EQ Bank Savings Plus Account Review

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EQ Bank Savings Plus Account allows you to maximize your savings with high interest rates, no monthly fees and simple e-transfers.

EQ Bank offers a high interest savings account with unlimited transfers and zero 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. With an EQ Bank savings plus account, you can earn interest and have unlimited free transfers to and from other bank accounts.

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Promotional Interest Rate

$0

Minimum Balance

Details

OfferEnjoy free and unlimited daily transactions, no fees and no minimum balance with an EQ Bank Savings Plus Account.

Promotional Interest RateN/A
Minimum Balance$0
FeesNone
Maximum Balance$200,000
Deposit MethodsMobile/remote check deposit
Bank transfer
Deposit Insuranceup to $100,000
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More Info

What banking products does EQ Bank offer?

EQ Bank offers the following personal banking products and services:

  • Savings Account:The high interest rate savings account is EQ Bank’s core product. The account has an interest rate of 2.30% *, no monthly fees, no minimum account balance and unlimited transactions.
  • 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 2.30% *.

EQ Bank doesn’t offer personal cheques, debit cards or ATMs, and instead allows customers to transfer funds between their EQ account 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 EQ Bank 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.
  • Unlimited free transfers. EQ Bank customers can connect multiple bank accounts to their EQ Bank savings account, which allows them to transfer funds quickly, easily and without charge.

What should I look out for?

Some of the biggest drawbacks of an EQ Bank savings plus 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 an EQ Bank savings account, your balance cannot exceed $200,000.

What do regulators and customers say about EQ Bank?

EQ Bank generally has favourable independent reviews and has an overall high ranking on the Better Business Bureau (BBB) but is not BBB accredited. Customers cite problems with opening accounts and communication difficulties.

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.

Eligibility

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

  • Be a resident of Canada and live outside of Quebec
  • Be 18 years of age 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?

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 EQ savings account for withdrawal.

The bottom line

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.

Frequently asked questions

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

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