EQ Bank Review 2024: the best rates live here

Updated: February 22, 2024

EQ Bank, an online-only bank launched by Equitable Bank in 2016, is a great alternative to the big banks. It offers low-cost banking with no monthly fees and some of the best interest rates on savings accounts available today. Unlike other banks, there are no restrictions on minimum balance or mandatory monthly saving amount, and the great rates offered are not just promotional offers. With over $7 billion in customer deposits, EQ Bank is a trusted and reliable choice for those looking for a high-yield savings account.

As an online-only bank, they offer you the convenience and flexibility of managing your finances through their website and mobile app. You can pay your bills, transfer your money, and deposit cheques without needing to visit a physical branch, and you can also manage your EQ-related investments online.

EQ Bank offers one of the best interest rates on the market: 4.00%* on the saving account, 3.00%* on the TFSA and RRSP, and up to 5.25%* on their GIC. Meanwhile, you don’t need to worry about losing your money as your deposits at EQ Bank are insured by CDIC up to $100,000.

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  • 4.00%* interest rate
  • No everyday banking fee
  • Unlimited day-to-day transactions
  • No minimum balance required
  • Free Interac e-transfers®
  • Free EFTs
  • CDIC Member


Account types

EQ Bank offers multiple account types, but traditional checking accounts and credit cards are unavailable.

Everyday banking

  • Personal Account: 4.00%* interest rate and no monthly fee
  • Joint Savings Plus Account: shared account with up to three people
  • US Dollar Account: 3.00%* interest rate and super-low exchange rate

Investing accounts

  • GICs: guaranteed returns, up to 5.25%* interest rate
  • RSP Savings Account: tax-deferred retirement account with a 5.25%* interest rate
  • TFSA Savings Account: tax-free account with a 5.25%* interest rate

Other services

  • International money transfers: send money abroad with the best exchange rate, powered by Wise
  • EQ Bank card: free withdrawals from any ATM in Canada, high interest, cashback, no fees
  • Mortgages: find the best mortgage product for your needs



All EQ Bank accounts have no monthly fee, but the bank also not charging a range of other fees either:
  • Deposit: free
  • Electronic Funds Transfer, bill payments, and transfers between linked accounts: free
  • Sending and receiving Interac e-Transfers: free
  • Non-Sufficient Funds: free
  • Dormant account notice: free

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Pros and Cons

Here’s what you should consider before opening an account with EQ Bank:


  • One of the best interest rates on the market for your savings
  • No monthly fees, no everyday banking fees
  • Unlimited day-to-day transactions
  • Easy-to-use app and website
  • CDIC insured deposits


  • No checking account, no credit card account
  • No physical branch might be difficult for some people



We have compared EQ Bank to Simplii and Tagerine, two other online-only banks:

Backed by a major bank?Yes, EQ Bank is backed by Equitas BankYes, Simplii Financial is backed by CIBCYes, Tangerine Bank is backed by Scotiabank
Are deposits insured?Yes, by the CDICYes, by the CDICYes, by the CDIC
All standard account types are available?No checking account, no credit cardsYesYes
Pays high interest to all customersYes, 2.50%* on all depositsNo, high interest rate is offered only as a promotional offer to new customersNo, the highest available interest rate on saving account is 1.00%
Is cash-withdrawal free in all Canadian ATMsYes, EQ Bank reimburses the ATM fee that other banks chargeNo, only at CIBC ATMsNo, only at Scotiabank
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Frequently Asked Questions

Which bank owns EQ Bank?

EQ Bank is owned by Equitable Bank, Canada’s 7th biggest bank

Does EQ Bank charge fees?

The everyday banking at EQ bank is free, which means you can transfer funds, pay bills, send Interac e-Transfers, manage your investments, and withdraw cash for free

What is EQ Bank interest rate?

As of January 30th, 2023, EQ Bank pays 2.50%* interest on the balance of the Savings Plus Account and Joint Savings Plus Account, 2.00%* interest rate on US Dollar Account, 3.00%* interest rate on TFSA and RRSP accounts, and up to 5.00%* interest rate on GICs.

Can you use EQ Bank as a chequing account?

While EQ Bank does not offer traditional chequing account, most of the functions are available that a chequing account offers: you can pay bills, send transfers, withdraw cash.

Is EQ Bank insured?

Yes, EQ Bank is member of CDIC, and the deposits are insured up to $100,000

Can you withdraw cash from EQ Bank?

Yes, EQ Bank offers EQ Bank Card, a prepaid Mastercard. You can fund this card from your Savings Plus Account and withdraw cash from any Canadian ATMs for free (EQ Bank will refund you the fee that other banks will charge for the withdrawal).

EQ Bank


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