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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 optionsSavings
- Other EQ Bank servicesMortgages
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 (eqbank.ca) or the EQ Bank mobile app. Deposits, money transfers and bill payments can all be completed remotely, 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
- Savings Plus: no monthly fees and a higher interest rate than other banks.
- Joint Savings Plus: shared account (up to three people) with a $500,000 deposit limit.
- US Dollar account: earn a high rate of interest and enjoy competitive exchange rates.
EQ Bank investing accounts
Other EQ Bank services
- International money transfers: no markups or increased exchange rates.
- Registered and non-registered GICs.
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:
- Non-sufficient funds: $0
- Overdraft: $0
- Dormant account notice: $0
- Interac e-Transfer: $0
- RRSP or TFSA transfer to another institution: $0
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
- Superior interest rate on its savings and TFSA accounts.
- Not only no monthly fees, but hardly any fees at all.
- Straightforward website and easy-to-use app should make online banking easy, even for the less tech-savvy.
Cons of EQ Bank
- Limited account offerings.
- No ATM access may create hassles when you need some cash in your pocket.
- A lack of physical branches may not be convenient for every customer.
How EQ Bank compares to other online banks
|EQ Bank||Simplii Financial||Tangerine Bank|
|Backed by a major bank?||Yes, EQ is the online-only offshoot of Equitable Bank.||Yes, Simplii is backed by the Canadian Imperial Bank of Commerce (CIBC).||Yes, Tangerine is a direct subsidiary of Scotiabank.|
|All standard account types offered?||No, chequing accounts and credit cards not available.||Yes||Yes|
|Are deposits insured?||Yes, by the Canada Deposit Insurance Corporation.||Yes, by the Canada Deposit Insurance Corporation.||Yes, by the Canada Deposit Insurance Corporation and Mutual Funds Dealers Association of Canada’s Investment Protection Corporation.|
EQ Bank frequently asked questions
EQ Bank is an online-only offshoot of Equitable Bank, Canada’s eighth-largest independent Schedule 1 bank.
EQ Bank currently offers a competitive 2.50%* interest rate on its Savings Plus, Joint Savings Plus and TFSA Savings accounts. Its U.S. Savings account currently earns customers 2.00%. Rates are variable and subject to change at any time.
Setting up multiple bank accounts can help you budget, maximize savings and optimize taxes. Having more than one savings account can support financial goals.