too, but through its invest/trade side rather than as high-interest cash savings.
Winner: EQ for registered cash savings; Wealthsimple for the investing ecosystem around them.
5. User complaints
EQ Bank users report app glitches, withdrawal holds, the prepaid card not being accepted everywhere, and no service in Quebec. Wealthsimple Cash users report accounts frozen with vague “security” explanations, large wires stalled for 7+ days, and ID-verification loops.
Winner: neither — the honest move is to keep a backup account at a second institution no matter which one you pick.
The bottom line: if you want… → pick
- …the highest rate on CAD with direct deposit → EQ Bank (2.75%)
- …cashback on a prepaid card → EQ Bank (0.5%)
- …registered savings that pay interest → EQ Bank (1.50%)
- …instant moves between cash and investing → Wealthsimple Cash
- …interest on USD balances → Wealthsimple Cash (2.5%–3.5%)
FAQs
Which pays more interest: Wealthsimple Cash or EQ Bank?
EQ Bank pays up to 2.75% on CAD with a $2,000 monthly direct deposit; Wealthsimple Cash pays 1.25%–2.25% plus a 0.5% direct-deposit boost. EQ usually wins for CAD; Wealthsimple wins for USD (2.5%–3.5%).
Do EQ Bank and Wealthsimple Cash charge monthly fees?
Neither does — both are $0 per month with unlimited transactions and free Interac e-transfers.
Which card earns cashback?
EQ’s prepaid Mastercard earns 0.5% cashback; Wealthsimple’s card paid 1% until that program ended October 1, 2025, and now earns nothing.
Can I open a TFSA at both?
Yes. EQ offers TFSA/RRSP/FHSA savings accounts at 1.50%; Wealthsimple offers TFSA/RRSP/FHSA through its invest/trade side.
Loonie365 is a comparison and referral service, not a lender or bank. We may earn a commission if you open an account — it never affects our rankings.
Rates checked October 2026.