EQ Bank at a Glance
| Feature |
Details |
| Type |
Online-only bank |
| Owner |
Equitable Bank (Schedule I) |
| Founded |
2016 (Equitable Bank since 1970) |
| CDIC insured |
✅ Yes |
| Physical branches |
None |
| Monthly fees |
$0 |
| Minimum balance |
$0 |
Account Options
Savings Plus Account
| Feature |
Details |
| Interest rate |
2.5-4.0%* |
| Monthly fee |
$0 |
| Minimum balance |
$0 |
| Free e-Transfers |
✅ Unlimited |
| Bill payments |
✅ Yes |
| Direct deposit |
✅ Yes |
| Joint accounts |
✅ Yes |
| TFSA available |
✅ Yes |
| RRSP available |
✅ Yes |
| FHSA available |
✅ Yes |
*Rates change; check EQ Bank for current rates.
EQ Bank Card
| Feature |
Details |
| Type |
Prepaid Mastercard |
| Issued by |
Peoples Trust |
| Cash back |
0.5% |
| Foreign exchange fee |
None (0%) |
| ATM access |
Limited |
| Spending account |
✅ Yes |
GICs
| Term |
Typical Rate Range |
| 90 days |
3.5-4.5% |
| 1 year |
4.0-5.0% |
| 2 years |
4.0-4.8% |
| 3 years |
3.8-4.5% |
| 5 years |
3.8-4.5% |
EQ Bank often has among the highest GIC rates in Canada.
Features and Benefits
What You Get
| Feature |
Benefit |
| High interest |
Consistently competitive rates |
| No fees |
No monthly, transfer, or transaction fees |
| Unlimited e-Transfers |
Free to send and receive |
| Bill pay |
Pay bills directly |
| Joint accounts |
Share with partner |
| TFSA/RRSP/FHSA |
Tax-advantaged savings |
| Mobile app |
Full banking on phone |
| Fast transfers |
Instant with some banks |
What You Don’t Get
| Missing Feature |
Alternative |
| Physical branches |
Use traditional bank for in-person |
| Paper cheques |
Order through mail (limited) |
| Extensive ATM network |
Use debit card elsewhere |
| Cash deposits |
Deposit at traditional bank, transfer |
| US accounts |
Separate US banking needed |
| Student accounts |
Just use regular account |
EQ Bank Pros
| Pro |
Details |
| ✅ High interest rates |
Among best in Canada |
| ✅ No fees anywhere |
Free transactions, transfers |
| ✅ Great GIC rates |
Competitive across all terms |
| ✅ Easy to use |
Simple, clean interface |
| ✅ CDIC insured |
Safe and regulated |
| ✅ No minimum balance |
Start with any amount |
| ✅ Registered accounts |
TFSA, RRSP, FHSA available |
| ✅ Joint accounts |
Easy to set up |
| ✅ Mobile-friendly |
Excellent app |
EQ Bank Cons
| Con |
Workaround |
| ❌ No branches |
Pair with traditional bank |
| ❌ No ATM withdrawal |
Use EQ Card or linked bank |
| ❌ Limited cash options |
Deposit cash elsewhere, transfer |
| ❌ No cheques |
Electronic payments instead |
| ❌ No US dollar account |
Use dedicated USD account |
| ❌ Support limited hours |
Plan accordingly |
Who EQ Bank Is Best For
| User Type |
Why |
| Savers |
High interest, no fees |
| Emergency fund holders |
High rate on accessible funds |
| GIC buyers |
Competitive rates |
| Digital-first users |
Comfortable with online banking |
| Fee-conscious |
No hidden costs |
| TFSA/RRSP holders |
Tax-advantaged high interest |
Who Should Look Elsewhere
| User Type |
Better Option |
| Need branches |
Traditional bank |
| Heavy cash users |
Big bank or credit union |
| Require cheques |
Traditional bank |
| US banking needed |
Cross-border bank |
| Want all-in-one |
Simplii, Tangerine |
How to Open an EQ Bank Account
| Step |
Details |
| 1 |
Visit EQ Bank website or app |
| 2 |
Choose account type |
| 3 |
Provide personal info |
| 4 |
Verify identity (instant or mail) |
| 5 |
Fund account |
| 6 |
Set up bill pay, e-Transfers |
Requirements: Canadian resident, 18+, SIN, valid ID.
EQ Bank vs Competitors
vs Tangerine
| Feature |
EQ Bank |
Tangerine |
| Savings rate |
Higher |
Lower base rate |
| Chequing |
Limited |
Full chequing |
| ATMs |
None |
Scotiabank network |
| Credit cards |
No |
Yes |
vs Simplii Financial
| Feature |
EQ Bank |
Simplii |
| Savings rate |
Higher |
Lower |
| Chequing |
Limited |
Full chequing |
| ATMs |
None |
CIBC network |
| Credit cards |
No |
Yes |
vs Wealthsimple Cash
| Feature |
EQ Bank |
Wealthsimple Cash |
| Savings rate |
Similar |
Similar |
| GICs |
✅ Yes |
❌ No |
| TFSA/RRSP |
✅ Yes |
Savings only |
| Investing |
❌ No |
✅ Integrated |
Safety and Security
| Protection |
Details |
| CDIC insurance |
Up to $100,000 per category |
| Regulation |
Schedule I bank, OSFI regulated |
| 2FA |
Two-factor authentication |
| Encryption |
Bank-level security |
| Parent company |
Equitable Bank (40+ years) |
CDIC Coverage
| Account Type |
Coverage |
| Savings Plus |
$100,000 |
| TFSA |
$100,000 (separate) |
| RRSP |
$100,000 (separate) |
| Joint account |
$100,000 (separate) |
| GICs |
Up to $100,000 |
Customer Service
| Channel |
Availability |
| Phone |
Business hours |
| Email |
Response within 24-48 hrs |
| Secure message |
Within app |
| Live chat |
Business hours |
| Hours |
Limited (no 24/7) |
Note: No in-person support available.
Tips for Using EQ Bank
| Tip |
Why |
| Use for savings |
Best interest rates |
| Set up bill pay |
Replace chequing for bills |
| Auto-deposit |
Direct deposit to earn interest faster |
| Link external account |
Easy transfers |
| Ladder GICs |
Maximize rates |
| Use for emergency fund |
High interest, accessible |
Our Verdict
| Rating |
Details |
| Best for |
Savings, GICs, emergency funds |
| Overall |
Excellent high-interest option |
| Recommended |
✅ Yes, as secondary bank |
EQ Bank is one of Canada’s best options for high-interest savings. It works well as a primary savings account alongside a traditional bank for everyday transactions.