A bank account that lets you earn high interest without all the banking nonsense? One that gives you the benefits of savings with the flexibility of chequing? Hmm...wouldn’t that be smart. And it all starts with the categories that count.
“EQ Bank has shown time and time again that they listen to the needs of consumers and continue to adapt to meet those needs.”
“Very unique bank with very competitive interest rates, very innovative and separate from mainstream big banks.”
“I love my banking experience with EQ, which includes higher interest rate than other banks, no-fee transactions and awesome customer service.”
“Among the new generation virtual banks, EQ Bank is really competitive and worth consideration for selecting it as a conduit for savings under TFSA, RRSP etc.”
“I will bring all my savings to EQ Bank because I tested the services and I like the experience.”
“I'm so happy with my experience with EQ Bank so far. I switched from one of the Big 6 banks to EQ back in 2017 and I never looked back. EQ has really helped me reach my financial goals. Thanks EQ!”
“Easy to use and great interest rates. I’m a new customer but I am sure I will be a lifelong customer. Great that there are TFSAs now. Keep up the great work.”
“As a young adult trying to save for my future, EQ Bank's interest rates for a traditional savings account within a TFSA are simply unparalleled. The decision to open an account with them was a no-brainer!”
Common questions answered
Who can open an EQ Bank account?
All EQ Bank customers 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
Please note: EQ Bank is not available in Quebec.
What kind of fees are associated with my Savings Plus 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 Savings Plus Account?
EQ Bank is a digital bank. While we don’t offer a debit card or direct ATM access to withdraw cash, our mobile app and online banking website make it easy to deposit or transfer funds electronically between bank accounts. By sending funds to your linked account(s) through Interac e-Transfer® or Electronic Funds Transfer (EFT), you can easily withdraw the cash as you normally would from your linked account.
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 Savings Plus Account, EQ Bank GICs, 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 trademark of Equitable Bank. Equitable Bank is a member of the CDIC.
How do I withdraw funds from my Savings Plus Account?
There are two ways to withdraw funds from your EQ Bank account:
via Interac e-Transfer®
via Electronic Funds Transfer (EFT) to your linked accounts
You can instantly withdraw funds by sending a free Interac e-Transfer® to yourself, from your EQ Bank account to your linked 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 one to two business days to appear in your linked bank account.