EQ Bank Joint Account review

30-second take

• Think about an EQ Bank Joint Account if you want a shared account that gives you a high interest rate and doesn’t charge unnecessary fees.

• Choose something else if you want access to a debit card or you would rather keep your money with a bank that has branches you can visit in person.

What are the benefits of an EQ Bank Joint Account?

If you want to take advantage of a shared bank account that gives you a high return on interest with $0 monthly fees, then you might be interested in an EQ Bank Joint Account.

• Share with multiple people. This account can be shared between up to four people (including yourself), who will all be able to make deposits and withdrawals.
• High interest rates. Earn 4% for 12 months and 2.5% thereafter. To receive the 4% interest rate for 12 months, you'll need to: set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits (this applies to your Savings Plus Account, Joint Savings Plus Account and EQ Bank Card balance). Conditions apply. Interest calculated: daily, Interest paid: monthly
• Unlimited transactions. All of the transactions you make on this account will be free of charge, so you won’t need to worry about unnecessary fees.
• Free Interac e-Transfers. You can send money to family and friends at no extra charge with free Interac e-Transfers.
• Deposit insurance. Any deposit you make will be protected by the Canada Deposit Insurance Corporation (up to $100,000).
• Cheap international money transfers. You’ll be able to make cheap international transfers from your account using the third-party service Wise.
• Mobile app. You can check your account balances and make transfers using your mobile phone with the EQ Bank app.

What to watch out for with an EQ Bank Joint Account

While EQ Bank Joint Accounts are known for offering a wealth of benefits, there are also a couple of potential drawbacks you should be aware of.

• Primary account holders must claim interest on taxes. Only one account holder will be designated to claim all of the interest earned on the account on their taxes.
• All co-holders must sign up to join. You’ll have to go through the EQ Bank sign-up process if you want to accept an invitation to join an account.
• CDIC insurance is limited. The $100,000 worth of CDIC insurance is split between account holders – meaning each person cannot claim $100,000 worth of insurance.
• No debit card. You won’t get a debit card to withdraw cash, though you will be able to transfer money directly to your chequing account if you need funds immediately.
• No registered accounts. There’s no option to open a registered account like a TFSA, RRSP or RRIF.
• Maximum balance. The maximum balance that you can keep in your EQ Bank Joint Account at any time is $500,000.
• No in-person service. You won’t be able to visit EQ Bank in person to deal with any issues you might have with your account.

Is EQ Bank safe?

EQ Bank is very safe because it’s a subsidiary of Equitable Bank. This is one of Canada’s largest independent banks that hold more than $25 billion in assets. It’s also fully insured by the Canada Deposit Insurance Corporation (CDIC).

This means that any money you put into EQ Bank will be protected by the type of rigorous security measures that you’ve come to expect from a big bank. It also means that your account will be protected up to $100,000 – though this protection will be split between account co-holders for the EQ Bank Joint Account.

What should I know before I apply?

To open an EQ Bank Joint Account, you’ll need to meet the following criteria:

• Be a resident of Canada with a valid Social Insurance Number
• Be 18 years of age (or 19 in some provinces)
• Have an email address

How do I open an account?

To open an EQ Bank Joint Account, you’ll need to fill out a quick and easy online application. Follow these steps to get started:

1. Click the green ‘Go to site’ button to be securely redirected to the EQ website. Then click the ‘Join now’ button.
2. Enter the email address and password you’d like to use for your account when you reach the onboarding page.
3. Complete the application for your bank account, which includes providing your name, email address, Social Insurance Number and birth date.
4. Review the details of your account and apply with the click of a mouse.
5. Send invites to the people you would like to join you on the account.

Bottom line

EQ Bank is one of Canada’s largest and most reputable online banks. Its joint account is well-known for offering high interest rates, zero monthly fees and unlimited transactions. You can invite up to three people to join you on the account – making it ideal for families, roommates and larger groups that want to pool funds. Find out what you need to qualify for this type of account and learn more about how you can apply online today.