EQ Bank vs Tangerine vs TD: how to compare savings accounts

Money for next month’s rent has a different job from savings for a purchase next year. Before comparing accounts, write down your expected balance, how long it can stay there, and how often you need to move it. Those three inputs make a rate comparison useful.

This article compares Canadian-dollar, non-registered accounts. EQ’s Personal Account combines everyday transactions with interest; Tangerine Savings and TD Every Day Savings are savings products. The comparison explains their conditions, without treating every account as interchangeable or ranking an entire bank from one product.

For EQ’s Personal Account, the higher-rate condition on the checked page requires qualifying recurring direct deposits of at least CAD 2,000 a month. A balance requirement and a direct-deposit requirement are different: leaving money in the account does not by itself establish that you qualify.

For Tangerine, distinguish the regular Savings rate from a new-client promotion. Write down the eligible deposits, offer length and rate afterward before comparing it with another account. A headline offer cannot tell you what a full year will earn.

This article does not reproduce a changing interest-rate table. Use the official pages for current percentages and offer terms. FCAC also advises checking introductory rates, balance thresholds and how interest is calculated.

TD Every Day Savings shows why account fees need more than one column. Its eligible transfers to your other TD deposit accounts have their own free-transfer rule. Other transactions can consume the included allowance and trigger a charge. Read the transaction definition and exceptions before counting your likely costs.

Make a short list of the actions you actually use: transferring savings to spending, withdrawing cash, sending money, or requesting a paper statement. A useful comparison follows those actions through each bank’s current fee schedule. “No monthly fee” should never become “every service is free.”

The following invented offers show why the comparison period matters. They are not EQ, Tangerine or TD rates. Assume CAD 10,000 stays deposited for 12 months, rates do not change within each stated period, and interest is simple annual interest.

An account can earn interest and still require several steps before the money reaches the account you spend from. Check transfer limits, processing times and any deposit holds for your intended route. If you need a branch, cash deposits or a particular payment method, verify those services for the exact account.

You can compare a savings account without moving every banking service at once. If you later switch recurring payments or direct deposits, check that they work at the receiving account before closing the old one. A rate comparison is the beginning of that decision, not confirmation that the transfer is complete.

Keep the reason for each account in one sentence: the base rate, a condition you can meet, or a service you need. Then write down the tradeoff beside it. That is more useful than declaring one bank “best” without specifying balance, period or usage.

SwitchaBank lets you inspect available published products and select them for comparison. Availability and verification dates can differ from this article’s source-check date. If an account is absent, that does not establish that the bank has stopped offering it; check the linked official page.

For eligible deposit pairs, the comparison calculator can show supported scenarios. It does not model every promotional schedule, transaction fee or tax outcome. Keep those conditions in your own comparison and confirm the final terms with the bank.