Savings Plus 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.

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:

Saving Plus Account

TFSA Savings Account

RSP Savings Account

US Dollar 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.

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, 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 trademark of Equitable Bank. Equitable Bank is a member of the CDIC.

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

Interac e-Transfer^®:

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.