Siddhi Bagwe
Beth BuczynskiMany or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.
EQ Bank at a glance
EQ Bank launched in 2016 and has more than $8 billion in customer deposits.
- EQ Bank account optionsHybrid chequing and savings account
Savings option
Investing
U.S. Dollar account - Other EQ Bank servicesMortgages
International money transfers
EQ Bank overview
EQ Bank was launched by its parent company, Equitable Bank, in 2016 as a low-cost digital alternative to traditional banking. Its account and investment offerings are somewhat limited compared to other financial institutions, but its competitive interest rates and lack of monthly fees have attracted more than $8 billion in customer deposits.
Online banking capabilities at EQ Bank
As an online-only bank, EQ Bank provides tools for customers to do all of their banking digitally, either through the company’s website (eqbank.ca) or the EQ Bank mobile app. Deposits, money transfers and bill payments can all be done online, as can the management of EQ Bank investment accounts.
Is my money safe at EQ Bank?
Even though it’s an online institution, EQ Bank safeguards customers’ savings the same way bigger banks do, by purchasing protection through Canada Deposit Insurance Corporation, or CDIC.
CDIC insures deposits up to a maximum of $100,000 per account, so if EQ Bank suddenly becomes insolvent, customers there will get up to that amount of their money back.
EQ Bank account types
EQ Bank offers a relatively stripped-down selection of accounts. The bank’s Personal Account reportedly “acts like chequing, earns like savings” and the other savings accounts accommodate unique personal needs. Most notably absent are credit cards and other common borrowing options.
EQ Bank accounts
- Personal Account: Previously referred to as the Savings Plus Account, is a basic chequing account with no monthly fees, unlimited transactions and the ability to earn interest — an uncommon feature among chequing accounts at traditional banks — at a rate higher than that of many savings accounts.
- Joint Account: Similar to the Personal account, but able to be shared with up to three other people, with a $500,000 deposit limit. The account was formerly known as the Joint Savings Plus Account.
- Notice Savings Account: Earn a high interest rate on deposits when you commit to giving at least 10 or 30 days’ notice of any withdrawals.
- US Dollar Account: A no-monthly-fee USD account that earns a high rate of interest and offers competitive exchange rates.
EQ Bank registered accounts
- Tax-free savings accounts (TFSAs).
- Registered retirement savings plans (RRSPs).
- First home savings accounts (FHSAs).
» MORE: Read our in-depth review of the EQ Bank TFSA
Other EQ Bank services
- Mortgage marketplace: Offers search tools and access to brokers.
- International money transfers through Wise: Transparent fees and exchange rates.
- Business bank account and guaranteed investment certificate (GIC).
- Personal registered and non-registered GICs.
EQ Bank
Find the best EQ bank account for your needs.
EQ Bank fees
One of EQ Bank’s selling points is its lack of monthly fees, but it’s one of the few that also avoids charging customers a range of other common fees:
- Non-sufficient funds: $0
- Dormant account fee: $0
- Interac e-Transfer: $0
- RRSP or TFSA transfer to another institution: $0
Who EQ Bank is best for
Canadians in search of a no-frills, fee-free online banking experience that offers competitive interest rates.
EQ Bank may not offer the same variety of accounts or financial products as some of its competitors, but sometimes less is more. EQ’s accounts, which allow unlimited transactions, provide customers an inexpensive way to handle their daily banking needs while helping them earn up to 3.75%* interest.
Pros and Cons of EQ Bank
There’s plenty to like about EQ Bank, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.
Pros of EQ Bank
- High interest rates on an ongoing basis, not just as introductory offers, including on US dollar accounts.
- Not only no monthly fees, but hardly any fees at all.
- Straightforward website and easy-to-use app should make online banking easy, even for the less tech-savvy.
- The EQ Bank Card, a prepaid MasterCard, offers cash back and free withdrawals from all ATMs in Canada.
Cons of EQ Bank
- Account offerings may feel limited for some customers.
- No true debit card; the EQ Bank Card must be loaded by transferring money from your Personal Account, which may not be convenient.
- Online-only banking, with no physical branches, may not be right for everyone.
» MORE: Read the EQ Bank vs. Tangerine features and differences.
How EQ Bank compares to other online banks
| ATM access | Are deposits insured? | |
|---|---|---|
| Canadian Tire | N/A | Yes, by the Canada Deposit Insurance Corporation. |
| EQ Bank | Free at any ATM in Canada (fees are reimbursed). | Yes, by the Canada Deposit Insurance Corporation. |
| Simplii Financial | Free at any CIBC ATM. | Yes, by the Canada Deposit Insurance Corporation. |
| Tangerine Bank | Free at any Scotiabank or Global ATM Alliance ABM. | Yes, by the Canada Deposit Insurance Corporation. |
» MORE: Check out our Banking reviews of other Big Banks, credit unions and online-only banks.
EQ Bank frequently asked questions
EQ Bank is an online-only offshoot of Equitable Bank, Canada’s seventh-largest independent Schedule 1 bank.
EQ Bank currently offers a competitive 3.75%* interest rate on its Personal and Joint accounts. Account holders earn a base rate of 2.25% and can earn an additional 1.75% by receiving direct deposits of at least $2,000 per month. The U.S. Savings account currently earns customers 2.75%. Rates are variable and subject to change at any time.
DIVE EVEN DEEPER
Canada’s 22 Best Online Savings Accounts for 2024
Online savings accounts offered by virtual banks have competitive interest rates and low or no fees.
Best EQ Bank GIC Rates for November 2024
EQ Bank’s GICs are no-frills, fee-free investment options with a high interest rate and an ultra-low minimum deposit.
NerdWallet Canada’s Banking Reviews
We’ve reviewed Big Banks, credit unions and online-only banks — along with some of their most popular products — to help you understand the pros, cons and perks.
EQ Bank vs. Tangerine: Features and Differences
One of the main differences between EQ Bank and Tangerine is how the two online banks handle fees for using ATMs.
Siddhi Bagwe