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Is wealthsimple better than EQ bank? (lemmy.pe1uca.dev)

submitted 1 year ago by [email protected] to c/personalfinancecanada

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I've seen a lot of people mentioning EQ bank to have the emergency save since it offers 2.5% interest.

Just recently knew about wealthsimple with 4% https://www.wealthsimple.com/en-ca/spend

So I'm wondering if you guys know any drawback on saving in wealthsimple instead of EQ.

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[–] stealth_cookies 3 points 1 year ago* (last edited 1 year ago)

EQs rates have fallen behind for quite some time, Motive has been offering over 3% for quite awhile so I moved my savings there (currently 4.1%). None of these banks are better than the others they just offer better rates than the others for a period of time. Up to you to decide whether it is enough to move your money.