The short version: it's closer than it used to be. If you can set up a qualifying direct deposit at EQ Bank, its 2.75% beats every Wealthsimple Cash tier — EQ Bank wins on yield. Without that direct deposit, Wealthsimple's free 1.25% Core rate actually edges out EQ's 1.00% base rate. If you want a single account that doubles as a chequing/spending account with a card and USD optionality, Wealthsimple Cash wins regardless of the rate gap. For most people I'd open both — EQ for the savings layer (with direct deposit routed there), Wealthsimple Cash for the day-to-day spending layer.

Side-by-side, the only table that matters

Where each one wins

EQ Bank wins on yield — if you qualify for the bonus rate

For someone parking $20,000 in their emergency fund, the difference between EQ's 2.75% (with a qualifying direct deposit) and Wealthsimple's 1.25% Core rate is $300/year. That's worth routing a paycheque for. But without the direct deposit, EQ's base rate is only 1.00% — $50/year behind Wealthsimple's free Core tier on the same balance. The EQ advantage only shows up once you've actually set up the qualifying deposit, not by default.

Wealthsimple Cash wins on day-to-day usability

I've used Wealthsimple Cash as my primary spending account for over a year. The card pays 1% back on everything, foreign transactions are at the mid-market rate with no FX fee, and the app is genuinely the best-built Canadian banking app right now. EQ doesn't have a physical card on the Personal Account, so it's structurally a savings tool, not a chequing replacement.

Wealthsimple wins on CDIC ceiling

Wealthsimple Cash spreads your deposits across multiple partner banks (CIBC, NBC, ATB, and others), giving you up to $1M in aggregate CDIC coverage. EQ is direct-CDIC'd at the standard $100K. For balances above $100K outside a registered account, this matters.

Withdrawal speed

Both platforms send withdrawals over the same Interac e-Transfer rails and advertise near-instant delivery to a linked bank account:

• Wealthsimple Cash: Interac e-Transfers typically arrive within minutes.
• EQ Bank: also instant Interac; delivery is typically within minutes as well.

Both are effectively instant. The notable difference is the spending card: Wealthsimple's Cash card lets you skip the transfer step entirely — you can tap and pay straight from the high-interest balance. EQ requires the e-Transfer step before spending.

Which one should you actually open?

• Can set up a qualifying direct deposit and want maximum yield: EQ Bank at 2.75%.
• Want one account for everything (savings + spending + USD) without a direct-deposit hoop to jump through: Wealthsimple Cash — its free Core rate already beats EQ's un-boosted base rate.
• Have $100K+ and plan to invest with Wealthsimple anyway: Wealthsimple Cash still makes sense for the spending features, even though EQ's direct-deposit rate now leads on pure yield.
• The two-account stack: route your paycheque's direct deposit to EQ Bank for the 2.75% rate on savings, and keep Wealthsimple Cash for day-to-day spending with the card. Sweep the surplus to EQ at month-end.

What about KOHO, Neo, and Tangerine?

KOHO and Neo are spending-first products — their savings rates aren't competitive with EQ for parked cash. See our KOHO vs EQ Bank and Neo vs KOHO vs Wealthsimple Cash comparisons. Tangerine has good promo rates for the first 5 months, then drops to a non-competitive base — fine for short-term parking, not as a long-term home.

Bottom line

For a single recommendation: EQ Bank if you can route a direct deposit there and want maximum yield, Wealthsimple Cash if you're optimizing for everything else. For most people the right answer is "both" — they're free to open, neither charges fees, and the two-account stack captures the best of each. Compare against full GIC alternatives with the GIC rates guide if your money is locked in for 6+ months.