If you’re looking for a simple place to stash some extra cash and earn a higher-than-average interest rate, EQ Bank Personal Account may be exactly what you’re looking for. It does have a few other features, including the ability to easily send International Money Transfers, but otherwise it’s mostly geared to earning you interest.
And up to 2.75%* is one of the highest rates in Canada. On top of this you do get free Interac e-Transfers, bill payments, and no everyday banking fees. Oh, and it also comes with a prepaid Mastercard so you can earn rewards on your purchases. Do these features balance out the lack of other perks? Let’s see how the EQ Bank Personal Accountstacks up against a couple of its other online competitors.
EQ Bank Personal Account features
First off, here's what this account does and doesn’t offer:
Why You Want It
One of the highest interest rates at 2.75%* + Free Interac e-Transfers.
Special Features
- Very high interest rate
- Includes a prepaid cash back Mastercard
- No ATM fees, plus reimbursement for any independent fees
Eligibility
- Age of majority
- Canadian citizen
Provinces
ALL
Interest Rates
Any balance
1%
With direct deposit setup
2.75%
Features
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
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 Personal Account rating: 5.0 stars
We’ve given the EQ Bank Personal Account 5.0 out of a possible 5 stars for a couple of reasons.
It gained a whole lot of points for its solid maximum 2.75% interest rate, and then also made gains for having no everyday banking fees, earning rewards on purchases, and offering free transactions, bill payments, and Interac e-Transfers.
While it may have lost some ground for having no welcome bonus to speak of, the benefits of this account far outweigh this minor inconvenience.
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 EQ Bank Personal Account
EQ Bank Personal Accountdoes have some really compelling features – take a look:
Pros
High daily interest rate
The 1%* daily interest rate on their savings account is, frankly, excellent, and has remained relatively stable for a long time. They've also added on the ability to earn up to 2.75%* when you maintain monthly direct deposits of $2,000 or more.
Includes a prepaid Mastercard to earn rewards on purchases
The EQ Bank Personal Accountcomes with a prepaid Mastercard to make it easier to use your funds. But it's more than just a typical prepaid card – you'll earn 0.5% cash back on every purchase and avoid all foreign transaction fees. It makes for a terrific hybrid spend-save account.
Easy access to all other EQ Bank products
Once you've opened your EQ Bank Personal Account, you're granted exclusive access to EQ's great line up of investing products, including the EQ Bank TFSA Savings Account and EQ Bank RSP Savings Account.
Less expensive international money transfers
If you make a lot of international money transfers, you know how quickly those fees can add up. EQ Bank has partnered with Wise (formerly TransferWise) to offer significantly reduced rates on these sorts of transfers.
Zero everyday banking fees
You will pay no everyday banking fees with your EQ Bank Personal Account, which is obviously a great way to save some extra cash. It even extends to withdrawing money from an ATM. If you get charged a fee, EQ Bank will reimburse it for you.
Free Interac e-Transfers, electronic funds transfers, and bill payments
With its free Interac e-Transfers, electronic funds transfers, and bill payments, EQ Bank Personal Accountis good for the majority of your daily banking needs. That said, it’s not perfect, but we’ll get into that shortly.
No minimum balance
There’s no minimum balance requirements on your EQ Bank Personal Account in order for you to start earning the 2.75%* interest rate (though you need to maintain recurring direct deposits of $2000/month). You’ll earn that rate every day, on every dollar you have in your account.
The cons of EQ Bank Personal Account
No bank account is perfect, but we had to stretch to find anything negative to say about this one:
Cons
No welcome bonus
The only detail we can think of that would put this account over the top is to add a welcome offer. EQ Bank does allow clients to earn up to $500 in referral bonuses, but there's no special offer for prospective clients. But really, the account details are so good that a welcome bonus isn't necessary.
EQ Bank Personal Account alternatives
So, what are some of EQ Bank’s main online banking competitors? Here we see how it stacks up:
 |  |  |  | |
|---|---|---|---|---|
| Account | EQ Bank Personal Account | KOHO Earn Interest | Scotiabank Money Master Savings Account | MAXA Financial High Interest Savings Account |
| Genius Rating | ||||
| Why You Want It | One of the highest interest rates at 2.75%* + Free Interac e-Transfers. | Get 2 accounts in 1 with up to 3.5% interest + Cash back on every purchase. |  $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 | Unlimited | Unlimited | 0 | 1 |
| # Of Free Interac E-Transfers | Unlimited | Unlimited | 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 KOHO products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more MAXA Financial products Compare |
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
FAQ
What’s the interest rate on EQ Bank Personal Account?
EQ Bank Personal Account currently offers a 1%* interest rate. You can up that to 2.75% if you add recurring direct deposits of $2,000 or more.
Does EQ Bank charge any fees for its services?
EQ Bank does not charge any fees for daily banking activities. It does charge for international money transfers, but with its partnership with Wise, these fees are lower than most other accounts.
Does EQ Bank offer TFSAs, RSPs, or other investment options?
EQ Bank offers GICs, an RSP savings account, a TFSA savings account, an FHSA savings account, a US dollar account, and a Notice Savings 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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