Sunday, January 14, 2024

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

Updated on Jan 14, 2024: For the EQ Bank Savings Plus Account, Joint Savings Plus Account and EQ Bank Card, the current base interest rate is 2.50%. Customers who add and maintain qualifying recurring direct deposits of at least $500/month to a Savings Plus Account or Joint Savings Plus Account are eligible to earn a bonus interest rate of 4.00% (the Base Rate plus an additional 1.5%) for the eligible accounts (the Savings Plus Account, Joint Savings Account and the EQ Bank Card balance) for a maximum period of 12 consecutive months. 

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 2.5%
  • 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. 

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.

Updated on Dec 13, 2022: EQ Bank is officially available in Quebec.