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EQ Bank Savings Plus Account
Enjoy zero everyday banking fees, free transactions and no minimum balance.
EQ Bank is the online bank and a subsidiary of Equitable Bank, a Canadian financial institution that specializes in providing residential mortgages and home loan products. As a digital bank, EQ Bank focus solely on personal banking and specializes in offering higher interest rates on savings. Clients of EQ Bank can open a high-interest savings accounts, a joint account, a Tax-Free Savings Account (TFSA) as well as a Registered Retirement Savings Plan (RRSP) savings account. EQ Bank also offers a US dollar account, as well as GICs and international money transfers. As a well-known digital bank, EQ Bank is known for offering clients higher-than-typical interest rates while charging no fees on their banking products.
Pros and cons of EQ Bank
Pros
Competitive interest rate on savings
Free transactions
No minimum balance required
Competitive GIC rates
Bank card available to link to your EQ Plus Savings Account
Convenient and easy-to-use mobile app
No fees for registered accounts, including TFSA and RRSP
No foreign transaction fees when using EQ Bank’s prepaid card
Cons
Some services not available in Quebec
Maximum deposit of $200,000 into the EQ Bank savings account
No physical bank branches (100% digital bank)
Limited products available (Eg: no chequing account and no credit cards)
EQ Bank referral code frequently asked questions
EQ Bank does not offer a promotional interest rate for the EQ Bank Savings Plus Account. Instead, they offer a very competitive on-going high interest rate of 2.50% - 3.00%.
The EQ Bank card is worth it if you are looking for a savings account that offers a high-interest rate and charges no fees. Keep in mind, you will need to link your EQ Bank card to your EQ bank account. Unfortunately, the EQ Bank card is not available to Quebec residents.
The EQ Bank card allows you to earn 2.5%-3.00% interest on your linked Savings Plus Account, plus earn 0.5% cashback on every purchase you make. Plus, there are no account-opening fees, no monthly or annual fees, no card-loading fees, no inactivity fees, no foreign transaction fees and no fees for domestic ATM withdrawals (if an ATM provider charges a fee, EQ Bank will reimburse you this amount within 10 business days). In addition, you can also enjoy Mastercard perks including access to a range of unique activities and attractions through Mastercard Priceless Experiences and access to Mastercard's Zero Liability Protection against unauthorized or fraudulent charges.
Yes, EQ Bank has a referral program where you can earn between $20 and $40 for every person you refer, up to a maximum of $500 in referral bonuses. The person you refer must successfully open an account, using your referral code, for you to be paid the referral program funds.
Referral bonuses are calculated as follows:
You'll receive $20 for the first three new clients you refer
You'll receive $30 for the fourth to seventh new clients you refer
You'll receive $40 for the eighth to fifteenth new clients you refer
For those doing the calculation, the maximum number of people that you can refer is 16 — for a maximum referral bonus of $500. Anyone you refer, after this, will not qualify for a referral bonus.
Sign into your EQ Bank account and click on 'Refer a Friend' to find your unique referral code. Share this code with your friends and family, and when they successfully open an account, using your referral code, you'll receive a bonus deposited straight into your EQ Bank account.
If you successfully open an account using a referral code (say, from a friend or family member), you will receive $20.
Yes, EQ Bank, or Equitable Bank, is insured by the Canada Deposit Insurance Corporation (CDIC). Any assets in EQ Bank are aggregately eligible for protection up to $100,000 per insured category, per depositor.
Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog.
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