EQ pays 4%. WS Cash pays 1.25%. But that's not the whole story.
If you're only optimizing savings rate, EQ Bank wins by a mile (4% vs 1.25%). But Wealthsimple Cash isn't really a HISA — it's a spending account with cashback and crypto integration. Different tools for different jobs.
★ QUICK VERDICT ★
Skip to the answer
PICK EQ BANK IF...
You want the highest HISA rate (4%)
You need TFSA, RRSP, FHSA, GICs
You send international transfers
You hold USD savings (4% USD HISA)
PICK WS CASH IF...
It's your daily spending account
You want 1% cashback on every purchase
You travel — 0% FX is huge
You already use WS Trade for stocks
★ HEAD-TO-HEAD ★
The 6 numbers
METRIC
EQ BANK
WS CASH
WINNER
Default interest rate
4.00%
1.25% (Core)
EQ
Highest tier rate
5.00% (Notice Sav.)
2.25% (Generation $500k+)
EQ
Monthly fee
$0
$0
TIE
Cashback on debit
✗
1% on Cash Card
WS
USD account
✓ 4.00% USD HISA
Premium tier only · 1.75%
EQ
CDIC coverage
✓ Direct ($100k)
✓ Via partner banks
EQ
★ FULL FEATURE MATRIX ★
Everything compared
FEATURE
EQ BANK
WS CASH
Personal account interest
4.00% base
1.25-2.25% by tier
Notice savings (higher rate)
5.00% (90-day notice)
Not available
GICs
✓ Up to 5.00%
✗
TFSA / RRSP / FHSA
✓
✗ (separate WS Trade for that)
Physical card
✓ Card · 0% FX abroad
✓ Cash Card · 0% FX + 1% cashback
International transfers
FREE via Wise integration
In-app · fee varies
Crypto integration
✗
✓ 140+ coins
Direct deposit
✓
✓
Interac e-Transfer (free)
✓
✓
CDIC insured
✓ Direct
✓ Via partners
Mobile app rating
4.7 stars (iOS)
4.7 stars (iOS)
★ VERDICT BY USE CASE ★
Who wins for you
PURE HISA SAVEREQ BANK
4.00% default vs 1.25% on WS. That's $275 more per year on $10k. Not even close.
BIG TFSA / RRSP HOLDEREQ BANK
EQ has TFSA/RRSP/FHSA. WS Cash doesn't. (You'd use Wealthsimple Trade for that, different product.)
INTERNATIONAL TRANSFERSEQ BANK
EQ's Wise integration is FREE for international transfers. WS charges fees.
DAILY SPENDING ACCTWS CASH
WS Cash Card gives 1% cashback on every purchase. EQ gives 0% on spending.
CRYPTO + CASHWS CASH
WS Cash integrates with WS Trade for crypto. EQ has no crypto.
GENERATION TIER ($500k+)EITHER
WS Generation gets 2.25% + premium perks. Still less than EQ's 4%, but Generation comes with full wealth management.
★ PROS & CONS ★
The honest list
EQ BANK
✓4.00% default rate (3× WS Core)
✓Up to 5.00% on Notice Savings
✓TFSA, RRSP, FHSA, GICs all available
✓USD HISA at 4.00% (best in Canada)
✓FREE international transfers via Wise
✓Direct CDIC insurance (not via partners)
✗No cashback on debit purchases
✗No crypto integration
✗Notice Savings rate requires 30/90 day delay
WEALTHSIMPLE CASH
✓1% cashback on all Cash Card purchases
✓0% FX on international purchases
✓Integrates with WS Trade (crypto + stocks)
✓Apple Pay / Google Pay native
✓Single Wealthsimple ecosystem
✗Default 1.25% rate is weak vs EQ's 4%
✗No TFSA / RRSP shelter (separate product)
✗Premium / Generation rates need $100k-$500k
✗CDIC coverage is via partner banks (not direct)
★ OUR PICK ★
Use both
EQ BANK for savings. WS CASH for spending. Both are free.
EQ pays 4% (or 5% on Notice Savings) — that's where your emergency fund and TFSA go. WS Cash is your daily debit card — 1% cashback, 0% FX, and Apple Pay integration. Move money between them via Interac. You earn more interest AND get better card rewards by splitting them.