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. This saving on rental costs enables EQ Bank to offer its customers a range of financial products with excellent interest rates. In this article, we explore the main financial products offered by EQ Bank, such as its Personal Account, savings accounts (TFSAs, RRSPs, GICs) and Mastercard.
EQ Bank offers a wide range of financial products: chequing accounts (personal account), joint accounts, savings accounts, Mastercard, etc. In addition, all its deposit products are eligible for CDIC deposit insurance.
The EQ Bank Personal Account (formerly known as the Savings Plus Account) is a no-fee account offering a generous interest rate of 3.75%* to all customers on everyday banking services:
This account also offers several free features, such as:
Finally, there is no minimum balance required for this type of account.
Discover the EQ Bank Joint Account and benefit from an interest rate of up to 3.75% with no monthly fees.
Enjoy free transactions, including bill payments and Interac transfers, with no minimum balance required. Your deposits are protected by CDIC deposit insurance up to $100,000.
Register online in just a few minutes and start saving together.
Maximize your savings with the EQ Bank TFSA Savings Account. Benefit from a tax-free interest rate of 2.50%, with no monthly fees.
Benefit from free, flexible withdrawals and easy recurring contributions from your current account.
All deposits are protected by SADC up to $100,000.
Unfortunately, RRSP Savings Accounts and RRSP GICs are not currently available in Quebec.
Maximize your retirement savings with the EQ Bank RSP Savings Account.
Enjoy a high interest rate with no monthly fees and no minimum balance required.
Manage your account easily online and benefit from SADC deposit insurance.
Unfortunately, RRSP GICs are not currently available in Quebec. But other GICs are offered in Quebec.
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.
Unfortunately, the notice savings account is not currently available in Quebec.
Maximize your savings with the EQ Bank Notice Savings Account.
Enjoy an interest rate of up to 3.65% with no monthly fees and no minimum balance required.
Plan your withdrawals with 10 or 30 days’ notice and benefit from interest calculated daily.
Transfers are free and unlimited.
With the EQ Bank Card, there are no foreign transaction fees on 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.
Plus, you get the same great rate as your Personal Account until you spend, plus 0.5% cash back on every purchase you make with the EQ Bank Card.
Since it’s a Mastercard, you can use it anywhere in the world and at Costco warehouses in Canada.
EQ Bank does not currently offer the following products in Quebec:
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 because of its high interest rate, the absence of monthly fees and the absence of minimum balance requirements. But also, by the many free features such as Interac transfers, banking operations and bill payments. However, other online banks also offer attractive chequing accounts. For example:
To compare other chequing accounts, use our bank account comparator.
In our opinion, the EQ Bank savings account, called the Notice Savings Account, is a good choice. However, it is not available to customers in Quebec. 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.
In our opinion, the EQ Bank Card is one of the best no-conversion-fee cards on the Canadian market. It stands out in several respects, such as its attractive 3.75% interest rate, which is applied to the card balance (until it is spent). But also, on the 0.5% cashback on all your expenses and purchases without foreign conversion fees.
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:
To compare other credit cards according to your needs, use our credit card comparator.
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 transfers, banking operations 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 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.
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.
Savings are here:
