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. This saving on rental fees allows EQ Bank to offer different financial products with excellent interest rates to all Canadians, including Quebec!
EQ Bank offers top-notch collateral, and all deposit products are eligible for CDIC deposit insurance.
EQ Bank - Products
EQ Bank - Savings Plus Account
Le Compte Épargne Plus de la Banque EQ est un compte sans frais qui propose un généreux taux d’intérêt de 3,00 %* à tous les clients. À noter que cette offre est valable pour l’entièreté de l’année alors qu’elle n’a pas de restriction en terme de durée de temps :
- Obtenez 2,50 % d’intérêt sur les services bancaires courants – plus 0,50 % d’intérêt en prime lorsque vous configurez le dépôt direct de votre paye ou des débits préautorisés récurrents.
Ce compte propose également plusieurs fonctionnalités gratuites comme :
- les virements Interac®
- les opérations courantes
- les paiements de facture
- les dépôts et les retraits
Enfin, il n’y a pas de solde minimum requis pour ce type de compte.
EQ Bank - Joint Savings Plus Account
EQ Bank’s Joint Savings Plus Account offers its clients a 2.50% interest*. The advantages of this financial product are the same as the savings account, while many free financial services are offered:
- Interac e-Transfers®
- Everyday banking operations
- Bill payments
- Deposits and withdrawals
It is also essential to specify that a few criteria must be met to benefit from the advantages mentioned above. These are the criteria:
- Canadian Resident
- Age of majority in the province
- Have a social insurance number
Up to 3 people can be added to your EQ Bank Joint Savings Plus Account.
EQ Bank - TFSA Savings Account
The EQ Bank TFSA account offers a 3.00% interest*. There are no management fees.
The free features are the same as the two previous accounts.
Remember that there are annual contribution limits for the TFSA ($6,000 in 2022, and $6,500 in 2023).
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 money is deposited in this account, it is advisable to keep it there until the end of the GIC, otherwise you will be subject to penalties.
EQ Bank - GICs / Guaranteed Investment Certificates
EQ Bank offers a wide range of Guaranteed Investment Certificates (GICs).
Investing cash in registered (TFSA in Quebec and TFSA/RRSP elsewhere in Canada) and non-registered accounts is possible.
The terms of this financial vehicle are very flexible, as EQ Bank offers no less than 13 different options. The interest rates offered are also attractive.
You could now get 5.00% interest* for a 1-year TFSA GIC.
Note that 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 - Products not available in Quebec
It should be noted that EQ Bank does not currently offer the following products in Quebec:
- US Dollar Account
- International money transfer
- RRSP Savings Account
- RRSP GIC
- The transfer function between EQ accounts
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
◊ Based on research conducted by Equitable Bank comparing interest rates of base savings accounts offered by Canada’s ‘Big 5’ banks. Rates were compared using a ratio analysis. Research is based on savings account interest rates taken from public websites as at October 3, 2022. Promotions and Rate Premiums are excluded.
®Registered trademark of Interac Corp, used under license.