EQ Bank

Products Offered

Below are all the products offered by this company.

Savings Plus Account

EQ Bank: Canada’s Leading Digital Bank

EQ Bank is one of Canada’s most innovative digital banks, offering no-fee everyday banking, high-interest savings, GICs, international money transfers, and more – all online. EQ Bank combines the security of a federally regulated institution with the flexibility and convenience of digital-first banking.

Unlike traditional banks, EQ Bank does not maintain physical branches, which allows it to keep costs low and pass those savings back to customers in the form of higher interest rates and lower fees.

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EQ Bank at a Glance

• 100% digital-first Canadian bank

• Backed by Equitable Bank, a federally regulated Schedule I bank

• No monthly fees and no minimum balance requirements

• Consistently among the highest savings account interest rates in Canada

• Access to GICs, joint accounts, TFSA, RRSP, and U.S. dollar accounts

• International money transfers powered by Wise for low-cost, fast global payments

Why Choose EQ Bank?

Traditional banks often rely on fees, low savings rates, and complex product bundling. EQ Bank flips this model by providing simple, transparent products designed to maximize value.

• Higher returns: EQ Bank consistently offers some of the highest everyday interest rates in Canada, without promo “teaser rates.”

• No fees: Zero monthly fees, no minimum balance, and unlimited Interac e-Transfers® and bill payments.

• Digital convenience: Bank from anywhere using EQ Bank’s secure mobile app or website.

• Security: As a subsidiary of Equitable Bank, deposits are eligible for CDIC insurance up to $100,000 per account category.

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EQ Bank Products

EQ Bank Savings Plus Account

The flagship product, the Savings Plus Account, combines the features of a chequing and savings account in one:

• Everyday interest rates well above the “Big 5” banks

• No monthly fees and no minimum balance

• Free unlimited Interac e-Transfers® and bill payments

• Direct deposit and mobile cheque deposit functionality

• CDIC insured deposits

This account is ideal for Canadians who want their money to grow daily without sacrificing accessibility.

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EQ Bank GICs (Guaranteed Investment Certificates)

EQ Bank offers some of the highest GIC rates in Canada, with terms ranging from 3 months to 10 years.

• Competitive interest rates (often topping national charts)

• Options for non-registered, RRSP, and TFSA GICs

• Minimum investment as low as $100

• Flexible term lengths to fit your savings goals

• Eligible for CDIC protection

EQ Bank GICs are especially attractive for Canadians looking for guaranteed returns without risk.

See EQ Bank GIC Rates

EQ Bank Joint Accounts

EQ Bank allows customers to open joint Savings Plus Accounts, making it simple for couples, families, or business partners to manage shared finances.

• Up to 4 joint account holders

• All the same benefits as a Savings Plus Account

• No monthly fees and no minimum balance

• CDIC protection applies to each joint holder’s share

EQ Bank TFSA and RRSP Accounts

EQ Bank provides registered account options for Canadians looking to save tax-efficiently.

• TFSA Savings Accounts & GICs: Earn interest tax-free while maximizing contributions.

• RRSP Savings Accounts & GICs: Grow retirement savings with competitive rates.

• Easy transfers: Move funds between EQ Bank accounts with no fees.

These accounts give Canadians the ability to maximize registered savings while enjoying EQ Bank’s high interest rates.

EQ Bank U.S. Dollar Account

The EQ Bank U.S. Dollar Account makes cross-border transactions easier and more cost-effective.

• Earn interest on U.S. dollar balances

• No monthly account fees

• Lower exchange costs than many traditional banks

• Great for snowbirds, travelers, and Canadians with U.S. financial needs

EQ Bank International Money Transfers

Through a partnership with Wise (formerly TransferWise), EQ Bank enables customers to send money internationally at low cost.

• Real exchange rates with no hidden markups

• Transparent transfer fees

• Typically 8x cheaper than sending through the big banks

• Send to 40+ countries quickly and securely

Send Money Abroad with EQ Bank

EQ Bank vs. Traditional Banks

Security and Trust

EQ Bank is backed by Equitable Bank, a federally regulated Schedule I Canadian bank established in 1970. All eligible deposits are protected by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per account category.

Customers can trust EQ Bank with both everyday banking and long-term savings thanks to this foundation of security.

Who is EQ Bank Best For?

EQ Bank is best for Canadians who:

• Want higher savings interest rates than traditional banks offer

• Are comfortable with digital-only banking

• Prefer zero fees and unlimited everyday transactions

• Need flexible savings, GICs, TFSA, and RRSP options

• Send or receive money internationally

• Want a reliable U.S. dollar account for cross-border needs

EQ Bank Reviews

Customer reviews of EQ Bank highlight its high interest rates, digital convenience, and transparency.

Positive themes:

• Market-leading interest rates

• No-fee accounts with unlimited transactions

• Fast digital sign-up and account management

• Strong security and CDIC coverage

Considerations:

• No physical branches (not ideal for cash deposits or withdrawals)

• Mobile cheque deposit is available, but no ATM network for cash deposits

• Digital-only customer support (phone, email, chat)

FAQs About EQ Bank

Is EQ Bank safe?
Yes. EQ Bank is part of Equitable Bank, a federally regulated Schedule I bank, and deposits are insured by CDIC.

Does EQ Bank charge monthly fees?
No. EQ Bank does not charge monthly fees or require a minimum balance.

What is the EQ Bank interest rate?
Rates vary, but EQ Bank consistently offers some of the highest everyday savings rates in Canada.

Can I use EQ Bank for everyday banking?
Yes. The Savings Plus Account functions like both a chequing and savings account, with bill payments, transfers, and direct deposit.

Does EQ Bank offer credit cards?
No, EQ Bank currently focuses on savings, deposits, and payments.

How do I deposit cash with EQ Bank?
EQ Bank does not support direct cash deposits. You can fund your account via Interac e-Transfer®, direct deposit, or linked external accounts.

Can I open a joint account?
Yes, EQ Bank supports joint Savings Plus Accounts with up to 4 account holders.

Does EQ Bank offer RRSP and TFSA options?
Yes. EQ Bank provides registered savings accounts and GICs for both RRSPs and TFSAs.

What about international money transfers?
EQ Bank partners with Wise to provide low-cost international transfers to 40+ countries.

Final Thoughts on EQ Bank

EQ Bank has become one of Canada’s top choices for digital-first banking. With no fees, high interest rates, and a suite of useful products — from Savings Plus Accounts to GICs and international transfers — EQ Bank stands out as an alternative to the Big 5 banks.

For Canadians who want simple, transparent, and rewarding banking, EQ Bank is an excellent choice.

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