Menu Toggle
  1. Home
  2. Banking
  3. EQ Bank Review
Published January 5, 2024
Reading Time
4 minutes

EQ Bank Review

EQ Bank, the online-only offshoot of Equitable Bank, offers a variety of savings and investment accounts, as well as a mortgage marketplace.

Written By

Edited By

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

EQ Bank at a glance

EQ Bank launched in 2016 and has more than $8 billion in customer deposits.

  • EQ Bank account options
    Hybrid chequing and savings
    U.S. Dollar
  • 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 $8 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 Bank 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. The bank’s Personal Account is described as a “high interest chequing account” and there’s no separate savings account. Most notably absent are credit cards and other common borrowing options.

EQ Bank 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.

Ad Icon

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 accounts, which allow unlimited transactions, provide customers an inexpensive way to handle their daily banking needs while helping them earn a healthy 4.00%* 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

ATM accessAre deposits insured?
Canadian TireN/AYes, by the Canada Deposit Insurance Corporation.
EQ BankFree at any ATM in Canada (fees are reimbursed).Yes, by the Canada Deposit Insurance Corporation.
Simplii FinancialFree at any CIBC ATM.Yes, by the Canada Deposit Insurance Corporation.
Tangerine BankFree at any Scotiabank ABM.Yes, by the Canada Deposit Insurance Corporation.

» MORE: Check out our Banking reviews of other Big Banks, credit unions and online-only banks.

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 4.00%* interest rate on its Personal and Joint accounts. Its U.S. Savings account currently earns customers 2%. Rates are variable and subject to change at any time.


Canada’s 21 Best Online Savings Accounts for 2024

Canada’s 21 Best Online Savings Accounts for 2024

Online savings accounts offered by virtual banks have competitive interest rates and low or no fees.

Best EQ Bank GIC Rates

Best EQ Bank GIC Rates

EQ Bank’s GICs are no-frills, fee-free investment options with a high interest rate and an ultra-low minimum deposit.

Image Placeholder

NerdWallet Canada’s Banking Reviews

We’ve reviewed Big Banks, credit unions and online-only banks — along with some of their most popular products — to help you understand the pros, cons and perks.

EQ Bank vs. Tangerine: Features and Differences

EQ Bank vs. Tangerine: Features and Differences

One of the main differences between EQ Bank and Tangerine is how the two online banks handle fees for using ATMs.

Back To Top