Monday, October 5, 2020

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

Updated on Oct 5, 2020: The interest rate for the EQ Bank Savings Plus Account will change from 1.70% to 1.50% on Oct 8, 2020.


EQ Bank 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 unlimited 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 $33 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:
  • No monthly fees or hidden charges
  • Unlimited transactions
  • No minimum balance requirements
  • Send and receive Interac e-Transfers®: Free and unlimited
  • Award-winning mobile app
  • Unlimited 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.

It is currently offering one of the highest rates in Canada: 1.7% 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 Savings Plus Account, please click the banner below. Thanks.

EQ Bank Savings Plus Account