EQ Bank launched in 2016 as the digital banking arm of Equitable Bank, a federally chartered Schedule I bank operating since 1970. Its core proposition has remained consistent: pay meaningfully higher interest rates than the Big 5, charge no fees, and offer enough transactional capability to serve as a primary bank for digitally comfortable Canadians.
EQ Bank is regulated by OSFI as a Schedule I bank — the same regulatory category as RBC, TD, and BMO. Deposits are insured by CDIC up to $100,000 per category. It is not a fintech platform backed by a bank; it is itself a bank. Institution number: 623 (Equitable Bank).
The structural reason EQ Bank can pay higher rates is lower operating costs. No branch network, no ATM fleet, smaller physical footprint — those savings are passed through to depositors as higher interest rates.
Quick Reference
| Topic | Details | Guide |
|---|---|---|
| Savings rate | Typically 2.50–4.00% (HISA) | EQ Bank Savings Rate |
| GIC rates | 90 days – 5 years; top rates in Canada | EQ Bank GIC Rates |
| e-Transfer limit | Unlimited; $3,000/transaction | e-Transfer Limit |
| ATM access | No own network; EQ Bank Card (third-party ATMs) | ATM Withdrawal Limit |
| Mobile deposit | Cheque deposit via app | Mobile Deposit Limit |
| Customer service | Business hours; no 24/7 phone | Customer Service |
| Fees | $0 monthly, $0 transactions, 0% FX on card | Fees |
| Institution number | 623 (Equitable Bank) | — |
EQ Bank at a Glance
| Feature | Details |
|---|---|
| Operated by | Equitable Bank (est. 1970) |
| Launched | 2016 |
| Headquarters | Toronto, Ontario |
| Institution number | 623 |
| Branches | None |
| ATMs | None (EQ Bank Card works at third-party ATMs) |
| CDIC insured | Yes — up to $100,000 per category |
| Registered accounts | TFSA, RRSP, FHSA, RRIF |
| Monthly fee | $0 |
Savings Plus Account
The Savings Plus Account is EQ Bank’s flagship product. It pays a competitive HISA rate on all balances with no monthly fee, no minimum balance, and no transaction fees. Interest is calculated daily and paid monthly.
What separates it from a conventional savings account is the transaction capability: bill payments, unlimited Interac e-Transfers, direct deposit, and EFT links to external accounts — features the Big 5 do not offer in standard savings accounts. In practice, the Savings Plus Account functions as a hybrid chequing-savings account.
Joint accounts are available. TFSA, RRSP, and FHSA variants carry the same competitive rates within their registered wrappers, with separate CDIC coverage per category.
See the EQ Bank savings rate guide for current rates and a detailed breakdown.
GICs
EQ Bank GIC rates are consistently among the highest in Canada across all available terms. Non-redeemable GICs are available from 90 days to 5 years, with a $100 minimum investment. GICs can be held in non-registered accounts or within TFSA, RRSP, and FHSA accounts.
Non-redeemable means the rate is locked but so are the funds — early redemption is not available. Build your GIC ladder with terms that match when you will actually need the funds.
See the EQ Bank GIC rates guide for current rates and GIC ladder strategy.
EQ Bank Card
The EQ Bank Card is a prepaid Mastercard linked to your Savings Plus Account balance:
- 0.5% cash back on all purchases (deposited to Savings Plus Account)
- 0% foreign transaction fee — no FX markup on purchases in foreign currencies
- Accepted anywhere Mastercard is accepted
- ATM withdrawals available (third-party ATMs; surcharges may apply)
The 0% FX fee is the card’s standout feature for international travel and cross-border online shopping. Most Canadian debit cards charge 2.5–3.5% on foreign currency transactions. Over $5,000 in foreign purchases, EQ Bank’s card saves $125–$175 in FX fees versus a standard bank debit card.
CDIC Coverage
Each account category at EQ Bank carries separate CDIC coverage up to $100,000:
| Account Category | CDIC Coverage |
|---|---|
| Personal deposits (Savings Plus) | Up to $100,000 |
| Joint deposits | Up to $100,000 |
| TFSA deposits | Up to $100,000 |
| RRSP deposits | Up to $100,000 |
| RRIF deposits | Up to $100,000 |
| FHSA deposits | Up to $100,000 |
A single person with a Savings Plus Account, TFSA, and RRSP at EQ Bank — each at $100,000 — has all $300,000 fully insured under three separate CDIC categories.
EQ Bank vs Key Competitors
| Feature | EQ Bank | Tangerine | Simplii Financial | Wealthsimple Cash |
|---|---|---|---|---|
| Savings rate | Top tier (consistent) | Promo rate, lower base | Lower base | Comparable to EQ Bank |
| GICs | Yes (top rates) | Yes (lower rates) | Yes (lower rates) | No |
| ATM network | None (third-party) | Scotiabank network | CIBC network | None (third-party) |
| Credit cards | No | Yes | Yes | No |
| Monthly fee | $0 | $0 | $0 | $0 |
| FX fee (card) | 0% (EQ Bank Card) | ~2.5% | ~2.5% | 0% |
| CDIC insured | Yes (Schedule I bank) | Yes (via Scotiabank) | Yes (via CIBC) | Deposits at CDIC members |
Practical Limitations
- No branches: All banking is digital — account opening, transfers, disputes, and customer service are handled online or by phone during business hours.
- No ATM network: Cash access is via the EQ Bank Card at third-party ATMs (potential surcharges) or by transferring funds to a linked bank account.
- No personal cheques: Not available. For situations requiring a cheque, you need a traditional bank account.
- No cash deposits: Cash must be deposited elsewhere and transferred electronically.
- Business hours support only: No 24/7 phone support.
Who EQ Bank Is Best For
Savers and GIC buyers who want the highest available rate on their cash. The rate advantage over the Big 5 is consistent — on $50,000 in savings, the difference can exceed $1,000 per year.
Registered account holders who want to hold TFSA, RRSP, or FHSA deposits at competitive rates rather than in low-rate Big 5 savings accounts.
Digital-comfortable Canadians who handle most banking online and do not need branch access or regular cash transactions.
International travellers making frequent foreign currency purchases — the 0% FX fee on the EQ Bank Card is a meaningful advantage.