EQ Bank

by Anshul
a close up of a credit card

EQ Bank – Introduction

EQ Bank is a digital banking platform based in Toronto that offers high interest in everyday banking, fast international money transfers, US dollar accounts, and a suite of registered products. Launched in January 2016, EQ Bank helps Canadians maximize their financial benefits through high interest rates and minimal fees.

Eligibility

To become a customer, you must:

    • Be a Canadian resident.
    • Meet the age of majority in your province (18 or 19 years old).
    • Have a Social Insurance Number.
    • Have a Canadian mobile phone number for online sign-up.
Advantages of Banking with EQ

High Interest Rates

EQ Bank offers one of the highest interest rates on everyday banking, with 4.00% interest on your balance, which includes a bonus for direct deposits. This rate is significantly higher than what is typically offered by traditional banks for both savings and chequing accounts.

No Fees and Unlimited Transactions

Customers benefit from unlimited transactions without incurring fees, making it easy to manage finances without worrying about extra costs. Services include free Interac e-Transfers®, bill payments, and Electronic Funds Transfers, providing flexibility and convenience.

Cash Back and Free ATM Withdrawals

The EQ Bank Card provides 0.5% cash back on every purchase and free withdrawals from any ATM in Canada. Any fees incurred using other providers’ ATMs are reimbursed within 10 business days.

No Minimum Balances or Hidden Fees

No minimum balance requirements, monthly fees, or hidden charges allow customers to control their funds without additional costs fully. This transparency is a key advantage for those looking to avoid the typical fees associated with traditional banking.

Easy Access and Digital Convenience

With no physical branches, EQ Bank focuses on providing value through its digital platform. Customers can manage their accounts entirely online, avoiding the need for paperwork or in-person visits. This approach offers convenience and accessibility for tech-savvy users.

EQ Bank Everyday Banking Accounts – Apply Now

  • An attractive interest rate of 4.00% on everyday banking. This rate includes:
    • A base interest rate of 2.50%.
    • An additional 1.50% bonus interest for direct deposit.

Interest is earned on every dollar in your account until it is spent.

  • Unlimited transactions with no fees, which include:
    • Free and unlimited Interac e-Transfers®.
    • Bill payments.
    • Electronic Funds Transfers.

There are no minimum balance requirements or monthly fees, and there is no need for separate accounts for savings and chequing.

EQ Bank Card – Apply Now

EQ Bank Card

EQ Bank Card

A prepaid reloadable Mastercard® that allows you to:

  • Access cash and make purchases online and in-store.
  • Enjoy free withdrawals from any ATM in Canada, with reimbursement for any ATM fees within 10 business days.
  • Earn cash back on every purchase.
Additional Benefits
  • No minimum balance is required to avoid fees.
  • High interest earned on card balances.
  • No annual fees or foreign transaction fees.
  • No impact on credit score.
How to Get Started
  1. Open and Fund a Personal Account: Sign up online to open an EQ Bank Personal Account and order your EQ Bank Card.
  2. Add Money to Your Card: Once you receive and activate your card, transfer funds from your Personal Account or Joint Account.
  3. Spend and Get Cash Back: Earn 0.5% cash back on every purchase and enjoy free ATM withdrawals in Canada.

EQ Bank Everyday Savings Accounts

Any customer who has reached the age of majority in their province of residence and has a valid Social Insurance Number (SIN) can open an EQ Bank TFSA or a FHSA Savings account. A 3% interest rate on all savings in your account!