Personal Finance Canada

1344 readers

1 users here now

Come and discuss anything related to personal finance, directly or indirectly, with other Canadians!

founded 2 years ago

MODERATORS

affairesdepiasses

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

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

8 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments

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

IMHO yes, WS is better than EQ in pretty much all aspects... except that its "credit" card is actually prepaid and does not contribute to credit scoring. EQ support might be fast, but they messed up my wife's assessment and she was banned for life due to an issue on EQs side... WS on the other hand has been pretty responsive once I crossed the 100k threshold - as well as bumping that rate to 4.5%