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Comparison

EQ Bank vs Tangerine

EQ Bank and Tangerine both land on Depends.

EQ Bank

Depends

Confidence: Medium

EQ Bank is a fit for fee-averse Canadians who want high-interest savings, GICs, and a no-fee card online.

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Tangerine

Depends

Confidence: Medium

A solid fit for Canadians who want no-fee everyday banking managed entirely in an app.

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EQ Bank versus Tangerine
Compare	EQ Bank	Tangerine
Verdict	Depends	Depends
Best for	Fee-averse savers	No-fee everyday banking
Who it's not for	Anyone needing branch or in-person banking	Branch users and cash depositors
Privacy	No known public vulnerabilities found in the sources reviewed.¹³	No public vulnerabilities or breaches found for Tangerine (the Canadian bank); a Feb 2024 breach hit Tangerine Telecom Australia, an unrelated company.
Support quality	Repeated Reddit customer-service complaints	Repeated Reddit complaints about long waits
Public sentiment	Reddit sentiment is mixed: users like the no-fee model and rates but frequently complain about customer service and cheque holds.^⁹	Polarized: J.D.¹⁶
Biggest gotcha	Reddit users report cheque holds and stopped cheques; risky if you deposit cheques regularly.¹⁰	Expect slow support: reports of 24+ hours spent resolving single issues

Pick EQ Bank when

Fee-averse savers
GIC investors
Big-bank escapees tired of fees
Canadian small businesses

When EQ Bank is not a fit

Anyone needing branch or in-person banking
Heavy cheque depositors (hold complaints)
People wanting responsive premium support
US or international primary banking

Pick Tangerine when

No-fee everyday banking
Newcomers to Canada
App-first savers
Big-Six fee avoiders

When Tangerine is not a fit

Branch users and cash depositors
Anyone needing fast human support
Businesses needing merchant or complex business banking
Fee-sensitive DIY ETF investors

Sources

EQ Bank: Everyday Bankingeqbank.ca
official
EQ Bank Personal Account Fees and Featureseqbank.ca
official
EQ Bank GICseqbank.ca
official
EQ Bank Card Fees & Featureseqbank.ca
official
PC Financial is joining EQ Bankeqbank.ca
news
EQ Bank launches Business Bankingeqb.investorroom.com
news
EQ Bank Review - NerdWallet Canadanerdwallet.com
review
EQ Bank Reviews | Trustpilottrustpilot.com
review
I am disgusted with EQ Bank's customer servicereddit.com
review
Seeking others that had cheques stopped by EQ Bankreddit.com
review
Switching from EQBank to Wealthsimplereddit.com
review
What is your opinion on EQ Bank?reddit.com
review
EQ Bank Product Security Pageeqbank.ca
security
EQ Bank Security Guaranteeeqbank.ca
security
Personal Banking Online: Digital Banking in Canada | Tangerinetangerine.ca
official
Tangerine tops J.D. Power client satisfaction study for 12th yearnewswire.ca
review