Thursday, October 21, 2021

EQ Bank Savings Plus Account: One of the Best High Interest Savings Accounts in Canada

Updated on Oct 21, 2021: EQ Bank increased their GIC rates effective October 21st, 2021. They increased the 3-month TFSA GIC rate to 1.75% and the 3-month non-registered GIC rate to 1.50%, the previous rate for both options is 1.30%. Additionally, they increased rates for the 2-year, 27-month, 3-year, 4-year, and 5-year GICs, the changes for each are noted in the chart above. These new rates are likely the strongest in the market and be available until the end of November (subject to change).

The EQ Bank's Savings Plus Account is one of my favorite bank accounts. It helps you get the most out of your money, with no monthly fees, no minimum balances and free transactions.

EQ Bank is brought to you by Equitable Bank, a federally regulated Schedule I Bank with over 900 employees and total assets under management of approximately $35 billion. Equitable Bank is a member of CDIC. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, as outlined in CDIC’s "Protecting Your Deposits", and provided such deposits are payable in Canada.

Some features of the account are as follows:
  • Current interest rate 1.25%
  • No monthly fees or hidden charges
  • Free transactions
  • No minimum balance requirements
  • Send and receive Interac e-Transfers®: Free
  • Award-winning mobile app
  • Free mobile cheque deposits
  • NSF (Non-Sufficient Funds) chargeback fees for returned items: Free
  • Free and instant EQ to EQ transfers
  • Free bill payments (not common for a Savings account)
  • New International Money Transfer  powered by TransferWise
  • You can link it to other banks' account. Transfer between linked accounts (bank to bank) is free.

Updated on Dec 14, 2020: EQ Bank is launching registered TFSA & RSP accounts. The user needs to have a HISA to be able to open any of the registered accounts (same as the GICs). If you already have a EQ Bank HISA, please log in your online account and click “Products” to get started. With these two types of registered accounts, you can earn more money faster the tax-free or tax-deferred way—all in one place. 

Below you can find some information on the products:

1) EQ Bank TFSA
  • TFSA Savings Account (current rate 2.30% 1.25%)
BTW: This TFSA GIC purchase will count towards your TFSA contribution limit if transferred from an account other than your EQ Bank TFSA savings account. You may cancel your purchase within one business day after the effective date of your TFSA GIC without penalty. Your returned funds will be deposited into your TFSA Savings Account.

2) EQ Bank RSP
  • RSP Savings Account (current rate 2.30% 1.25%)

Updated on Jun 10, 2021: EQ Bank now have a new US Dollar Account:
  • Current interest rate 1.00%
  • No monthly fees or minimum balance
  • One of the best exchange rates in the Canadian banking market
  • Send US dollars abroad with zero markups, powered by Wise
  • Free USD to USD transfers within Canada
  • All US dollar deposits eligible for Canada Deposit Insurance Corporation (CDIC) protection
Note: you need to have an EQ Bank Savings Plus Account first. Once you has opened your Savings Plus Account, you can open a US Dollar Account in a few simple steps.


EQ Bank Savings Plus Account is currently offering one of the highest rates in Canada: 1.25% everyday interest* rate (*interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice). If you want to open an EQ Bank Account, please click the banner below. Thanks.

EQ Bank Savings Plus Account