It’s a different way of banking, and we want to make it as easy as possible. Here are the answers to some common questions you may have.
If you can’t find your answer here, please contact our Customer Care Centre.
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 one of the highest interest rates on the market 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 new digital bank - featuring no monthly fees and great rates to help you save. Click here to learn more.
Equitable Bank is a federally regulated Schedule I Bank with total assets of approximately $20 billion and over 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 EQB Mobile and Online Banking Security Guarantee to learn more.
EQ Bank is a trademark of Equitable Bank, a federally regulated Schedule I Bank with over 500 employees and total assets under management of approximately $20 billion.
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 CDIC. All eligible deposits held under Equitable Bank are covered to the maximum coverage limits 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, 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:
LiveChat: Once you are signed in, click on the LiveChat agent icon in the top navigation menu.
Tel: 844-437-2265 (844-4EQ-BANK)
EQ BANK SAVINGS PLUS ACCOUNT FEATURES AND RATES
What are the current interest rates on your EQ Bank Savings Plus account?
Current interest rates 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 the EQ Bank 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 amazing rates 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 new set of 5 free Interac e-Transfers every month.
What is an Electronic Funds Transfer (EFT)?
An Electronic funds transfer (EFT) is the electronic transfer of funds between your accounts at EQ Bank or between your EQ Bank account(s) and your linked external account(s) at other Canadian banks.
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.
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 payable monthly.
Is a debit card issued with my account?
There is no debit card issued with your account at this time. However, your account can be accessed through the mobile app or secure banking site to make an unlimited number of deposits, bill payments and Electronic Fund Transfers (to and from your Linked Accounts).
Can I withdraw or deposit money from an ABM with my account?
You will not be able to withdraw or deposit funds directly from your EQ Bank Savings Plus Account using an ABM. Instead, move your money easily between EQ Bank and Linked Accounts with the security and simplicity of no-charge Electronic Fund Transfers and 5 free Interac e-Transfers every month.
Can I order cheques?
You cannot order cheques for your EQ Savings Plus Account. Instead, move your money with unlimited no-charge bill payments, Electronic Funds Transfer (EFTs) between your EQ Bank account and Linked Account, or choose the convenience of 5 free Interac e-Transfers every month.
Can I receive monthly paper statements?
We care about the environment 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.
ACCOUNT SIGN UP & SIGN IN
How do I sign up for an account?
Signing up for an EQ Bank Savings Plus Account is easy. We’ve outlined the steps below:
1. Complete the sign up form and you’ll be given your EQ Bank account number.
2. Submit a cheque from another Canadian bank or credit union, made payable to yourself. Ensure the amount is between $1 and $100,000, and include your EQ Bank account number in the memo field. You can use mobile deposit on our EQ Bank Mobile Banking app (available in the Apple App Store and Google Play), or mail the cheque to the following address:
EQ Bank - Digital Banking,
30 St. Clair Avenue West, Suite 700,
3. Once we receive the cheque, we’ll confirm your identity. By the next business day, the cheque is deposited into your EQ Bank account, and a 5 day holding period starts. The nice part is you begin earning interest on your funds immediately.
4. Once the holding period is lifted, your account becomes active and you’ll receive a welcome email from us. The funds are now available for transfer, bill payment or Interac e-Transfers!
In total there is a waiting period of approximately 7 to 10 business days from the time you complete the online form and we receive your cheque to the moment your account is officially activated.
How long does it take to fill out the sign up form?
The form takes about 5 minutes to fill out and is described in the video below.
I don't have a cheque handy, can I still sign-up for the account?
Unfortunately not. As part of the sign up process and to comply with Canadian regulations, we require a cleared cheque to verify your identity. It also allows us to link your EQ Bank Savings Plus Account with your bank accounts at other Canadian Financial Institutions so that you can easily transfer money.
I'm unable to properly capture an image of the cheque with my phone.
The app is designed to work best on the current versions of iOS and Android. If your app does not launch the camera, please check for software updates from your phone.
If you've taken a photo of the front and back of the cheque and the application failed, perhaps the connection was lost. Please try again.
If you are still having trouble, call us at 1-844-427-2265 (844-4EQ-BANK) or email us at firstname.lastname@example.org
I'm unable to sign in.
Ensure you have the correct username and password. Perhaps your Caps Lock is on? If you're still having trouble, click on 'Forgot Password' and follow the on-screen instructions.
I've already activated my account. Why does the bank need further information before I can sign in or complete a transaction?
From time to time, we may ask you additional questions in order to confirm your identity and ensure we are giving you the safest, most secure banking experience possible.
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 also 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 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, processing time varies.
Transfers between your own EQ Bank accounts: instant!
Electronic Funds Transfer (EFT) from your EQ Bank Savings Plus Account to a linked account at another Canadian bank: by the next business day
Interac e-Transfer: within 30 to 60 minutes
Cheque deposited to your EQ Bank Savings Plus Account via 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 Holds 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 Fund 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?
Direct deposit is not yet available. We are working on the ability to offer direct deposits and are aiming to have this available in the future.
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?
Yes, you can link more than one personal bank account to your EQ Bank Savings Plus Account. There is no limit on the number of external bank accounts that you can link.
You must write a cheque for at least one dollar, made payable to yourself and in the memo field include your account number. You will need to call us at 1-844-437-2265 to request we link that account and then either use the mobile deposit on our EQ Bank Mobile Banking app, or mail in the cheque to the following address:
EQ Bank - Digital Banking,
30 St. Clair Avenue West, Suite 700,
Once this cheque clears, your account will be linked and you will receive an email notification. This process typically takes 5 business days from the time we receive the cheque.
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 mobile app.
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 banking website, 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?
iOS and Android smartphones are supported. Ensure you are running the latest OS and app versions for the best experience.
Where can I download the EQ Bank Mobile App?
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 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 email@example.com and you might see it as part of a future release!
Where can I report an issue I’m having with the app?
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 immediately to let us know at firstname.lastname@example.org.
What happens if my mobile device is lost or stolen?
If your mobile device is lost or stolen, please sign in to your account from another device to change your password immediately. You should also report this to your phone company and contact us at 844-437-2265 (844-4EQ-BANK) as soon as possible.