EQ Bank alternatives in Canada (2026): 4 honest picks
| App | Cost | Holds your money | Interest or return | Prize draws | CDIC-eligible |
|---|---|---|---|---|---|
| EQ BankHigh-interest digital bank | No monthly fees | Yes | 1.00% to 2.75%1 | No | Member, $100,000 per category2 |
| LodavoPrize-linked savings app | Free | No | None. You keep your bank’s rate | Yes | Your own bank’s coverage |
| WealthsimpleInvesting + spending platform | No monthly account fee3 | Yes | 2.5% savings, 2.25% chequing4 | Yes | Chequing only5 |
| Neo FinancialFintech: savings, cards, rewards | Free, or $9.99 to $14.99/mo6 | Yes | 2.00% to 2.75%7 | No | Via a partner bank8 |
| Simplii FinancialOnline bank (CIBC) | No monthly fees | Yes | 0.30%, promo 4.60%9 | No | Member via CIBC, $100,000 per category10 |
Notes and conditions (10)
- 1EQ Bank 1.00% base, 2.75% with recurring direct deposits of $2,000/month. Notice Savings pays 2.35% (10-day) or 2.75% (30-day); GICs run 3.40% to 4.00% on 1-to-5-year terms. Some products aren’t offered in Quebec (rates effective June 11, 2026).
- 2EQ Bank A trade name of Equitable Bank, the CDIC member, so deposits under both names share one $100,000 limit per category.
- 3Wealthsimple Managed investing costs 0.5% a year, or 0.4% once you hold $100,000 in assets (as of August 2026).
- 4Wealthsimple Its Savings account pays 2.5% with no balance threshold and is separate from chequing, which pays 1.25% (Core), 1.75% (Premium, $100,000 in assets) or 2.25% (Generation, $500,000), plus 0.5% on Core and Premium with a $2,000 direct deposit (as of August 2026).
- 5Wealthsimple The Chequing account is CDIC-eligible through partner banks. Its Savings account is a non-registered investment account, so it is covered by CIPF instead, as are investments.
- 6Neo Financial The accounts are free on the Essentials membership. Build ($9.99 a month) and Grow ($14.99 a month) buy the higher savings rates, the credit tools, and waived chequing fees. Both rose from $7.99 and $12.99, for new customers on September 1, 2026 and for existing members on October 1. Until October 1 a $5,000 or $20,000 balance still gets Build or Grow free, and a Neo World Elite Mastercard includes Build at no cost (as of September 2026).
- 7Neo Financial Until October 1, 2026 Neo Savings sets the rate by balance and all three tiers are free: 2.00% under $5,000, 2.50% from $5,000 and 2.75% from $20,000 combined. From October 1 the rate follows your membership instead, so only 2.00% stays free and the higher rates cost $9.99 (Build) or $14.99 (Grow) a month. A separate, older High-Interest Savings account pays 1.25%, and Neo Chequing pays 0.1%.
- 8Neo Financial Balances are CDIC-eligible through Peoples Bank of Canada, the member institution.
- 9Simplii Financial The base rate is around 0.30% on the first $50,000. A new-client promo pays 4.60% for 153 days (5 months) from opening, on balances up to $200,000. Simplii opens a new round a few times a year, so check the dates on its page (as of August 2026).
- 10Simplii Financial A division of CIBC, not a separate member, so deposits at Simplii and CIBC share one $100,000 limit per category rather than each getting their own.
What are the best EQ Bank alternatives in Canada?
The best EQ Bank alternatives in Canada depend on why you’re looking. EQ Bank is already one of the strongest no-fee high-interest accounts here, so most people aren’t leaving unhappy. They want a different shape, or something extra. For investing and banking in one app, look at Wealthsimple. For a high rate plus cash-back cards, Neo Financial. For a big short-term promo rate and full chequing, Simplii Financial. And for a chance to win cash every week on the account you already have, Lodavo. Use the table above for the head-to-head numbers. Then read on, because the right EQ Bank alternative is really about fit: how each option works, and the saver it suits.
Why look for an EQ Bank alternative?
Most people look elsewhere for a better fit, not because EQ Bank let them down. The rate is the most common reason: EQ’s 2.75% only kicks in with a recurring direct deposit of at least $2,000 a month, and not everyone can route that. Others want more than a savings account, a rewards card alongside their balance, a higher promo rate for a few months, or a fun free upside on what they save.
It’s worth being fair to EQ Bank first. It’s the digital arm of Equitable Bank, a CDIC member, and its Personal Account pays 1.00% base, rising to 2.75% with a qualifying $2,000 monthly direct deposit (opens in a new tab) (as of 2026), with no monthly fee. That’s tough to beat for a simple place to park cash. People still leave for specific jobs it doesn’t do: investing, everyday rewards, a temporary promo rate, or a prize element. Each alternative below fixes one of those.
The best EQ Bank alternatives in Canada, at a glance
The four picks split cleanly: an investing-and-banking platform, a savings-and-cash-back bundle, a CIBC-backed account with promo rates, and a free weekly prize draw on the account you already have. Each short section gives the dated rate, the honest catch, and the one job it does best.
Wealthsimple, best for investing and banking together
Wealthsimple is the pick when you want more than a savings account. It’s a large Canadian fintech that puts investing, trading, crypto and a spending Chequing account in one app, with no monthly account fee and Chequing interest from about 1.25% up to 2.25% by tier (opens in a new tab) (as of 2026). The more you hold across the platform, the higher your rate and perks climb. It also runs a monthly prize draw, the Monthly Millionaire, on Chequing balances.
Two honest caveats. The base Chequing rate of 1.25% sits below EQ Bank’s 2.75% unless you reach the higher asset tiers, so Wealthsimple isn’t the move if a top cash rate is all you want. And to enter that prize draw, you have to keep your money in Wealthsimple. Investments also carry market risk and are protected by CIPF, not CDIC like a deposit. Where Wealthsimple wins is breadth: one app for saving, spending and investing. If you only want a safe, high-rate home for cash, EQ Bank is simpler.
Neo Financial, best for a high rate plus cash-back cards
Neo Financial puts saving and spending in one app. It pairs a no-fee high-interest savings account with cash-back cards and a rewards marketplace, with the savings side held through a CDIC-member partner bank. Neo Savings is tiered: 2.00% up to $5,000, 2.5% up to $20,000, and 2.75% above that (opens in a new tab) (as of 2026). At a higher balance, that 2.75% matches EQ Bank’s top rate, and it doesn’t need a direct deposit to unlock, which is a real edge for savers who keep $20,000 or more but can’t route a $2,000 monthly deposit.
The trade-off is that Neo is at its best when you use the cards too, not just the savings account. The richest rewards come from spending through its card network, so if you only want a savings account and won’t touch the cards, EQ Bank is cleaner. But if you want a strong rate and cash back in one app, Neo is the closest fit here.
Simplii Financial, best for a big promo rate and full chequing
Simplii Financial is the no-fee digital division of CIBC, so it pairs that big-bank backing with frequent promotions. The headline is the promo rate: new clients regularly get a promotional savings rate around 4.60% for roughly five months (opens in a new tab) (as of 2026), well above EQ Bank’s ongoing rate, plus a full no-fee chequing account and recurring cash welcome bonuses.
Read the fine print, though. The promo is temporary and aimed at new clients or net-new deposits, and once it ends the ongoing base rate drops to roughly 0.30%, far below EQ Bank. Simplii suits you if you’ll actually chase and rotate promotional rates, or you want full no-fee chequing from a CIBC-backed brand. If you’d rather set a good rate once and forget it, EQ Bank is the steadier choice.
Lodavo, a free weekly draw on top of your rate
On a page about the best plain rate, Lodavo is the one pick that doesn’t chase it. It’s Canada’s first prize-linked savings app, not a bank account. It connects read-only to the account you already save in, through Plaid (opens in a new tab), which covers over 99% of deposit accounts in Canada (opens in a new tab). Your balance updates each week, and your tickets follow what you save: put more aside, get more chances. The draw pays out up to $10,000, and each week at least $100 is guaranteed to go to a user.
Keep EQ Bank for the rate and add Lodavo for the fun of it. You earn every dollar of EQ Bank’s interest and get a chance to win cash every week on the same balance. That’s the difference from Wealthsimple’s draw, which only counts money you move into Wealthsimple. Lodavo asks for nothing in return, so it’s an addition, not a replacement. If you’re wondering whether a prize draw on savings counts as gambling, we explain the no purchase necessary and skill-testing rules here, and you can see recent winners on the winning numbers page.
How to choose the right EQ Bank alternative for you
No universal winner here, just the right fit for your next move. Find yours below:
| If you want | Pick | Why |
|---|---|---|
| Investing and banking in one app | Wealthsimple | Trading, crypto and a Chequing account together, no account fee |
| A high rate plus cash-back cards | Neo Financial | Neo Savings up to 2.75%, no direct-deposit hurdle, rewards on cards |
| The biggest rate, short term | Simplii Financial | New-client promo near 4.60% for about five months (as of 2026) |
| A chance to win cash every week | Lodavo | Free weekly draw tickets on the balance you already keep at EQ Bank |
| A simple high rate, set and forget | EQ Bank | Up to 2.75% with direct deposit, CDIC member, no fee |
Plenty of people end up with a pairing, not a single product: EQ Bank (or one of these) earns the interest, and Lodavo adds a free weekly draw on top. To go deeper, our head-to-head on Lodavo versus EQ Bank breaks the two down side by side, the guide to prize-linked savings in Canada covers how the category works, and the best savings apps in Canada roundup widens the field if none of these is your match.
Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.
EQ Bank
Pros
- No monthly fee, no minimum balance, and free Interac e-Transfers
- CDIC member directly through Equitable Bank, eligible up to $100,000 per category
- Up to 2.75% with a qualifying $2,000 monthly direct deposit, plus notice accounts and GICs
Cons
- The top rate is conditional on a $2,000 monthly direct deposit (as of 2026)
- Saving-first, so it's less of an everyday spending card
- No investing, cash-back cards, or rewards built in
Lodavo
Pros
- A weekly cash draw with a top prize of $10,000, and at least $100 guaranteed every week
- Layers onto EQ Bank, or whatever bank you already use, with nothing to switch
- The more you save, the more tickets you collect, and it costs nothing to use
Cons
- Pays no interest, so your rate still comes from EQ Bank or wherever you save
- Prizes are chance-based, so no week is a guaranteed win
- It sits on top of a real savings account rather than replacing one
Frequently asked questions
Which account pays a higher rate than EQ Bank?
Is Wealthsimple better than EQ Bank?
Is there a free alternative to EQ Bank?
Does Lodavo replace an EQ Bank account?
Are these EQ Bank alternatives CDIC insured?
Canada’s first prize-linked savings app
The more you save, the more chances you get to win
Lodavo is free. Keep saving in the account you already use, and earn free tickets in every weekly draw.
Scan to download4.7 out of 5
