A subsidiary of Equitable Bank , EQ Bank was launched in 2016 as a completely digital Canadian bank, with no physical branches at all. Online-only banks are popular with Canadians, and EQ Bank continues to hold strong, with 690,000+ clients, 1,900+ employees, and $53.2 billion in total assets.
EQ Bank has a range of high-quality products and services, including the EQ Bank Personal Account, a no-fee hybrid account, the EQ Bank Notice Savings Account, and the EQ Bank US Dollar Account. It's also known for being environmentally and socially conscious, publicly disclosing its greenhouse gas emissions and launching a Sustainable Bond Framework to finance green buildings, efficient energy, etc.
Overview
- Owned by Equitable Bank (founded in 1970)
- Completely digital banking, with popular app and user-friendly website
- Several well-rated no-fee accounts
- Highly competitive savings and GIC rates
- Commitment to environmental and social responsibility
Rating methodology
EQ Bank's overall rating is 3.1 out of a possible 5 stars. This number is an average of all the individual products we've rated so far, which you can find more info on below. Each of these are scored by breaking them down into their main parts, then comparing each feature to similar products on the market.
EQ Bank accounts: chequing and savings
Technically, EQ Bank doesn't offer any chequing accounts and only one true savings account – instead, it offers a hybrid account that both earns interest and has unlimited transactions. Which, really, is the best of both worlds.
Perhaps EQ Bank's most standout product is the EQ Bank Personal Account, which gets you up to 2.75% on every dollar and cash back earned with the EQ Bank Card. The EQ Bank US Dollar Account is one of the top U.S. bank accounts for Canadians, earning 2.75% and offering low conversion rates.
EQ Bank Notice Savings Account
Earn up to 2.5% interest + Unlimited withdrawals with advanced notice.
EQ Bank credit cards
EQ Bank may only have one credit card, but it's one of the best prepaid cards in Canada. Not only does it earn cash back on all purchases, but this card also acts like a savings account to earn you as much as 2.75% interest on your balance.
As it's a Mastercard, the EQ Bank Card is also an excellent card for travellers. It can be used anywhere around the world where Mastercard is accepted, and you won't be charged any FX fees.
| Credit Card | Score | Welcome Bonus | Annual Fee | Avg. Rate of Return | Apply | Card |
|---|---|---|---|---|---|---|
EQ Bank Card  | N/A (Terms) | $0 | 0.5% | Apply |
EQ Bank investment accounts and products
There are a few registered accounts available from EQ Bank, including the country's best FHSA. You'll also find highly rated TFSA and RSP options, both with impressive cash interest rates.
EQ Bank GICs (Guaranteed Investment Certificates) offer competitive rates that most of the big banks in Canada can't match. They also require a very modest $100 minimum investment, while many other GIC providers require as much as $1,000 to get started.
EQ Bank TFSA Savings Account
Earn 1.5% interest + Grow your money tax free + Unlimited free withdrawals.
EQ Bank FHSA Savings Account
Easily earn 1.5% on your first home savings + Benefit from tax deductions and tax-free growth.
FAQ
Is EQ Bank a trusted bank?
EQ Bank – an online subsidiary of Equitable Bank – is a trusted bank, launched in 2016. It has more than 690,000 clients across Canada, accounts are covered by CDIC insurance, and has multiple layers of security for online protection.
What are the disadvantages of EQ Bank?
Unfortunately, several of EQ Bank's products and services aren't available for Quebec residents, including the valuable EQ Bank US Dollar Account. EQ Bank doesn't have any physical branches, either, so clients who prefer face-to-face assistance will be disappointed.
What's the EQ Bank Personal Account interest rate?
New EQ Bank Personal Account holders initially earn an interest rate of 1%, but this is increased to 2.75% once they set up a paycheque for direct deposit. This is one of the best rates available in Canada.
Is EQ Bank available in Quebec?
Some EQ Bank products and services are available in Quebec – including the popular EQ Bank Personal Account – but others still aren't available, including the EQ Bank US Dollar Account, EQ Bank RSP Savings Account, and EQ Bank FHSA Savings Account.
Can I set up an EQ Bank joint account?
Yes, a joint account (which is essentially the EQ Bank Personal Account) with EQ Bank can be held by up to four people on one account. Joint account holders all have access to withdraw funds and view transactions.
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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