EQ Bank Savings Plus Account Review
The EQ Bank Savings Plus Account allows you to maximize your savings with high interest rates, zero everyday banking fees and simple e-transfers.
EQ Bank offers a high interest savings account with free transfers and zero everyday banking fees to help you accelerate your savings over time. The savings account is designed to help you track your progress and achieve practical savings goals. Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank.
What banking products does EQ Bank offer?EQ Bank offers the following personal banking products and services:
- Savings Account: The high interest rate Savings Plus Account from EQ Bank is one of the provider’s core products. The account has an everyday interest rate of 1.25%*, a $0 fee per month, $0 minimum account balance and an unlimited 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.
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 at 1.25%*.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.
What are the benefits of a savings account with EQ Bank?
The main benefits of the Savings Plus 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.
- Connect multiple accounts: With an EQ Bank Savings Plus Account, 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 Savings Plus Account, you’ll be able to make an unlimited number of monthly transfers quickly, easily and with a $0 charge.
What should I look out for?
Some of the biggest drawbacks of a Savings Plus Account 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.
- Maximum balance: With a Savings Plus Account, your balance cannot exceed $200,000.
How do I open an account?
To open a savings account with EQ Bank, 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.
To be eligible for a Savings Plus Account, you must meet the following criteria:
- Be a resident of Canada and live outside of Quebec
- Be the age of the majority in your province or territory, or older with a valid Social Insurance Number (SIN)
- Have an email account
- Contact information (address, phone number and email address)
- Personal information (date of birth, occupation, SIN)
- Employment information
How do I deposit and withdraw money?
To deposit funds into an EQ Bank Savings Plus 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. To deposit funds, you can send Interace-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 Savings Plus Account for withdrawal.
The bottom lineEQ 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? Check out our helpful guide.