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.
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.
