{"id":1060133,"date":"2025-06-19T14:40:46","date_gmt":"2025-06-19T18:40:46","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1060133"},"modified":"2026-02-17T16:10:08","modified_gmt":"2026-02-17T21:10:08","slug":"eq-bank-business-account-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/business-banking\/eq-bank-business-account-review","title":{"rendered":"EQ Bank Business Account review"},"content":{"rendered":"<h3>EQ Bank Business Account: The Basics<\/h3><ul><li><strong>No monthly fee.<\/strong> You don\u2019t need to pay any monthly or annual fees on this account.<\/li><li><strong>Free transactions.<\/strong> You can take advantage of unlimited free bill payments and electronic funds transfers, plus deposit cheques via mobile and send e-Transfers without having to pay transaction fees. That said, be aware that monthly e-Transfer limits apply.<\/li><li><strong>Earn 2.25% interest.<\/strong> An interest rate of 2.25% applies to your entire account balance.<\/li><li><strong>No minimum balance requirement.<\/strong> You don\u2019t need to keep your balance above a minimum level to avoid extra fees or earn interest.<\/li><li><strong>CDIC coverage.<\/strong> EQ Bank is run by Equitable Bank, which is a CDIC member. This means that up to $100,000 of your balance is covered by CDIC insurance.<\/li><li><strong>Mobile cheque deposit.<\/strong> It\u2019s simple and free to deposit cheques into your account using the EQ Bank app.<\/li><\/ul><h3>What are the benefits of the EQ Bank Business Account?<\/h3><ul class=\"list-1\"><li><strong>Hybrid account.<\/strong> The EQ Bank Business Account combines the easy access to funds and free transactions of a chequing account with the interest-earning power of a savings account.<\/li><li><strong>No fees.<\/strong> There are no monthly fees eating into your bottom line, and you don\u2019t have to worry about being slugged with fees when you perform your day-to-day transactions (provided you don\u2019t exceed any transaction limits).<\/li><li><strong>Competitive interest rate.<\/strong> The 2.25% interest rate on this account makes it a competitive offering among business savings accounts, and interest applies to every dollar you deposit. This means you can put your spare cash to work to help boost your bank balance.<\/li><li><strong>Open up to 10 accounts.<\/strong> A business can open up to 10 EQ Bank Business Accounts if needed.<\/li><li><strong>Easy online application.<\/strong> It\u2019s quick and easy to sign up for an account online if you already have an EQ Bank Personal Account.<\/li><li><strong>Online account management.<\/strong> It\u2019s simple and straightforward to manage your account via EQ online and mobile banking.<\/li><li><strong>Canadian customer support.<\/strong> EQ Bank business banking support is available via phone and online chat 7 days a week from 8 AM to midnight EST.<\/li><\/ul><h3>What are the drawbacks of the EQ Bank Business Account?<\/h3><ul class=\"list-3\"><li><strong>Not available in Quebec.<\/strong> This account is not available to businesses in Quebec.<\/li><li><strong>No overdraft protection.<\/strong> There is no overdraft facility available on this account, so you\u2019ll need to make sure you have sufficient funds to cover your transactions.<\/li><li><strong>No physical branches.<\/strong> EQ Bank is a digital bank with no branches, so you\u2019ll need to look elsewhere if you enjoy in-person customer service.<\/li><li><strong>Some transaction limits apply.<\/strong> The maximum amount you can send per Interac e-Transfer is $10,000. You\u2019re also limited to sending 50 free e-Transfers per month and receiving up to 100 free e-Transfers per month\u2014a $0.50 fee applies per transaction beyond this limit.<\/li><li><strong>No card access.<\/strong> This account does not come with a debit card. EQ Bank has plans to launch a prepaid business card, but as of January 27, 2026, the card is still listed as coming soon.<\/li><li><strong>Not suitable for all businesses.<\/strong> This account is designed for sole proprietorships and small businesses, with a maximum of one signing officer per account.<\/li><li><strong>No advanced features.<\/strong> If you\u2019re looking for a business account that offers foreign currency support, accounting software integrations or advanced payroll solutions, you\u2019ll need to consider other options.<\/li><li><strong>Some complaints about support issues.<\/strong> Some Reddit users complain about a slow account-opening process and disappointing customer support from EQ Bank for business clients.<\/li><\/ul><h3>EQ Bank Business Account fees and features<\/h3><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th scope=\"col\"><strong>Feature<\/strong><\/th><th scope=\"col\"><strong>Details<\/strong><\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td data-title=\"Feature\">Electronic funds transfers (including recurring transfers)<\/td><td data-title=\"Details\">Free<\/td><\/tr><tr><td data-title=\"Feature\">Sending Interac e-Transfers<\/td><td data-title=\"Details\">Up to 50 free per month ($0.50 fee per transaction beyond this limit)<\/td><\/tr><tr><td data-title=\"Feature\">Receiving Interac e-Transfers<\/td><td data-title=\"Details\">Up to 100 free per month ($0.50 fee per transaction beyond this limit)<\/td><\/tr><tr><td data-title=\"Feature\">Bill payments<\/td><td data-title=\"Details\">Free<\/td><\/tr><tr><td data-title=\"Feature\">Opening or closing an account<\/td><td data-title=\"Details\">Free<\/td><\/tr><tr><td data-title=\"Feature\">NSF fees<\/td><td data-title=\"Details\">Free<\/td><\/tr><tr><td data-title=\"Feature\">Assisted service transactions completed via Customer Care<\/td><td data-title=\"Details\">Free<\/td><\/tr><tr><td data-title=\"Feature\">Maximum number of linked external accounts<\/td><td data-title=\"Details\">10<\/td><\/tr><tr><td data-title=\"Feature\">Maximum number of signing officers per account<\/td><td data-title=\"Details\">1<\/td><\/tr><tr><td data-title=\"Feature\">Paper statements<\/td><td data-title=\"Details\">Not available<\/td><\/tr><tr><td data-title=\"Feature\">Overdraft protection<\/td><td data-title=\"Details\">Not available<\/td><\/tr><tr><td data-title=\"Feature\">Outbound Interac e-Transfer limits<\/td><td data-title=\"Details\">$10,000 per transfer<br>$10,000 per 24 hours<br>$30,000 per week<br>$50,000 per month<\/td><\/tr><tr><td data-title=\"Feature\">Inbound Interac e-Transfer limit<\/td><td data-title=\"Details\">$25,000 per transaction<\/td><\/tr><tr><td data-title=\"Feature\">Electronic fund transfer limits<\/td><td data-title=\"Details\">$30,000 outbound to the linked external bank, and $100,000 for inbound transfer from the external bank account per transaction.<\/td><\/tr><tr><td data-title=\"Feature\">Bill payment limit<\/td><td data-title=\"Details\">$25,000 per transaction<\/td><\/tr><tr><td data-title=\"Feature\">Payment to CRA limit<\/td><td data-title=\"Details\">$100,000 per transaction<\/td><\/tr><tr><td data-title=\"Feature\">Maximum balance per business<\/td><td data-title=\"Details\">$500,000 across all accounts<\/td><\/tr><\/tbody><\/table><h3>Is EQ Bank legit?<\/h3><p>Yes. EQ Bank is a trade name of Equitable Bank, which was founded in 1970. Equitable Bank is a Schedule I bank that manages over $87.3B in assets.<\/p><p>EQ Bank is a digital bank that was launched in 2016. And because Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC), eligible deposits of up to $100,000 you make into your EQ Bank Business Account are covered by CDIC insurance.<\/p><h3>What should I know before I apply?<\/h3><p>To be eligible to open an EQ Bank Business Account, you will need to:<\/p><ul><li>Be a Canadian resident<\/li><li>Be the age of majority in your province or territory<\/li><li>Have a Social Insurance Number (SIN) (this is optional for incorporated businesses)<\/li><li>Have the authority to open the account for the business<\/li><li>Have a Canadian mobile phone number<\/li><\/ul><p>The account is available to two types of small businesses: registered sole proprietors and corporations. If creating an account for a corporation, the corporation must be active, and you must be a majority shareholder (more than 25%), a signing officer and a director.<\/p><p>Unfortunately, the EQ Bank Business Account is not available for trusts, partnerships, charities, or not-for-profit businesses. The other factor worth mentioning is that this account is not available in Quebec, so Quebecois will need to consider other options when choosing a business bank account.<\/p><h4>Required documents<\/h4><p><strong>Registered sole proprietors:<\/strong><\/p><ul><li>Driver\u2019s licence or passport<\/li><li>Business registration number<\/li><li>SIN<\/li><\/ul><p>\u00a0<\/p><p><strong>Corporations:<\/strong><\/p><ul><li>Driver\u2019s licence or passport<\/li><li>Business registration number<\/li><li>SIN<\/li><li>Director information<\/li><li>CRA Program Account Number<\/li><\/ul><h3>How do I open an EQ Bank Business Account?<\/h3><p>You can open an account by completing the following steps:<\/p><ol><li>Visit the EQ Bank Business Account website and click \u201cApply for a Business Account\u201d.<\/li><li>Enter your email address.<\/li><li>Enter your name and create a password.<\/li><li>Verify your email address and phone number.<\/li><li>Provide your business details to create an account.<\/li><\/ol><h3>Compare with other business banking accounts<\/h3>\n    \n\n<style>\n#toppicks { overflow-x: auto; 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}\n    .award-wrapper { height: 0px; display: block; }\n    .cardProductname-header { margin-top: 2.2rem; }\n\n    .mastheadPick-item {\n        margin: 5px;\n        width: 80%;\n    }\n\n    .standardMasthead__widgetSection {\n        margin-bottom: 0;\n    }\n\n    .cardColoured-banner {\n        font-size: 0.9rem;\n        background-color: #e5f7ff;\n    }\n}\n<\/style>\n\n<style>\n       .icondeal > use { fill: #232320 !important }\n    .icondeal { width: 1rem !important; height: 1rem !important; vertical-align: \/*middle;*\/ vertical-align: bottom !important;}\n  .best-page-offer-text-rib {  border-radius: 16px !important;  background-color: #F7F6EC; padding: 0.5rem; display: inline-block;}\n  .threepc-page-offer-text-rib { padding: 0.3em !important }\n  td.comparison-table__feature--longtext div.comparison-table__cellWrapper { width:  100%; } td.comparison-table__feature--longtext .has-margin-bottom-xsmall { border-radius: 3px; }\n<\/style> \n\n    \n\n\n                        \n\n\n\n\n\n\n    \n                <div class=\"container-threepc threepc-flex topPicksF1\" id=\"toppicks\">\n\n                                <article class=\"luna-card luna-card--shadow luna-card--stretch mastheadPick-item threepc-flex-item zoom topPicks__card-card\">\n                <div class=\"cardColoured-banner\" style=\"background-color: \" data-nbid=\"ddef87d7-ca17-4ede-a4c6-991a25f5c077\">\n\n                                        \n                    <p class=\"card-topText\" style=\"height:fit-content\">\n                                                    Digital access\n                                            <\/p>\n                <\/div>\n\n                                \n                <div class=\"luna-card__block luna-card__topPick\">\n                    <figure style=\"margin: auto;\" class=\"noward\">\n                        <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/rbc-digital-choice-business-banking-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22nb-product%22%2C%22product_id%22%3A%22ddef87d7-ca17-4ede-a4c6-991a25f5c077%22%2C%22product_name%22%3A%22RBC%2BDigital%2BChoice%2BBusiness%2BAccount%22%2C%22offer_id%22%3A%2223853%22%2C%22decorator%22%3A%22GLOBAL.PRODUCT.USFIN_IMAGE%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22position%22%3A%221%22%2C%22top_picks_lock_order%22%3A%220%22%2C%22post_id%22%3A%221060133%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Feq-bank-business-account-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" style=\"margin-bottom: 10px;\" title=\"Go to RBC\">\r\n\r\n  \r\n  \r\n\r\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg\" loading=\"lazy\" alt=\"RBC logo\" class=\"luna-image compare-logo no-lazyload \" width=\"450\" height=\"250\" srcset=\"https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=1200 1200w, https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=1350 1350w\" sizes=\"(max-width: 1350px) 100vw, 1350px\">\r\n<\/a>\n                    <\/figure>\n\n                    \n                    \n                    \n                    \n                                            <span class=\"best-pagePromoted-span\" style=\"display: none; background-color: #FFF;\"><\/span>\n                    \n                    \n                    <div class=\" has-padding-bottom-xsmall has-padding-top-small \" style=\"border-radius: 0.2em;\">\n                       <a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/rbc-digital-choice-business-banking-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22class%22%3A%22luna-button%2Bluna-button--fluid%2Bluna-button--success%22%2C%22title%22%3A%22GO%2BTO%2BSITE%22%2C%22site%22%3A%22CAFSA-BUS%22%2C%22offer_id%22%3A%2223853%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22product_id%22%3A%22ddef87d7-ca17-4ede-a4c6-991a25f5c077%22%2C%22product_name%22%3A%22RBC%2BDigital%2BChoice%2BBusiness%2BAccount%22%2C%22provider_id%22%3A%221be56ebb-0272-467d-bd9a-3b4b3a3d4525%22%2C%22provider_name%22%3A%22RBC%22%2C%22post_id%22%3A%221060133%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Feq-bank-business-account-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" class=\"luna-button luna-button--fluid luna-button--success\">GO TO SITE<\/a>\n\n\n                        \n                    <\/div>\n\n                    <div class=\"text-center\"> <\/div>\n\n                    \n                    \n\n                       <div style=\"display: none\">ddef87d7-ca17-4ede-a4c6-991a25f5c077-<\/div>\n\n\n                    \n\n\n\n\n\n                                            <div class=\"cardPros-text  pros-no-blue-lozenge \">\n                            <style>\r\n.list-1 li {\r\noverflow-wrap: break-word;\r\nwhite-space: normal;\r\npadding-bottom: 10px;\r\n}\r\n  \r\n.pro-engine { \r\nmin-height: 100px;\r\nmargin-top: 15px;\r\n}\r\n  \r\n@media (max-width:1001px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n@media (max-width:1920px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n.pro-section-2 {\r\n\r\n}\r\n<\/style>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n<div class=\"pro-section\">\r\n    <ul class=\"list-1 pros-a\" id=\"pros\">\r\n        \r\n            \r\n                 <li>Low $6 monthly account fee<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Unlimited online transactions<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Unlimited mobile and ATM cheque deposits<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Sole proprietorships and corporations accepted<\/li>\r\n            \r\n         \r\n    <\/ul>\r\n<\/div>\n                        <\/div>\n                                    <\/div>\n\n                <div style=\"margin-top: 1rem; margin-right: 0.7rem;\">\n                    \n                <\/div>\n            <\/article>\n                                <article class=\"luna-card luna-card--shadow luna-card--stretch mastheadPick-item threepc-flex-item zoom topPicks__card-card\">\n                <div class=\"cardColoured-banner\" style=\"background-color: \" data-nbid=\"6f4b7efc-42b4-46b9-997e-867e25204496\">\n\n                                        \n                    <p class=\"card-topText\" style=\"height:fit-content\">\n                                                    Sign-up Offer\n                                            <\/p>\n                <\/div>\n\n                                \n                <div class=\"luna-card__block luna-card__topPick\">\n                    <figure style=\"margin: auto;\" class=\"noward\">\n                        <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/airwallex-business-account-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22nb-product%22%2C%22product_id%22%3A%226f4b7efc-42b4-46b9-997e-867e25204496%22%2C%22product_name%22%3A%22Airwallex%2BBusiness%2BAccount%22%2C%22offer_id%22%3A%2225199%22%2C%22decorator%22%3A%22GLOBAL.PRODUCT.USFIN_IMAGE%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22position%22%3A%222%22%2C%22top_picks_lock_order%22%3A%220%22%2C%22post_id%22%3A%221060133%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Feq-bank-business-account-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" style=\"margin-bottom: 10px;\" title=\"Go to Airwallex\">\r\n\r\n  \r\n  \r\n\r\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/66a934476d044.png\" loading=\"lazy\" alt=\"Airwallex logo\" class=\"luna-image compare-logo no-lazyload \" width=\"450\" height=\"250\" srcset=\"https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=1200 1200w, https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=1350 1350w\" sizes=\"(max-width: 1350px) 100vw, 1350px\">\r\n<\/a>\n                    <\/figure>\n\n                    \n                    \n                    \n                    \n                                            <span class=\"best-pagePromoted-span\" style=\"display: none; background-color: #FFF;\"><\/span>\n                    \n                    \n                    <div class=\" has-padding-bottom-xsmall has-padding-top-small \" style=\"border-radius: 0.2em;\">\n                       <a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/airwallex-business-account-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22class%22%3A%22luna-button%2Bluna-button--fluid%2Bluna-button--success%22%2C%22title%22%3A%22GO%2BTO%2BSITE%22%2C%22site%22%3A%22CAFSA-BUS%22%2C%22offer_id%22%3A%2225199%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22product_id%22%3A%226f4b7efc-42b4-46b9-997e-867e25204496%22%2C%22product_name%22%3A%22Airwallex%2BBusiness%2BAccount%22%2C%22provider_id%22%3A%229bf1fec9-edfc-4b1c-8f8b-21a69f634ce9%22%2C%22provider_name%22%3A%22Airwallex%22%2C%22post_id%22%3A%221060133%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Feq-bank-business-account-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" class=\"luna-button luna-button--fluid luna-button--success\">GO TO SITE<\/a>\n\n\n                        \n                    <\/div>\n\n                    <div class=\"text-center\"> <\/div>\n\n                    \n                    \n\n                       <div style=\"display: none\">6f4b7efc-42b4-46b9-997e-867e25204496-<\/div>\n\n\n                    \n\n\n\n\n\n                                            <div class=\"cardPros-text  pros-no-blue-lozenge \">\n                            <style>\r\n.list-1 li {\r\noverflow-wrap: break-word;\r\nwhite-space: normal;\r\npadding-bottom: 10px;\r\n}\r\n  \r\n.pro-engine { \r\nmin-height: 100px;\r\nmargin-top: 15px;\r\n}\r\n  \r\n@media (max-width:1001px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n@media (max-width:1920px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n.pro-section-2 {\r\n\r\n}\r\n<\/style>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n<div class=\"pro-section\">\r\n    <ul class=\"list-1 pros-a\" id=\"pros\">\r\n        \r\n            \r\n                 <li>$500 sign-up offer<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Multi-currency global accounts<\/li>\r\n            \r\n         \r\n            \r\n                 <li>FX &amp; payout to 150+ countries<\/li>\r\n            \r\n         \r\n            \r\n                 <li>For registered Canadian corporations only<\/li>\r\n            \r\n         \r\n    <\/ul>\r\n<\/div>\n                        <\/div>\n                                    <\/div>\n\n                <div style=\"margin-top: 1rem; margin-right: 0.7rem;\">\n                    \n                <\/div>\n            <\/article>\n                                <article class=\"luna-card luna-card--shadow luna-card--stretch mastheadPick-item threepc-flex-item zoom topPicks__card-card\">\n                <div class=\"cardColoured-banner\" style=\"background-color: \" data-nbid=\"1687ee58-d261-446b-97c3-825f70d60e4e\">\n\n                                        \n                    <p class=\"card-topText\" style=\"height:fit-content\">\n                                                    Multi-currency\n                                            <\/p>\n                <\/div>\n\n                                \n                <div class=\"luna-card__block luna-card__topPick\">\n                    <figure style=\"margin: auto;\" class=\"noward\">\n                        <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/loop-global-business-banking-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22nb-product%22%2C%22product_id%22%3A%221687ee58-d261-446b-97c3-825f70d60e4e%22%2C%22product_name%22%3A%22Loop%2BGlobal%2BBusiness%2BBanking%2BAccount%22%2C%22offer_id%22%3A%2223693%22%2C%22decorator%22%3A%22GLOBAL.PRODUCT.USFIN_IMAGE%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22position%22%3A%223%22%2C%22top_picks_lock_order%22%3A%220%22%2C%22post_id%22%3A%221060133%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Feq-bank-business-account-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" style=\"margin-bottom: 10px;\" title=\"Go to Loop\">\r\n\r\n  \r\n  \r\n\r\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png\" loading=\"lazy\" alt=\"Loop logo\" class=\"luna-image compare-logo no-lazyload \" width=\"450\" height=\"250\" srcset=\"https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=1200 1200w, https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=1350 1350w\" sizes=\"(max-width: 1350px) 100vw, 1350px\">\r\n<\/a>\n                    <\/figure>\n\n                    \n                    \n                    \n                    \n                                            <span class=\"best-pagePromoted-span\" style=\"display: none; background-color: #FFF;\"><\/span>\n                    \n                    \n                    <div class=\" has-padding-bottom-xsmall has-padding-top-small \" style=\"border-radius: 0.2em;\">\n                       <a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/loop-global-business-banking-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22class%22%3A%22luna-button%2Bluna-button--fluid%2Bluna-button--success%22%2C%22title%22%3A%22GO%2BTO%2BSITE%22%2C%22site%22%3A%22CAFSA-BUS%22%2C%22offer_id%22%3A%2223693%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22product_id%22%3A%221687ee58-d261-446b-97c3-825f70d60e4e%22%2C%22product_name%22%3A%22Loop%2BGlobal%2BBusiness%2BBanking%2BAccount%22%2C%22provider_id%22%3A%22eff7163e-fdf2-4469-bafc-3dc97ff0f88b%22%2C%22provider_name%22%3A%22Loop%22%2C%22post_id%22%3A%221060133%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Feq-bank-business-account-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" class=\"luna-button luna-button--fluid luna-button--success\">GO TO SITE<\/a>\n\n\n                        \n                    <\/div>\n\n                    <div class=\"text-center\"> <\/div>\n\n                    \n                    \n\n                       <div style=\"display: none\">1687ee58-d261-446b-97c3-825f70d60e4e-<\/div>\n\n\n                    \n\n\n\n\n\n                                            <div class=\"cardPros-text  pros-no-blue-lozenge \">\n                            <style>\r\n.list-1 li {\r\noverflow-wrap: break-word;\r\nwhite-space: normal;\r\npadding-bottom: 10px;\r\n}\r\n  \r\n.pro-engine { \r\nmin-height: 100px;\r\nmargin-top: 15px;\r\n}\r\n  \r\n@media (max-width:1001px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n@media (max-width:1920px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n.pro-section-2 {\r\n\r\n}\r\n<\/style>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n<div class=\"pro-section\">\r\n    <ul class=\"list-1 pros-a\" id=\"pros\">\r\n        \r\n            \r\n                 <li>USD, GBP, EUR accounts<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Multi-currency credit card<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Pay bills in 37 currencies<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Avoid FX fees<\/li>\r\n            \r\n         \r\n            \r\n                 <li>For registered Canadian corporations only<\/li>\r\n            \r\n         \r\n    <\/ul>\r\n<\/div>\n                        <\/div>\n                                    <\/div>\n\n                <div style=\"margin-top: 1rem; margin-right: 0.7rem;\">\n                    \n                <\/div>\n            <\/article>\n            <\/div>\n\n    \n<h3>Bottom line<\/h3><p>The EQ Bank Business Account isn\u2019t suitable for everyone, but it\u2019s well worth a look if you\u2019re a small business owner with basic banking needs. It combines the convenience of free transactions with an attractive savings rate, and there\u2019s no monthly fee to worry about. Compare the EQ Bank Business Account with a range of other business accounts before deciding whether it\u2019s a good fit for you.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Who can open an EQ Bank Business Account?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>This account is available to registered sole proprietors and corporations. To open an account, you will need to be a Canadian resident, of the age of majority in your province, have a Social Insurance Number (optional for incorporated businesses), and have the authority to open an account for your business. Unfortunately, the EQ Bank Business Account is not available in Quebec.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">How do I deposit money into an EQ Bank Business Account?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>There are four ways to make a deposit:<\/p><ul><li>Receive an e-Transfer<\/li><li>Receive an electronic funds transfer<\/li><li>Transfer funds over from your EQ Bank Personal Account<\/li><li>Use the mobile cheque deposit feature in the EQ Bank app<\/li><\/ul>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">How many EQ Bank Business Accounts can I have?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Each business can open up to 10 business accounts. You can also open an EQ Bank Business Account for up to 12 businesses.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">Can I pay taxes from my EQ Bank Business Account?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes. You can make a payment by signing into your account and clicking \"Pay Taxes\" from the dashboard. You can then select the relevant CRA remittance form, complete the form and enter your payment details.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000004\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000004\">\n                <span class=\"luna-accordion__title\">Does this account offer accounting software integration?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000004\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>No. As of the time of writing, the EQ Bank Business Account does not offer integration with accounting software.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>A detailed look at the features and fees of the EQ Bank Business Account.<\/p>\n","protected":false},"author":516,"featured_media":1060243,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[99409],"tags":[],"asset_tag":[],"class_list":["post-1060133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-banking"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EQ Bank Business Account Review: Pros, Cons &amp; Fees | Finder<\/title>\n<meta name=\"description\" content=\"The EQ Bank Business Account combines free transactions with a high interest rate. 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To open an account, you will need to be a Canadian resident, of the age of majority in your province, have a Social Insurance Number (optional for incorporated businesses), and have the authority to open an account for your business. Unfortunately, the EQ Bank Business Account is not available in Quebec.\r"}},{"@type":"Question","name":"How do I deposit money into an EQ Bank Business Account?","acceptedAnswer":{"@type":"Answer","text":"\rThere are four ways to make a deposit:\r<ul>\r \t<li>Receive an e-Transfer<\/li>\r \t<li>Receive an electronic funds transfer<\/li>\r \t<li>Transfer funds over from your EQ Bank Personal Account<\/li>\r \t<li>Use the mobile cheque deposit feature in the EQ Bank app<\/li>\r<\/ul>\r"}},{"@type":"Question","name":"How many EQ Bank Business Accounts can I have?","acceptedAnswer":{"@type":"Answer","text":"\rEach business can open up to 10 business accounts. You can also open an EQ Bank Business Account for up to 12 businesses.\r"}},{"@type":"Question","name":"Can I pay taxes from my EQ Bank Business Account?","acceptedAnswer":{"@type":"Answer","text":"\rYes. You can make a payment by signing into your account and clicking \"Pay Taxes\" from the dashboard. 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