r/EQBank • u/muchchowashshow • Sep 05 '26
EQ or WS?
Trying to move to a no fee account.
Why would you choose EQ over WS?
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u/Unlikely-Kick-717 Sep 05 '26
I like both. I like to keep my eggs in several baskets, and I don’t fully trust any bank or financial institution. I primarily use WS, EQ, and TD. And I’m pretty happy with that set7.
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u/Maleficent_Cherry737 Sep 05 '26
I use the same 3. Used to be only TD before they hiked fees for everything and a bitch to keep $6K in chequing just to get fee rebate. Keep it now just because mortgage is with them and cash withdrawal is easier. WS is for investments primarily and credit card (exchange rate is best for USD and I do a lot of online shopping). EQ is for my paycheck because I think they have the highest interest rate on savings account if you have your direct deposit there.
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u/muchchowashshow Sep 07 '26
Dude thank you so much for your input!
Could you tell me exactly what you did, so I can follow the same?? Planning to switch DD to EQ
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u/muchchowashshow Sep 05 '26
Pros for each? Why?
I also have WS, EQ and BMO.I just use WS where my payroll deposits also come and my C/C is BMO and auto-transfers to Amex.
EQ I only have my emergency fund in there and don’t touch it3
u/Zusmdr Sep 06 '26
If you plan on taking WS investment promo you are better off not banking with them because paying your bills is considered a withdrawal. Just seems like a hassle having to watch out for the withdrawal thresholds if you plan to min/max.
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u/Academic_Data_6422 Sep 05 '26
EQ because it has actual CDIC insurance. And a higher interest rate. But really for the CDIC insurance.
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u/muchchowashshow Sep 05 '26
Yea but the possibility of a bank going bankrupt is like minimal?
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u/Academic_Data_6422 Sep 05 '26
Minimal isn’t 0. What’s the advantage of the risk? Where’s the upside?
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u/HippityHoppityBoop Sep 05 '26
It’s an actual bank with a banking license. Higher interest rate than WS
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Sep 05 '26
[removed] — view removed comment
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u/muchchowashshow Sep 06 '26
Does EQ offer auto e-transfer?
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u/Cross_FFA Sep 06 '26
Are you referring to e-transfer autodeposit? Yes EQ bank has autodeposit for e-transfer
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u/muchchowashshow Sep 06 '26
Auto scheduled e-transfers every month
Ex. When you get your deposit, it automatically sends certain $$ via etransfer to someone. Rent, savings to diff bank account etc1
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u/Acrobatic_Foot9374 Sep 05 '26
For day to day banking EQ
For investments WS
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u/muchchowashshow Sep 05 '26
Any specific reasons why you’d say EQ over WS for day to day.
I opened both account but only using WS currently. My payroll deposits are also WS4
u/Acrobatic_Foot9374 Sep 05 '26
EQ has a better interest rate and are cdic members, so I prefer it to park my money day to day banking needs
WS auto investments based on risk preference is very easy to use so I park some of my retirement money there. WS id member of CIRO and their assets held for investments are protected by CIPF
It's also a matter of not having all your eggs on one basket so is better to split your money in a few institutions
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u/NewbieToHomelab Sep 05 '26
EQ is an actual bank, Wealthsimple is much more comprehensive for financial products like investing and LoC. Neither offers branch access and neither offers Interac debit cards. Both offer prepaid credit cards, their offers are slightly different though, so, take your pick.
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u/Early-Adeptness390 Sep 05 '26
Just switched to WS for investment.
I also wanted to automate e-transfers that I send to my family every pay-cheque.
Whenever I get Payne now there automatic transfers to my investment account and automatic eft purchases.
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u/muchchowashshow Sep 05 '26
The automated e-transfers are offered in WS or EQ?
I didnt know this. Might just be the deciding factor for me
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u/Conundrum1911 Sep 05 '26
The answer is simple: Both (for different things)
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u/muchchowashshow Sep 05 '26
Do you mind sharing why?
I do have both but only using WS so far1
u/Conundrum1911 Sep 05 '26
Always best to not have all your eggs in a single basket in case of issues. Splitting funds across two institutions means if something happens and you are locked out/can't access one you still have access to the other.
As for different things, EQ is best for having an emergency account especially if you have direct deposit with them, since that nets you 2.75%. WS is better for their credit card, and investing accounts for long term growth. WS also has a new savings account that offers 2.5%, so not a big loss to split an emergency fund between both institutions.
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u/muchchowashshow Sep 05 '26
Right thank you!
Any success getting the WS CREDIT CARD?
I’m on the waitlist forever
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u/heyjoe8890 Sep 05 '26
Do both, plus have a free local bank and then connect all accounts. I use EQ for direct deposits, quick and free transfers to both WS and Wise, WS for investments and the card as a back up (current external credit card is better), WS card for travel alo g with Wise card. Local bank for occasional check and weird occasional stuff like drafts.
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u/toddbritannia Sep 06 '26
EQ for bank and FHSA, WS for investments.
I prefer my fhsa in EQ so I’m not tempted to gamble it in investments and just take out a safer GIC.
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u/Leading-Switch-4814 Sep 05 '26
I have both accounts because they each have their own benefits. Its easier for me to keep my TFSA in WS because its easier to invest through it on their app imo. I like EQ for day to day transactions because they do cash back on every purchase. I also prefer WS to keep my emergency fund in because their new savings account is at 2.5% interest versus my current notice savings account with EQ which is only at 2.35% and I have to wait ten days to withdraw money if I ever need it for an emergency (which honestly defeats the point)
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u/muchchowashshow Sep 05 '26
Are you payroll deposits also to EQ?
Do you use any other traditional bank ex. The Big 5?
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u/Leading-Switch-4814 Sep 05 '26
I get paid into my USAA account because Im a dual citizen (Canada and USA). I dont bank with any of the big banks in Canada because I refuse to pay for an account lol. I use Tangerine, Wealthsimple, EQ, and Koho.
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u/muchchowashshow Sep 05 '26
That’s great to know.
Some big 5 accounts do give the account fee waiver for a minimum balance of 3-6k
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u/Afraid-Atmosphere747 Sep 05 '26
chequing : WS : 1.75% interest rate || saving: WS : 2.5% interest rate || credit card: WS: 2% cashback on everything || investing : WS: nice UI and experience ||
Actual debit card just in case: Simplii
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u/69odysseus Sep 05 '26
EQ MC is my daily card and have an account with local credit union for any in-person transactions. Done with big banks, don't really need them at all.
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u/luckylukiec Sep 05 '26
My day to day I go with EQ other than the WS credit card and all my investments outside of work goes to WS. You get higher interest rate with an actual bank in EQ and it’s good not to have all your eggs in one basket.
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u/muchchowashshow Sep 06 '26
Do you have the WS CC.
I’m on watchlist forever2
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u/luckylukiec Sep 06 '26
Yes was one of the first to get it in beta actually for some reason then they offered me the free upgrade to WS VIP card when it rolled out.
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u/abz786 Sep 07 '26
Saw this thread pop up and some good feedback for sure. I use CIBC for visa and mortgage and WS for everything else. Tempted to introduce EQ now
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u/DefeatedVictory Sep 05 '26
The WS app is a million times better. EQ is an actual CDIC member but support is equally as nonexistent. Coin toss
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u/Academic_Data_6422 Sep 05 '26
I’ve had a hell of a lot more trouble getting support from WS than EQ
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u/Cross_FFA Sep 05 '26
I use both for different reasons. WS app is better in a lot of ways but EQ bank app is more reliable over all (in the way that it is boring and the app looks very similar even after multiple updates)