Our verdict
Best for
Savers who bank entirely online and want a rate well above a big bank without paying a monthly fee
Not for
Anyone who needs to deposit cash, wants branch service, or relies on overdraft protection
What we like
- No NSF fee at all, which on a big bank chequing account runs $45 to $50 per returned item
- Both the base and bonus rates are published, so the number you see is the number you get
- Free unlimited Interac e-transfers
- CDIC insured directly rather than through a partner arrangement
Where it could improve
- No cash deposits, which rules it out as a sole account for anyone paid in cash
- The 2.75% requires a qualifying recurring direct deposit, so the base rate applies to many users
- No overdraft, so a payment that would bounce simply fails
- No branches anywhere in Canada
Products
One block per product, each with its own numbers. Never blended into a single range.
Good to know: The 2.75% rate requires qualifying recurring direct deposits of at least $2,000 a month; without them the account pays 1.00%. Deposits at EQ Bank and Equitable Bank share a single $100,000 CDIC limit rather than one each.
Rates and fees for this product are being verified against EQ Bank's published materials and will appear once checked.
Notice Savings (30 Day)
Savings account
Good to know: Withdrawals require 30 days’ notice, so the money is not available on demand. No monthly fee and no minimum balance.
Rates and fees for this product are being verified against EQ Bank's published materials and will appear once checked.
Good to know: Rates rise with term, from 2.40% at three months to 4.00% at five years, and funds are locked for the full term. Minimum $100 per GIC.
Rates and fees for this product are being verified against EQ Bank's published materials and will appear once checked.
Good to know: Pays 2.50% on US dollar balances with no monthly fee and no minimum. Moving money between Canadian and US dollars is a separate conversion at EQ’s exchange rate.
Rates and fees for this product are being verified against EQ Bank's published materials and will appear once checked.
EQ Bank alternatives
KOHO
Up to 3.50%
Higher rate, but the top tier costs $19 a month, so it only pays on a larger balance.
neo
2.75%
Same rate with no direct deposit needed, and it pairs with a credit-builder card.
Tangerine
0.30%
ATM access and a full bank, at a much lower rate and a $45 fee when a payment bounces.
Alternatives link to our profiles only. Comparing is the point; we send nobody sideways.
Company details
Legal name
Equitable Bank, operating as EQ Bank
Parent
EQB Inc., listed on the TSX
Regulator
Office of the Superintendent of Financial Institutions, as a Schedule I bank
Deposit protection
CDIC, direct rather than through a partner, to $100,000 per insured category
Founded
Equitable Bank 1970, EQ Bank launched 2016
Hq
Toronto, Ontario
