Most people keep their money in whatever account they opened first and never think about it again. But "cash you might need next month" and "money you're investing toward this year's TFSA or RRSP room" are two different jobs — and no single account is built to do both well.
We use EQ Bank for the first job and Wealthsimple for the second. Here's exactly what each one costs and where it fits, referral bonuses included so you know exactly what we get out of recommending them.
EQ Bank: where cash waits
EQ Bank's Personal Account pays a base interest rate of 1.00%, rising to 2.75% if you set up a recurring direct deposit of at least $2,000/month into the account. There's no monthly fee, and deposits are CDIC-insured up to $100,000 per category through Equitable Bank, EQ Bank's parent institution.
If you don't need same-day access, the Notice Savings accounts pay a flat rate without the direct-deposit condition — 2.35% if you give 10 days' notice before withdrawing, 2.75% at 30 days' notice. That's the real tradeoff: a better guaranteed rate in exchange for planning your withdrawal ahead of time, which makes it a poor fit for money you might need on short notice.
This is where an emergency fund or savings you're building toward next year's TFSA or FHSA contribution belongs — not invested, not locked up, just earning interest while it waits.
Referral terms: you and a new EQ Bank customer each get $20 once they deposit $100+ within their first 30 days.
Wealthsimple: where registered accounts invest
Wealthsimple charges $0 in account fees on TFSA, RRSP, FHSA, and non-registered accounts, and $0 commission on Canadian and US stock or ETF trades. The one fee worth knowing about: converting CAD to USD (or back) costs 1.5%, which shows up any time you buy a US-listed stock or ETF — avoidable by upgrading to a paid tier or holding a separate USD account, but easy to miss if you're not looking for it.
If you'd rather not pick investments yourself, Wealthsimple's managed portfolios charge 0.4–0.5% per year depending on your balance; the self-directed option stays at $0.
This is the account where the room you calculate in EveryToonie's Contribution Room tab actually gets used — TFSA, RRSP, and FHSA all live here, commission-free.
Referral terms: you and a new Wealthsimple client each get $25 on a $100+ external deposit within 30 days, with a 180-day hold before the bonus can be withdrawn.
How we actually use both together
Emergency fund and short-term savings sit in EQ Bank's Notice Savings or Personal Account, earning interest while staying accessible. Once that year's TFSA, RRSP, or FHSA contribution is ready to go, it moves into Wealthsimple. Either way, the contribution gets logged in EveryToonie the same day it happens — because CRA My Account won't reflect it for months, and by then it's too easy to lose track of what you actually have left to contribute.
Track what you've actually contributed
Free, no bank linking, no signup — log what you put into each account and see your real room right now.
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