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Published January 12, 2023

EQ Bank Review

EQ Bank, the online-only offshoot of Equitable Bank, offers a variety of savings accounts, investment accounts and even mortgages.

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EQ Bank at a glance

EQ Bank launched in 2016 and has more than $7 billion in customer deposits.

  • EQ Bank account options
  • Other EQ Bank services
    International money transfers

EQ Bank overview

EQ Bank was launched by its parent company, Equitable Bank, in 2016 as a low-cost digital alternative to traditional banking. Its account and investment offerings are somewhat limited compared to other financial institutions, but its competitive interest rates and lack of monthly fees have attracted more than $7 billion in customer deposits.

Online banking capabilities at EQ Bank

As an online-only bank, EQ Bank provides tools for customers to do all of their banking digitally, either through the company’s website ( or the EQ Bank mobile app. Deposits, money transfers and bill payments can all be done online, as can the management of EQ-related investment accounts.

Is my money safe at EQ Bank?

Even though it’s an online institution, EQ Bank safeguards customers’ savings the same way bigger banks do, by purchasing protection through Canada Deposit Insurance Corporation, or CDIC. 

CDIC insures deposits up to a maximum of $100,000 per account, so if one of its member banks suddenly becomes insolvent, customers there will still get some, if not all, of their money back.

EQ Bank account types

EQ Bank offers a relatively stripped-down selection of accounts. Most notably absent are dedicated chequing accounts and credit cards.

EQ Bank savings accounts

EQ Bank investing accounts

» MORE: Read our in-depth review of the EQ Bank TFSA

Other EQ Bank services

EQ Bank

Find the best EQ bank account for your needs.

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EQ Bank fees

One of EQ Bank’s selling points is its lack of monthly fees, but it’s one of the few that also avoids charging customers a range of other common fees:

Who EQ Bank is best for

Canadians in search of a no-frills, fee-free online banking experience that offers competitive interest rates.

EQ Bank may not offer the same variety of accounts or financial products as some of its competitors, but sometimes less is more. EQ’s savings accounts, which allow unlimited transactions, provide customers an inexpensive way to handle their daily banking needs while helping them earn a healthy 2.50%* interest rate.

Pros and Cons of EQ Bank

There’s plenty to like about EQ Bank, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.

Pros of EQ Bank

Cons of EQ Bank

» MORE: Read the EQ Bank vs. Tangerine features and differences.

How EQ Bank compares to other online banks

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EQ Bank frequently asked questions

Who owns EQ Bank?

EQ Bank is an online-only offshoot of Equitable Bank, Canada’s seventh-largest independent Schedule 1 bank.

How much interest does EQ Bank pay?

EQ Bank currently offers a competitive 2.50%* interest rate on its Savings Plus and Joint Savings Plus accounts. Its U.S. Savings account currently earns customers 2%. Rates are variable and subject to change at any time.

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