EQ Bank: Our Review of Their Financial Products
EQ Bank is part of Equitable Bank, an independent financial institution with over 50 years’ experience. It has no physical headquarters, and all its financial activities are carried out online. By saving on branch-related expenses, EQ Bank is able to offer a variety of financial products with excellent interest rates to its customers. In this article, we’ll explore the main financial products offered by EQ Bank, including its Personal Account, savings accounts (TFSA, RRSP, GIC), and its Mastercard.
EQ Bank Financial Products
EQ Bank offers a wide range of financial products: chequing accounts (personal account), joint accounts, savings accounts, Mastercard, etc. In addition, all of its deposit products are eligible for CDIC deposit insurance.
EQ Bank Review – Personal Account
EQ Bank Review – Joint Account
EQ Bank Review – TFSA Savings Account
EQ Bank Review – RRSP Savings Account
EQ Bank Review – GIC Savings Account
EQ Bank offers a wide variety of short- and long-term GICs (Guaranteed Investment Certificates) for both non-registered and registered accounts (TFSAs, RRSPs, etc.). Of course, deposits are eligible for Canada Deposit Insurance Corporation (CDIC) protection.
EQ Bank Review – Notice Savings Account
EQ Bank Review – Mastercard
For more details, read our full review of the EQ Bank Card.
EQ Bank Review – Products Not Available in Quebec
Banque EQ does not currently offer the following products in Quebec:
- US Dollar Account
- RRSP Savings Accounts and RRSP GICs
- FHSA Savings Account and FHSA GIC
- Business Accounts and Business GICs
- Notice Savings Account
- International funds transfer
- Transfer between EQ accounts
EQ Bank vs Tangerine – Comparison with Other Banks
The EQ Bank Personal Account stands out among Canadian bank checking accounts thanks to its high interest rate, no monthly fees, no minimum balance and numerous free transactions. The EQ Bank Card prepaid card, on the other hand, offers no conversion fees and cash back. On the savings side, the Banque EQ notice-based savings account is attractive, but not available in Quebec. Several competing alternatives exist.
Chequing Accounts
In our opinion, the EQ Bank chequing account, called Personal Account, is one of the best choices available on the Canadian market. First of all, it stands out from other Canadian banks for its high interest rate, no monthly fees and no minimum balance requirement. But also, by the many free features such as Interac transfers, day-to-day transactions and bill payments. However, other online banks also offer attractive chequing accounts. For example:
To compare other chequing accounts, use our bank account comparator.
Savings Accounts
In our opinion, the EQ Bank savings account, called the Notice Savings Account, is a good choice. However, it is not available to Quebec customers. What’s more, other financial institutions have tempting offers, mainly from online banks. For example:
To compare other savings accounts, use our bank account comparator.
Prepaid Card
In our opinion, the EQ Bank Card is one of the best no foreign transaction fee cards available in Canada. It stands out for several reasons, including its competitive interest rate of up to 3.50% applied to your card balance (until it is spent). Additionally, it offers 0.5% cashback on all your purchases and no foreign currency conversion fees when shopping abroad.
Finally, since it’s a Mastercard, you can use it at Costco. However, other excellent prepaid cards or credit cards with no conversion fees are available in Canada. For example:
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To compare other credit cards according to your needs, use our credit card comparator.
EQ Bank Review
In our opinion, the financial products offered by EQ Bank are very interesting. Bank accounts such as the Personal Account and Joint Account have no monthly fees and include many free features: Interac e-Transfers, everyday transactions, and bill payments.
What’s more, the EQ Bank Card is one of the best cards with no conversion fees. It also stands out for its attractive interest rate on the card balance and its cashback on your spending.
Savings accounts are interesting, but several are not available in Quebec, such as the Notice Savings Account and the RRSP Savings Account.
In short, competition among Canadian financial institutions is fierce, but EQ Bank is doing well with its range of products and services. However, it must continue to innovate and extend its products to all Canadians.
EQ Bank Review – Bottom Line
EQ Bank stands out as one of the best banks in Canada for those looking for a high-interest savings account over the long term. With its efficient app, it’s easy to open a personal account, joint account, or other accounts tailored to your needs, without any monthly fees. The online bank also offers a convenient debit card and reimburses ATM fees at any machine across Canada. A secure and competitive solution.
Frequently Asked Questions
What is EQ Bank?
EQ Bank is the online brand of Equitable Bank, an independent financial institution that has been active in Canada for over 50 years. It offers 100% digital banking products such as current accounts, savings accounts and a prepaid Mastercard, all without physical branches.
Who owns EQ Bank?
EQ Bank is owned by Equitable Bank, an independent, publicly-traded Canadian company.
What's the difference between EQ Bank and Equitable Bank?
EQ Bank is part of Equitable Bank, an independent financial institution with over 50 years’ experience. It offers several financial products, including a Personal Account, savings accounts (TFSAs, RRSPs, GICs) and a Mastercard.
Is EQ Bank safe?
Yes, EQ Bank is secure. It is regulated in Canada, and all its deposit products are protected by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per account category. What’s more, our platforms use advanced security protocols to protect your information and transactions.
What's the difference between the Personal Account and the EQ Bank Notice Savings Account?
The Personal Account and the Notice Savings Account are two accounts offered by EQ Bank that pay interest on your account balance. The main difference is that you must give notice before making a withdrawal with the Notice Savings Account, which allows you to earn a higher interest rate.
Does EQ Bank Card have a credit card?
EQ Bank Card offers a Mastercard, but this is a reloadable prepaid card, not a traditional credit card. This card offers an interest rate on the balance, cash back and no conversion fees for foreign purchases.
EQ Bank vs Tangerine, which institution to choose?
EQ Bank and Tangerine are two Canadian online banks offering no-fee accounts and competitive interest rates. EQ Bank stands out for its high rates on hybrid accounts and reimbursement of withdrawal fees at all ATMs in Canada, while Tangerine offers a wider range of products, including credit cards and free access to Scotiabank ATMs. Both institutions protect your deposits through CDIC.
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