EQ Bank – A Digital Banking Experience

Banking shouldn’t be stressful. At EQ Bank, you can save more of your money. EQ Bank provides Canadians with a digital banking experience. Earn up to 30 times more interest than with a traditional bank.

Invest in yourself with an EQ Bank account. Set up savings goals. Say goodbye to fees and keep more of your own money in your own pocket.

Features


  • No fee accounts – All of the accounts offered by EQ Bank are free from monthly fees and everyday banking fees.
  • High interest rates – In an EQ savings account, your money earns one of the highest interest rates available in Canada.
  • No minimum balance – There is never a minimum balance required to open an account with EQ Bank.
  • Safe and reliable – Rest confident that all of your deposits are protected with automatic CDIC deposit insurance.
  • Joint account feature – Share saving with up to three people while enjoying all of the perks of the standard high-interest savings account.
  • Quick and easy sign up – Signing up for a bank account has never been easier. Visit the website here, and with a few clicks you will be on your way to savings.

Products and Services


Savings Plus Account

With this high-interest savings account, you can earn up to 1.25%* interest on every dollar. You pay no monthly or everyday banking fees and can hold a balance of up to $200,000. Other perks include free Interac e-Transfers®, free bill payments, and cheap international money transfers.

Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

Signing up for a Savings Plus Account is simple. Visit the website here: https://join.eqbank.ca/registration

TFSA

A TFSA is a registered investment or savings account that lets you earn money tax-free. Whether you are planning for retirement or just putting money aside for emergency use, a tax-free savings account can help you get closer to your life goals. Earn up to 1.25% on your money and keep it all, while paying no penalties or taxes for accessing your deposits. EQ Bank offers the ability to pair your TFSA with your Savings Plus Account or any other external bank account for a simple way to set up one time or recurring deposits. To open a TFSA with EQ Bank, you first need to open a Savings Plus Account. After you have successfully opened a Savings Plus Account, there are easy to follow instructions on their website to open your TFSA.

RSP Savings Account

It’s important to save for your future, and an EQ Bank Retirement Savings Plan may be able to help you reach your goals, faster. The RSP accounts are a no-fee, low-tax option that can grow your retirement funds with as much as a 1.25% interest rate. With an RSP you never pay tax on the interest you earn, and whatever amount you invest is deductible from your yearly taxable income. At tax time, EQ Bank will notify you when your tax slips are ready, and you can then download them as a PDF.

GICs (Guaranteed Investment Certificates)

A GIC is designed to help you grow your money faster. With some of the highest rates in the industry, EQ Bank gives you guaranteed high rates, and flexible options for purchasing. Whether you choose to invest in a short-term or long-term GIC, you can be sure you are getting the most out of your money.

If you would like to see just how much interest a GIC can earn, you can check out the handy calculator on the EQ Bank website found here: https://www.eqbank.ca/personal-banking/gics

Banking Fees


At EQ Bank, there are no monthly fees and none of the everyday banking fees associated with most bank accounts. In fact, it’s easier to talk about what EQ Bank does not charge for. Here is a list of some of the things you can do for free with your EQ Savings Plus Account:

  • Deposits, including mobile cheques
  • Send Interac e-Transfers®
  • Receive Interac e-Transfers®
  • EQ to EQ account transfers
  • Electronic Funds Transfers
  • Bill payments
  • No NSF or chargebacks fees

Frequently Asked Questions About EQ Bank


How do I open an EQ Bank account?

Opening a bank account with EQ Bank is simple. Just visit the website at www.eqbank.ca and click on the ‘set up account’ button.

Is my money safe with EQ Bank?

Yes, your money is absolutely safe. EQ Bank is a federally regulated Schedule I bank. They are a member of the CDIC, which protects your deposits into chequing and savings accounts as well as GICs.

Why does EQ Bank need my social insurance number?

In order to facilitate a quick sign-up process, for identity verification purposes, EQ Bank does something called a “soft credit check”. This credit check does not affect your credit score in any way and it is never visible to other third parties who may view your credit report.

Does EQ Bank have student accounts or senior accounts?

EQ Bank has the same great products and interest rates available for everyone. The basic requirements that must be met to open an account with EQ Bank are as follows:

  • You must be a Canadian resident
  • You must meet your province’s age of majority (18 or 19)
  • You must have a social insurance number

How is EQ Bank able to provide these high interest rates?

Traditional banks have high overhead costs associated with their operations. As a bank with no branches, EQ Bank is able to save all of those operating costs. They then pass on those savings to their customers in the form of some of the highest interest rates available in Canada.

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Smarter Loans Staff

Author

The Smarter Loans Staff is made up of writers, researchers, journalists, business leaders and industry experts who carefully research, analyze and produce Canada's highest quality content when it comes to money matters, on behalf of Smarter Loans. While we cannot possibly name every person involved in the process, we collectively credit them as Smarter Loans Writing Staff. Our work has been featured in the Toronto Star, National Post and many other publications. Today, Smarter Loans is recognized in Canada as the go-to destination for financial education, and was named the "GPS of Fintech Lending" by the Toronto Star in 2019.

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