The verdict: Simplii wins the head-to-head on bonus cash alone — $350 against Tangerine’s $250, plus about $4 more interest on $10,000 over the five-month promo window. But Tangerine’s $250 lands sooner, and adding its $175 card stack puts Tangerine ahead by about $53 over the first year. If you’ll move the money again when the promos end, take the bonuses. If you won’t, EQ’s 2.75% rate for payroll direct deposit pays $275 on $10,000 over a full year with no expiry date to miss.
Who this is for: Canadians choosing between the two free digital banks while both are running live bonuses — and anyone deciding whether a promo rate is worth the move.
Your move: Decide by October 31. Simplii’s savings promo ends that day, and so does Tangerine’s $250 payroll bonus — the piece its savings promo pairs with. Simplii’s $350 chequing bonus runs to January 31, 2027, so that piece can wait — the savings rate can’t.
On this page
- Quick comparison
- The stacked math: what $10,000 actually earns
- Simplii $350 chequing bonus
- Simplii 4.60% savings promo
- Tangerine $250 payroll bonus
- Tangerine 4.50% savings promo
- Tangerine Money-Back card: the $175 stack
- The benchmark that never expires: EQ at 2.75%
- After the promos end
- The Club’s take
- FAQ
Quick comparison
Both banks run no-monthly-fee chequing with no minimum balance, and both are paying new clients to switch right now. The difference is in how the money arrives: Simplii pays more and slower; Tangerine pays less and faster, with a card on top.
| Offer | Bonus / rate | What it takes | Expiry | Paid when |
|---|---|---|---|---|
| Simplii chequing | $350 cash | $100+/month recurring direct deposit, 4 consecutive months, set up within 150 days | Ends Jan 31, 2027 — 97 days left | Within 3 business days of qualifying |
| Simplii savings | 4.60% for 5 months, up to $200,000 | New client, or within the first 60 days | Ends Oct 31, 2026 — 5 days left | Interest paid monthly |
| Tangerine chequing | $250 cash | Full payroll deposit of $200+/month, 2 consecutive months | Ends Oct 31, 2026 — 5 days left | Month after conditions are met |
| Tangerine savings | 4.50% for 153 days, up to $1,000,000 | New client; open an eligible savings account within 60 days of client number | 153-day window from first eligible account | Interest paid monthly |
| Tangerine Money-Back card | $175 ($100 card bonus + $75 rebate) | $1,000 of purchases in 60 days; apply through the rebate site | Apply by Nov 30, 2026 — 35 days left | Card bonus after spending; rebate when approved |
| EQ Personal Account (benchmark) | 2.75% ongoing with payroll direct deposit | Direct-deposit your pay | No expiry | Interest paid monthly |
As of October 26, 2026. Rates and terms below are from each bank’s own pages.
The stacked math: what $10,000 actually earns
The promo rates look nearly identical — 4.60% against 4.50%. Over the same 153-day window on $10,000, the gap is $4.19. The real difference is the bonus cash and what happens after month five.
First-year value on $10,000, counting the chequing bonus plus interest for 12 months (five promo months, then seven months at the ongoing rate):
| Path | Bonus cash | Interest, year 1 | Year-1 total |
|---|---|---|---|
| Simplii: $350 + 4.60% promo | $350 | $210.24 | $560.24 |
| Tangerine: $250 + 4.50% promo | $250 | $188.63 + posted-rate months | $438.63 + posted-rate interest |
| Tangerine + Money-Back card stack | $425 | $188.63 + posted-rate months | $613.63 + posted-rate interest |
| EQ Personal Account, payroll direct deposit | — | $275.00 | $275.00 |
Simplii’s year-1 interest assumes the promo rate for 153 days, then 0.30% — Simplii’s published regular rate on balances up to $50,000 — for the remaining 212 days. Tangerine’s posted rate after the promo isn’t counted above, because Tangerine’s pages state only that the posted rate applies; the total is a floor, not a promise. EQ’s figure assumes the 2.75% payroll rate holds all year — published rates move, so recheck EQ’s page before moving money.
Simplii $350 chequing bonus
Bonus: $350 in cash. (Simplii’s special offers page)
Requirements: Open a new Simplii No Fee Chequing Account as the primary account holder by January 31, 2027. Set up recurring direct deposits of at least $100 per month within 150 days of opening, and keep them landing for 4 consecutive months. Eligible deposits include paycheque, pension, government benefits, social assistance, and employment insurance. (Simplii’s offer page)
Expiry: Ends Jan 31, 2027 — 97 days left.
Payout speed: Deposited to the new chequing account within 3 business days of all requirements being fulfilled.
The catch: Four consecutive months is a long streak, and a missed month breaks it. The 150-day setup window is generous, but the streak itself has no slack. No monthly fee and no minimum balance either way. (Simplii’s chequing page)
Get this if you: can route $100+/month of recurring deposits without thinking about it, and don’t mind waiting four months for the payout.
Skip it if you: can’t keep a deposit streak unbroken for four straight months, or already hold a Simplii account.
Simplii 4.60% savings promo
Bonus: 4.60% annual interest on eligible deposits up to $200,000, for 5 months. (Simplii’s HISA page)
Requirements: Open a Simplii High Interest Savings Account. New clients get the rate, and Simplii’s page says clients within their first 60 days can still get the offer too. The full terms are in the Simplii 4.60% post.
Expiry: Ends Oct 31, 2026 — 5 days left.
Payout speed: Interest is calculated on the daily closing balance and paid into the account monthly.
The catch: After five months the rate falls to Simplii’s regular tiered rates — 0.30% on balances up to $50,000. On $10,000 that’s $12.58 over the next 153 days instead of $192.82. Set the exit reminder on day one.
Get this if you: have idle cash to park for five months and will move it out when the promo ends.
Skip it if you: want a set-and-forget account — the post-promo rate is not worth staying for.
Tangerine $250 payroll bonus
Bonus: $250 in cash. (Tangerine’s chequing offer page)
Requirements: Be a new client with a client number created between May 1, 2024 and October 31, 2026. Open a Tangerine Chequing Account as primary account holder within 60 days of the client number being created. Switch the full amount of eligible payroll direct deposits — at least $200 per month, no splitting — with the first deposit received within 60 days of opening and deposits continuing for at least 2 consecutive months. The full terms are in the Tangerine $250 post.
Expiry: Ends Oct 31, 2026 — 5 days left.
Payout speed: Paid to the chequing account in the month after the conditions are met.
The catch: The full payroll amount must move — partial deposits don’t count — and the Orange Key $50 referral bonus can’t be combined with this offer. Tangerine’s own terms say a client who qualifies for more than one cash bonus offer gets this one applied to the exclusion of the other, so don’t budget for $300. (Tangerine’s referral terms) Free access to over 3,500 Scotiabank ABMs softens the no-branch tradeoff.
Get this if you: can move your whole paycheque for two months and want the fastest bonus on the board.
Skip it if you: can’t switch the full payroll amount, or your pay is split across accounts.
Tangerine 4.50% savings promo
Bonus: 4.50% promotional rate for 153 days (five months), on deposits up to $1,000,000 per eligible savings account type. (Tangerine’s savings offer page)
Requirements: New Tangerine client; open an eligible savings account within 60 days of the client number being created. The 153-day clock starts when the first eligible savings account is opened — open a registered account first and the clock is already running when the non-registered account follows.
Expiry: The 153-day promo window runs from the first eligible account opening. To pair it with the $250 payroll bonus, the client number must be created by October 31 — the savings account itself must follow within 60 days of that.
Payout speed: Interest is calculated daily and paid monthly, per Tangerine’s savings offer terms.
The catch: When the 153 days end, the posted rate applies — and Tangerine’s pages don’t headline what that rate is. Treat everything after month five as unknown, not as 4.50% continuing. The promo can’t be combined with other promotional savings rate offers.
Get this if you: are opening Tangerine accounts anyway for the $250 and want the savings rate riding along.
Skip it if you: already hold Tangerine savings accounts — the new-client clock has already run.
Tangerine Money-Back card: the $175 stack
Bonus: $175 — $100 from the card’s 10% welcome bonus plus a $75 rebate through Great Canadian Rebates. (Tangerine’s card terms; GCR listing)
Requirements: Be a new Tangerine credit-card holder. Spend $1,000 in net purchases within 60 days of activating the card to earn the $100. Start the application through the rebate site’s link and never have held a Tangerine credit card to collect the $75. The full steps are in the Money-Back $175 post.
Expiry: Apply by Nov 30, 2026 — 35 days left.
Payout speed: The $100 lands as cash back on the spending; the $75 rebate is paid when the card is approved, provided the application started through the rebate link.
The catch: The card needs at least $12,000 in personal annual income and a credit check, and the $75 piece depends on the application path — apply any other way and it’s gone. After the welcome period the card pays 2% in two categories you choose (three if rewards go to a Tangerine savings account) and 0.5% on everything else.
Get this if you: can put $1,000 of normal spending on a new card in 60 days and want the highest first-year total in this comparison.
Skip it if you: don’t want another credit check, or won’t hit $1,000 in 60 days.
The benchmark that never expires: EQ at 2.75%
EQ Bank’s Personal Account pays 2.75% when you direct-deposit your pay, with no monthly fees and no minimum balance. (EQ Bank’s Personal Account page) There is no bonus, no promo window, and no expiry date — which is exactly the point. Over 12 months, $10,000 earns $275 at 2.75%, against $210.24 at Simplii once its promo ends and an unknown posted rate at Tangerine. The 2.75% is tied to direct-depositing your pay — EQ’s page headlines the rate with that condition attached.
Get this if you: want one account for pay, spending, and savings that doesn’t need a calendar reminder.
Skip it if you: are chasing the biggest first-year total — the bonuses win year one, and only year one.
After the promos end
Both promo rates end after about five months, and the ongoing rates are the part most comparisons skip. Simplii falls to 0.30% on balances up to $50,000 — $30 a year on $10,000. Tangerine falls to its posted rate, which its promo pages don’t headline. EQ’s 2.75%-with-payroll keeps paying as long as the pay keeps landing. The honest move for promo chasers: collect the bonus, and on the day the promo ends, move the savings to wherever the ongoing rate is best that week. The tracker page carries every live bonus with its expiry, updated weekly.
The Club’s take
Who wins: Simplii, on bonus cash alone — $350 is the biggest chequing bonus of the two, and its savings promo pays $4.19 more on $10,000. Tangerine wins the first year if you add the card stack ($613.63 against $560.24, before Tangerine’s posted-rate months).
Who should skip: Anyone who can’t keep Simplii’s four-month deposit streak unbroken, or can’t move their full paycheque to Tangerine for two months. A broken streak pays $0 at Simplii; a split paycheque pays $0 at Tangerine.
The catch: Simplii’s savings promo ends October 31, Tangerine’s $250 ends the same day, and both ongoing rates are a fraction of the promo rates. The bonuses are real; the accounts are only worth keeping if the ongoing math works after month five.
FAQ
Can I get both the Simplii and Tangerine bonuses?
Yes. They’re different banks with separate eligibility rules — Simplii is a trade name of CIBC, and Tangerine is a registered trademark of The Bank of Nova Scotia, used under licence. Nothing in either offer excludes holding the other bank’s account. The exclusion that matters is inside Tangerine: the $250 payroll bonus and the $50 Orange Key referral can’t combine.
Can I combine the Tangerine $250 with the $50 Orange Key referral?
No. Tangerine’s terms say the Orange Key offer can’t be combined with any other chequing bonus offers, and the payroll offer’s terms say it applies to the exclusion of any other cash bonus offer. Budget for $250, not $300.
Which savings promo pays more on $10,000?
Simplii, by $4.19 over the 153-day window: $192.82 at 4.60% against $188.63 at 4.50%. The difference is rounding error next to the bonus gap.
What happens to my savings rate after the promo?
Simplii drops to its regular tiered rates — 0.30% on balances up to $50,000. Tangerine drops to its posted rate, which its promo pages don’t headline. EQ’s 2.75% with payroll direct deposit has no promo window at all.
Do I need a new account for each offer?
Yes, each bonus is for new clients. Simplii’s $350 needs a new No Fee Chequing Account; Tangerine’s $250 needs a new client number and a new chequing account. Existing clients of either bank don’t qualify for that bank’s new-client offers.
Which ATM network can I use?
Simplii clients get free access to over 3,400 CIBC ATMs; Tangerine clients get free access to over 3,500 Scotiabank ABMs. Neither bank has branches of its own.
Methodology: ranked by first-year cash value — bonus cash plus interest on a $10,000 balance — using each bank’s own published terms, checked October 26, 2026. Promo interest assumes the full 153-day window; ongoing-rate months use Simplii’s published 0.30% tier and exclude Tangerine’s unheadlined posted rate.