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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 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 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.
For more details, read our full review of the EQ Bank Card.
Banque EQ does not currently offer the following products in Quebec:
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.
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.
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.
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:
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 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 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.
Savings this way:
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