Does the bank have any branches?

We don't have branches because they are costly to run and we don’t want you to pay for the overhead.  We prefer to operate online and share our cost savings with you by offering a competitive interest rate and other perks, like 5 free Interac e-Transfers® per month. Feel free to compare.

Is my Account covered by the CDIC?

EQ Bank is a trademark of Equitable Bank. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). All deposits held under Equitable Bank are eligible for deposit insurance from CDIC to the maximum of $100,000. Click here for more info.

What are the different types of transactions I can do with my Account?

The EQ Bank Savings Plus Account is more than just a savings or chequing account. The Account comes with deposits, bill payments, Electronic Funds Transfers (EFTs), free transfers to other EQ Bank Savings Plus Accounts, unlimited transactions and Savings Goals. As well, 5 free Interac e-Transfers® are included every month.

Are there any fees?

There are no fees to open up an EQ Bank Savings Plus Account, or for nearly anything you do with your EQ Bank Savings Plus Account.

See our EQ Bank Account Fees & Features for the very few instances where a fee would apply.

Are there joint accounts or TFSAs available?

These products are not available at this time. As we grow we will add products and services to EQ Bank that will continue our focus on helping Canadians save money. We are working on the ability to offer joint accounts and TFSAs and are aiming to have them available in the future.

More Questions

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No worries, use the topics below to browse our complete set of questions and answers

  • What is EQ Bank?

    Why should I open an EQ Bank Savings Plus Account?

    Others offer high interest savings accounts, but we pride ourselves on the versatility, flexibility and ease-of-use of the EQ Bank Savings Plus Account.

    With one account, you can pay your bills, deposit funds and conduct Electronic Funds Transfers - all free of charge.

    As well, you get five free Interac e-Transfers® per month (additional Interac e-Transfers® are $1.50 per transfer). It costs nothing to set up an Account and there are no monthly fees to worry about. All this along with a great interest rate earned on every dollar in the Account, with no introductory period or minimum balance to maintain.

    Does the bank have any branches?

    We don't have branches because they are costly to run and we don’t want you to pay for the overhead. We prefer to operate online and share our cost savings with you by offering a competitive interest rate and other perks, like 5 free Interac e-Transfers®  per month. Feel free to compare.
     
     

    What is the difference between EQ Bank and Equitable Bank?

    EQ Bank is a trademark of Equitable Bank, used to describe our digital bank - featuring no monthly fees and a great rate to help you save. Find out more here.

    Equitable Bank is a federally regulated Schedule I Bank with total assets of approximately $22 billion and more than 500 employees across Canada.


    Is it safe to bank with EQ Bank?

    At EQ Bank, we are committed to providing a safe mobile and online banking environment starting from the moment you sign up with us. Safeguarding your Account is top of mind, which is why our security features are continuously monitored and improved. Read our EQ Bank Mobile and Online Banking Security Guarantee to learn more.

    For nearly 45 years, brokers across the country have been helping Canadians realize their financial goals through Equitable Bank products such as mortgages, home equity lines of credit and a variety of deposit services.

    Equitable Bank was founded in 1970 as The Equitable Trust Company. It is a wholly-owned subsidiary of Equitable Group Inc., whose common and preferred shares are traded on the Toronto Stock Exchange under the symbols EQB and EQB.PR.C, respectively.


    Is my Account covered by the CDIC?

    EQ Bank is a trademark of Equitable Bank. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). All deposits held under Equitable Bank are eligible for deposit insurance from CDIC to the maximum of $100,000. Click here for more info.


    What is the customer service contact information and hours of operation? 

    Our Customer Care Agents are happy to help you with any questions or concerns, call or chat with us 24 hours a day, 7 days a week. There are a few different ways you can reach us - we'll do our best to help, as quickly as possible:

    Telephone: 1-844-437-2265 (1-844-4EQ-BANK)

    Best for:

    • Assistance navigating the website
    • Account-specific questions or activities
    • Assistance with large dollar transactions

     

    Chat: Click on the chat bubble icon in the online or mobile banking site to start a Live Chat. You can also access Live Chat from the account sign-up page or by clicking here.

    Best for:

    • General inquiries

     

    Email: contact@eqbank.ca

    Best for:

    • General inquiries

     

    Secure Message: Once you’ve signed in to your Account, click on the envelope icon to open your Message Centre.  Select ‘Compose’ and type your message. 

    Best for:

    • Account specific questions or activities
    • Reply to requests from EQ Bank

    Mail:
    EQ Bank, Digital Banking, Equitable Bank Tower
    30 St. Clair Ave W, Suite 700
    Toronto, ON
    M4V 3A1

  • EQ Bank Savings Plus Account Features and Rates

    What is the current interest rate on your EQ Bank Savings Plus Account?

    The current interest rate can be found on our EQ Bank Account Features & Rates page.



    How can you offer such a high interest rate?

    We're able to offer this great rate by saving on the costs associated with operating and maintaining bank branches across the country. We don't have branches, but with EQ Bank Online Banking and the EQ Bank Mobile Banking App we're with you wherever you go - on your phone, tablet or desktop computer.

    With our low-overhead business model, we'll always focus on giving you an amazing rate and the very best in customer care.


    What are the different types of transactions I can do with my Account?

    The EQ Bank Savings Plus Account is more than just a savings or chequing account. The Account comes with unlimited deposits, bill payments, Electronic Funds Transfers (EFTs) and Savings Goals. As well, 5 free Interac e-Transfers® are included every month.


    What is an Interac e-Transfer®?

    An Interac e-Transfer®  is a fast, secure and convenient way to transfer funds by email to anyone who has a bank account at a Canadian financial institution. All you need is the recipient's email address.


    Can unused free monthly Interac e-Transfers® be carried forward to the next month?

    Sorry, unused Interac e-Transfers® will not be carried forward to the next month.  However, you will get a fresh set of 5 free Interac e-Transfers® every month.


    What is a Linked Account?

    A Linked Account is an external personal deposit account(s) in your name at a different financial institution that is linked to your EQ Bank Savings Plus Account. It is used to transfer your funds between financial institutions easily and electronically.


    What is an Electronic Funds Transfer (EFT)?

    EFTs are an electronic transfer of funds, which include transfers between your EQ Bank Accounts, transfers between your EQ Bank Account(s) and Linked Accounts, or pre-authorized transactions including direct deposits and pre-authorized debits.



    What is a Savings Goal?

     

    Dreaming of an early retirement, new car, vacation, or even those lovely pair of shoes? Your EQ Bank Savings Plus Account lets you make it happen with Savings Goals.

    Once you're signed in, setting up a Savings Goal takes only a few moments and it doesn't matter how small or large the amount is, we'll help you get there.

    When you open an Account, just click on “Add a new Account” and set your goal.


    Are there any fees?

    There are no fees to open up an EQ Bank Savings Plus Account, or for nearly anything you do with your EQ Bank Savings Plus Account.

    See our EQ Bank Account Fees & Features for the very few instances where a fee would apply.



    How is the interest calculated on my Account?

    You start earning interest on the day your Account becomes active. It is calculated daily on the total closing Account balance and at the rates per annum, as offered. Interest is paid monthly.


    Is a debit card issued with my Account?

    There is no debit card issued with your Account. However, your Account can be accessed through the EQ Bank Mobile Banking App or through our secure Online Banking site to make an unlimited number of deposits, bill payments and Electronic Funds Transfers. 


    Can I withdraw or deposit money from an ABM with my Account?

    You cannot access your EQ Bank Savings Plus Account via an ABM. Instead, move your money easily between your EQ Bank Account and your Linked Account(s) with the security and simplicity of no-charge Electronic Funds Transfers and 5 free Interac e-Transfers® every month.


    Can I order cheques?

    EQ Bank does not offer cheques. Instead, move your money with unlimited no-charge bill payments, Electronic Funds Transfer (EFTs) between your EQ Bank Account and Linked Account(s), or choose the convenience of 5 free Interac e-Transfers® every month.


    Can I receive monthly paper statements?

    We are a digital bank and do not offer paper statements. Instead, you can view, download and print your account statement and history anytime, at no charge.


    When will I receive a tax receipt for my Account?

    You will receive a T5 interest receipt before February 28th of each year. It can be accessed through Online Banking.

  • Account Sign Up & Sign In

    Signing up for an EQ Bank Savings Plus Account is easy. Here’s what you need to know before you sign up:



    We’d like to get to know you

    Once you click the Join Now button on eqbank.ca or click Sign Up when using our mobile app, we will ask you a few questions about yourself. At our login page, we ask for basic information to start the process of opening an EQ Bank Savings Plus Account.


    We ask for personal information like name, date of birth and address.


    We ask if you are a U.S. citizen or resident (including U.S. green card holder) as required by government regulations.


    We ask a few questions which allow us to confirm your identity by accessing your credit bureau file. This verification does not impact your credit rating. This helps us to match your previous financial information with your application to bank with us.


    In some cases, you may be asked to provide additional verification which may include linking an external bank account and/or providing one or more original e-documents.


    If you have any questions regarding this, give us a call at 1-844-437-2265 or use Live Chat to talk to us directly.



    Getting money into your account

    You will be asked to link an existing bank account to your new EQ Bank Account. To do this, we’ll need the following information from your existing bank account at another financial institution: Transit number, Institution number and an Account number.

    Transit number can also be referred to as a branch number.

    The institution number is a three-digit code that will identify your other financial institution for us.

    You can find these details on a cheque or on your bank’s website.


    On a cheque:

    Cheque Image_2

    Online:


    Check on pages titled “account summary,” “account details,” “account overview,” “direct deposit” or check your paperless bank statement.


    Using this information, we will make two small deposits (microdeposits) to your external bank account.


    Once you see the amounts in your existing external bank account, sign in to EQ Bank and enter the amounts on the verification page. This confirms you are the owner of the existing external bank account you are linking.

    It may take up to 3 business for the small deposits to appear in your external bank account.



    What is a microdeposit?

    A microdeposit is a small amount deposited to your existing external bank account used for verification process. It may take as long as three days for the deposits to appear in your account.  

    We ask you to verify the specific amount in order to verify you are the owner of the external bank account. Once verified, this external account becomes a linked account to your EQ Bank Savings Plus Account.



    What is 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 is generated from a provider like a utility service, a bank, or the CRA. It is usually in the form of a PDF; it cannot be a scan, fax or photo of a document or it will not be accepted.

  • Transactions

    How can I view my account balance or transfer money?

    To view your balance and begin using your Account, you have to sign in. Here's a shortcut to the Sign In page.

     

    Can I make a post-dated bill payment?

    Yes, you can - it's easy to set up a bill payment in advance and set a future transaction date.


    When are bill payments processed?

    Once you've made a bill payment from your EQ Bank Account, it is processed on the next business day. Keep in mind that weekends and holidays are not considered business days.

    Here's a tip: Pay your bill 3-5 business days before the bill's due date to ensure it is paid on time. Remember that different payees have different bill processing times.


    Can I transfer funds from my bank accounts at other financial institutions to my Account at EQ Bank?

    Yes, you can transfer funds in a number of ways.

    You can make an Electronic Funds Transfer (EFT) to transfer money to (and from) your EQ Bank Accounts or between your EQ Bank Accounts and your Linked Accounts at other Canadian Financial Institutions.

    Interac e-Transfer®: Transfer funds via email to anyone who has a bank account at any Canadian financial institution. All you need is the recipient's email address.

    Mobile Cheque Deposit: Depositing a cheque with the EQ Bank Mobile Banking App is easy. Just snap a picture of the cheque and follow the on-screen instructions.




    How long does it take to process my transaction?

    • Depending on the type of transaction, the processing time varies.
    • Transfers between your own EQ Bank Accounts: Instant!
    • EQ to EQ Transfers: Instant!
    • Electronic Funds Transfer (EFT) from your EQ Bank Savings Plus Account to a Linked Account at another Canadian bank: It typically takes one to two business days for funds to arrive in your EQ Bank account or to your external account after the EFT request is made.
    • Interac e-Transfer®: within 30 to 60 minutes
    • Cheque deposited to your EQ Bank Savings Plus Account via the EQ Bank Mobile App: same business day
    • Cheque deposited to your EQ Bank Savings Plus Account via mail: processed within 5 business days after we receive it
    • All deposits are subject to a hold period; please see our Hold Funds Policy for more information.

    A business day refers to a regular weekday (Monday to Friday) excluding holidays. 11:59 pm EST/EDT is considered the cutoff for end-of-day.


    Can I cancel a transaction once it's been submitted?

    Electronic Funds Transfers (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.
     

    Can the Account go into overdraft?

    We do not process any transactions that may lead to an overdraft in your Account. Most banks charge fees for overdraft accounts and this is counter to our philosophy of helping you save money.


    Are there joint accounts or TFSAs available?

    These products are not available at this time. As we grow we will add products and services to EQ Bank that will continue our focus on helping Canadians save money. We are working on the ability to offer joint accounts and TFSAs and are aiming to have them available in the future.


    Is direct deposit available?

    Yes, direct deposit is available.


    Can I open a business account?

    The EQ Bank Savings Plus Account is only available as a personal account. We do not offer business account services.


    Can I link another personal bank account to my current EQ Bank Savings Plus Account?

    You may link more than one external account to your EQ Bank Savings Plus Account, subject to certain limits.  All linked accounts may be set up via mobile or online banking. To link an account, go to the Pay & Transfer menu, select Linked bank accounts and click on Link another bank account.

    A new linked account will be activated upon verification of that you are the account holder of the external account. This can be done in about 3 business days.


    What are EQ to EQ Transfers?

    Whether paying back a friend or sending money to family, transferring funds from one EQ Bank Savings Plus Account to another is fast, easy and free.

    EQ to EQ Transfers can be used to send money electronically to another EQ Bank account holder – free of charge.

    To send funds to another EQ Bank account holder via Mobile or Online Banking, follow these steps:  

    1. Set up an EQ Connection. To make an EQ Connection, you will need the email address of the EQ Bank customer you wish to send money to. It must be the same email associated with the recipient’s EQ Bank Account. Under the Pay & Transfer tab, select EQ Connections, then Add a New EQ Connection.There you can add an email and nickname for the person you are transferring funds to. Note: you only need to do this once for each recipient.
    2. Create a security question. In order for the recipient to receive the EQ Connection Request, they must correctly answer the security question you set up (the answer must be 3-10 characters and is case sensitive). The recipient must log into their EQ Bank Account, answer the security question and confirm the EQ Connection.
    3. Transfer the funds. When the recipient accepts the EQ Connection request, you may then transfer funds to the recipient. Click Pay & Transfer, and your EQ Connection will appear in the To: field. The funds are transferred directly and immediately between accounts.

    Once you initiate an EQ to EQ Transfer, funds will be immediately withdrawn from your Account and credited to the recipient’s account.


    Does EQ Bank offer GICs?

    We do not offer GICs through EQ Bank. However, they are offered by Equitable Bank through our broker services. For more information, please visit our corporate website.


    Can I access my Account from outside of Canada?

    Yes, you can access your Account from outside of Canada.  In fact, you can access your Account from almost anywhere in the world through our website or EQ Bank Mobile App.

    For added security while travelling outside Canada, EQ Bank may send you a text message or email as a precaution when you log in.


    What happens when I deposit non-Canadian currency into my Account?

    EQ Bank will not accept deposits payable in foreign currency and the transaction request will be reversed.


    Can I open a foreign currency account?

    Foreign currency accounts are not offered at this time.


    Can I be signed in to my EQ Bank Account through more than one device?

    For your convenience, you may be signed in through multiple devices. However, for security purposes, the site will automatically sign you out after ten minutes of inactivity.


    How can I update my address and contact information?

    Once you have signed into the Online Banking site, you can easily update your address and contact information in the 'Profile' section.

  • Using the EQ Bank Mobile App

    Which mobile devices are compatible with the EQ Bank Mobile App?

    Both iOS and Android devices are supported, as well as other newer smartphone devices. Ensure you are running the latest OS and app versions for the best experience. If you are using a tablet, please log in to Online Banking through your browser.

    The mobile site was built with compatibility for the following browser and mobile OS environments:

    • The most recently released version of iOS and the version previous to it.
    • Android (Kitkat, JellyBean, IceCream Sandwich)
    • Chrome
    • Firefox
    • Safari
    • IE  9, 10 and 11


    Where can I download the EQ Bank Mobile App?

    The EQ Bank Mobile Banking App can be downloaded from your mobile device in the Apple App Store  and Google Play.

    A BlackBerry app is not currently available, however you can access the EQ Bank website from the BlackBerry mobile browser for your online banking needs.

    I downloaded and installed the EQ Bank Mobile App, but it crashed and doesn't function properly.

    Make sure your data connection is working and you have installed the last version of the app. If the app is still crashing, please delete it and re-install it.

    If you are still having trouble, contact Customer Care for further assistance here.

    Why does the app ask me to accept certain phone permissions?

    By accepting the list of phone permissions, you give the EQ Bank Mobile App consent to access specific capabilities on your mobile device that are needed for the app to function. For example, if you wish to take advantage of the Mobile Cheque Deposit feature, the app requires access to your phone's camera. Once the app is installed, you have the option to manage your preferences from within the app settings.


    I have a feature idea for your app. Where can I submit my idea?

    We’re always interested in what our customers think. Email your idea to contact@eqbank.ca and you might see it as part of a future release!


    Where can I report an issue I’m having with the app?

    Please report any technical issues to contact@eqbank.ca. For immediate assistance, reach us through any of the following ways on our Contact Us page.

  • Security

    How can I help keep my Accounts secure?

    There are some simple steps you can take to protect against unauthorized access to your Account and to ensure it is secure - see our Security Guarantee for details.

    Because jailbroken/rooted phones bypass the built-in security features of the operating system and your phone, we recommend against using them to access your EQ Bank Account or to do your Mobile Banking.


    Is my Account safe if I'm accessing it from a public wi-fi spot?

    We do not recommend providing personal information while connected to a public wi-fi spot, such as those found in airports and coffee shops. The connection may not be secure.


    I have received an email or phone call asking for my password information, what should I do?

    We will never ask you for your password information. If you discover or suspect fraudulent activity, contact us at security@eqbank.ca.

If you can’t find your answer here, please contact our Customer Care Centre.


Interac e-Transfer® is a registered trade-mark of Interac Inc. Used under license.