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EQ Bank Savings Plus Account Fees & Features

Feature Fee
EQ Bank Savings Plus Account No everyday banking fees
Deposits including Mobile Cheque Deposit Free
Electronic Funds Transfers [EFT]
  • Transfer between EQ Bank accounts
  • Transfer between linked accounts (bank to bank)
  • Recurring transfers
Free
Sending Interac e-Transfers® Free
EQ to EQ Transfers Free
Linked Accounts Free
Bill Payments Free
Receiving Interac e-Transfers Free
International Money Transfers powered by TransferWise Fee charged by TransferWise for third-party service (learn more about the fee here)
Opening or closing account Free
Transaction history inquiry Free
NSF (Non-Sufficient Funds) chargeback fees for returned items (ex. cheque deposit with non-sufficient funds) Free
Assisted service transactions completed via Customer Care Free
Cancelling a future dated transaction Free
Currency conversion Canadian dollars only
Dormant account notice Free
Unclaimed balance for 10 years – transfer to Bank of Canada Free
Set and track savings goals Up to 4
Paper statements Not available. Account balances can be easily viewed and printed online.
Overdraft Not available
Dollar Limit Maximums Amount
Interac e-Transfer® Daily Maximum $3000
Interac e-Transfer® Weekly Maximum $10,000
Interac e-Transfer® Monthly Maximum $20,000
EQ to EQ Transfers Daily Maximum $30,000
EQ to EQ Transfers Weekly Maximum $100,000
EQ to EQ Transfers Monthly Maximum $250,000
International Money Transfer powered by TransferWise Transaction Maximum $9,500
International Money Transfer powered by TransferWise 24 Hour Maximum $9,500
Cheque Deposit $25,000 per cheque
Bill Payment $25,000 per payment
Maximum Number of Linked Accounts 10
Maximum Balance Held Per Customer
  • For accounts opened before February 21, 2016, the maximum balance per customer is $500,000
  • For accounts opened on or after February 21, 2016, the maximum balance per customer is $200,000

Hold Policy

When you make a deposit, a fixed hold period may apply to allow time for the deposit to clear before the funds are available to you. For more information about hold periods on deposits, please view the Equitable Bank Hold Funds Policy.

Interest Calculations

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 paid monthly.

Notice of Fee Changes

If a fee is increased or a new 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 accessible through EQ Bank online or mobile banking applications, on our Website, or by any other method allowed by law as determined by us, at least 60 days before the change comes into effect.

Electronic Transaction Details1

You can make electronic transactions through our mobile and online banking applications, or by telephone with the help of our Customer Care team. Our Customer Care call centre is capable of processing EFTs and bill payments but cannot initiate Interac e-Transfers® and EQ to EQ Transfers.

An Electronic Funds Transfer (EFT) is the electronic transfer of funds between your Accounts at EQ Bank, or between your EQ Bank Accounts and your linked external accounts at other Canadian financial institutions, or pre-authorized transactions, including direct deposits and pre-authorized debits.

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.

Please see the EQ Bank Savings Plus Account Agreement for further details.

1 Electronic Transaction(s) means transactions with respect to an EQ Bank Account, including deposits; withdrawals, (which include bill payments; transaction cancellation instructions; transfers which include Interac e-Transfers®, Electronic Funds Transfers (EFTs) and EQ to EQ Transfers); and other transactions with respect to an Account that we may permit through our online and mobile banking services.

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