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EQ Basics Digital Banking 101

No branches, no monthly fees, just perks.

Why pay for overhead when you can do everything online? Avoiding branch supply and building costs allows us to offer you a high everyday interest rate and more.

Does EQ Bank have cheques, debit cards, and ATMs?

Instead of using personal cheques, a debit card, or accessing an ATM, you can move your money between your EQ Bank account and Linked accounts. Alternatively, you can send Interac e-Transfers® or set up EQ Connections to make EQ to EQ Transfers.

Savings Goals

We designed a tool to help you set goals and organize your hard-earned money. Get what you want or need (or don’t need at all but have to have) faster.

Equitable Bank

EQ Bank is a trademark of Equitable Bank, which is a federally regulated Schedule I Bank with total assets of approximately $24 billion.

The Canada Deposit Insurance Corporation

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. More information is available here.

EQ Bank Savings Plus Account Reach your goals faster

The Good Stuff

No hidden or monthly fees. No minimum balance. Unlimited day-to-day transactions. Online banking app. 24/7 customer service. And best of all, a high interest rate.

More than just a savings account.

You can make direct deposits, pre-authorized debits, bill payments, Electronic Funds Transfers (between your EQ Bank accounts and Linked accounts), EQ to EQ Transfers, and create Savings Goals. And the first five Interac e-Transfers® per month are free.

How about interest? Will I get a tax receipt?

Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum. You’ll receive a T5 tax slip online before February 28th of each year.

Bills, bills, bills.

Need to make a bill payment or set up a post-dated one? Want to view, download, and print your bank statement? Do all these things at any time through your online account.

EQ Connections and why you should use them.

After making an EQ Connection, send money to your family and friends who have EQ Bank accounts through EQ to EQ Transfers. Simple, easy, and instant. Need we say more?

Can I set up a Linked or joint account?

Link away. Connect more than one personal account from another banking institution, up to a maximum of 10. Transfers between these accounts are free. We don’t offer joint accounts at this time, but you can use EQ to EQ Transfers to move money or receive funds from your EQ Connections.

What if I want to cancel a transaction?

Same day Electronic Funds Transfers (EFTs) cannot be cancelled. Future dated EFTs can be cancelled up to 11:59pm EST/EDT the business day before the date of the transaction.

Same day bill payments can be cancelled before 11:59pm EST/EDT on the day they are submitted. Future dated and recurring bill payments can be cancelled up to 11:59pm EST/EDT the day before the scheduled payment.

Interac e-Transfers® can be cancelled any time before the expiry period and before the recipient has accepted your transfer.

What’s the hold period for money I deposit?

Generally, we hold funds you deposit 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 on 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 Monday.

For more information about our hold period, be sure to review our hold funds policy for full details.

GICs Save more, worry less

What are the benefits of a GIC?

It’s a guaranteed, low risk investment that isn’t affected by market fluctuations. All you have to do is select a term, put in some funds, and watch it grow.

Why should I reinvest a maturing GIC?

GICs are dependable, secure, simple, and guaranteed to grow. Rather than keeping the funds in your savings account, reinvesting in a new GIC will allow you to continue to collect interest at a higher rate. Simply put, you’ll gain even more returns in the end.

What if something comes up and I need to cancel?

Life happens. And we get that. Our GICs are non-redeemable but if it’s within one business day after the effective date of your purchase, you can cancel online.

Are there any fees?

Nope. We’re a digital bank. Fees aren’t a part of what we do

What happens at maturity?

The money you deposit into a GIC is guaranteed to provide a specific rate of return. On the maturity date, your GIC’s principal and any interest earned that has not already been paid will be deposited into your EQ Bank Savings Plus Account. At that time, you can choose to reinvest your money into a new GIC at the then current rates.

A Few More Things I’d like to ask…

Verifying my identity with microdeposits.

When linking an external bank account (in the account holder's name), our security system will make two small deposits to it (this may take up to 3 business days). Once the deposits appear, log into online/mobile banking, enter the amount on our verification page and you’re good to go.

Verifying my identity with an original e-document.

An e-document is an electronic document used to help verify your identity. The e-document is used during the verification process. An original e-document is one that’s generated from a provider like a utility service, a bank, or the CRA. It’s usually in the form of a PDF; it can’t be a scan, fax or photo of a document or it will not be accepted.

How do I keep my account secure?

We don’t recommend providing personal information when connected to public Wi-Fi, such as airports and coffee shops. Never share your sign-in password or answers to your security questions. If you receive an email or text message that looks like we’re asking for your password or personal information, don’t respond – instead contact us at security@eqbank.ca.