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.
Wealthsimple only started offering that recently. For a long time it was less than EQ. I have used both and no drawbacks to it unless you need support, then wealthsimple is slower.
Depends how much you have with them. >$100k gets priority support I believe.
And I moved away from EQ half because of their plummeting savings rates, and half because of their abysmal support and trash app/website. Even with <$100k, Wealthsimple support is better in my experience.
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.
I think WS’s deposit accounts are actually backed by EQ.
EQ bank offers GICs at competitive rates.
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%
Setting up a joint account is super easy at EQ. It made me a bit lazy to move my emergency saving from EQ to WS
IBKR where its at.
