Checked by hand in July 2026. The full detail is in the table below.
Two no-monthly-fee accounts that pay interest on every dollar. The headline rate doesn't tell the whole story though: what you have to do to earn it usually decides this one.
Checked by hand in July 2026. The full detail is in the table below.
Rates move often on both sides. This table gives the structure; always check today's rate.
| Criterion | Wealthsimple | EQ Bank |
|---|---|---|
| Monthly fees | None | None |
| Minimum balance | None | None |
| Rate structure | Tiered by assets held: base, then higher above $100,000 and $500,000 | Base rate, boosted with a qualifying direct deposit |
| Condition for the top rate | Substantial assets at Wealthsimple | Payroll direct deposit |
| Deposit protection | Held at CDIC member institutions | CDIC member |
| Investments in the same account | Yes: TFSA, RRSP, ETFs, crypto | No, savings products and GICs mainly |
| Debit card | Yes | Yes |
| Interac e-Transfers | Yes | Yes |
| Built-in tax filing | Yes, free | No |
| GICs | No | Yes |
| Client contest | Monthly Millionaire, $1M per month | No equivalent |
| Sign-up bonus | $25 with LOIO3A, plus $10 by Interac from us | Occasional promotions |
Structures verified in July 2026. Interest rates change frequently: check the official sites for today's rate.
EQ Bank pays a base rate to everyone and lifts it substantially for clients who route their pay there. The condition is easy to meet, and it doesn't depend on account size. Someone with $3,000 gets the same boosted rate as someone with $80,000.
Wealthsimple works the other way around. The Cash account rate climbs in tiers tied to total assets held with them, with thresholds at $100,000 and $500,000. A small balance therefore earns the base rate no matter where the money came from.
For most people, someone with a direct deposit and moderate savings will earn more at EQ. The logic flips once you clear Wealthsimple's upper thresholds.
EQ Bank does one thing well: pay interest on cash, with GICs alongside. It's an excellent home for an emergency fund or for a down payment you'll need in two years.
Wealthsimple Cash lives in the same app as your TFSA, RRSP, FHSA, ETFs and crypto. Moving money between your cash buffer and your investments takes seconds, with no interbank transfer and no waiting.
That integration is often worth more than half a point of interest, particularly for someone who already invests. For someone who just wants a safe place to let money sit, it's worth nothing at all.
Pure emergency fund with no intention of investing: EQ Bank, especially if you can route your pay there. The boosted rate comes with no balance requirement.
You already invest or plan to: Wealthsimple, to keep cash and investments in one place. Less friction tends to mean decisions actually get made rather than postponed.
Nothing stops you from holding both either, and plenty of people do: emergency fund at EQ, investments at Wealthsimple. Both accounts are free, so the only cost is one more app on your phone.
Code LOIO3A: a $25 bonus after a $100 deposit, plus $10 by Interac e-Transfer once the claim form is in, for $35 total to try it out.
Copy the code and open Wealthsimple →