EQ Bank at Quebec: free bank account

EQ Bank – History

EQ Bank is an entity of Equitable Bank, a financial institution with over 50 years of experience.

EQ Bank has no physical headquarters, and its financial activities are conducted online. These savings on rental fees enable EQ Bank to offer a variety of financial products with excellent interest rates to all Canadians, includingQuebec !

EQ Bank offers top-notch collateral, and all deposit products are eligible for CDIC deposit insurance.

The EQ Bank mobile application is available on the App Store and Google Play.

EQ Bank: get your free bank account (available at Quebec)! - banque eq forbes

EQ Bank – Products

EQ Bank – Personal account

EQ Bank – Joint account

The EQ Bank Joint Account offers customers an interest rate of up to 4.00%*. To receive the bonus interest rate, you must use this account to receive direct deposit of your pay.

The advantages of this financial product are the same as those of the savings account, while many free financial services are offered to customers:

Interac e-Transfers^®
Everyday banking operations
Bill payments
Deposits and withdrawals

It’s also important to specify that you need to meet a few criteria to benefit from the advantages of this account for your daily transactions. These are the criteria:

Canadian Resident
Age of majority in the province
Have a social insurance number

You can add up to 3 people to your EQ Bank Joint Account.

EQ Bank: get your free bank account (available at Quebec)! - compte epargne plus banque eq

EQ Bank – TFSA Savings Account

The EQ Bank TFSA Savings Account offers an interest rate of 2.00%*. There are no management fees associated with this account.

The free features are the same as the two previous accounts.

Don’t forget that there are annual contribution limits for the TFSA ($6,500 in 2023, $7,000 in 2024).

It is also possible to purchase GICs (Guaranteed Investment Certificates) for your TFSA.

Guaranteed investment certificates are safe, low-risk investments with stable returns. It should be noted, however, that once the monetary sum has been deposited in this account, it must be maintained until the end of the GIC term, otherwise you will be subject to penalties.

EQ Bank – GICs / Guaranteed Investment Certificates

EQ Bank offers a wide range of Guaranteed Investment Certificates (GICs).

Note that it is possible to invest cash in both registered (TFSA at Quebec and TFSA/RRSP elsewhere in Canada) and non-registered accounts.

The terms of this financial vehicle are highly flexible, since Banque EQ offers no fewer than 13 different options. Interest rates are also attractive. GIC rates and terms vary, so check the EQ Bank website for the latest information.

A minimum deposit of $100 is required to purchase GICs. Finally, it is important to note that users will benefit from Canada Deposit Insurance Corporation protection when purchasing guaranteed investment certificates with EQ.

EQ Bank: get your free bank account (available at Quebec)! - acheter CPG Banque EQ

EQ Bank – Notice savings account

EQ Bank offers a Notice Savings Account.

This savings account offers you one of the best rates in Canada. You can take advantage of a rate of 3.05% with 10 days’ notice or 3.00% with 30 days’ notice, with no monthly fees and no minimum balance required.

You can earn interest daily and plan your withdrawals to maximize your savings while having the flexibility to access your money at any time.

You benefit from a return up to three times higher than that of other banks, with no pitfalls and no special conditions.

EQ Bank – Mastercard

Banque EQ also offers a prepaid card: the EQ Bank Card. EQ Bank Card.

With the EQ Bank Card you get :

A prepaid Mastercard (usable at Costco)
Free ATM withdrawals in Canada
0.5% cash back on all expenses
No Foreign Transaction Fee

Where it stands out is with its attractive interest rate of up to 4.00%, the same as on the Current Account, which is applied to the card balance until it is spent.

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EQ Bank Card

EQ BankCash Back

Annual fee: $0
Welcome offer: No current welcome offer

With the EQ Bank Card, you pay no foreign exchange fees for purchases made abroad or in foreign currencies. This Mastercard is a reloadable prepaid card with which you can make free withdrawals at any ATM in Canada.

In addition, you earn the same excellent rate as your Personal Account, as well as 0.5% cash back on every purchase made with the EQ Bank Card.

Since it is a Mastercard, you can use it anywhere in the world as well as in Costco warehouses in Canada.

Annual fee

Primary card$0

Annual income required

Individual$0

Household$0

Earning rate

0.5xAll spending

Value

1st Year Value$135

2nd Year Value$120

Banque EQ – Products Not Available In Quebec

Please note that EQ Bank does not currently offer the following products at Quebec:

US Dollar Account
International funds transfer
RRSP Savings Account
RRSP GIC
The transfer function between EQ accounts
The notice savings account

Bottom Line – Review

The arrival of the EQ Bank for residents of Quebec is great news! This adds competition to our banking market by offering attractive products with no monthly fees, along with its digital banking services. Both to use your money and to save it.

Do you want to open an account with EQ Bank? It’s easy, click on one of the links below and open your account in a few clicks:

EQ Bank: get your free bank account (available at Quebec)! - banque eq featured

Legal notice:

*Interest is calculated daily on the total closing balance and paid monthly. Annual rates are subject to change without notice.

◊ Based on the results of research conducted by Equitable Banking to compare interest rates on high-interest savings accounts at the five major Canadian banks. Rates were compared using ratio analysis. The research considered interest rates for high-interest savings accounts based on data collected from publicly accessible websites as of October 3, 2022. Promotions and premium rates are not included.

^®Registered trademark of Interac Corp, used under license.

How can I get an EQ Bank card?

The EQ Bank credit card is the EQ Bank Card.

You can see all its features and how its cashback works on this page.

What is the EQ Bank?

The EQ Bank credit card is the EQ Bank Card.

You can see all its features and how its cashback works on this page.

How can I reach EQ Bank Customer Service?

By phone, toll-free in North America: 1-844-437-2265

Or if you’re outside North America: 1-416-551-3449

The address of the EQ Bank is :

EQ Bank – Digital Banking
30 St. Clair Avenue West, Suite 700,
Toronto, ON M4V 3A1

What's the difference between the EQ Bank and the Equitable Bank?

Equitable Bank, with its lending services and investment solutions, owns EQ Bank, a digital bank in Canada.

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