EQ Bank Personal Account review

What are the benefits of the EQ Bank Personal Account?

The main benefits of this EQ savings account include:

• High interest rates: EQ Bank offers one of the highest interest rate savings accounts in Canada and well above what many of the major banks pay. Plus, you can earn a bonus interest rate of 4% for 12 months if you set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits (this applies to your Personal Account, Joint Account and EQ Bank Card balance). Conditions apply.
• Connect multiple accounts: With an EQ Bank HISA, you can connect more than one personal account from other banking institutions. This allows you to transfer money between two accounts easily.
• Entirely online: You can do all of your personal banking online and never have to step foot in a branch.

• Money transfers. If you connect multiple other bank accounts to your Personal Account, you’ll be able to make money transfers quickly, easily and with a $0 charge.

What should I look out for with this EQ savings account?

Some of the biggest drawbacks of this EQ Bank HISA include:

• Limited account options: EQ Bank doesn’t offer very many account options, which means you will have to keep your existing chequing account to get the full range of banking services.
• No personal touch: If you still like to see a financial adviser or make in-branch visits, EQ Bank isn’t for you.

How do I open an EQ Bank Personal Account?

To open an EQ Bank HISA, click Go to site on this page to begin filling out an online application. You’ll be asked to verify your eligibility and fill out the required information. Your information will be validated online in a few seconds once you complete the application.

Eligibility

To be eligible for an EQ Bank Personal Account, you must meet the following criteria:

• Be a resident of Canada
• Be the age of the majority in your province or territory, or older with a valid Social Insurance Number (SIN)
• Have an email account

Required information

• Contact information (address, phone number and email address)
• Personal information (date of birth, occupation, SIN)
• Employment information

How do I deposit and withdraw money with this EQ Bank high interest savings account?

To deposit funds into an EQ Bank Personal Account, you need to set up a transfer from an existing account. The transfer can be from another EQ Bank account or any other financial institution. In either case, transfers are free of charge and easy to set up. To deposit funds, you can send Interac e-Transfers, set up an electronic funds transfer (EFT) or link two accounts together.

Since EQ Bank doesn’t have ATMs or physical branches, the primary method of withdrawal is through the electronic transfer process. You can use any of the deposit methods mentioned above to transfer funds out of your EQ savings account for withdrawal.

What banking products does EQ Bank offer?

EQ Bank offers the following personal banking products and services:

• EQ Bank HISA: The EQ high interest Personal Account is one of the provider’s core products. The account has an everyday interest rate of 2.5%*, a $0 fee per month, $0 minimum account balance and an $0 monthly transaction limit.
• Mobile Banking: EQ Bank provides traditional payment services such as bill payments, money transfers and cheque deposits through its mobile app, which is available on Android and Apple devices. For more, read our EQ Bank review.

How does EQ Bank compare to other banks?

EQ Bank differs from other Canadian financial institutions in many ways. Unlike the major banks, EQ Bank is accessed entirely online and through the mobile app, which means there are no physical locations. Low overhead costs enable EQ Bank to offer a personal savings account with one of the most competitive interest rates in Canada *.EQ Bank doesn’t offer personal cheques, debit cards or ATMs, and instead allows customers to transfer funds between their EQ Bank and linked accounts at other financial institutions. This means you can save money with EQ Bank and keep your other chequing accounts at other financial institutions.

EQ Savings Account bottom line

This EQ savings account comes with free transfers and zero everyday banking fees to help you accelerate your savings over time. EQ Bank is suited to digital natives who want to maximize their savings through a high interest rate savings account. Since it doesn’t offer full banking services, the bank is best utilized alongside your existing chequing and investment accounts.

Want to learn more about savings accounts? Read our helpful savings account guide.

*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.