EQ Bank in Quebec: Banking account without fees | Milesopedia
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EQ Bank is now available in Quebec: get your bank account with no monthly fees!

To the point EQ Bank is finally coming to Quebec: get banking products today with no monthly fees and earn more interest!

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.

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EQ Bank - Products

EQ Bank - Savings Plus Account

The EQ Bank Savings Plus Account is a no-fee account that offers a generous 2.50% interest* to all customers. Note that this offer is valid for the entire year and has no time restrictions.

That’s up to 250x more◊ interest than at other traditional banks.

This account also offers several free features, such as:

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

Finally, there is no minimum balance required for this type of account.

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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.

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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.

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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
  • The transfer function between EQ accounts

Bottom Line

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Legal notice:

*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.

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Jean-Maximilien is an expert in Canada and France about Loyalty programs, Credit cards and Travel. He is the Founding President of Milesopedia.

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