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EQ Bank Review

Aug 26, 2025
EQ Bank, the online-only offshoot of Equitable Bank, offers a variety of savings and investment accounts, as well as a mortgage marketplace.
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Written by Siddhi Bagwe
Editor & Content Strategist
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Edited by Beth Buczynski
Head of Content, New Markets
Profile photo of Siddhi Bagwe
Written by Siddhi Bagwe
Editor & Content Strategist
+ 1 more
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.

EQ Bank overview

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

EQ BANK ACCOUNT OPTIONS

  • Hybrid chequing and savings account

  • Savings option

  • Investing

  • U.S. Dollar account

OTHER EQ BANK SERVICES

  • Mortgages

  • International money transfers

EQ Bank full review

Sign, Symbol, Road Sign

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.

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 done online, as can the management of EQ Bank investment accounts.

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 EQ Bank suddenly becomes insolvent, customers there will get up to that amount of their money back.

🚩 Customer ratings


We gather consumer feedback to understand how users feel about banking with EQ Bank. While the bank performs well on mobile app stores, its score remains below average on the consumer review platforms and forums.

As of this writing, EQ Bank had the following ratings:

  • 4.8 stars on the Apple App Store and 4.1 stars on the Google Play Store.

  • 1.9 out of 5 possible stars, based on more than 190 customer reviews on Trustpilot.

What Reddit users are saying

EQ Bank often gets grouped with the top digital banks on Reddit. Popular user comments praise its higher savings rates and the nearly fee-free daily conveniences the EQ Bank Card offers.

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Text, Page, Document

Note: Consumer review platforms tend to reflect a higher volume of negative feedback as satisfied users are less likely to leave comments. Additionally, individual reviews may not reflect the full experience of these users. That said, public forums can offer a helpful starting point for understanding how the financial institution handles account issues, customer service and overall support.

EQ Bank account types

EQ Bank offers a relatively stripped-down selection of accounts. The bank’s Personal Account reportedly “acts like chequing, earns like savings” and the other savings accounts accommodate unique personal needs. Most notably absent are credit cards and other common borrowing options. NerdWallet's picks for best banking products include:

EQ Bank Personal Account
EQ Bank Personal Account
4.1
NerdWallet rating
Interest rate
3.30%*
Monthly fee$0
APPLY NOW
on EQ Bank's website

Interest rate3.85%
Monthly feeN/A
APPLY NOW
on EQ Bank's website

EQ Bank accounts

🤓 OUR TAKE

EQ Bank accounts combine high-interest savings of up to 3.30% and no-fee everyday banking services. Most transactions take place online or with the EQ Bank Card, so you may miss the branch services Big Banks traditionally provide.

  • Personal Account: Previously referred to as the Savings Plus Account, is a basic chequing account with no monthly fees, unlimited transactions and the ability to earn interest — an uncommon feature among chequing accounts at traditional banks — at a rate higher than that of many savings accounts.

  • Joint Account: Similar to the Personal account, but able to be shared with up to three other people, with a $500,000 deposit limit. The account was formerly known as the Joint Savings Plus Account.

  • Notice Savings Account: Earn a high interest rate on deposits when you commit to giving at least 10 or 30 days’ notice of any withdrawals.

  • US Dollar Account: A no-monthly-fee USD account that earns a high rate of interest and offers competitive exchange rates.

EQ Bank registered accounts

🤓 OUR TAKE

EQ Bank's registered cash account lineup is limited and usually earns decent base interest rates up to 1.75% with access to GICs. If you’re after a full slate of plans and investments for the family, you’ll likely find it at a traditional bank or credit union.

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

Other EQ Bank services

🤓 OUR TAKE

EQ Bank isn't a full-service bank, but you get online support, low-cost global money transfers, and mortgage options. You may still maintain a traditional bank account for in-person services.

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EQ Bank

Find the best EQ bank account for your needs.

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.

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

How EQ Bank compares to other online banks

ATM ACCESS

ARE DEPOSITS INSURED?

Canadian Tire

N/A

Yes, by the Canada Deposit Insurance Corporation.

EQ Bank

Free at any ATM in Canada (fees are reimbursed).

Yes, by the Canada Deposit Insurance Corporation.

Simplii Financial

Free at any CIBC ATM.

Yes, by the Canada Deposit Insurance Corporation.

Tangerine Bank

Free at any Scotiabank or Global ATM Alliance ABM.

Yes, by the Canada Deposit Insurance Corporation.

» MORE: Read our Banking Reviews of other Big Banks, credit unions and online-only banks.

Frequently asked questions


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

EQ Bank's interest rates on personal bank accounts and registered and non-registered GICs are usually higher than traditional banks. Account holders earn a decent base rate with a chance to earn additional interest by making direct deposits of at least $2,000 per month. Customers can also earn an attractive interest on US dollar deposits in the U.S. Savings account.