2.75%^* will really get you growing

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.

It’s really easy! You can apply online in minutes at eqbank.ca. There’s no paperwork and no branch visits. Just have your Social Insurance Number handy, complete the digital application, and you can start using your account right away.

There are four ways to deposit funds into your EQ Bank account:

• via Interac e-Transfer^®
• via Electronic Funds Transfer (EFT) through your linked accounts
• via Mobile Cheque Deposit through the EQ Bank mobile app
• via direct deposit

Interac e-Transfer^®:

You can instantly deposit funds by sending an Interac e-Transfer^® to yourself, using your other bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.

Note: While it’s free to send or receive Interac e-Transfers^® with EQ Bank, your other bank may charge a fee for sending them. Banks also tend to set daily limits on how much money you can send through Interac e-Transfer^®, so it’s best to use this method for smaller amounts (generally $5,000 or less).

Electronic Funds Transfer (EFT):

You can easily deposit funds to EQ Bank—either through our mobile app or online banking—by transferring from your linked external account. Each transaction allows you to deposit up to $100,000, and you can make multiple transfers per day.

Please note that a hold period applies to all incoming Electronic Funds Transfers:

• Up to 5 business days for deposits in CAD, USD, or cross-currency transfers

If you’ve scheduled an incoming Electronic Funds Transfer from another financial institution, it will also follow the standard up to 5 business-day hold.

The good news? Your money starts earning interest as soon as it’s deposited, even while it’s on hold.

Mobile Cheque Deposit:

Using the EQ Bank mobile app, you can deposit up to $100,000 per cheque. You can deposit multiple cheques per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.

Direct deposit:

You can set up direct deposit with your employer, government benefit provider, or other payer to add funds to your EQ Bank account. When funds are sent to you, they’re added automatically and are available as soon as they’re received.

Generally, we hold funds deposited by cheque or Electronic Funds Transfer (EFT) for five business days.

Although the deposit will be reflected in your account balance immediately, you will not be able to withdraw or transfer the funds until the hold period has passed. During the hold period, you continue to earn interest on the deposit amount. For more information, please to refer to our Hold Funds Policy. To view the dollar limits of other transaction types, click here.

You can withdraw funds from EQ Bank in the following ways: 

• Via Interac e-Transfer^®
• Via Electronic Funds Transfer (EFT) to your linked accounts 

Interac e-Transfer^®:

You can instantly withdraw funds by sending a free Interac e-Transfer^® to yourself, from your funds at EQ Bank. 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.

No. There’s no minimum balance required, and there are no monthly fees associated with EQ Bank accounts.