EQ Bank Review
EQ Bank at a glance
🏦 EQ Bank launched in 2016 and has more than $8 billion in customer deposits.
EQ Bank account options
Hybrid chequing and savings account
Savings option
Investing
U.S. Dollar account
Other EQ Bank services
Mortgages
International money transfers
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
- 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
- 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.
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
» 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).
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:
Dormant account fee: $0
RRSP or TFSA transfer to another institution: $0
Who is 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 with an inexpensive way to handle their daily banking needs while helping them earn a competitive interest rate.
» MORE: Read the EQ Bank vs. Tangerine features and differences.
How EQ Bank compares to other online banks
ATM ACCESS | ARE DEPOSITS INSURED? | |
|---|---|---|
N/A | Yes, by the Canada Deposit Insurance Corporation. | |
Free at any ATM in Canada (fees are reimbursed). | Yes, by the Canada Deposit Insurance Corporation. | |
Free at any CIBC ATM. | Yes, by the Canada Deposit Insurance Corporation. | |
Free at any Scotiabank or Global ATM Alliance ABM. | Yes, by the Canada Deposit Insurance Corporation. |
» MORE: Read our Banking Reviews of other Big Banks, credit unions and online-only banks.
Frequently asked questions
Who owns EQ Bank?
Who owns EQ Bank?
EQ Bank is an online-only offshoot of Equitable Bank, Canada’s seventh-largest independent Schedule 1 bank.
How much interest does EQ Bank pay?
How much interest does EQ Bank pay?
EQ Bank's interest rates on personal bank accounts and registered and non-registered GICs are usually higher than traditional banks. Account holders earn a decent base rate with a chance to earn additional interest by making direct deposits of at least $2,000 per month. Customers can also earn an attractive interest on US dollar deposits in the U.S. Savings account.
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Clay Jarvis
Shannon Terrell
