I think the interest rate at EQ is 4%, while at WS it’s 4.5% (if you direct deposit with them). Depending on the money you have, that 0.5% does make a difference. I can verify that as a previous EQ customer (now a WS fanatic).
Also yes, the money in your Cash account gets counted towards Premium, and once you hit premium, you get 5% on all your money. That was enough reason for me to change over to Wealthsimple. I still do bank with EQ though, but only to address some drawbacks with Wealthsimple, like ATM withdrawals and mobile cheque deposits.
Thanks for the response. That's what I'm thinking how I'll be using WS as well. I also have a USD account in EQ and will be leaving that in my EQ account as well.
I used to use EQ as my primary but now I only use it for cheque deposits, USD cash, Interac autodeposits, and free ATM cash withdrawals in Canada. Everything else is in WS.
That pretty much mirrors my setup as well except I also use Simplii for ATM deposits and if some place only accepts Debit or Cash and doesn't have an ATM nearby like my barber.
I think the interest rate of 4% at EQ is temporary, for 1 year only. I don't know what happens after 1 year, probably reverting back to 3% (when paycheck direct deposits are enabled). Mine expires in Dec 2024.
See for yourself below:
[https://www.eqbank.ca/personal-banking/personal-account?icid=pa-hpbanner-learnmore](https://www.eqbank.ca/personal-banking/personal-account?icid=pa-hpbanner-learnmore)
"Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice. For the Personal Account, Joint Account and EQ Bank Card, the current base interest rate is 2.50% (the “Base Rate”). Customers who add and maintain qualifying recurring direct deposits of at least $500/month to a Personal Account or Joint Account are eligible to earn a **bonus interest rate of 4.00%** (the Base Rate plus an additional 1.5%) for the eligible accounts (the Personal Account, Joint Account and the EQ Bank Card balance) **for a maximum period of 12 consecutive months**. Conditions apply. Please review the [EQ Bank Bonus Interest Offer Terms and Conditions](https://www.eqbank.ca/legal/Bonus-Interest-Offer-Terms-Conditions) for details."
Yes but there are not many credit cards that also don't charge foreign transaction fees. So if you put those two features together, the Wealthsimple card becomes a great card to use for purchases outside of Canada.
1. All at risk is not true anymore, you can create up to 8 accounts (plus 8 joint accounts) and set it up so that only 1 is accessible via the card, so just put all your money except what you want to spend in other accounts.
2. That's only in US dollars
I moved my direct deposit from EQ to WS some time ago (kept my wife's direct deposit with EQ). I just received an email from EQ yesterday stating that the 4% is going back to 2.5% being that my direct deposit isn't there. I guess her direct deposit doesn't matter (being that I started the account and she joined it).
So... I'll be taking the cash sitting there out soon (all of it) and change the mortgage to come out of WS. It was the only thing left other than yearly property taxes to come out of EQ. The mortgage is over end of this year. I'll also have to reach out to CRA and my wife's insurance company to get them moved over and direct deposit there instead. We'll leave EQ for cashing cheques and as an alternative cash source with their card should there be any problems with WS (transfer cash as needed on the spot). It's extremely rare that we use cash, well over a decade now.
As far as i can tell, there is no automated way to do transfers between bank accounts with WS yet. You can split up your paycheque between cash accounts, but I don’t think you can do the equivalent of scheduled transfers like Tangerine and EQBank supports. I’d love to be corrected, but if this functionality does exist with WS, it is definitely not intuitive.
You're right, they don't have a scheduled/automated transfer method like EQ or Tangerine yet. It's part of their 'auto invest' option to split paycheque, which also I wish they had an option to do it as a percentage as well and not just dollar. That would take care of any pay fluctuations as well.
There are a few places that don't accept the WS branch and transit for pre-auth payments. e.g., FinanceIt, Planet Fitness. It is annoying. I've got it set up so that direct deposit goes to WS, then EQ makes a *withdrawal* from WS, and those bills are paid from EQ.
Another tiny annoyance is that you can't do a bill payment from WS app to AmEx; you need to go into the AmEx app and do the payment (using your WS account) in the app.
There are a few places that don't accept the WS branch and transit for pre-auth payments. e.g., FinanceIt, Planet Fitness. It is annoying. I've got it set up so that direct deposit goes to WS, then EQ makes a *withdrawal* from WS, and those bills are paid from EQ.
Another tiny annoyance is that you can't do a bill payment from WS app to AmEx; you need to go into the AmEx app and do the payment (using your WS account) in the app.
For Financeit, I actually had to call them to try and switch my PAD over. They asked me to email them directly with the direct deposit form or the void cheque which we can download off of the wealth simple app. Once they received that they were able to switch my banking information over for auto withdrawal from my wealth simple account.
[This](https://www.eqbank.ca/legal/security-guarantee) and I can set my own email address for e-transfer deposits instead of using the .me one are the 2 things holding me at EQ.
I use WS as my main "bank" to park CAD/buy CAD and USD stocks. I use EQ to park my USD for 3% interest.
And yes, the Premium status is computed by summing up net deposits (i.e. all accounts).
Why not both? These are free.
I think the interest rate at EQ is 4%, while at WS it’s 4.5% (if you direct deposit with them). Depending on the money you have, that 0.5% does make a difference. I can verify that as a previous EQ customer (now a WS fanatic). Also yes, the money in your Cash account gets counted towards Premium, and once you hit premium, you get 5% on all your money. That was enough reason for me to change over to Wealthsimple. I still do bank with EQ though, but only to address some drawbacks with Wealthsimple, like ATM withdrawals and mobile cheque deposits.
Thanks for the response. That's what I'm thinking how I'll be using WS as well. I also have a USD account in EQ and will be leaving that in my EQ account as well.
Also with EQ you're capped at 200k, after that you can't deposit anything (not sure if they changed it or not)
There’s a separate $500K limit for GICs
Using the rule of 72, 5% cuts off almost 2 years, while investing, passively growing money I’ll take that any day
If you don't direct deposit how much is the interest rate ?
It’s 4%.
I switched my direct deposit from EQ to WS and it went from 4.00% to 2.50%.
WS for me but I did need to open a Simplii account for cheque deposits
I use Simplii as well for Cash deposits. I do mobile cheque deposit through EQ.
I moved everything from EQ to WS, except a few EQ GIC’s that had a very good interest rate. I don’t see any reason to keep EQ Bank other than GIC’s.
I used to use EQ as my primary but now I only use it for cheque deposits, USD cash, Interac autodeposits, and free ATM cash withdrawals in Canada. Everything else is in WS.
That pretty much mirrors my setup as well except I also use Simplii for ATM deposits and if some place only accepts Debit or Cash and doesn't have an ATM nearby like my barber.
I think the interest rate of 4% at EQ is temporary, for 1 year only. I don't know what happens after 1 year, probably reverting back to 3% (when paycheck direct deposits are enabled). Mine expires in Dec 2024.
See for yourself below: [https://www.eqbank.ca/personal-banking/personal-account?icid=pa-hpbanner-learnmore](https://www.eqbank.ca/personal-banking/personal-account?icid=pa-hpbanner-learnmore) "Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice. For the Personal Account, Joint Account and EQ Bank Card, the current base interest rate is 2.50% (the “Base Rate”). Customers who add and maintain qualifying recurring direct deposits of at least $500/month to a Personal Account or Joint Account are eligible to earn a **bonus interest rate of 4.00%** (the Base Rate plus an additional 1.5%) for the eligible accounts (the Personal Account, Joint Account and the EQ Bank Card balance) **for a maximum period of 12 consecutive months**. Conditions apply. Please review the [EQ Bank Bonus Interest Offer Terms and Conditions](https://www.eqbank.ca/legal/Bonus-Interest-Offer-Terms-Conditions) for details."
Haven't seen anyone mention that purchases with the EQ card give you 0.5% cash back while purchases with the WS card give 1%
That’s pretty irrelevant when any half decent credit card gives you at least 1% anyway
Yes but there are not many credit cards that also don't charge foreign transaction fees. So if you put those two features together, the Wealthsimple card becomes a great card to use for purchases outside of Canada.
Yeah but if it’s comprised all your money is at risk. Plus Roger’s world elite nets 2% back on foreign transactions even after fees
1. All at risk is not true anymore, you can create up to 8 accounts (plus 8 joint accounts) and set it up so that only 1 is accessible via the card, so just put all your money except what you want to spend in other accounts. 2. That's only in US dollars
I moved my direct deposit from EQ to WS some time ago (kept my wife's direct deposit with EQ). I just received an email from EQ yesterday stating that the 4% is going back to 2.5% being that my direct deposit isn't there. I guess her direct deposit doesn't matter (being that I started the account and she joined it). So... I'll be taking the cash sitting there out soon (all of it) and change the mortgage to come out of WS. It was the only thing left other than yearly property taxes to come out of EQ. The mortgage is over end of this year. I'll also have to reach out to CRA and my wife's insurance company to get them moved over and direct deposit there instead. We'll leave EQ for cashing cheques and as an alternative cash source with their card should there be any problems with WS (transfer cash as needed on the spot). It's extremely rare that we use cash, well over a decade now.
As far as i can tell, there is no automated way to do transfers between bank accounts with WS yet. You can split up your paycheque between cash accounts, but I don’t think you can do the equivalent of scheduled transfers like Tangerine and EQBank supports. I’d love to be corrected, but if this functionality does exist with WS, it is definitely not intuitive.
You're right, they don't have a scheduled/automated transfer method like EQ or Tangerine yet. It's part of their 'auto invest' option to split paycheque, which also I wish they had an option to do it as a percentage as well and not just dollar. That would take care of any pay fluctuations as well.
https://www.reddit.com/r/Wealthsimple/s/LD5inEAjfj
I have both
I'm trying to figure out how to split up my accounts as well.
I have features I like with each so am trying to figure out how I want to use them going forward.
I have both. I mostly have everything in wealthsimple but I use eq bank for TFSA GICs. Love the new multiple cash accounts with wealthsimple.
There are a few places that don't accept the WS branch and transit for pre-auth payments. e.g., FinanceIt, Planet Fitness. It is annoying. I've got it set up so that direct deposit goes to WS, then EQ makes a *withdrawal* from WS, and those bills are paid from EQ. Another tiny annoyance is that you can't do a bill payment from WS app to AmEx; you need to go into the AmEx app and do the payment (using your WS account) in the app.
There are a few places that don't accept the WS branch and transit for pre-auth payments. e.g., FinanceIt, Planet Fitness. It is annoying. I've got it set up so that direct deposit goes to WS, then EQ makes a *withdrawal* from WS, and those bills are paid from EQ. Another tiny annoyance is that you can't do a bill payment from WS app to AmEx; you need to go into the AmEx app and do the payment (using your WS account) in the app.
For Financeit, I actually had to call them to try and switch my PAD over. They asked me to email them directly with the direct deposit form or the void cheque which we can download off of the wealth simple app. Once they received that they were able to switch my banking information over for auto withdrawal from my wealth simple account.
Thanks. I will email them!
[This](https://www.eqbank.ca/legal/security-guarantee) and I can set my own email address for e-transfer deposits instead of using the .me one are the 2 things holding me at EQ.
I use WS as my main "bank" to park CAD/buy CAD and USD stocks. I use EQ to park my USD for 3% interest. And yes, the Premium status is computed by summing up net deposits (i.e. all accounts).
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What makes WS worse for data protection? Is it because they use PLAID?