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". For example, you’re covered for up to $100,000 combined across your individual Savings Plus Account, EQ Bank GICs, and any deposits in your name that you have with Equitable Bank. Eligible deposits in your joint account are insured separately.

EQ Bank is a trademark of Equitable Bank. Equitable Bank is a member of the CDIC.

Generally, we hold funds deposited by cheque or Electronic Funds Transfer (EFT) for five business days, beginning after the date of deposit. This means that funds held will actually become available by the sixth business day, when you include the date of deposit.

For example, if you make a deposit on a Monday, you can access the funds on the following Tuesday.

Although the deposit is reflected immediately in your account balance, you won’t be able to withdraw or transfer your funds until the hold period has passed. However, during the hold period, you still earn interest on the deposit amount. For more details, check out our Hold Funds Policy.

EQ Bank offers Canadians a digital banking experience. We launched officially in January 2016 with a commitment to help Canadians get the most out of their money.

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.

Equitable Bank, Canada’s Challenger Bank^TM, is the country’s ninth largest independent Schedule I bank. EQ Bank is the digital arm of Equitable Bank. You can learn more by visiting www.equitablebank.ca.

Good question! Banks typically make money by accepting deposits from customers, and then providing loans to other customers and earning interest from those loans. We use the deposits from EQ Bank to furnish Equitable Bank’s residential and commercial loans, and earn interest.

As a branchless bank, we’re able to reduce our operating costs, and pass on those savings to you in the form of a great everyday interest rate on the Savings Plus Account.

We’re always looking for good people! Check out our latest job postings.

It’s really easy! You can open an account by visiting www.eqbank.ca and applying online.

All EQ Bank customers must:

• Be a Canadian resident
• Meet their province’s age of majority (18 or 19 years old, depending on where you live)
• Have a Social Insurance Number

Please note: EQ Bank is not available in Quebec.

As part of our online identity verification process, we do a “soft” credit check—meaning your credit score won’t be affected and won’t be visible to other third parties who view your credit report.

The Income Tax Act requires all banks to obtain your Social Insurance Number when you open an account that earns interest (this includes the Savings Plus Account and GICs). Banks are required to report the interest you earn each year to the Canada Revenue Agency.

We don’t officially support access to your Savings Plus Account through Mint.

Unfortunately, we do not currently offer business accounts. The Savings Plus Account is for personal use only.

You can continue to access your existing account while travelling outside of Canada. However, all EQ Bank account holders must be Canadian residents in order to maintain their account.

If we’re unable to verify your identity through TransUnion (a credit reporting agency), you can do so by visiting Canada Post. Similar to showing your government-issued photo ID at a bank branch, we’ve partnered with Canada Post to make verifying your identity as quick and convenient as possible. Find the participating Canada Post outlet that’s closest to you.

You’ll need to bring:

• 1 piece of government-issued photo ID
• 1 proof of address document (if your photo ID doesn’t have your current address)
• Your Canada Post DSS number (see What is my Canada Post DSS number and why is it important?)

Canada Post will validate your identity based on the information you provided for your EQ Bank account application. Your government-issued photo ID cannot be expired, and the first and last name, address, and birthdate must be an exact match to the information you provided to us.

You’ll need to show one of the following pieces of government-issued photo ID:

• Canadian driver’s license
• Provincial or territorial photo ID card
• Canadian Secure Certificate of Indian Status
• Canadian passport
• Canadian permanent resident card

If your government-issued photo ID doesn’t list your current address, you’ll also need to show a proof of address document, such as:

• Recent utility bill (residential telephone, cable TV, public utilities commission, hydro, gas, or water)
• Residential Lease, Residential Mortgage Statement or Agreement, Rental Agreement Lease, Agreement of Purchase and Sale
• School, College, or University Report Card or Transcript
• Municipal tax notice
• Canada Child Tax Benefit statement
• Most recent Income Tax assessment
• Government cheque or Government cheque stub with individual’s name and address
• Statement of Employment Insurance Benefits Paid (T4E)
• Canada Pension Plan Statement of Contributions/Quebec Pension Plan Statement of Participation
• Statement of Benefits from Provincial Workplace Safety or Insurance Board
• Statement of Direct Deposit for Provincial Works or Provincial Disability Support Program
• Attestation of Residence issued by the responsible authorities (shelters, soup kitchens, student/senior residence, long term care facilities, Aboriginal reserves, work camps)
• Statement of Old Age Security (T4A) or Statement of Canada Pension Plan Benefits (T4AP)

If we’re unable to verify your identity through TransUnion (a credit reporting agency), you can do so by visiting Canada Post and providing your DSS number. A DSS number (or barcode) is given to Canada Post, so they can validate your identity based on the information in your application on our behalf. Your Canada Post DSS number will be emailed to you, but if you can’t find it, feel free to call our Customer Care team.

As part of our online identity verification process, we may ask you to sign in to one of the banks below to validate your identity:

• ATB Financial
• BMO
• CIBC
• Coast Capital Savings
• Desjardins
• HSBC
• Laurentian Bank
• Meridian
• National Bank
• RBC
• Scotiabank
• Simplii
• Tangerine
• TD Bank
• Vancity

If you do not bank with any of the companies listed above, you can simply skip this step.

An Online Consumer Disclosure is a detailed report of all the information on your credit file, and serves as a way for you to check the data as reported to TransUnion. The information you provide in your EQ Bank application must be an exact match to what is on your TransUnion credit file.

EQ Bank deals with Canadian currency only. We don’t offer foreign exchange or USD accounts at the moment.

We do, however, offer cheap, fast, and easy-to-use international money transfers. You can learn more about them here.

We offer a high-interest savings account (Savings Plus Account), TFSA Savings Account, RSP Savings Account, and GICs (guaranteed investment certificates).

From students to seniors, everyone is welcome! We offer the same banking products to all.

That said, we do have a few basic requirements—all EQ Bank customers must:

• Be a Canadian resident
• Meet their province’s age of majority (18 or 19 years old, depending on where you live)
• Have a Social Insurance Number

Please note: EQ Bank is not available in Quebec.

Unfortunately, not at the moment. All EQ Bank customers must be Canadian residents in order to open and maintain an account.

As part of our online identity verification process, we conduct a “soft” credit check, which doesn’t affect your personal credit score. Your credit score is not considered when opening an EQ Bank account.

We do, and thanks for wanting to tell others about us! To share your referral link, sign in and click on "Refer a friend."

Sign in to EQ Bank and, from the dashboard, click on your savings accounts. Each account has a unique nine-digit number associated with it.

It’s easy! Simply sign in to your account using the EQ Bank mobile app. In the bottom right corner, click on “Deposit.” Enter the dollar value of the cheque in the “Amount” field, then select the account you wish to deposit the funds into. Take a photo of both the front and back of the cheque, then click “Deposit.”

We’re all about zero monthly banking fees! We don’t charge account fees, fees for sending or receiving Interac e-Transfers^®, fees for bill payments, overdraft fees, or dormant account fees. After all, your money is your money. Check out the full list of fees we don’t charge.

Using the EQ Bank mobile app, sign in to your account, then click on the navigation menu in the top right corner. Click on “Set up Direct Deposit,” then “Download void cheque.”

Using a web browser, sign in to online banking. Under “My accounts,” click on “Direct deposit,” then “Generate void cheque.”

Once you’ve generated this void cheque, you can give it to the company that is providing the payment.

Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “Profile,” then “Edit.”

Using a web browser, sign in to online banking. Under “Profile,” click on “Profile,” then “Edit.”

EQ Bank is a digital bank. While we don’t offer a debit card or direct ATM access to withdraw cash, our mobile app and online banking website make it easy to deposit or transfer funds electronically between bank accounts. By sending funds to your linked account(s) through Interac e-Transfer^® or Electronic Funds Transfer (EFT), you can easily withdraw the cash as you normally would from your linked account.

Using the EQ Bank mobile app, sign in to your account. The current interest rate will be visible on your dashboard.

To view the current rate without signing in, click the links below:

• Savings Plus Account
• TFSA Savings Account
• RSP Savings Account

To unlock your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).

You can download the EQ Bank mobile app for iOS here.

You can download the EQ Bank mobile app for Android here.

To reset your password, click on “Forgot password” from the EQ Bank sign-in page. If you’ve made too many failed attempts with an incorrect password, you’ll eventually be locked out.

To unlock your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).

Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “Profile,” then “Edit.”

Using a web browser, sign in to online banking. Under “Profile,” click on “Profile,” then “Edit.”

Your EQ Bank account will be a unique nine-digit number. You can also generate a void cheque by signing in to the EQ Bank mobile app or online banking.

T5 tax slips can be found by signing in to your account through the EQ Bank mobile app or online banking website. Once you’re signed in, navigate to the “My accounts” tab, and click on “Tax documents.”

Your T5 tax slip will be available for download as a PDF file by no later than February 28 of every year.

To report an issue with your T5 tax slip, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.

Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “View documents,” then “View statements.”

Using a web browser, sign in to online banking. Under “My accounts,” click on “Bank statements.”

From your EQ Bank account, you can send:

• Up to $3,000 per day
• Up to $10,000 per 7-day period
• Up to $20,000 per 30-day period

There is no dollar limit on how much you can receive via Interac e-Transfer^® to your EQ Bank account, so long as you don’t hit your maximum balance limit. To view the dollar limits associated with your account, click here.

There are three ways to deposit funds into your EQ Bank account:

• via Interac e-Transfer^®
• via Electronic Funds Transfer (EFT) through your linked accounts
• via Mobile Cheque Deposit through the EQ Bank mobile app

Interac e-Transfer^®:

You can instantly deposit funds by sending an Interac e-Transfer^® to yourself, using your other bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.

Note: While it’s free to send or receive Interac e-Transfers^® with EQ Bank, your other bank may charge a fee for sending them. Banks also tend to set daily limits on how much money you can send through Interac e-Transfer^®, so it’s best to use this method for smaller amounts (generally $3,000 or less).

Electronic Funds Transfer (EFT):

Using either the EQ Bank mobile app or through online banking, you can deposit up to $100,000 per transaction from your linked account to your EQ Bank account. You can make multiple transactions per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.

Mobile Cheque Deposit:

Using the EQ Bank mobile app, you can deposit up to $100,000 per cheque. You can deposit multiple cheques per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.

Generally, we hold funds deposited by cheque or Electronic Funds Transfer (EFT) for five business days, beginning after the date of deposit. This means that funds held will actually become available by the sixth business day, when you include the date of deposit. For example, if you make a deposit on a Monday, you can access the funds on the following Tuesday.

Although the deposit will be reflected in your account balance immediately, you will not be able to withdraw or transfer the funds until the hold period has passed. During the hold period, you continue to earn interest on the deposit amount. For more information, please to refer to our Hold Funds Policy. To view the dollar limits of other transaction types, click here.

There are two ways to withdraw funds from your EQ Bank account:

• via Interac e-Transfer^®
• via Electronic Funds Transfer (EFT) to your linked accounts

Interac e-Transfer^®:

You can instantly withdraw funds by sending a free Interac e-Transfer^® to yourself, from your EQ Bank account to your linked bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.

Note: Banks may set daily limits on how much money you can receive through Interac e-Transfer^®, so it’s best to use this method for smaller amounts.

Electronic Funds Transfer (EFT):

Using the EQ Bank mobile app or through online banking, you can transfer up to $30,000 per transaction from your EQ Bank account to your linked bank accounts. You can make multiple transactions per day. Funds will take one to two business days to appear in your linked bank account.

Your funds will take one to two business days to appear in your linked bank account.

Using the EQ Bank mobile app, sign in to your account, then click on “Bills” along the bottom of the screen, then “Pay Bills.’

Using a web browser, sign in to online banking. From the Dashboard, click “Pay a bill.”

Using a web browser, sign in to online banking. From the Dashboard, click on the applicable savings account. You can download a CSV file containing your account transactions by clicking on the download icon (to the left of the printer icon).

Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “Externally linked account,” then “Link another account.”

Using a web browser, sign in to online banking. Under “Transfers,’ click on “Manage externally linked accounts,” then “Link another bank account.”

To delete a linked account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.

To delete or close your savings account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.

To delete or close your savings account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.

Should an account holder pass away, next of kin or the executor should call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK). If possible, please have the date of death, and lawyer or trustee details available, and we’ll do everything we can to help.

You don’t! You’re able to keep a $0 balance in your account, should you choose to.

Your account will be considered dormant, if there has been no activity for a 12-month period. If your account is dormant and has no balance, it will be closed without notice. If your account is dormant and the balance is greater than $0, we will email you a Dormant Account Notice. EQ Bank does not charge dormant account fees. For more information on dormant accounts, please review our Savings Plus Account Agreement under the section titled “Dormant Accounts.”

You can link up to 10 other external accounts to your EQ Bank account.

EQ to EQ Transfers let you instantly send money to another EQ Bank customer for free. You can send up to $30,000 per day (as opposed to a maximum of $3,000 per day for Interac e-Transfers^®). Funds sent through this method are not subject to holds, and funds are immediately available for use.

To send an EQ to EQ Transfer:

Using the EQ Bank mobile app, sign in to your account. Click on “Transfer” along the bottom of the screen, and then “Transfer to EQ Connection.”

Using a web browser, sign in to online banking. Under “Transfers,” click on “Transfer to EQ Connections.”

Unfortunately, we’re not able to offer wire transfers at the moment.

You can open up to four Savings Plus Accounts, in addition to your main account, for a total of five Savings Plus Accounts. In addition, you can open one TFSA Savings Account and one RSP Savings Account.

Using a web browser, sign in to online banking. Under “Transfers,” click on “Pending transfers.” Under “Recurring transactions,” click “Delete” on your selected transaction.

You can refer friends and family who aren’t currently an EQ Bank customer, and haven’t already started the account sign-up process. 

Sign in to your EQ Bank account and click on “Refer a friend” to find your unique referral link. In order to qualify for a referral bonus, the recipient of the referral must use your unique link to open their EQ Bank account and deposit at least $100 within 30 days of opening their account.

The more friends you refer, the more you can earn! For every successful referral who signs up with your unique link, and deposits a minimum of $100 into their account within 30 days, you can earn:

• $20 for the first three referrals
• $30 for the next four referrals
• $40 for any subsequent referrals up to a maximum $500 cap

Regardless of which earning tier you’re in, the new customer will receive a $20 referral bonus upon funding their account. To view the full Terms and Conditions, click here.

If your friend or family member is not yet an EQ Bank customer, they can sign up for an EQ Bank account using your unique referral link. Once they’ve opened their account, you can send them an invite to create a joint account.

Unfortunately, if the referral signed up using the link from the joint account invitation, they don’t qualify as a referral.

No, in order to qualify for the “Refer a Friend” program, your friend must have signed up using your unique referral link, and deposited a minimum of $100 into their account within 30 days.

If you’re already a customer, you can sign in to your EQ Bank account and click on “Refer a friend” to find your unique referral link. The referral must use your unique link to open their EQ Bank account, and make a deposit of at least $100 within 30 days, in order to qualify for the referral bonus. Once the referral has funded their account, the bonus will be credited to your account, typically by the next business day.

If you’re a new customer, please ensure you sign up through the correct referral link in order to qualify for the referral bonus. You must deposit a minimum of $100 into your account within 30 days, and the bonus will be credited to your account, typically by the next business day.

Your referral bonus will be paid after the qualifying deposit has been completed. It will be deposited directly into your account, typically by the next business day.

Your unique referral link doesn’t expire. However, in order for both individuals to receive the referral bonus, the new customer must make a deposit of at least $100 within the first 30 days of opening their account.

You can only accept one referral offer by signing up through that person’s unique referral link.

Your referral bonus will be paid after the qualifying deposit has been completed. It will be deposited directly into your account, typically by the next business day.

As the referrer, you can view the status of your sent invitations from your account dashboard:

In progress means the referral has yet to open an EQ Bank account or complete the $100 minimum deposit.

Completed means the referral was successful and the referral bonus has been credited.

Expired means the referral signed up for an EQ Bank account, but did not complete the $100 minimum deposit within 30 days.

For every successful referral who signs up with your unique link, and deposits a minimum of $100 into their account within 30 days, you can earn:

• 20 for the first three referrals
• $30 for the next four referrals
• $40 for any subsequent referrals up to a maximum $500 cap

Regardless of which earning tier you’re in, the new customer will receive a $20 referral bonus upon funding their account. To view the full Terms and Conditions, click here.

Unfortunately, no. The referral bonus is only applicable for accounts opened using a unique referral link.

To view our full Terms and Conditions, click here.

A Tax-Free Savings Account (TFSA) is a registered investment or savings account that allows for tax-free gains.

A TFSA can be used for any savings goal and withdrawals can be made at any time during the year, tax-free.

The amount of money that can be contributed to a TFSA is limited each year. 

Your EQ Bank TFSA can hold your investments as cash in the TFSA Savings Account and TFSA GICs.

Any EQ Bank customer who has reached the age or majority in their province of residence, and who has a valid Social Insurance Number (SIN) can open an EQ Bank TFSA.

Exceptions:

• Non-Canadian residents
• Quebec residents

If you’re not yet an EQ Bank customer, you’ll need to open a Savings Plus Account first by visiting www.eqbank.ca and applying online.

Once you’ve successfully opened your Savings Plus Account, follow the steps below to open your EQ Bank TFSA.

For existing customers using a web browser:

• Sign in and click “Products”
• Select “Open a TFSA Plan”
• Review details and submit your application

Using the mobile app:

• Sign in and tap the hamburger menu at the top right of your screen
• Select “Open a new account/plan”
• Tap “Open a TFSA Plan”
• Review details and submit your application

That’s it!

The annual TFSA dollar limit for the year 2020 is $6,000, for all TFSAs held in your name across all financial institutions.

The TFSA annual contribution room limit will be indexed to inflation and rounded to the nearest $500. Investment income earned by, and changes in the value of your TFSA investments will not affect your TFSA contribution room for current or future years.

In general, TFSA contribution room is made up of the total of all of the following:

• Your TFSA dollar limit
• Any unused TFSA contribution room from previous years
• Any withdrawals made from the TFSA in the previous year

An individual will not accumulate TFSA contribution room for any year during which the individual is a non-resident of Canada throughout the entire year.

The TFSA dollar limit is not prorated in the year when an individual does any of one of the following:

• Turns 18 years of age
• Dies
• Becomes a resident or a non-resident of Canada

In general, the table below outlines your TFSA contribution limits for all TFSAs held in your name across all financial institutions.

You’re responsible for tracking your contribution amounts each year. Keep your eyes on your TFSAs across all institutions, so you don’t accidentally over-contribute!

Contributions to a TFSA are not deductible for income tax purposes.

Any amount contributed as well as any income earned in the account (for example, interest earned in an EQ Bank TFSA Savings Account or TFSA GIC) is generally tax-free, even when it is withdrawn.

If you withdraw from your TFSA, you don’t lose your contribution room. You can recontribute amounts you’ve withdrawn on or after January 1 of the following year or years, and your contribution room carries forward indefinitely.

TFSAs are accessible to anyone, so long as they meet the eligibility requirements—but there are no minimum or maximum income levels. Every eligible person accumulates contribution room annually, starting from 2009.

Assuming you were at least 18 years old in 2009, yes. As of 2020, for example, the TFSA cumulative limit (if you've never contributed) is $69,500. This number grows every year, subject to the annual TFSA contribution limit set by the federal government.

If you exceed your TFSA contribution limit for the year, the Canada Revenue Agency will charge a tax on the excess at 1% per month. The tax is calculated based on the highest excess amount for the month and, unlike RSPs, there’s no $2,000 grace amount.

You’re responsible for tracking your contribution amounts each year. Keep your eyes on your TFSAs across all institutions, so you don’t accidentally over-contribute!

Thank the government for putting the TF in TFSA. So in other words, no. Withdrawals are completely tax-free, and your contribution limits reset every January 1.

No, we believe you should be able to move your money without penalties.

Should you wish to close your EQ Bank TFSA, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).

Unfortunately, no, we don’t reimburse the transfer fees charged by other financial institutions.

No need! Contributions aren’t tax-deductible, and withdrawals are tax-free. In addition, the interest earned within your TFSA is—you guessed it—tax-free.

Whether through your desktop or EQ Bank mobile app, you can deposit funds directly from your Savings Plus Account by following the steps below.

Using a web browser:

• Sign in and from your TFSA dashboard, click “Add money”
• Select the account you want the funds to come from
• Select your TFSA Savings Account as the destination
• Select an amount, deposit date, and frequency, and click “Next”
• Review your details and click “Submit”

Using the mobile app:

• Sign in and from your dashboard, scroll to select “TFSA Plan”
• From the TFSA Plan dashboard, select “TFSA Savings Account”
• From the bottom right hamburger menu, select “Add money”
• Select the account you want the funds to come from
• Select your TFSA Savings Account as the destination
• Select an amount, deposit date, and frequency, and click “Next”
• Review your details and tap “Submit”

You can transfer an existing TFSA from another institution to EQ Bank by following the steps below.

Using a web browser:

• Sign in and click “My accounts” in the top navigation
• Select “Transfer TFSA from other bank”

• Select “Let’s get started”
• Provide and confirm transfer details
• Upload a signed transfer form (this step can be completed at a later stage)

Using the mobile app:

• Sign in and scroll to select “TFSA Plan”
• Select “TFSA Savings Account”
• From the bottom right hamburger menu, select “Transfer TFSA from other bank”
• Review and tap “Let’s get started”
• Provide transfer details
• Upload a signed transfer form (this step can be completed at a later stage)

Note your transfer form can also be mailed or faxed.

The transfer process can take 6-8 weeks, depending on how quickly your other financial institution treats your request.

Your other financial institution may charge a fee for transferring your TFSA to EQ Bank.

You can check the status of your request from your account dashboard.

Once received, your status will be updated and can be viewed from your account dashboard. Upon receipt, it could take up to 3 days before your status is updated.

Yes, this is a great way to ensure you make the most of your contribution limit.

Follow the same steps as for making a deposit. When prompted, choose the desired frequency of your recurring payment.

You can easily change or cancel recurring transfers from your desktop or mobile app.

One TFSA Savings Account per customer.

Your plan can hold up $200,000 in funds, combining your EQ Bank TFSA Savings Account and your TFSA GICs. Be sure to keep track of your contribution limit.

Visit our Fees & Features page for more details.

Using the EQ Bank mobile app or through online banking, you can withdraw funds from your TFSA and move it to your:

• Savings Plus Account
• Joint Savings Plus Account
• Linked accounts via Electronic Funds Transfer (EFT)

Note you can only perform current-dated withdrawals from your TFSA, and cannot set up recurring withdrawals.

Once you’ve opened a TFSA Savings Account, you can purchase a TFSA GIC.

Once your TFSA GIC reaches the maturity date, the funds and interest earned will be deposited in your EQ Bank TFSA Savings Account. You’ll receive an email or SMS alert notifying you of the TFSA GIC maturity. You can then choose to use the funds to purchase another EQ Bank TFSA GIC or keep the money in your TFSA Savings Account.

There are no limits on how many EQ Bank TFSA GICs you can buy, but the total funds held across your TFSA Savings Account and TFSA GICs cannot exceed $200,000. Keep an eye on your contribution limits, so you’re not penalized for over-contributing.

RSP is an acronym for Retirement Savings Plan. It can refer to any number of financial products designed to help you save for retirement.

An RRSP, which stands for Registered Retirement Savings Plan, is a type of RSP with specific tax advantages:

• Contributions can be deducted from your income
• Earnings on savings held within an RRSP aren’t taxed until you withdraw funds

While an RSP can refer to many types of accounts, an RRSP refers to one type of account specifically.

An RRSP is probably the best known RSP, which is why you’ll sometimes hear the terms used interchangeably.

Your EQ Bank RSP becomes registered once you add money to your account—which means you get the tax advantages of an RRSP.

Any money you contribute to an RSP is tax-deductible, meaning the amount you contribute can be deducted from your income, which means you pay less in income taxes. In addition, the income you earn within your RSP is tax-free.

You will have to pay income taxes when you withdraw from your RSP.

Typically, you’ll withdraw funds from an RSP in retirement, when you’ll likely be in a lower tax bracket, as opposed to withdrawing during your peak earning years.

The EQ Bank RSP offers two types of investment products: RSP Savings Account and RSP GIC.

When you open and deposit funds into an RSP Savings Account, you can then choose to buy an RSP GIC. Once your RSP GIC reaches maturity, your principal and earned interest will be deposited back into your RSP Savings Account.

An EQ Bank customer who has reached the age of majority in their province of residence, and who has a valid Social Insurance Number (SIN) can open an EQ Bank RSP.

Exceptions:

• Customers turning 71 in the year of application
• Non-Canadian residents
• Quebec residents
• Customers with temporary SINs

If you’re not yet an EQ Bank customer, you’ll need to open a Savings Plus Account first by visiting www.eqbank.ca and applying online.

Once you’ve successfully opened your Savings Plus Account, follow the steps below to open your EQ Bank RSP.

For existing customers using a web browser:

• Sign in and click “Products”
• Select “Open a RSP Plan”
• Review details and submit your application

Using the mobile app:

• Sign in and tap the hamburger menu at the top right of your screen;
• Select “Open a new account/plan”
• Tap “Open a RSP Plan”
• Review details and submit your application

It’s that simple.

You can transfer an existing RSP from another institution to EQ Bank by following the steps below.

Using a web browser:

• Sign in and click “Products” in the top navigation
• Select “Transfer RSP from other bank”
• Select “Let’s get started”
• Provide and confirm transfer details
• Upload a signed transfer form (this step can be completed at a later stage)

Using the mobile app:

• Sign in and scroll to select “RSP Plan”
• Select “Transfer RSP from other bank”
• Select “Let’s get started”
• Provide and confirm transfer details
• Upload a signed transfer form (this step can be completed at a later stage)

Note your transfer form can also be mailed or faxed.

The transfer process can take up to 6 -8 weeks, depending how quickly your other financial institution treats your request.

You can check the status of your request from your account dashboard.

No problem. You can submit your signed transfer form by following the steps below.

Using a web browser:

• Sign in and select “RSP Plan”
• Select “RSP Savings Account,” then “Check RSP transfer status”
• Select the correct transfer
• Select “Submit signed transfer form”
  • You can download the form again or submit your signed form
• Click “Upload signed transfer form”

Using the mobile app:

• Sign in and scroll to select “RSP Plan”
• Select “RSP Savings Account,” then “Check RSP transfer status”
• Select the correct transfer
• Select “Submit signed transfer form”
  • You can download the form again or submit your signed form
• Tap “Upload signed transfer form”

Note your transfer form can also be mailed or faxed.

The transfer process can take up to 6-8 weeks depending on the speed at which the other financial institution treats your request.

You can track the status your request from your account dashboard.

Once received, your status will be updated and can be viewed from your account dashboard. Upon receipt, it could take up to 3 days before your status is updated.

Once you’ve opened an RSP Savings Account, you can purchase an RSP GIC.

Once your RSP GIC reaches the maturity date, the funds and interest earned will be deposited in your RSP Savings Account.

You’ll receive an email or SMS alert notifying you of the RSP GIC maturity. From there, you can use the funds to purchase another RSP GIC or keep the money in your RSP Savings Account.

If you haven’t already contributed to an RSP at another financial institution, generally speaking, your allowable RSP contribution for the current year is the lowest amount of the following:

• 18% of your earned income from the previous tax year. For most people, earned income for RSP purposes is the amount in Box 14 of their T4 slips. Earning income also includes self-employed net income, CPP/QPP disability payments and net rental income, OR
• The maximum annual contribution limit for the taxation year MINUS any company-sponsored pension plan contributions (defined as PA, or short for “pension adjustment” on your T4 slip. A PA represents the value of any pension benefits accruing from participation in a registered pension plan or deferred profit-sharing plan)

You’re responsible for tracking your contribution amounts each year across all financial institutions in which you hold an RSP.

If you exceed your RSP contribution limit for the year, the Canada Revenue Agency is lenient up to an excess of $2,000 (though, it won’t be tax-deductible). Any greater than $2,000, though, and the CRA will impose a tax of 1% per month.

You’re responsible for tracking your contribution amounts each year, across all financial institutions in which you hold an RSP.

Anyone who has earned income, has a Social Insurance Number (SIN), has attained the age of majority in their province, and has filed a tax return can contribute to an EQ Bank RSP up until December 31 of the year they turn 71.

Once you turn 71, your EQ Bank RSP proceeds can either be:

1. Withdrawn from the Plan
2. Transferred to a Registered Retirement Income Fund (RRIF) with another institution.  

RSPs are intended to provide a source of income in retirement, so you’re penalized with significant withholding taxes by the Canada Revenue Agency, if you withdraw the funds before you retire.

While the money you contribute to the RSP is technically yours, your bank will take between 10% and 31% in withholding tax right off the top and turn it over to the government—the more you withdraw, the higher the percentage. Once that money is withdrawn, you’ve permanently lost that contribution room in your account.

There are a few exceptions—such as the Home Buyers Plan (HBP) and Lifelong Learning Plan (LLP)—which allow you to borrow a certain amount from your RSP tax-free to help pay for your first home or cost of full-time post-secondary education. In these cases, you essentially borrow money from yourself and you have to pay back the sum within a set amount of time.

Should you wish to withdraw funds from your EQ Bank RSP for any reason, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK). EQ Bank will deposit your RSP funds into your individual or joint Savings Plus Account only.

The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your RSP to buy or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back the withdrawn funds within a 15-year period.

Should you wish to withdraw funds from your EQ Bank RSP under the Home Buyers’ Plan, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).

The Lifelong Learning Plan (LLP) is a program that allows you to withdraw up to $10,000 in a calendar year from your RSP to finance full-time training or education for you, your spouse, or common-law partner.

As long as you meet the LLP conditions every year, you can withdraw from your RSP until January of the fourth calendar year, after the year you made your first LLP withdrawal. You cannot withdraw more than $20,000 in total.

Should you wish to withdraw funds from your EQ Bank RSP under the Lifelong Learning Plan, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).

An RSP must mature by the end of the year in which the annuitant turns 71 years of age.

For an EQ Bank RSP Plan, we will contact customers in January of the year they turn 71 to confirm what they wish to do with the proceeds. Options are:

• Withdraw from the plan,
• Transfer to a Registered Retirement Income Fund (RRIF) with an issuing institution

A beneficiary is someone who gets your stuff (in this case, your money) when you die. When you open an RSP, you can designate one or more beneficiaries who will receive the proceeds upon your death.

The benefit of naming a beneficiary is that they won’t need to pay tax on the value of the RSP after you pass away.

Naming a beneficiary has other benefits as well, such as adding clarity around who receives the financial proceeds, so you can avoid any confusion (after all, you won’t be around to clear things up).

You can designate up to five beneficiaries, and choose the percentage that should be allocated to them upon your death.

In the event the percentage entitlement(s) for your beneficiaries do not add up to 100%, the remaining portion will be paid to your estate.

To designate a beneficiary, you’ll need to sign in and download the beneficiary designation form for your EQ Bank RSP.

You’ll need to mail or fax it back to EQ Bank with the following information:

• Legal first and last name
• Date of birth
• Social Insurance Number (SIN)
• Mailing address
• Relationship to the account holder

Once your RSP GIC reaches the maturity date, the funds and interest earned will be deposited in your RSP Savings Account.

You’ll receive an email or SMS alert notifying you of the RSP GIC maturity. You can use the funds to purchase another RSP GIC or keep the money in your RSP Savings Account.

Tax slips, such as the RSP Contribution Receipt or T4RSP, can be downloaded as PDFs by signing in to your account through the EQ Bank mobile app or web browser.

You can find the dates of when these documents will be available for download here.

Actual or deemed withdrawals from an RSP will be reported on a T4RSP slip. You won’t be issued a T4RSP slip, unless you’ve made withdrawals from your EQ Bank RSP.

EQ Bank will issue two contribution receipts, which will allow you to claim the appropriate deductions to your taxable income:  

1. Your 2020 contribution receipt, which states the contributions made in the last 10 months of 2020
2. Your 2021 contribution receipt, which states the contributions made for the first 60 days of 2021

You can always access the archive of your past tax documents by signing in to your EQ Bank account. New documents will be added as they become available.

No, we believe you should be able to move your money without penalties.

Should you wish to close your EQ Bank RSP, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).

An EQ Bank RSP can hold up to $1 million, combining your RSP Savings Account and your RSP GICs. Be sure to keep track of your contribution limit.

Visit our Fees & Features page for more details.

You can hold one EQ Bank RSP account.

You can hold multiple GICs, as long as you stay within the plan limit of $1 million.

Whether through your desktop or EQ Bank mobile app, you can make RSP contributions directly from your Savings Plus Account by following the steps below.

Using a web browser:

• Sign in and from your RSP dashboard, click “Add money”
• Select the account you want the funds to come from
• Select your RSP Savings Account as the destination
• Select an amount, deposit date, and frequency, and click “Next”
• Review your details and click “Submit”

Using the mobile app:

• Sign in and from your dashboard, scroll to select “RSP Plan”
• From the RSP Plan dashboard, select “RSP Savings Account”
• From the bottom right expendable menu, select “Add money”
• Select the account you want the funds to come from
• Select your RSP Savings Account as the destination
• Select an amount, deposit date, and frequency, and click “Next”
• Review your details and tap “Submit”

Yes! This is a great way to keep on top of your contributions.

Follow the same steps for making an RSP contribution. When prompted, choose the desired frequency of your recurring payment.

You can easily change the frequency or cancel your recurring transfers from your desktop or mobile app.

A joint account is a bank account in the name of two or more people. When you open a joint account with EQ Bank, you and your account co-holder(s) share all the same great features and benefits of our individual Savings Plus Account. Joint account holders have equal control, and can view transactions, pay bills, make deposits, and withdraw funds from the joint account.

To learn more about powers of attorney and joint accounts, click here.

Joint accounts are designed for people who know each other well. Make sure you trust who you’re joining up with, since you will all have full access to the account and the funds that are in it.

Some things to think about:

• An account co-holder can withdraw all funds from the joint account without your permission
• Account co-holders can view your account transactions
• In the case of a marital breakdown of one of the account co-holders, the account could be considered a matrimonial asset and divided accordingly

If you need further details, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat

Yes! You can share your joint account with three other co-holders, for a total of four account holders.

All co-holders can make deposits, pay bills, and withdraw funds—and all co-holders can view account activity.

If you already have an EQ Bank account, adding a joint account takes minutes. If you’re not yet a customer, opening an account is really easy, and can be done by visiting www.eqbank.ca and applying online.

For current customers, we recommend keeping your existing individual Savings Plus Account and opening a net new joint account, but you can convert your existing account into a joint account.

To open a new joint account:

• Sign in to online banking using a web browser
• Click “Products” at the top of your screen
• Under “Savings Plus Account,” click “Open account,” and select the joint option
• State how you intend to use the account, assign it a nickname, and click “Next”
• Invite up to three co-holders
  • If a co-holder is an existing EQ Bank customer, use the email address associated with their EQ Bank account
  • Once your invitation is sent, your co-holder(s) will need to accept the invitation before the joint account process is complete
• Review your invitation details and click “Submit”

That’s it! From your account details page, you can see which invites are pending and which have been accepted.

To convert an existing individual Savings Plus Account to a joint account:

• Sign in to online banking
• Select the account you wish to convert
• Click “More options” in the upper right corner
• Select “Convert to joint account”
• State how you intend to use the account, assign it a nickname, and click “Next”
• Invite up to three co-holders
  • If a co-holder is an existing EQ Bank customer, use the email address associated with their EQ Bank account
  • Once your invitation is sent, your co-holder(s) will need to accept the invitation before the joint account process is complete
• Review your invitation details and click “Submit”

From your account details page, you can see which invites are pending and which have been accepted. Your account will automatically convert to a joint account once a co-holder has accepted your invitation.

Unfortunately not. All joint account holders must be Canadian residents (excluding Quebec).

You can invite anyone you want—roommates, best friends, romantic partners, even your mom and dad—as long as they’re a Canadian resident (excluding Quebec) and have reached the age of majority in their province.

If you invite someone who is not an EQ Bank customer, they’ll need to sign up in order to accept your invitation. The good news is the invite explains the simple three-step process to become a joint account co-holder.

Or they can open an account by visiting www.eqbank.ca and applying online. Either way, to accept your invite, they must sign up with the email address you provided in your invitation.

To check the status of an invitation, sign in to your EQ Bank account, and select the account from which you sent the invite. From the "Account co-holders" section, you can view the status of your invitations.

An “Active” status means the co-holder has successfully accepted your invitation. A “Pending” status means the co-holder has not yet accepted your invitation. A “Failed” status means the co-holder has failed to answer the security question correctly. If you want to continue the joint account process with this co-holder, you’ll need to resend your invitation.

First, check to see you have the correct email address. Sign in to your EQ Bank account and select the joint account from which you sent the invite. You can resend an invitation from the “Account co-holders” section.

Your co-holder’s invitation is valid for a period of two weeks.

If the invitation has expired, simply sign in to your EQ Bank account and select the joint account from which you sent the invite. You can resend an invitation from the “Account co-holders” section.

Absolutely! In addition to your main account, you can open up to four other accounts, for a total of five accounts. These can be all individual, all joint, or a mixture of both.

You can, but keep in mind that once you convert your individual account into a joint account, it can’t be converted back. We recommend keeping your own individual savings account and opening a net new joint account.

A T5 tax slip will be issued in the name of the primary account holder and generated no later than February 28 of every year. All account co-holders can get a copy of the T5 tax slip.

Great question! As an individual customer with a joint account, you can have a maximum balance of up to $500,000 sum total across all your accounts.

Eligible joint deposits are protected for up to $100,000 per set of co-holders, not per co-holder. Eligible joint deposits are insured separately from individual Savings Plus Account deposits.

So, for example, you would be provided coverage for up to $100,000 in each of the following scenarios:

• Your individual savings account
• Your joint savings account with a spouse
• Your joint savings account with your parents

You can read more about this on the CDIC website.

The person who initiates the joint account is referred to as the primary account holder. We don’t currently offer the option to change the primary account holder.

If you’re the primary account holder of a joint account, there are no differences. However, if you’re not the primary account holder of a joint account, the following differences currently apply to alerts for your joint account:

• All settings, including dollar values of alerts, are preset and cannot be adjusted at this time
• Alerts are sent via email only and may take up to two days after a transaction is complete
• Alerts will not be sent for unsuccessful recurring transactions

This is a snag that our team is working hard to resolve. Rest assured these differences are temporary, and we‘re working to provide real-time adjustable alerts via your preferred platform (text message or email).

Sign in to your EQ Bank account and go to your joint account details page. From the “Account co-holders” section, you’ll see a “Primary” label beside the primary account holder’s name.

According to the Canada Revenue Agency (CRA), you must report your share of interest from a joint account based on how much you contributed to it.

A T5 tax slip will be issued to the primary account holder of the joint account and will be made available as a downloadable PDF by no later than February 28 of each year.

Please note that in the case of individual Savings Plus Accounts converted to joint accounts, interest credited at the end of the month of conversion will be included in the personal tax slip issued to the single account holder. 

Interest credited subsequent to the month of conversion will be included in the joint account tax slip issued to the primary account holder.

Learn more about reporting interest on your tax return here.

Unfortunately, we can’t remove an account holder from a joint account, but we can close the account for you. To close your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat and we’ll help you out.

In order to close a joint account, the account must have a zero balance. Please have one of the account holders call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat and we’ll help you out.

No, they don’t. One account holder can close the joint account, as long as the account has a zero balance. To close your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat and we’ll help you out.

If, however, the joint account is your only account with EQ Bank, we’ll reach out to you to confirm you wish to close it, as doing so will terminate your relationship with EQ Bank.

Should a joint account holder pass away, please immediately call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK). We’ll do everything we can to help.

TransferWise is a service that offers a cheap, fast way to send money around the world. TransferWise was founded in 2011, is registered with multiple financial authorities around the globe, and has served over 6 million people in 71 countries. TransferWise Canada Inc. is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB) with registration number M15193392. They also hold a MSB licence with the Authorité des Marchés Financiers (AMF) under licence number 902804.

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.

International money transfers sent using the Savings Plus Account are powered by TransferWise, which uses HTTPS encryption and two-factor authentication to protect all transactions and make sure all communications are secure.

The real exchange rate is the mid-point between the BUY and SELL rates on the global currency markets and it constantly fluctuates. It’s the rate you’ll find on Reuters, Google, Yahoo! Finance, etc. and it’s also the rate you’ll get when you send your international money transfer via TransferWise.

You can access our calculator here to see the current exchange rate as well as the transaction charge.

EQ Bank powered by TransferWise converts money using the real exchange rate and charges a conversion fee based on the amount you’re sending and the currency you’ve selected. You can view the conversion fee before sending an international money transfer through your EQ Bank account, or you can click here to calculate the conversion fee based on the currencies selected.

Unfortunately, you cannot cancel an international money transfer once the transaction has been submitted, but you will have an opportunity to review the transaction details prior to clicking the “Submit” button.

Unfortunately, you cannot recall or cancel an international money transfer once you’ve reviewed the transaction details and clicked the “Submit” button.

You can view the status of your international money transfer on the International Transfer dashboard. To do so, simply click “Transfers” and choose “Send International Transfer.” This screen will contain your transaction history, and will show your previous transactions as “Pending,” “Completed,” or “Bounce back” (which appears in the case of an error that results in the money being refunded into your account in its entirety).

The exact time period of an international money transfer depends on multiple factors, including the destination country, the time of day the transfer is sent, and security checks. Some recipients may receive their funds within 24 hours, and all recipients should receive their funds within 3 business days.

Great news—it doesn’t take longer to process an international money transfer if it’s your first one!

It may take a few more minutes to complete your first transaction as you’ll need to link your account to TransferWise and fill out new recipient details, but once you click “Submit” on your transaction, funds should be received within 3 business days.

The recipient does not require a TransferWise account to access their funds, as they will receive the money directly in the bank account that was specified in the transaction.

Unfortunately, the recipient cannot track the progress of the international money transfer, but you can check the status of the transaction on your international transfer dashboard, and let the recipient know they should receive it within 3 business days.

1. Check the status of your international money transfer. If the transfer has a status of “Pending,” it’s still on its way to the recipient.
2. If the transfer shows a status of “Completed,” the money has been delivered but it may not yet be available in the recipient’s account. It can take some banks up to 1 additional business day to process and release the money.
3. If the delay has exceeded the anticipated period of 3 business days, you can check the TransferWise ID (listed along with the other transaction details in the transaction history) and call the EQ Bank Customer Care team for assistance.
4. If the status of the transaction appears as “bounce back,” the funds did not reach the recipient, and the money will be refunded into your account in its entirety. Note: these funds will not earn interest during the period they are not in your EQ Bank Savings Plus Account.

You will not be able to send an international money transfer without the recipient’s bank details. In order to send the transfer, you’ll need to add a new recipient and fill in the banking details in the mandatory fields.

Typos or mistakes in recipient details are one of the main reasons for requesting a transfer cancellation, but once a transfer is submitted, it’s not possible to cancel it. To prevent this from happening, please look over all the recipient information on the “Review Details” screen before clicking “Submit”!

If you do realize you’ve entered in something incorrectly, you can:

• Get in touch with our EQ Bank Customer Care team
• Wait for the money to bounce back

If you’ve entered in the wrong amount, the payment will not bounce back. In this case, get in touch with the recipient so they can tell their bank to reject the payment or return the money to you.

If you’ve entered in the wrong account number and the transfer is sent to the wrong account, neither EQ Bank nor TransferWise has the ability to get involved in disputes between senders and recipients, so it’s important to check the account information on the “Review Details” screen before clicking “Submit.”

Yes, there are maximum amounts, as follows:

• $9,500 CAD for a single transaction for all currencies, except CNY ($5,800 maximum), PKR ($8,400 maximum) and BDT ($7,767 maximum)
• $9,500 CAD for a 24-hour period

You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.

Once your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.

Should an account holder pass away, next of kin should call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK). If possible, please have the date of death, and lawyer or trustee details available, and we’ll do everything we can to help.

You have up to the end of the next business day following the day you purchased your GIC (your GIC Effective Date) to cancel your GIC online. Once the cancellation period has passed, your GIC is non-redeemable and your funds are locked in. For more information, please refer to the EQ Bank GIC Agreement.

Unfortunately not. Once the cancellation period has passed, your GIC is non-redeemable, and your funds are locked in. For more information, please refer to the EQ Bank GIC Agreement.

Yes. Any interest you earn from your GIC investments will be included on your T5 tax slip.

T5 tax slips can be found by signing in to your account through the EQ Bank mobile app or online banking website.

No, but you can view your current and previous GIC purchases by signing in to your account.

We’re committed to meeting all industry standards, and we take the safeguarding of your account very seriously. That’s why we constantly monitor—and make enhancements to—our security features. For additional details, consult our EQ Bank Mobile and Online Banking Security Guarantee.

We do a lot of work behind the scenes to keep your personal information safe. Check out our Privacy Agreement for more details.

As soon as possible, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.