EQ Bank

Avg. Rating: 4.7 (3 reviews)

EQ Bank is of one of Canada’s leading digital banks, launched in 2016 with a mission to help Canadians get the most out of their money. EQ Bank has no branches or costly overhead, which allows the bank to provide their customers with one of the highest interest rates in Canada. Best known for their Savings Plus Account, the no-fee product features a 2.3% everyday interest rate* and free, unlimited day-to-day transactions. Other high-value products include their wide range of GICs.

EQ Bank was launched by Equitable Bank, which manages over $33 billion in assets and is a wholly-owned subsidiary of Equitable Group Inc. It was founded in 1970 as The Equitable Trust Company and has become Canada’s ninth largest Schedule I bank. Equitable Bank offers a diverse suite of residential lending, commercial lending, and savings solutions, including high-interest savings products and GICs.

  • TIME IN BUSINESS: Since 1970
Visit Site and Open Bank Account

1-866-840-6609

contact@eqbank.ca 30 St. Clair Avenue West, Suite 700 Toronto, Ontario
Call Center: 8 AM to midnight, Eastern Time, 7 days a week
Support Offered:
  • Phone
  • Email
  • Web Chat
  • Social Media
Availability: All of Canada

Products Offered

Below are all the products offered by this company.

Key Features:

  • 1.70% everyday interest
  • No everyday banking fees
  • Cheap international money transfers
  • Unlimited transactions
  • No minimum balance
  • Free Electronic Funds Transfers
  • Free Interac e-transfers
  • Free EQ to EQ Transfers
  • Free Bill Paymnets

Why Choose EQ Bank

  • Locally Grown:
    Born in Canada and helping Canadians meet their financial goals for over 45 years.
  • Strength in Numbers:
    $33 billion in assets under management and over 900 employees.
  • Safety First: All deposit products are eligible for CDIC deposit insurance.

Frequently Asked Questions About EQ Bank

What is EQ Bank?

EQ Bank is of one of Canada's leading digital banks, launched in 2016 with a mission to help Canadians get the most out of their money. EQ Bank has no branches or costly overhead, which allows the bank to provide their customers with one of the highest interest rates in Canada. Based in Toronto, EQ Bank is a trademark of Equitable Bank. Equitable Bank is a federally regulated Schedule I bank with over 900 employees across Canada.

Who owns EQ Bank?

EQ Bank is owned by Equitable Bank, which manages over $33 billion in assets and is a wholly-owned subsidiary of Equitable Group Inc. It was founded in 1970 as The Equitable Trust Company and has become Canada's ninth largest Schedule I bank. Equitable Bank offers a diverse suite of residential lending, commercial lending, and savings solutions, including high-interest savings products and GICs.

Is EQ Bank safe?

Yes. EQ Bank, while launched only in 2016, belongs to Equitable Bank, which was founded in 1970 and manages over $33 billion in assets. Equitable has a long standing history of helping Canadians and is a Schedule I bank.

What is the EQ Bank transit and institution number?

EQ Bank Transit Number is 80002. EQ Bank Institution Number is 623.

What products and services does EQ Bank offer?

EQ Bank offers a high-interest savings account (Savings Plus Account) and GICs (guaranteed investment certificates).

How do I open an EQ Bank Savings account?

You can open an EQ Bank Savings account by applying online from the comfort of your home.

Does EQ Bank offer RRSPs or TFSAs?

No, EQ Bank does not currently offer RRSP or TFSA accounts.

Can i send money internationally with EQ Bank?

Yes. EQ Bank has partnered with TransferWise so that EQ Bank customers are able to affordably send money abroad. EQ Bank and TransferWise have formed a partnership that allows customers to send cheap and fast international money transfers directly from their EQ Bank Account, through online banking or the mobile app.

Are deposits made with EQ Bank covered by CDIC?

Yes - deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, as outlined in CDIC's 'Protecting Your Deposits'.

How does EQ Bank make money?

Banks typically make money by accepting deposits from customers, and then providing loans to other customers and earning interest from those loans. EQ Bank uses the deposits from EQ Bank to furnish Equitable Bank's residential and commercial loans, and earn interest. As a branchless bank, EQ Bank is able to reduce operating costs, and pass on those savings to their customers in the form of an everyday interest rate on the Savings Plus Account.

EQ Bank Reviews

Avg. Rating: 4.7 (3 reviews)
Convenient

Convenient online bank with some good feature such as no fee bill payments and good interest rates on the savings account.

Felix
Good Service

Recently joined EQ Bank. Great interest rate. So far so good and I'm enjoying it!

Tanya
Good rate but customer service not great

The EQ Bank Savings Account interest rate is great however I had a difficult time reaching them by phone and wish it would be faster.

Jasmine

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