EQ Bank is a leading Canadian online bank known for offering low fees and competitive interest rates. In this EQ Bank review, we break down what you need to know about its accounts and services, rates, safety, fees, pros and cons and more. We’ve also selected some featured EQ Bank products.
What is EQ Bank?
EQ Bank was launched in 2016 by Equitable Bank and is headquartered in Toronto. It operates entirely online, so there are no branches or locations you can visit for in-person service. Low overhead costs translate into lower fees — EQ Bank is known for being affordable and offering very competitive interest rates.
EQ Bank offers a range of personal banking and investment accounts including savings accounts, joint savings accounts, US dollar accounts, TFSAs, RSPs and GICs. It offers international money transfers via Wise, a third party service. EQ Bank also hosts a mortgage marketplace where you can browse 2,000+ products from various lenders.
Earn 2.5% on funds held in a EQ Bank Personal Account. Joint Savings Plus Accounts are available for up to 3 people. Perks including zero monthly fees, no minimum balance requirement and free Interac e-Transfers, electronic funds transfers -EFTs- and bill payments. But you won't get a debit card to make ATM withdrawals, and you can only hold up to $200,000, $500,000 for Joint Savings Plus Accounts, in your account.
$0 account fee
$0 transactions
$0 Interac eTransfers
Earn 2.50% - 4.00% interest on your balance
No physical branches for in-person service
Some standard banking features not available such as overdraft protection, use of ATMs and the option to have paper statements
The EQ Bank Card is a prepaid Mastercard linked to EQ Bank's Personal Account. Just load money onto the card from your savings account and start earning the same interest as the funds in your Personal Account, plus cashback. The prepaid EQ Bank Card works like an everyday bank card: you can use it anywhere Mastercard is accepted to pay for purchases in-store or online and to withdraw cash from an ATM.
Monthly Fee
$0
Transaction Cost
$0
Foreign Transaction Fee
0%
Monthly Fee
$0
Rewards
0.5% cash back
How do I get started with the EQ Bank Card?
You’ll need to satisfy the following criteria to qualify for an EQ Bank Card:
Open an EQ Bank TFSA
Open an EQ Bank TFSA (Tax Free Savings Account), and earn 3% on your balance. Grow your funds tax free, pay no monthly fees and make free withdrawals whenever you want. You can also set up recurring deposits from your EQ Bank Personal Account or any other bank account.
EQ Bank US Dollar Account
Earn 2.00% on funds held in an EQ Bank US Dollar Account, which comes with a competitive exchange rate and zero monthly fees. Use the currency conversion calculator built into EQ’s online banking portal to get the latest CAD/USD exchange rate. Like other EQ Bank accounts, US Dollar Account balances are insured by the CDIC.
EQ Bank RSP Savings Account
With a EQ Bank RSP, you can save for retirement by earning a competitive 3% rate on your balance. Set up recurring deposits to ensure that your funds grow consistently. Money can be deposited and grown in RSPs tax free. You’re only taxed when you make withdrawals.
How to Open an EQ Bank GIC
To purchase an EQ Bank GIC, you will need to open an EQ Bank savings account. You will also have to deposit a minimum of $100 to get started. Here are the types of EQ GICs available.
EQ Bank GIC rates are some of the highest interest rates that you can get for GICs in Canada. The EQ Bank GIC is held in a nonregistered or registered account and offers a relatively high rate of return. The EQ Bank GIC can be held in a registered TFSA, RSP or FHSA. Terms range from one to five years.
Competitive interest rates
You can open and manage your account completely online
Different GIC term options available
No physical branch locations
Interest rate
5.35%
Term
1 year
Min. Investment
$100
Types of EQ Bank GICs
Short-term EQ Bank GICs: Three to nine months
Short-term EQ GICs range from three to nine months in duration. There are a number of advantages as well as a few drawbacks with these GICs. The most important advantage is that you only have to surrender your deposit for a short period of time. This means they are not as much of a financial burden as the mid-range and longer-term GICs. These GICs are perfect for people who are trying to make short-term gains in a risk-free way.
Mid-range EQ Bank GICs
EQ Bank’s mid-range GICs have a duration of from one to three years. These GICs come with interest rates that are higher than the short-term GICs, and you do not need a large amount of money to open one. In fact, you can get started with as little as $100. This means that almost anyone can open an account. However, mid-range GICs are better suited to people who want to make a significant return as opposed to short-term passive income. So, it is better to start with at least $500 to $1,000 if you want to open a mid-range GIC from EQ Bank.
Long-term EQ Bank GICs
Long-term GICs are EQ Bank’s highest-returning GICs. EQ’s long-term GICs have a duration of either four or five years, and the high interest rates offered by these GICs make them ideal for people who want to make as much money as possible with their investment.
Registered EQ Bank GICs
EQ also offers registered GICs, which can be held in TFSA or RSP accounts.
Why should I invest in an EQ Bank GIC?
There following are some of the key advantages of EQ GICs:
You can get one with only $100
EQ Bank has many different options in terms of GIC lengths
They have high interest rates compared to many competitor GICs
EQ is a member of the Canadian Deposit Insurance Corporation (CDIC), so your funds are covered by deposit insurance, subject to maximum coverage limits
What should I look out for?
There is nothing that you really need to look out for regarding EQ GICs. They are safe investment vehicles that will generate good returns. The only real downside is that they are not the highest-returning GICs on the market, even if they are guaranteed investments.
How do I purchase an EQ GIC?
To purchase an Equitable Bank GIC, you will need to open an EQ savings account. You will also have to deposit a minimum of $100 to get started.
EQ Bank International Money Transfers
EQ Bank customers can send money transfers to over 80 countries in 49 currencies through their online banking portals powered by Wise, a third party international money transfer service. Wise offers competitive transfer fees, zero-markup exchange rates and high sending limits, so you can get your money where it needs to go.
EQ Bank mortgage marketplace
EQ Bank offers a marketplace where you can explore 2,000+ mortgage products offered by EQ and many other Canadian lenders. EQ Bank customers can get exclusive rates, quick pre-qualification and assistance from professional mortgage brokers. It’s completely free, but you have to be an EQ Bank customer to use the service.
How does EQ Bank compare to other banks?
Many Canadian banks offer GICs, TFSAs and savings accounts. However, EQ Bank actually offers some of the best GICs available on the market and high interest rates. Some banks, such as Implicity Financial and Oaken Financial, offer rates that are higher than EQ Bank GIC rates, so while EQ Bank GIC is not the absolute best value, it compares favourably to most of its competitors – especially to those of the Big Five banks.
EQ Bank Pros and cons
Pros
Easy application. The online application is quick and easy to fill out.
No monthly fees. Enjoy zero monthly account maintenance fees.
Competitive interest rates. Interest rates start at 2.5%, which is high by industry standards.
Deposit insurance. Deposits in EQ Bank accounts are insured up to $100,000 by the CDIC.
Low minimum for EQ GICs. Start investing in GICs with as little as $100 (compared to $1,000 for some other digital banks).
Free transfers. Send money to/from your account with free Interac e-Trasfers, EFTs, bill payments and mobile cheque deposits.
Debit card. The new EQ Bank debit card can be used to withdraw cash, even from a savings account.
Cheap international money transfers. You’ll be able to make cheap international transfers from your account using third-party service, Wise.
User friendly mobile app. Easily check your balance and manage your money with the EQ Bank app for Android and iOS devices.
Cons
Slow bank-to-bank withdrawals. You may need to wait several business days to withdraw funds from your account via bank-to-bank transfer.
Maximum balance for EQ Bank Personal Account. You can only hold up to $200,000 in an EQ Bank Personal Account ($500,000 for joint account holders).
No physical locations. It’s not possible to visit a physical location to get in-person service.
EQ Bank app
Check your balance, transfer money, pay bills, deposit cheques and more with the EQ Bank app. You can also set savings goals and manage your budget on the go.
The EQ Bank mobile app is available for download on Google Play and the Apple App Store.
Google Play app reviews
3.1/5 stars based on 7.08K ratings
Apple App Store app reviews
4.7/5 stars based on 31K ratings
Ratings current as of February 24, 2024.
How do I open an EQ Bank Personal Account?
Click Go to site on below to get started.
Complete the application with details such as your name, email address, Social Insurance Number and birth date. You need a phone number to apply, because EQ Bank uses 2-step verification (sends a code to your phone to verify your identity) when you log in.
Verify your ID, and deposit funds into your account via Interac e-Transfer, EFT or mobile cheque deposit using the EQ Bank mobile app.
To open an EQ Bank account, you must satisfy the following requirements:
Be at least the age of majority in your province or territory (18 or 19 years old)
Be a Canadian resident (Quebec residents cannot open an EQ Bank Personal Account)
Have a Social Insurance Number (SIN)
Is EQ Bank safe?
Deposits held in EQ Bank accounts are insured by the Canada Deposit Insurance Corporation (CDIC). This means that, in the unlikely event the bank fails, your deposits will be insured up to $100,000.
The platform follows a number of industry-standard best practices for protecting your data and money including data encryption, strong password requirements, security questions and regularly monitoring the platform for fraud.
The EQ Bank Mobile and Online Banking Security Guarantee states that you’ll be 100% reimbursed for losses from unauthorized account activity, provided you’ve met all your responsibilities.
How can I contact EQ Bank customer service?
EQ Bank customer service can be reached by phone 7 days a week from 8:00AM to midnight. You can also get help online from a chatbot, or reach EQ Bank by letter mail.
Bottom line
EQ Bank offers convenient account options, very competitive interest rates, low fees and unlimited free transfers. But you may want to look elsewhere if you want in-person service or access to a full suite of banking products and services. Check out our banking hub for more useful guides and resources.
No. EQ Bank does not have a debit card, but is has a new prepaid card, called the EQ Bank Card, which can be linked to the EQ Bank Personal Account, which lets you earn interest on your savings and cashback on your purchases.
You can withdraw funds from an EQ Bank account via Interac e-transfer or electronic funds transfer to a linked bank account.
Yes. Refer a friend with your unique referral link to receive $20 (first 3 referrals), $30 (next fourth to seventh referrals) and $40 (eighth to fifteenth referrals) up to a maximum of $500. To qualify, your friend must use your link and deposit at least $100 within 30 days of opening an account.
Once your EQ Bank GIC matures, you'll receive an email or SMS notification and your money will be transferred into the EQ Bank Personal Account you used to make the investment.
EQ Bank is owned by EQB Inc., formerly known as Equitable Group. EQB Inc. was founded in 1970 as The Equitable Trust Company. As of September 2022, it manages over $40 billion in assets.
Yes, deposits held in EQ Bank accounts are insured by the Canada Deposit Insurance Corporation (CDIC). So, in the unlikely event the bank fails, your holdings are insured with Canadian deposit insurance up to $100,000. Plus, the EQ Bank Mobile and Online Banking Security Guarantee states that you'll be 100% reimbursed for losses from unauthorized account activity, provided you've met all your responsibilities.
Yes. EQ Bank's parent company, EQB Inc., is publicly traded on the Toronto Stock Exchange (TSX) under the symbol "EQB." Find out how to buy EQB stock here.
Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family.
Explore your personal banking options with Equitable Bank (EQ Bank). Compare rates, fees, pros, cons and more.
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