EQ Bank FHSA Savings Account Agreement

Welcome to EQ Bank! The information included below contains important details about your EQ Bank First Home Savings Account (FHSA Savings Account).

By opening and operating your FHSA Savings Account, you accept and agree to be bound by the following terms and conditions. You confirm you received our disclosure Documents and agree to be bound by the terms of these Documents including any periodic changes or replacements made by us.

Please ensure you review this Agreement and all other related or referenced agreements carefully as they affect your rights and set out certain obligations and expectations on your part. If you have any questions related to the agreements, please  contact us.

Please retain a copy of this Agreement for your records.

FHSA Savings Account

The FHSA Savings Account is an online personal bank account that operates in Canadian currency that is part of a qualifying arrangement as an FHSA under subsection 146.6(1) of the Income Tax Act (Canada). The Account earns interest daily based on the closing balance, and interest is paid monthly. There is no minimum balance requirement.

The FHSA Savings Account is intended for personal use only. You agree to operate your FHSA Savings Account as a personal account and understand that if we suspect you are using your FHSA Savings Account for business or non-personal purposes, we may close your Account.

By signing up for an FHSA Savings Account, you agree to receive all communication and documents related to your Account in electronic format.

Definitions in this Account Agreement

Account” means your FHSA Savings Account;

Account Agreement” means this EQ Bank FHSA Savings Account Agreement;

Alert Messages” means the automated security alert messages and opt-in alert messages that we may send to you securely to the Message Center accessible within the Services or by regular email to your primary email address or by text (SMS) message to your mobile phone number;

Business Day” means a day other than a Saturday, Sunday, federal holiday or publicly-observed holiday in Ontario;

Documents” means the interest, fees, privacy and/or complaint-related disclosure documents you receive(d) electronically when you opened your account, and including those outlined below in Section 1 under  Consent for Delivery of Electronic Documents;

Electronic Communication” means any communication by telephone, email, Message Centre, text (SMS), social media, chat, fax, or other method of telecommunication or electronic transmission;

Electronic Device” means any electronic device that we allow you to use to access our Services (for example, certain personal computers, cellular phones, telephones, smart phones, tablets or other similar devices);

Electronic Transaction(s)” means transactions with respect to an Account, including deposits and withdrawals, transaction cancellation instructions, transfers and other transactions with respect to an Account that we may permit through our Services;

EQ Bank”, “the Bank”, “Bank”, “our”, “we” or “us” means Equitable Bank;

FHSA” means a first home savings account;

includes” or “including” means includes or including, as applicable, but not limited to;

“Instruction” means an instruction by you that is electronically communicated to us after electronic identification and/or security question authentication through our Online or Mobile Banking or Customer Care Centre;

Message Centre” means a secure messaging inbox, accessible through EQ Bank Online or Mobile Banking;

Mobile Banking” or “Mobile” means the mobile application, specifically designed by us or a Third Party Service Provider, through which you may sign on to the Services;

Online Banking or “Online” means the Website through which you may sign on to the Services;

qualifying arrangement” means a qualifying arrangement as defined in subsection 146.6(1) of the Income Tax Act (Canada);

qualifying home” means a qualifying home as defined in subsection 146.6(1) of the Income Tax Act (Canada);

qualifying individual” means a qualifying individual as defined in subsection 146.6(1) of the Income Tax Act (Canada);

qualifying withdrawal” means a qualifying withdrawal as defined in subsection 146.6(1) of the Income Tax Act (Canada);

Statements” means the online monthly account statement accessible through Online Banking;

Service(s)” means Mobile and Online Banking, which can be accessed by an Electronic Device;

Third Party Service Provider” means a party retained by us to act on our behalf to provide or to assist us in providing our services;

Website” means eqbank.ca; and

“you”“your”“client”“customer” or “Account holder” means each holder of an Account.

Customer eligibility


To be eligible to open and maintain an FHSA Savings Account with us, you must be a qualifying individual, a Canadian resident with a permanent Canadian address, you must meet the age of majority in your province or territory of residence, and you must be not more than 71 years of age on December 31 of the year the account would be opened. You must also be a first-time home buyer, which you will be considered to be if you did not, at any time in the current calendar year before the account is opened or at any time in the preceding four calendar years, live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either: (i) you owned or jointly owned; or (ii) your spouse or common-law partner (at the time the Account is opened) owned or jointly owned. Please note that our FHSA Savings Account is currently unavailable to residents of the province of Quebec. 

You are responsible for maintaining a valid email address as part of your profile with us and are responsible for notifying us of any changes to your email address or any other personal information you have previously provided us.

Privacy agreement

By initiating the account opening process with us, you consent to the collection, use and disclosure of your personal information in accordance with  EQ Bank's Privacy Agreement. The Privacy Agreement may be amended or replaced from time to time and we will post the revised Agreement on our Website or on the Message Centre.

The Privacy Agreement forms part of this Agreement, and your acceptance of the terms of this Agreement indicates that you also agree to the terms of the EQ Bank Privacy Agreement. It is important that you review our Privacy Agreement carefully prior to opening an Account.

We reserve the right to comply with any third party demands which have been issued under federal or provincial/territorial legislation, or any court order we receive in respect of your Account. You agree that we will not be liable to you in any way for complying with any such third party demands or court orders issued on or against your Account.


You acknowledge that interest rates and interest calculation methods may change at any time and without prior notice. We will advise you by posting the new rate and any interest calculation changes on the secure Message Centre or on our Website.

Interest begins to accrue on every dollar the day your Account becomes active. Interest is calculated daily on the total closing balance and at the rates per annum, as offered. Interest is payable monthly.

Notwithstanding the above, should your Account become active on the last business day of the month and should you make a deposit into the Account on that day, interest may not be paid on the amount deposited until the following month.  Interest will, however, begin to accrue on the amount the day it is deposited.


The Account has no monthly maintenance fee. A listing of the fees that may be charged by us in connection with this Account are outlined in the  FHSA Savings Account Fees & Features. You authorize us to charge any fees incurred by you directly to your Account. If a fee is increased or a new Account fee is introduced, we will provide notice of any such change in writing to you through electronic means, which may include posting a notice on the Message Centre or on the Website or by any other method allowed by law as determined by us, at least 60 days before the change comes into effect.

Online account transaction records

Statements and ongoing account transactions and balances are available online in electronic format and can be accessed directly from Online Banking.

You understand and agree that paper copies of your account statement will not be provided by us.

You agree to notify EQ Bank

You agree to review your transaction history carefully and at least once every 30 days to ensure that:

  • All transactions and balances are correct;
  • All Instruments paid from the Account are valid and duly authorized;
  • All amounts charged to your Account are correct;

Should you notice any errors, omissions, irregularities or discrepancies you must notify us within 30 days of the transaction record, otherwise we will consider your Account records to be accurate. You will be bound by this section even if you do not use Mobile Banking or Online Banking to review your Account entries and balances at least once every 30 days.

If we mistakenly credit an amount to your Account, we can correct that error at any time.

Using the FHSA Savings Account

You acknowledge and agree that:

  • Deposits made after 11:59pm ET will have a transaction date of the next day and will be processed on the next day.
  • You take full responsibility for your Electronic Device and anybody using it and have reviewed and accept the  EQ Bank Mobile and Online Banking Terms and Conditions in its entirety.
  • You are responsible for ensuring that there are enough funds in your Account required to cover any transaction you may initiate. You will be accountable for any transaction that is not processed due to insufficient funds.
  • You are able to transfer funds into your FHSA Savings Account from your EQ Bank Personal Account (Personal Account) or via transfer of funds from a registered retirement savings plan at EQ Bank or another financial institution, or from an FHSA at another financial institution.
  • You acknowledge and agree to the entirety of  EQ Bank First Home Savings Account Agreement.
  • You agree that all contributions must be made in accordance with section 146.6 of the Income Tax Act (Canada) to qualify for any applicable tax exemptions. You shall be solely responsible for tracking contributions made to this FHSA Savings Account, in addition to any other arrangements held with us and at other financial institutions in order to determine if contributions made under your EQ Bank FHSA Savings Account would constitute an “excess FHSA amount” as defined in subsection 207.01(1) of the Income Tax Act (Canada) at any particular time. You understand that you will be subject to tax on a monthly basis for each month that you have an “excess FHSA amount”.

Transactions and limits

Electronic Transaction requests may be made through Mobile or Online Banking, or via telephone to our  Customer Care Centre, and by other methods made possible by us, from time to time.

We will not accept wire transfer deposits.

We, in our sole discretion, may deem a deposit or withdrawal to be fraudulent or counterfeit. If this occurs, the transaction request will not be processed and, as applicable, funds will not be returned to you.

We may establish dollar amount, transaction, account balance or other account-related limits per customer. These limits may change at any time and without prior notice to you. If you attempt a transaction that is in excess of these limits, we may reject the transaction. Please refer to our  FHSA Savings Account Fees & Features for further information on dollar amount, transaction, account balance or other account-related limits for various transactions.

Account holder access

We will accept Instructions for the Account directly from an Account holder only. We are not obligated to recognize anyone other than the Account holder as having any interest in an Account nor are we required to gain permission from another person unless third party access has been expressly authorized by you and we have consented to such access. However, we may act in accordance with instructions from your legal representative(s) (such as a Power of Attorney or Executor), if such person demonstrates legal authority to act on your behalf.

Third party access allows another person (i.e. your legal representative) to provide us with instructions related to your Account which we will in turn act upon. Third party access is given to clients who need assistance with managing their Accounts, or are physically unable to access their Accounts. In order to allow a third party to access your Account(s), you will need to provide the appropriate authorization.

In the event that we are served with a court order which directs us to place a hold on funds in, or to be deposited in, an Account, or which otherwise extends to or deals with such funds or the Account, notwithstanding anything to the contrary contained herein, we may take any or all steps we deem necessary to lawfully comply with the court order and, in doing so, will in no way be liable to you.

Clearing, settlement and payment

We may make available instruments, payment features or tools which are used for payment, clearing, collection, receiving, or otherwise through Third Party Service Providers. We will not be responsible should any errors occur during the performance of these third party services nor will we be responsible for any loss, theft, destruction or delay in delivery of any instrument while in process or in the possession of another bank or third party. If instruments for payments presented on your behalf by us or third party to another financial institution are refused, or if the other financial institution does not provide payment, you will remain responsible to us for the amount of the instrument deposited with us.

Closing your Account

You may choose to close your Account at any time and at no cost. Items presented for payment after the Account is closed may be dishonored. You are responsible for transactions you arranged, including those that arrive after your Account is closed. By closing your Account, you forfeit any deposits that would have occurred had you not closed your Account. This includes any promotional offers and may include funds returned as the result of an unsuccessful or returned transfer or payment. We will make reasonable efforts to contact you to arrange payment to you of funds returned following an unsuccessful transaction, however we reserve the right to donate to a charity of our choice, or to send to the Bank of Canada, any funds so returned, despite our reasonable efforts.

In order to avoid unintended tax consequences, you agree that you should close your FHSA Savings Account before your maximum participation period ends. Your maximum participation period ends on December 31 of the year in which the earliest of the following events occurs: (a) the 15th anniversary of opening your first FHSA; or (b) you turn 71 years of age; or (c) the year following your first qualifying withdrawal from your FHSA.

In the event your Account is closed and there is a balance, we may, at our option, transfer to your Personal Account or send by cheque mailed to the address we have on file for you, that amount, less any outstanding debts or other obligations you owe us or others.

Suspension or termination of Account or Services

You acknowledge that we may, in our sole discretion, suspend or terminate your Account, or your access to your Account. In the event your Account is suspended or terminated, or your access to your Account is suspended or terminated, we will notify you in writing to the email address we have on file for your Account.

In situations where we have closed your Account, any balance remaining in your Account will be paid to you less any outstanding debts or other obligations you owe us. We will not be liable for any dishonored payments after your Account is closed. We will make reasonable efforts to contact you to arrange payment to you of any funds returned following an unsuccessful or returned transfer or payment after your Account has been closed, however we reserve the right to donate to a charity of our choice, or to send to the Bank of Canada, any funds so returned, despite our reasonable efforts.

Upon your death or incapacity, we are authorized to take steps or restrict transactions to the Account which we deem prudent or advisable. Upon receipt of the proper and required legal documents following your death or incapacity, we will transfer the balance of your funds to your legal representative and close your Account. In all cases, you (or your estate) will continue to remain responsible for any transaction on the Account. Your estate representative will have the same rights, responsibilities and obligations under this Agreement as you, the Account holder, unless we determine otherwise.

There are no fees or associated costs for terminating your Mobile Banking or Online Banking services.

Dormant Accounts

Your Account will be considered dormant if there has been no activity in your Account for a 24-month period. Activity is defined as (i) a financial transaction initiated by you, including but not limited to, deposits and withdrawals, or (ii) a sign in to Online or Mobile Banking.

If your Account is dormant and has no balance it will be closed without notice to you.

If your Account is dormant and the balance is greater than $0, you will receive a Dormant Account Notice. These notices will be sent to your address registered to your profile after the first two year, five year, and nine year periods of inactivity.

Accounts that are dormant for 10 years and the balance unclaimed will be closed and the balance transferred to the Bank of Canada who will act as the custodian on behalf of the funds owner. Balances are transferred to the Bank of Canada once a year, on December 31st. To claim an account balance transferred to the Bank of Canada, you must file a claim with the Bank of Canada. The notice after the nine year period of inactivity will include information on how to reclaim funds. Interest will be paid until the Account is closed.

Changes to this Agreement

Changes to this Agreement (including replacing it with another agreement) may be made by us at any time, without prior notice to you, unless advance notice is required by law. When changes are made, notice of the change will be sent to you at the email address in your profile with us, posted on the Message Centre, or posted on the Website. You agree that if you access or have funds on deposit in any Account, you will be deemed to accept the change. You can obtain a copy of the current Agreement by visiting our Website. You may refuse the change by terminating this Agreement and closing your Account without cost, penalty or cancellation indemnity by notifying us within 30 days of the effective date of the change. Tax consequences may apply depending on how funds are transferred or withdrawn from your Account.

You acknowledge that we may, from time to time, make special offers or promotions available to some or all of our customers with or without notice. You acknowledge that we reserve the right to amend, withdraw, suspend or terminate such special offers or promotions in our sole discretion without notice.

Conflict of terms

If there is any conflict or inconsistency between the terms of this Agreement and the terms in any other agreement between you and us, the terms of this Agreement will prevail for the purposes of the FHSA Savings Account and the parties shall take any necessary steps to conform the inconsistent terms to the terms of this Agreement for such purposes.

Limitation of liability

You expressly understand and agree that in no event shall we be liable for any direct, indirect, incidental, punitive, special, or consequential damages, or any damages whatsoever, including, without limitation, damages for loss of profit, arising out of your use of or any malfunction, cancellation, restriction or inability to use your Account. For greater certainty, you agree that we may take any action authorized or permitted by this Agreement without being liable to you, even if such action causes you to incur a loss.


You acknowledge and agree to indemnify (protect), and hold us, our officers, directors, employees, agents and affiliates harmless (innocent) from and against any loss, liability, cost or expense of any kind that any of the aforementioned parties may incur in connection with any product or service we may provide you or that may result from any dealings between you and us, including any claim or liability for payment of a forged or altered item.

Liability for forgeries

In addition to the above, you acknowledge that we will not, under any circumstance, be liable to you for any loss, even if we are notified within the time periods required by this Account Agreement (under ‘You Agree to Notify EQ Bank’), arising from:

i) a forged or unauthorized endorsement, impersonation or any material alteration of an instrument; or

ii) Instructions we act on; unless you have established to our satisfaction that you are not responsible for the disputed item and that you took all reasonable steps to prevent the forgery or impersonation and the resulting loss, and that despite that fact, the loss was unavoidable.

You agree to cooperate fully with us in any investigation that may be required including any police investigation. Any liability that we may agree to will be limited by a maximum liability equal to the amount of the disputed item and rules established by Payments Canada in effect at the time applicable to the forgery or material alteration including a 90-day limitation on disputes arising from material alterations.

Consent for delivery of electronic documents (“Consent”)

The following terms and conditions apply to the electronic delivery of Documents to you relating to your Account.

1. Giving Your Consent

You consent to the electronic delivery of Documents and other information through the Message Centre, fax, email, SMS/text message, or by posting on our corporate website (equitablebank.ca) or Website (eqbank.ca). Documents include:

  • Statements;
  • Notifications containing legal disclosures, including the disclosure requirements prescribed by the Bank Act, all provincial/territorial and federal Securities, Privacy and Tax statutes and regulations and all Voluntary Codes of Conduct and Public Commitments applicable to the financial industry;
  • Changes to any interest rate(s), fee(s), and any other items mentioned in the Documents we send you for new Accounts or other products or services;
  • Changes/amendments to this Agreement, products or services;
  • Communications about the terms and conditions of this Consent, including changes and confirmations;
  • Communications on any current promotions, if applicable; and
  • Any other confirmation, notice or information that we are required by law to provide you in writing relating to your Account.

2. When Your Consent Takes Effect

This Consent applies to your Account and shall take effect as soon as you open your Account.

3. Electronic Delivery of Documents

When we deliver a Document electronically, we will do so by making it available to you through our Website (eqbank.ca), or our secure Online Banking site, which may include through our Message Centre accessible after you have been identified electronically through our Mobile Banking or Online Banking services. EQ Bank will send you Alert Messages, notifications or other communications by email or SMS/text message, including:

  • Alerts and requests for information in relation to identity theft and other fraud or security-related activities;
  • Requests for information that may be required in connection with EQ Bank’s obligations under anti-money laundering rules, know your client rules or other legal obligations;
  • Communications that deliver information on collections;
  • Communications arising from all manner of legal actions, causes of action, complaints, claims, applications to administrative tribunals, legal demands or otherwise;
  • Notifications of corporate actions that require your attention;
  • Alerts providing you with reminders or Account-related instructions; and
  • Other Account-related alerts requested by you.

You agree that receipt of these notifications, alerts and other communications by email or SMS/text message as determined by EQ Bank is a mandatory and integral part of your Account. Please refer to our  EQ Bank Mobile and Online Banking Terms and Conditions for more information on Alert Messages and Electronic Communications.

4. Retention Period

Statements are available for download through Online Banking only. Statements are available for seven years after the end of the period to which they relate. We will keep a copy of all other Documents provided to you for the entire time you maintain your Account with us and for a minimum period of five years after you cease to maintain your Account with us.

5. Your Obligations

You agree to review the Documents we send you electronically within 30 days of receipt. You confirm that you have the necessary technical ability and resources to do this. You also acknowledge that technical and security requirements for access to our Website and Services or your email (or for viewing the Documents themselves) may change from time to time. You also confirm that you will notify us immediately of any changes to your contact information (including email address).

6. Revoking Consent

You may revoke your consent for electronic delivery of Documents for your Account only by closing your Account. We reserve the right to provide you with Documents by paper delivery if we are unable to provide electronic delivery, have reason to believe you may not have received the Document, or if we, in our sole discretion, otherwise consider it appropriate. Any paper delivery will be provided to you at the most current mailing address that we have on file for your Account.

7. Changing This Consent

We may change the terms and conditions of this Consent from time to time by providing you with notice of change through electronic or paper delivery. You agree that your subsequent use of our products and services means you agree to and accept the revised terms and conditions.

8. Limitation of Liability (related to electronic delivery of documents)

You agree that your notifications and delivery of Documents electronically may be delayed, not delivered or inaccurate due to a variety of factors, including technical problems. To the extent permitted by the laws of Ontario and the laws of Canada, we will not be liable for any direct or indirect damages arising out of your use or inability to use the notifications and Documents, regardless of the cause, including negligence, even if we are advised of the possibility of such damages. For fax and e-mail transmissions, you accept the risk that certain notifications and Documents may be lost, intercepted, reviewed or altered by others.

Deposit insurance

EQ Bank is a trade name of Equitable Bank. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, and provided such deposits are payable in Canada, as outlined in CDIC’s “Protecting your Deposits”. To learn more, visit the CDIC’s website at www.cdic.ca or contact them directly at info@cdic.ca or 1-800-461-2342.

Complaints or concerns

We are committed to delivering a high standard of service to our customers. If you have a concern or a complaint about your Account or any service we provide, we want to hear from you so that we can try to make things right as quickly and efficiently as possible.  Our Customer Complaint Handling Procedures set out full details of our process and are available on our Website and in our offices. You may also request a copy of these procedures by contacting  Customer Care.


Arbitration is an efficient and cost effective way to resolve claims. To the extent permitted by applicable law, you agree that any claim, dispute or controversy that arises from or relates to (a) your use of the Account, (b) advertisements, promotions or oral or written statements related to your Account or (c) and other benefits or services related to your Account will be resolved by way of binding arbitration.

Arbitration will follow the National Arbitration Rules of the ADR Institute of Canada Inc., or its successors (the “Arbitrator”). We reserve the right to change or replace the Arbitrator, at our sole discretion. Arbitration will take place in the province or territory where you reside and any decision rendered will be final and binding. Each party has the right to appeal the Arbitrator’s decision to an appeal panel administered by the Arbitrator provided it gives the Arbitrator notice of its intention to appeal within 30 days from the date of the written arbitration decision. The appeal decision will be final and binding, there will be no further appeal and you acknowledge that it will be considered as a final award.

If you do commence arbitration proceedings you acknowledge that it will only relate to your claim and cannot be on behalf of anyone else or anyone else’s claim and that the Arbitrator will have no jurisdiction or authority to consider any claim you commence if it appears that it is in any way on behalf of any other person or group or persons.


If any part of this Account Agreement is held to be unenforceable for any reason, the unenforceable portion of the Account Agreement will not affect the enforceability of the remainder of the Account Agreement, which will continue in full force and effect as if this Account Agreement had been executed without the unenforceable portion.


This Account Agreement, the Services, and the operation of the Account will be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada. You hereby submit to and are bound by those laws and the courts of Ontario.


Content such as words and symbols are trademarks and the property of the parties listed below.

EQ Bank is a trade name of Equitable Bank, used under license.

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