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.
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
EQ bank offers GICs at competitive rates.
IBKR where its at.
