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Need a hand?
Banking should be easy. If you’ve got questions, we’ve got answers.

The basics

Are my deposits with EQ Bank covered by CDIC?

Yes—all eligible deposits with Equitable Bank/EQ Bank are insured up to $100,000, per insurance category, as outlined by the CDIC in “Protecting Your Deposits.” For example, you’re covered for up to $100,000 combined across your EQ Bank Savings Plus Account and your EQ Bank GICs, and any deposits you have with Equitable Bank.

EQ Bank is a trademark of Equitable Bank. Equitable Bank is a member of the CDIC. Deposits held under Equitable Bank are eligible for deposit insurance from the CDIC, subject to the CDIC’s applicable limits and policies.

For more details on CDIC, please visit www.cdic.ca.

How long does EQ Bank hold my funds for?

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.

Who is EQ Bank?

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 800 employees across Canada.

Who is Equitable Bank?

Equitable Bank, Canada’s Challenger BankTM, 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.

How does EQ Bank make money?

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 EQ Bank Savings Plus Account.

Is EQ Bank hiring? I want to come work for you!

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

Opening an account

How do I open an EQ Bank account?

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

Who can open an EQ Bank account?

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: The EQ Bank Savings Plus Account is not available in Quebec.

Does EQ Bank pull my credit report when I open an account?

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.

Why do I need to provide my Social Insurance Number (SIN) when opening an account?

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

Does EQ Bank offer joint accounts?

We’re working on it! While we don’t yet have a launch date, our team is hard at work to get this product up and running as soon as possible. We’ll spread the word when we have more news. 

Does EQ Bank offer RRSPs?

Unfortunately, we do not currently offer RRSPs.

Does EQ Bank offer TFSAs?

Unfortunately, we do not currently offer TFSAs.

Does EQ Bank support Mint?

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

Does EQ Bank offer business accounts?

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

Can I use EQ Bank if I live outside of Canada?

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.

Why is EQ Bank asking me to verify my identity through Canada Post?

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.

What do I need to bring with me to Canada Post?

You’ll need to bring:

What types of photo ID are accepted by Canada Post?

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

What proof of address documents do I need to bring to Canada Post?

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)

What is my Canada Post DSS number and why is it important?

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.

I’m trying to open an EQ Bank account, but I don’t bank with one of the listed banks. What do I do?

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

Unfortunately, if you do not bank with at least one of the companies listed above, you will not be able to proceed with your EQ Bank account application at this time.

Why am I being directed to contact TransUnion to request an Online Consumer Disclosure?

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.

Does EQ Bank offer foreign exchange or USD accounts?

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

What type of products does EQ Bank offer?

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

Do you offer accounts for students or seniors?

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: The EQ Bank Savings Plus Account is not available in Quebec.

Can a non-resident open a bank account in Canada?

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

Does EQ Bank look at my credit score when I sign up?

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.

Does EQ Bank have a referral program?

From time to time, we may offer bonuses when you refer a friend and they open an EQ Bank account. To ensure you’re kept up to date on our latest offers, you can sign in to your EQ Bank account and update your email subscription preferences.

Using your account

How do I withdraw funds from my EQ Bank account?

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.

How do I find my account number?

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.

How do I deposit a cheque using the EQ Bank mobile app?

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.”

What kind of fees are associated with my EQ Bank account?

We’re all about zero everyday banking fees! We don’t charge monthly 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.

How do I set up a direct deposit to my EQ Bank account?

Using the EQ Bank mobile app, sign in to your account, then click on the navigation menu in the top right corner. Under “Manage my account,” click on “Direct Deposits & Payments,” 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.

How do I change the email address I use to sign in with EQ 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.”

How do I access cash with my EQ Bank account?

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.

What is the current rate on my savings 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 here.

My account is locked out. What do I do to regain access?

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

Where can I download the EQ Bank mobile app?

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

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

I forgot my password. What do I do?

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) or launch Live Chat.

How do I change or update my personal profile information?

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.”

How do I download my monthly account statement?

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.”

What is EQ Bank’s transit and institution number?

Transit number: 80002
Institution number: 623
EQ Bank's transit and institution numbers

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.

Where can I find my 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. Once you’re signed in, navigate to the “Accounts” tab, and click on “Tax documents.”

When will I receive my T5 tax slip for the year?

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

What should I do if I think there’s something wrong on my T5 tax slip?

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.

Is there an Interac e-Transfer® dollar limit on sending or receiving?

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. To view the dollar limits of other transaction types, click here.

How do I deposit funds into my EQ Bank account?

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 $25,000 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.

If I’m moving money from my EQ Bank account to my linked bank account, how long will it take for the money to arrive?

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

How do I pay a bill using my EQ 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.”

Can I export my data to use with accounting or budgeting software?

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).

How can I delete a linked 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.

How can I delete a savings account?

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.

How can I close my EQ Bank account?

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.

What happens to my account if I die?

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.

Do I need to maintain a minimum balance in my EQ Bank account?

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

What happens if I don’t sign in to my account for a while? Are there any dormant account fees?

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 EQ Bank Savings Plus Account Agreement under the section titled “Dormant Accounts.”

What is an EQ to EQ Transfer?

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.”

Does EQ Bank offer wire transfers?

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

How many savings accounts can I have with EQ Bank?

You can open up to four savings accounts, in addition to your main account, for a total of five savings accounts.

How do I change or cancel my recurring transfers?

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

International Money Transfers

GICs

How many GICs can I buy?

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.

What happens when my GIC matures?

Once your GIC reaches the maturity date, the funds will be placed in your EQ Bank 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.

What happens to my GICs if I die?

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.

How do I cancel my GIC?

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.

Can I redeem GICs before they mature?

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.

Is the interest earned from my GIC taxed?

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.

Will I get a physical certificate for my GIC purchase?

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

Account security and privacy

How does EQ Bank protect my 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.

How does EQ Bank protect my personal information?

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

What should I do if I suspect unauthorized access to my EQ Bank account?

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