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.
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 a chequing account, savings account, joint accounts, US dollar account, 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.
| Account | Monthly fee | Interest rate | |
|---|---|---|---|
| EQ Bank Notice Savings Account | $0 | 2.35% - 2.75% | |
| EQ Bank Personal Account | $0 | Earn 2.75% | |
| EQ Bank TFSA | $0 | 1.50% | |
| EQ Bank RSP | $0 | 1.50% | |
| EQ Bank US Dollar Account | $0 | 2.75% | Learn more |
Your EQ Bank account number is a unique nine-digit number you can find under your account details after logging into the EQ Bank app or online portal.
Bwyond the Personal chequing account, Notice Savings account and GIC account, EQ Bank also offers these accounts:
Open an EQ Bank TFSA (Tax Free Savings Account), and earn 1.5% 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.
Earn 3.00% 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.
With a EQ Bank RSP, you can save for retirement by earning a competitive 1.5% 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.
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.
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.
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 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.
EQ also offers registered GICs, which can be held in TFSA or RSP accounts.
There following are some of the key advantages of EQ GICs:
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.
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 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 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.
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, sometimes 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.
The EQ Bank mobile app is available for download on Google Play and the Apple App Store.
| Google Play app reviews |
4.2 –
★★★★★ 12K reviews |
| Apple App Store app reviews |
4.8 –
★★★★★ 52K reviews |
Get started now with the EQ Bank Personal Account:
To open an EQ Bank account, you must satisfy the following requirements:
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.
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.
Like EQ Banks, there are many digital banking options in Canada that compete with the traditional Big Banks, and we wanted to know what Canadians thought about all of these different options.
In our recent Finder: Consumer Sentiment Survey March 2026, we asked Canadians what type of financial providers they would consider opening an account with among the Big 5 Banks (RBC, TD, BMO, Scotiabank and CIBC), other brick-and-mortar banks (e.g. National Bank and ATB), digital banks or fintechs (e.g. Tangerine, Simplii Financial, EQ Bank or KOHO) and credit unions (e.g. Coast Capital, Meridian and Vancity).
It turns out that a little less than half of Canadians (40.91%) would consider opening an account with digital banks and fintechs like EQ Bank. That said, the majority of Canadians (68.06%) still prefer banking with Canada’s Big Banks as opposed to alternative financial institutions.
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.
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