Personal Account

Earn 2.75% interest* on every dollar. 

  • Zero everyday banking fees
  • Earn high interest on every dollar*
  • Eligible for CDIC protection†
Join now
Man enjoying a cup of coffee on a sunny patio, sitting relaxed with a slight smile, surrounded by plants and outdoor furniture. Man enjoying a cup of coffee on a sunny patio, sitting relaxed with a slight smile, surrounded by plants and outdoor furniture.

Acts like chequing, earns like savings

Enjoy the day-to-day flexibility of a chequing account, with an interest rate up to 6x higher** than the average savings account when you direct deposit your pay*.

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6x**

How can I start earning 2.75%* interest?

If you set up direct deposit for your pay of $2,000/month or more, you will start earning 2.75%* interest within the first two weeks of the month following your first qualifying transaction. You will earn 2.75%* as long as you continue to meet the qualification threshold.

For more information, visit our full terms and conditions page.

1. When will I start earning 2.75%* interest and for how long?

If qualifying transactions are detected by the last day of the month, your 2.75%* interest rate will take effect within the first two weeks of the following month. You will continue to earn 2.75%* interest as long as your direct deposits total at least $2,000 each month.

2. How will I know when I start earning 2.75%* interest?

You will receive a confirmation email within 1 business day of the 2.75%* interest rate being applied to your account(s). You will also see your effective interest rate on your Personal Account dashboard.

3. How can I find out if my deposits are eligible for this offer?

Check out our full list of eligible deposits here.

4. How do I set up direct deposit?

You can easily set up your direct deposit via our mobile app or web browser. For full details, get our step-by-step instructions here.

5. Can existing eligible customers also earn 2.75%* interest?

Yes! 2.75%* interest is available to all new and existing eligible customers, assuming you meet the qualification threshold each month.

6. Where do I go to learn more about this promotion?

For more details, visit our full terms and conditions page.

Does your bank account do this?
(And this, and this?)

  • Get paid, make payments—it’s that easy.

    Pay bills, send free Interac e-Transfers®, and set up automated payments.

  • Zero everyday banking fees

    No monthly fees or minimum balances.

  • Build your own personalized money system

    Open up to 8 separate accounts1 for spending, saving, emergencies, and everything in between.

  • Reach your goals on autopilot

    Set up automated transfers between accounts so you make progress without lifting a finger.

Open an account

Detail-oriented? Check out the fees + features page.

Make your money work for you—without the work.

2.75% Interest*
$
Please enter an amount under $200,001

You could earn up to +$[MonthlyInterest] in monthly interest2

Plus save up to $200 a year in banking fees3

Start earning

Security you can trust

With CDIC deposit insurance eligibility† and multiple layers of security and fraud monitoring, we take protecting your privacy and financial information seriously.

Is the Personal Account right for you?

It’s right for you if:

  • You’re looking for an account with no everyday banking fees and an unlimited number of transactions each month.
  • You’re looking to make everyday banking transactions, such as direct deposits, pre-authorized debits, Interac e-Transfers®, and bill payments.
  • You’re looking to earn high interest on your day-to-day banking.
  • You need instant access to your funds.
  • You’re looking for an account that’s eligible for CDIC protection.
  • You're looking for a completely digital banking experience.

It’s not right for you if:

  • You’re looking for an account that offers cheques.
  • You’re looking for an account that offers bank drafts and in-branch support.
  • You need to deposit cash.

Common questions answered

Visit our FAQ for more details about our Personal Account.

Who can open an EQ Bank account?

Each EQ Bank customer must:

  • Be a Canadian resident
  • Meet their province’s age of majority (18 or 19 years old, depending on where you live)
  • Have a Social Insurance Number

Note: to sign up online, a Canadian mobile phone number is required.

Important: If you have moved abroad permanently, or plan to live outside of Canada for longer than 6 months, we may need to close your EQ Bank account, even if you are still considered a Canadian resident for tax purposes.

What kind of fees are associated with my Personal Account?

We’re all about zero monthly banking fees! We don’t charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees. After all, your money is your money. Check out the full list of fees we don’t charge.

How do I access cash with my Personal Account?

You can use your EQ Bank Card3 to access your money from ATMs in Canada. We don’t charge any fees for any ATM withdrawals in Canada. Plus, we reimburse any fees or surcharges charged by Canadian ATM providers—up to $5 per withdrawal, up to 5 times per month5— within 10 business days. Order your free EQ Bank Card today.  

You can also use our mobile app and online banking website to easily deposit or transfer funds electronically between your bank accounts. By sending funds to your linked account(s) through Interac e-Transfer® or Electronic Funds Transfer (EFT), you move your cash to wherever you want it. 

Are my deposits with EQ Bank covered by CDIC?

Yes—deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, as outlined in CDIC’s "Protecting Your Deposits". For example, you’re covered for up to $100,000 combined across your individual Personal Account, GICs, US Dollar Account, and any deposits in your name that you have with Equitable Bank. Eligible deposits in your joint account are insured separately.

EQ Bank is a trade name of Equitable Bank. Equitable Bank is a member of the CDIC.

How do I withdraw funds from my Personal Account?

There are three ways to withdraw funds from your EQ Bank account: 

  • Via ATM withdrawals using an EQ Bank Card 
  • Via Interac e-Transfer®
  • Via Electronic Funds Transfer (EFT) to your linked accounts 

EQ Bank Card:

You can withdraw money loaded on your card from ATMs in Canada. We don’t charge any fees for ATM withdrawals in Canada. Plus, we reimburse any fees or surcharges charged by Canadian ATM providers—up to $5 per withdrawal, up to 5 times per month—within 10 business days. Learn more about the EQ Bank Card.3

Interac e-Transfer®:

You can instantly withdraw funds by sending a free Interac e-Transfer® to yourself, from your EQ Bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.

Note: Banks may set daily limits on how much money you can receive through Interac e-Transfer®, so it’s best to use this method for smaller amounts.

Electronic Funds Transfer (EFT):

Using the EQ Bank mobile app or through online banking, you can transfer up to $30,000 per transaction from your EQ Bank account to your linked bank accounts. You can make multiple transactions per day. Funds will take two to three business days to appear in your linked bank account.

Is the Personal Account available in Quebec?

Yes, our Personal Account is available to Quebec customers (please note some features such as EQ to EQ transfers are not currently available in Quebec).

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Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

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