• 156 Posts
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Joined 1 year ago
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Cake day: June 27th, 2023

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  • Although I agree with you, I don’t think that’s what OP was asking about based on this part:

    I’m just thinking that if a hacker got access to one email they’d have all account information?

    It seems they are asking if an separate email account for each service would be beneficial. My opinion is it would limit the attack if an email account was hacked, but definitely not worth the hassle. Email aliasing (like the comment above me says) gives you some of the benefits without needing to juggle multiple accounts.





  • For sure, but that still isn’t a passkey. The method you are talking about is the equivalent of non-passphrase protected SSH protocol, which is a single form of authentication (i.e. if someone has your security key they have your account).

    The term passkey implies MFA: having a physical key and a password, a physical key and a fingerprint scan, or equivalent.

    Sure the username could be considered the password, but usernames are not designed to be protected the same way. For example, they typically are stored in clear text in a services database, so one databreach and it’s over.





  • Happy to help! If I had to pick just one it would probably be TD or Wealthsimple (with Tangerine as the runner up). TD because of the All Inclusive account that has no fees with a minimum balance of $5000 and a bunch of extra perks like a pretty great premium credit card. Wealthsimple because it’s the hands down best investing option (highly recommend visiting this website for guidance). Tangerine is close but I just can’t fully stomach their security and how they don’t implement some ease or use features (most other banks I’ve experienced have them all so they have no excuse).

    Moving money between EQ and Tangerine really only nets an extra few hundred per year at most, so it’s not super worth it honestly. I do it because I like the little bit extra. You’re correct there, I move it only when Tangerine offers a promotional interest rate for their HISA that is higher than the HISA at EQ.


  • I can provide some info about TD, Simplii, Tangerine, EQ, and Wealthsimple (more of an investing service than a bank):

    Online Banking Experience:

    • TD: Webapp works but is not pretty. App is more polished.
    • Simplii: Webapp is similar to TD in lack of polish. Mobile app is similar to the other two above.
    • Tangerine: Webapp is a bit better than the above two. App is more polished.
    • EQ: Webapp is a bit more polished like Tangerine. Mobile app is a little worse than the above but still fine.
    • Wealthsimple: Probably the best webapp and mobile app experience.

    Credit Cards (Ease of Use):

    • TD: Many credit card options and can automate payments for it from any institution (I believe).
    • Simplii: They have a free card that has 4% back on restaurants which is pretty cool. Can be automated from other institutions.
    • Tangerine: They have a very cool free credit card (2% back on 2-3 user selected categories). Annoyingly though, you can’t automate payments using another institution.
    • EQ: No idea about credit cards.
    • Wealthsimple: I believe they just released a new credit card. No idea how good it is.

    Fees:

    • TD: They have an account that if you keep a minimum $5000 in it, there are no fees and you get some extra perks (free premium credit card, etc.). Other than that, the free account with no minimum is pretty limited.
    • Simplii: Free accounts and credit cards.
    • Tangerine: Free accounts and credit cards.
    • EQ: Free accounts. Not sure about credit cards.
    • Wealth simple: Free account. Not sure about credit card.

    Etransfers:

    • TD: etransfers have a fee but is waived if you hit the minimum in the account.
    • Simplii: free
    • Tangerine: free
    • EQ: free
    • Wealth simple: no idea. Don’t think they allow etransfers.

    Security:

    • TD: Security is okay. They have a standalone authenticator app, so they need to step it up, but sadly they are still one of the better ones in Canada.
    • Simplii: Meh security. Normal passwords and SMS 2FA.
    • Tangerine: Awful security. Your password can only be a 6 digit numerical pin. Thankfully they require 2FA but only using SMS.
    • EQ: Meh security. Normal passwords and SMS 2FA.
    • Wealth simple: Good security. TOTP available and I believe passkey is here or coming? Not sure about that last part, but I wouldn’t be surprised with how ahead of the curve they are in this area.

    Rewards:

    • TD: Rewards depend on the credit card here.
    • Simplii: Rewards are just in credit card.
    • Tangerine: They have various rewards throughout the year. Usually temporary boosts to the interest on their savings account.
    • EQ: Nope.
    • Wealth simple: Nope.

    Investing:

    • TD: No idea.
    • Simplii: no idea
    • Tangerine: no idea
    • EQ: Can buy GICs here but no idea otherwise.
    • Wealth simple: The best since it’s an investing service.

    Misc:

    • TD: Great customer support and very established. Has lots of options for accounts, cards, etc.
    • Simplii: No in person access.
    • Tangerine: No in persona access. Security is abysmal but the other services are pretty good.
    • EQ: Typically has the highest interest rate of all Canadian banks for the savings account. No in person access.
    • Wealth simple: Great for investing and a good service!

    What I do: I have my everyday banking with TD, savings with EQ, and investing with Wealthsimple. When Tangerine gives a promo, I move my savings there until the promo expires, then I move it back to EQ. I have credit cards with a bunch, but the one I’m considering ditching is the Tangerine one since payments cannot be automated through another institution.