EQ Bank savings account: Rates and account options

Compare the best EQ Bank savings accounts rates and options to help you reach your financial goals sooner.

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Tim Falk

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As one of Canada’s biggest digital banks, EQ Bank offers some of the highest interest rates you’ll find anywhere in the country. You can choose from a range of competitive options for both registered and standard savings accounts.

In this guide, we’ll take you through five EQ Bank savings account options, what each one offers and how EQ savings accounts stack up against the competition.

What savings accounts does EQ Bank offer?

EQ Bank offers the following savings account options:

Learn more about each savings account below.

EQ Bank high interest savings account

EQ Bank Notice Savings Account
9.2 Excellent
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EQ Bank Notice Savings Account

2.35% - 2.75%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The EQ Bank Notice Savings Account is a unique offering on the Canadian market. It pays a high interest rate of up to 2.75%, but only if you're willing to give EQ Bank advance notice before withdrawing any funds from your account. There are no fees to worry about, you get unlimited deposits and withdrawals and you'll earn 2.35% with a 10-Day Notice Savings Account or 2.75% with a 30-Day Notice Savings Account.
  • Earn up to 2.75% interest
  • No monthly fee
  • Unlimited deposits and withdrawals
  • CDIC insurance
  • You'll need to give 10 or 30 days' notice before making a withdrawal
  • Not available in Quebec
  • Extra processing time for external bank account deposits and withdrawals
  • You also need to open an EQ Bank Personal Account
Ongoing Interest Rate 2.75%
Promotional Interest Rate No promotional rate available
Monthly Account Fee $0
Minimum Balance $0
CDIC Deposit Insurance $100,000

Does the EQ Bank savings account have a minimum balance requirement?

There is no minimum balance requirement for the EQ Bank Notice Savings Account. That means the same interest rate applies to every dollar in your account, regardless of whether your balance is $10 or $10,000.

EQ Bank interest-earning chequing account

EQ Bank Personal Account
9.4 Excellent
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EQ Bank Personal Account

Earn 2.75%
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
EQ Bank also offers a chequing account that pays out a high rate of interest—the EQ Bank Personal Account. This account lets you earn up to 2.75% on your entire balance, which is a very competitive rate compared to many other accounts (including some high-interest savings accounts) from other Canadian banks. The EQ Bank Personal Account also offers unlimited transactions and $0 Interac e-Transfers with a $0 monthly fee. So, if you're looking for a place to park your money where you can easily access it with no fees, this is a great option.
  • Earn an ongoing rate of 1.5% on every dollar in your account, which rises to 2.75% for up to when you meet direct deposit requirements.
  • No monthly fee or minimum balance requirement
  • Unlimited transactions
  • Free ATM withdrawals across Canada
  • Earn 0.5% cashback on your purchases with an EQ Bank Card
  • You need to set up direct deposit to get the maximum interest rate
  • Doesn't offer cheques
  • No physical branches
Monthly Account Fee $0
Free Transactions unlimited
Interac e-Transfer Fee $0
In-Network ATM Fee $0
NSF Fee $0
Foreign Transaction Fee 0%
CDIC Deposit Insurance $100,000
Bonus Offer Earn 2.75%

Is the EQ Bank Personal Account a savings account?

The EQ Bank Personal Account is what’s known as a hybrid account. This means it combines:

  • The high interest rate of a savings account and
  • All the day-to-day transactions of a chequing account

From a savings point of view, it pays an ongoing rate of 1.5% interest, but this rises to 2.75% for up to when you direct deposit $500 per month or more of your pay into your account.

As for chequing account features, you can take advantage of no monthly fee or minimum balance requirement while at the same time getting unlimited monthly transactions. Free e-Transfers are included, and you also get free withdrawals at any ATM across Canada.

EQ Bank TFSA

EQ Bank TFSA
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EQ Bank TFSA

1.50%
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
The EQ Bank TFSA Savings Account pays tax-free interest at a rate of 1.5%. It's easy to open an account online, there are no fees to worry about and the money you deposit is eligible for CDIC protection. You can also set up a recurring deposit from a linked bank account to help your balance grow faster. Plus,
  • EQ Bank TFSA interest rate of 1.5%
  • Free withdrawals
  • Easy to open an account online
  • CDIC protection
  • $7,000 annual contribution limit
  • Contributions aren't tax-deductible
Ongoing Interest Rate 1.5%
Promotional Interest Rate No promotional rate available
Monthly Account Fee $0
Minimum Balance $0
CDIC Deposit Insurance up to $100,000

Does the EQ Bank TFSA come with a transfer fee?

EQ Bank doesn’t charge TFSA transfer fees, even when you want to transfer your EQ Bank TFSA balance to another financial institution. But be aware that your other bank might charge a fee. If you want to transfer a TFSA from another financial institution to EQ Bank, you can do so by logging in to online or mobile banking and selecting Transfer TFSA from other bank.

EQ Bank RSP Savings Account

EQ Bank RSP
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EQ Bank RSP

1.50%
Interest Rate
$0
Account Fee
N/A
Transaction Fee
The EQ Bank RSP Savings Account allows you to save for your retirement and take advantage of tax deferral. The account pays 1.5% interest on every dollar you invest, and there are no fees to worry about.
  • Zero fees
  • Competitive rate and tax-deductible contributions
  • Easy to manage via online and mobile banking
  • Not available in Quebec
  • Not suitable if you want access to your savings any time
  • Contribution limits apply
Ongoing Interest Rate 1.5%
Promotional Interest Rate No promotional rate available
Monthly Account Fee $0
Minimum Balance $0
CDIC Deposit Insurance up to $100,000

EQ Bank FHSA

EQ Bank FHSA

EQ Bank FHSA

1.50%
Interest Rate
$0
Account Fee
N/A
Transaction Fee
The EQ Bank First Home Savings Account provides multiple tax advantages to help you save a deposit to buy your first home. Your contributions reduce your taxable income, you earn 1.5% tax-free interest and withdrawals are tax-free when used to buy your first home. Additionally,
  • Earn 1.5% interest tax-free
  • Reduces your taxable income
  • Easy to open and manage online
  • Not available in Quebec
  • Only suited to first-time home buyers
Ongoing Interest Rate 1.5%
Promotional Interest Rate No promotional rate available
Monthly Account Fee $0

How do you make a EQ Bank FHSA withdrawal?

If you want to make an EQ Bank FHSA withdrawal, you’ll need to contact EQ Bank’s Customer Care Centre. To avoid paying tax, you can make what’s known as a “qualifying withdrawal.” This means you must:

  • Be a first-time homebuyer.
  • Be a resident of Canada.
  • Have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the withdrawal date.
  • Intend to occupy the home as your principal place of residence within one year of buying or building it.

If you don’t use the money in your FHSA within 15 years of opening it or by the end of the year you turn 71, it can be transferred to an RRSP or RRIF. Your other option is to withdraw it, but you’ll pay tax on the money you withdraw.

EQ Bank US Dollar Account

EQ Bank US Dollar Account

EQ Bank US Dollar Account

N/A
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
If you want to build a bigger USD balance, the EQ Bank US Dollar Account could be a perfect fit. This account pays 2.5% interest on every dollar you deposit, and it doesn't charge any monthly or annual fees. It also supports free USD to USD transfers within Canada, plus you can send money to USD bank accounts in other countries through Wise.
  • Competitive 2.5% interest rate
  • No monthly fee
  • Avoid currency conversion costs
  • Free USD transfers
  • CDIC protection
  • Not available in Quebec
  • You can't withdraw cash in USD
  • Not suitable if you need a CAD savings account
Monthly Account Fee $0
Free Transactions unlimited
Interac e-Transfer Fee N/A
In-Network ATM Fee
Bonus Offer N/A

Summary: EQ Bank savings rates

EQ Bank accountOngoing ratePromo rate
Notice Savings Account2.35% (10-Day Notice Savings Account), 2.75% (30-Day Notice Savings Account) N/A
Personal account1.5% Earn 2.75% interest on your money with qualifying direct deposits of $2,000/month, and 1.50% otherwise.
TFSA Savings Account1.5% N/A
FHSA Savings Account1.5% N/A
RSP Savings Account1.5% N/A
US Dollar Account2.5% N/A

What is the best EQ Bank savings account?

Our pick for the best EQ Bank savings account is the Notice Savings Account because it offers one of the highest ongoing savings rates on the Canadian market. Earn 2.75% interest if you choose a 30-day withdrawal notice period or 2.35% interest if you choose a 10-day notice period.

How does the EQ Bank savings account compare to other high interest savings accounts in Canada?

The EQ Bank Notice Savings Account is a very competitive option when compared to other high interest savings accounts. Not only does it have no monthly fee and no minimum balance requirement, it also supports unlimited deposits and withdrawals. Best of all, its interest rate of 2.35% or 2.75% stacks up well against many other Canadian savings accounts.

It offers a significantly higher ongoing rate than accounts offered by the Big Five banks, which only offer rates that max out at 1.15% to 2.00%.

It also stacks up well against ongoing interest rates (as opposed to limited-time promotional rates) from digital banks, such as:

However, the downside is that you’ll need to provide either 10 or 30 days’ notice before you withdraw any money from the EQ Bank Notice Savings Account. That means you’ll need to have other funds (or perhaps a credit card) to fall back on in a financial emergency.

What is EQ Bank?

EQ Bank is a digital bank that doesn’t operate any physical branches. Founded in 2016, it has more than $8 billion in deposits and offers a wide range of banking products for Canadians.

EQ Bank is a trade name of Equitable Bank, which was founded in 1970 and today manages over $74 billion in assets. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC), so eligible deposits of up to $100,000 you make into an EQ Bank savings account are covered by CDIC insurance.

What other accounts does EQ Bank offer?

EQ Bank’s range of financial products and services also includes the following.

Joint accounts

If you’re searching for an account you can share with up to three other people, the EQ Bank Personal Account is also available as a joint account. It offers all the same features as the standard account—no monthly fee or minimum balance requirement, unlimited monthly transactions, free ATM withdrawals and the ability to earn up to 2.75% interest—and you can deposit up to $500,000.

GICs

EQ Bank guaranteed investment certificates offer competitive terms. Registered and non-registered GICs are available, while you also get the peace of mind of CDIC protection. There’s a minimum deposit requirement and all EQ Bank GICs are non-redeemable (so you can’t access your cash until the end of the investment term). Business GICs are also available.

International money transfers

When you need to send money abroad, EQ Bank has an international money transfer service run by well-known transfer provider Wise. Available on the Personal Account, this service offers the mid-market (or real) exchange rate on your transfers, and you can review fees that apply upfront. The money you send will arrive in your recipient’s bank account within three business days.

EQ Bank Card

This prepaid card lets you pay for purchases in-store and online and enjoy free withdrawals at any ATM in Canada. It also pays 0.5% cashback on all purchases and has no foreign transaction fees. The EQ Bank Card can be used anywhere Mastercard is accepted.

Mortgage Marketplace

While it doesn’t offer mortgages, EQ Bank does offer a Mortgage Marketplace where you can explore over 2,000 mortgage products from Canadian lenders. Once you apply online, an algorithm matches you with mortgage products that suit your needs, and you can then speak to a broker to discuss your borrowing options.

Bottom line

EQ Bank is well worth a look if you’re shopping around for a savings account. With a competitive rate on its Notice Savings Account and US Dollar Account, plus a range of registered accounts, it offers plenty of choice for savvy savers.

Ultimately, you’ll need to make sure to compare a wide range of options before deciding if an EQ Bank savings account is right for you.

FAQs about EQ Bank savings account options

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Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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