EQ Bank launched on January 14, 2016 as the digital banking arm of Equitable Bank, a federally chartered Schedule I bank that traces its history to 1970. Its proposition: higher interest than a typical big-bank savings account on qualifying balances, no account fees, and enough day-to-day features to work as a main bank for people comfortable banking online.
EQ Bank is regulated by OSFI as a Schedule I bank, the same category as the big banks; it isn’t a fintech platform that partners with a bank, it is a bank. Deposits are insured by CDIC up to $100,000 per category. Other banks are reviewed in the bank and fintech reviews.
Quick Reference
| Topic | Details | Guide |
|---|---|---|
| Savings rates | 1.00% base; 2.75% with qualifying recurring direct deposits of at least $2,000/month | EQ Bank savings rates |
| GIC rates | Terms from 90 days to 10 years | EQ Bank GIC rates |
| e-Transfer limit | $5,000 per 24 hours; $20,000 per 7 days, $50,000 per 30 days | e-Transfer limit |
| ATM access | No own network; EQ Bank Card at third-party ATMs, with fee reimbursement | ATM withdrawal limit |
| Mobile deposit | Cheque deposit in the app | Mobile deposit limit |
| Customer service | 8 am to midnight ET, 7 days a week; no 24-hour phone line | EQ Bank customer service |
| Fees | $0 (Personal Account / Joint Account, no monthly fee, no minimum balance) | Fee schedule below |
| Institution number | 623 (Equitable Bank) | Routing numbers |
Personal Account and Notice Savings
The Personal Account (marketed as the “Savings Plus Account” at launch) pays a base rate on every dollar and a higher bonus rate with qualifying recurring direct deposits, with no monthly fee, no minimum balance and no transaction fees. It works as a hybrid chequing-savings account: bill payments, unlimited Interac e-Transfers, direct deposit and EFT links to outside accounts. A Joint Account has the same rate structure, and the Notice Savings Account pays more in exchange for 10 or 30 days’ notice before a withdrawal. Current rates and how interest is calculated are on EQ Bank savings rates.
TFSA, RRSP and FHSA cash savings accounts carry their own rates, each in a separate CDIC category.
GICs
EQ Bank sells non-redeemable GICs from 90 days to 10 years, with a $100 minimum and a $100,000 maximum per GIC, in non-registered accounts or inside a TFSA, RRSP or FHSA. Rates by term, and how EQ GICs fit a ladder, are on EQ Bank GIC rates.
EQ Bank Fees
| Fee | Amount | Notes |
|---|---|---|
| Monthly account fee | $0 | All account types |
| Minimum balance | None | |
| Transactions (bills, e-Transfers, EFTs) | $0 | |
| GIC purchase | $0 | No commission or management fee |
| TFSA, RRSP and FHSA annual fees | $0 | |
| EQ Bank Card foreign exchange markup | None | The Mastercard currency conversion rate applies with no added EQ Bank fee |
| ATM fees in Canada | Reimbursed | None owned; EQ Bank Card holders get partial monthly reimbursement (up to 5 withdrawals/month, up to $5 each) for third-party ATM fees in Canada; beyond that, the ATM operator’s fee applies |
| Paper statements | $0 | Statements are digital |
| NSF and overdraft | $0 | $0 – EQ Bank does not offer overdraft protection and does not charge NSF fees |
| Inactivity fee | $0 |
EQ Bank makes its money on the spread between what it pays depositors and what it earns lending, not on account fees. Because there is no overdraft, a purchase or e-Transfer that would exceed your balance is declined rather than approved: no NSF fee, but no safety net either. How fees compare across banks is covered in the banking fees hub, and NSF and overdraft charges at banks that have them in overdraft vs NSF fees.
The EQ Bank Card
The EQ Bank Card is a prepaid Mastercard linked to your Personal Account balance:
- 0.5% cash back on purchases, paid monthly to the linked Personal Account
- No EQ Bank foreign transaction markup: foreign currency purchases convert at the Mastercard rate with no added EQ Bank fee, where many Canadian debit and credit cards add a markup
- Accepted wherever Mastercard is accepted
- ATM withdrawals up to $500 a day, with EQ Bank reimbursing ATM operator fees on a limited number of withdrawals in Canada each month
- A daily spending limit of $10,000 and a maximum card balance of $10,000
The card earns the same interest rate as the linked Personal Account. The missing foreign exchange markup is its main draw for travel and cross-border online shopping.
CDIC Coverage
Each EQ Bank account category has its own CDIC coverage limit: deposits in your name, joint deposits, TFSA, RRSP and FHSA deposits are insured separately. A single person with a Personal Account, a TFSA and an RRSP at EQ Bank, each at the limit, is insured on all three. CDIC deposit insurance explains the categories.
What EQ Bank Doesn’t Offer
- Branches: account opening, transfers, disputes and service are online or by phone during service hours.
- An ATM network: cash comes from third-party ATMs with the EQ Bank Card (with partial fee reimbursement) or by moving money to a linked account.
- Personal cheques or cash deposits: cash has to be deposited elsewhere and transferred in.
- Overdraft or a credit card.
- Wire transfers: Not offered – EQ Bank does not support wire transfers in either direction. For international transfers, EQ Bank offers a Wise-integrated international money transfer service (zero markup; not available in Quebec).
- 24-hour phone support: phone and chat run 8 am to midnight ET, seven days a week.
Who EQ Bank Suits
Savers and GIC buyers who want a higher rate on their cash, especially those who can meet the direct-deposit condition for the bonus rate.
Registered account holders who want TFSA, RRSP or FHSA savings and GICs outside a low-rate big-bank savings account.
People who bank online and rarely need a branch or cash transactions.
International travellers who use the EQ Bank Card to avoid a foreign exchange markup.
How EQ Bank compares with other online banks is covered in Simplii vs Tangerine vs EQ Bank, Wealthsimple vs EQ Bank and the Oaken Financial review, which includes an Oaken vs EQ Bank section. Tangerine and Simplii have their own reviews.