Tuesday, April 13, 2021

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

Updated on Apr 13, 2021: As of April 16th, 2021, the interest rate on EQ Bank Savings Plus Account will change from 1.50% to 1.25%*; as of May 26th, 2021, the interest rates on EQ Bank TFSA Savings Account and RSP Savings Account will change from 2.30% to 1.25%.*

BTW, EQ Bank is also giving you the opportunity to lock in great GIC rates for a limited time. Please see the picture above.

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:
  • 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%)
  • TFSA GIC (current 3-month GIC rate 2.50% 2.30%)

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%)
  • RSP GIC (current 3-month GIC rate 2.50% 2.30%)

It is currently offering one of the highest rates in Canada: 1.50% 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's Savings Plus Account, please click the banner below. Thanks.

EQ Bank Savings Plus Account