The EQ Bank RSP Savings Account adds a touch of convenience to your retirement savings plan. Everything is done online and is easily accessible on your accounts, so you know exactly how this portion of your savings is doing. It also provides a low-risk investment option for people who don't have a long savings timeline ahead of them.
But if your planned retirement date is still quite far ahead of you, this account likely won't get you the best return you've ever seen. Plus getting money out of RSPs isn't as easy as getting it out of a non-registered account.
EQ Bank RSP Savings Account features
Here's what the EQ Bank RSP Savings Account has to offer. Just note that you first have to open a regular EQ Bank Personal Account before you can proceed with getting the RSP.
Why You Want It
Earns an impressive 1.5% interest + No fees and $0 minimum balance.
Special Features
- Competitive interest rate
- Easy EFTs to other EQ Bank accounts
- High rate RSP GICs available
Eligibility
- You must be a Canadian resident
- You must meet your province's age of majority
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Interest Rates
Any balance
1.5%
Features
# Of Free Transactions
N/A
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
EQ Bank RSP Savings Account product rating: 3.3 stars
The EQ Bank RSP Savings Account is good for people who just want a convenient place to contribute to their retirement, without worrying about a whole lot of risk – but still earn a modest return. If that sounds like you, this account is certainly worth checking out.
But it's important to point out that though you can easily withdraw your money, you'll have to call EQ Bank's contact line in order to do so. This is because your withdrawals are subject to withholding taxes if it happens before retirement. This is standard practice for RSP accounts.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the EQ Bank RSP Savings Account
The EQ Bank RSP Savings account's biggest strength is that it's easy to use.
Pros
Convenient and transparent retirement savings
Everything is done online with EQ Bank, which makes for a convenient process and easy access to check how your nest egg is coming along.
A modest 1.5% return on your money
If you compare this interest rate to other banks on the market (especially the big banks that struggle to offer more than 0.1%), you'll see how competitive it really is.
No fees and no minimum balance
With this account, you'll never have to pay a monthly fee to keep your account open. To top it off, every $1 you deposit starts earning interest – so no more saving up just to start gaining money.
The cons of the EQ Bank RSP Savings Account
But there are a few things to keep in mind when investing with the easy option.
Cons
Low risk means low reward
The general rule of thumb in investing is that the riskier something is, the higher return you're likely to get out of it. That's not always true, of course, but sticking with the low-risk options (like a digital savings account) will usually get you relatively low return. Though 1.5% is competitive, it's not competitive when compared to potential returns on the stock market, for example.
Convenient to deposit, difficult to withdraw
This isn't a problem specific to EQ Bank, but it's important to remember that your RSP is meant to be for retirement. That means if you go to withdraw early, you'll be hit with some tax withholding fees. It's important to keep this in mind when locking your savings into a low-risk account.
Completely digital bank
If you prefer to deal with your money necessities face-to-face, you'll probably want to avoid digital-only banks like EQ Bank – especially for something as important as your retirement savings.
Your savings calculator
Use our instant calculator below to see how much your nest egg could be worth after some time in an EQ Bank RSP Savings Account:
Savings Info
EQ Bank RSP Savings Account alternatives
Here's how the EQ Bank RSP Savings Account compares to other digital banks in the country.
 |  |  |  | |
|---|---|---|---|---|
| Account | EQ Bank RSP Savings Account | Laurentian Bank High Interest Savings Account | Scotiabank Money Master Savings Account | MAXA Financial High Interest Savings Account |
| Genius Rating | ||||
| Why You Want It | Earns an impressive 1.5% interest + No fees and $0 minimum balance. | Earn up to 3.2%* interest on your savings + Earn interest on every dollar. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Earn 1.85% interest on your savings + Access funds with a member card. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | N/A | 0 | 0 | 1 |
| # Of Free Interac E-Transfers | N/A | 0 | 0 | 0 |
| Max Promotion Rate | N/A | N/A | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | N/A | N/A |
| Open an account See more EQ Bank products Compare | Open an account See more Laurentian Bank products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more MAXA Financial products Compare |
FAQ
What is the EQ Bank RSP Savings Account?
The EQ Bank RSP Savings Account works similar to a normal savings account, except it takes advantage of tax-sheltering benefits of an RSP. That means your money goes in pre-tax and grows there without tax, but will be taxed on withdrawal. You can learn more about RSPs here.
What's the interest rate of the EQ Bank RSP Savings Account?
The current interest rate of the EQ Bank RSP Savings Account is 1.5%. Because this can change often and without notice, it's best to visit the EQ Bank website directly for the most up-to-date information.
How do I withdraw from the EQ Bank RSP Savings Account?
In order to withdraw from your EQ Bank RSP Savings Account, you'll have to call the EQ Bank Customer Care team at 1-844-437-2265. Just keep in mind your withdrawal may be subject to tax penalties and can only be moved into your other standard EQ Bank account.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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