Does EQ Bank charge monthly fees?

No. EQ Bank charges $0 in monthly account fees across all account types — Savings Plus Account, TFSA, RRSP, FHSA, and RRIF. There is no minimum balance requirement to avoid fees. There are also no transaction fees for bill payments, Interac e-Transfers, or EFT transfers.

Are there any fees at EQ Bank?

EQ Bank has a very limited fee schedule. There are no monthly fees, no transaction fees, no minimum balance fees, and no inactivity fees. The EQ Bank Card charges 0% on foreign currency transactions. The main potential costs are third-party ATM fees (charged by the ATM operator, not EQ Bank) and fees charged by other institutions for outgoing wire transfers or account transfers. EQ Bank itself does not charge for standard banking operations.

Does EQ Bank charge for GICs?

No. Purchasing a GIC at EQ Bank incurs no fee. The GIC rate is the rate you earn — there are no management fees, commissions, or purchase charges deducted. Similarly, there is no annual RRSP, TFSA, or FHSA account fee at EQ Bank.

Does EQ Bank charge for RRSP or TFSA accounts?

No. EQ Bank charges no annual account fee for its RRSP, TFSA, FHSA, or RRIF accounts. Most Big 5 banks charge $100–$150 annually for self-directed registered accounts (e.g., RRSP at RBC Direct Investing has a $135/year fee unless certain balance thresholds are met). EQ Bank's registered savings accounts (not brokerage accounts) have no such fee.

What happens if I over-contribute to my TFSA at EQ Bank?

CRA charges a 1% per month penalty on TFSA over-contributions — this is a CRA rule that applies regardless of which institution holds your TFSA. EQ Bank cannot prevent you from making a contribution that exceeds your available room, and EQ Bank is not responsible for tracking your CRA contribution room. Use My CRA Account at canada.ca to verify your current TFSA room before contributing.

Does EQ Bank charge a foreign transaction fee on the EQ Bank Card?

No. The EQ Bank Card charges 0% on foreign currency transactions — no FX markup at all. This applies to in-store purchases, online purchases in foreign currencies, and ATM withdrawals abroad. The ATM operator may still charge its own fee, but EQ Bank adds nothing to the transaction. This makes the EQ Bank Card one of the lowest-cost options for foreign currency spending among Canadian institutions.

EQ Bank Fees 2026 | No Monthly Fees, No Transaction Fees

EQ Bank’s fee structure is straightforward: $0 monthly fees, $0 transaction fees, 0% FX on the EQ Bank Card. There is no minimum balance requirement, no inactivity fee, and no annual registered account fee. EQ Bank generates revenue through the interest rate spread on deposits and GICs, not through account fees.

The only potential costs an EQ Bank client encounters are third-party ATM fees (charged by the ATM operator, not EQ Bank) and any fees from other institutions for outgoing transfers. EQ Bank itself does not charge for standard banking operations.

EQ Bank Fee Schedule

Fee Type	Amount	Notes
Monthly account fee	$0	All account types
Minimum balance fee	$0	No minimum balance required
Transaction fee	$0	Bills, e-Transfers, EFT all free
Interac e-Transfer	$0	Unlimited
GIC purchase	$0	No commission or management fee
TFSA annual fee	$0	—
RRSP annual fee	$0	—
FHSA annual fee	$0	—
EQ Bank Card FX fee	0%	No foreign transaction markup
EQ Bank Card cash back	+0.5%	Earned on all purchases
Third-party ATM fee	Varies	Charged by ATM operator, not EQ Bank
Paper statement fee	$0	Statements are digital by default
Inactivity fee	$0	No inactivity charges

The EQ Bank Card: Fee Advantages

The EQ Bank Card is a prepaid Mastercard with notable fee advantages:

Fee Category	EQ Bank Card	Typical Canadian Debit Card	Typical Canadian Credit Card
Foreign transaction fee	0%	~2.5%	2.5% (most cards)
Annual fee	$0	$0	$0–$699
Cash back	0.5%	0%	1–4% (varies)
ATM fee (own network)	N/A (no network)	$0	N/A
ATM fee (third party)	Operator fee only	~$2.00 + operator	ATM advance fees typically higher

The 0% FX fee is the standout advantage. On $5,000 in foreign currency purchases per year, EQ Bank saves $125–$175 compared to a standard 2.5–3.5% FX fee card.

EQ Bank vs Big 5 Fees

Fee Comparison	EQ Bank	Big 5 Banks
Monthly chequing/savings fee	$0	$4.95–$30.95
Transaction fees	$0	$0 (included in plan) or $1.25/each
RRSP annual fee	$0	$0–$150 (brokerage accounts)
TFSA annual fee	$0	$0 (savings); $0–$150 (brokerage)
FX on card	0%	~2.5%
e-Transfer	$0 (unlimited)	$0 (included in unlimited plans)
NSF fee	N/A (no overdraft)	$35–$48
Overdraft fee	N/A (no overdraft offered)	$5/month + interest

EQ Bank does not offer overdraft protection — your balance cannot go below zero. This means no NSF fees (because the account cannot be overdrawn in the first place) and no overdraft charges. Purchases or e-Transfers that would exceed your balance are declined rather than approved.

Registered Account Fees: EQ Bank vs Big 5 Brokerages

This comparison applies to savings-type registered accounts (not self-directed brokerage accounts):

Institution	TFSA Savings Fee	RRSP Savings Fee	GIC Available?
EQ Bank	$0	$0	Yes (top rates)
Tangerine	$0	$0	Yes (lower rates)
Simplii Financial	$0	$0	Yes (lower rates)
Big 5 bank savings RRSPs	$0	$0	Yes (low rates)

Note: Big 5 self-directed brokerage accounts (e.g., RBC Direct Investing, TD Direct Investing) may charge $100–$150/year in annual fees. EQ Bank is not a self-directed brokerage — it offers savings accounts and GICs within registered wrappers, not stock trading.

True Cost Comparison: EQ Bank vs CIBC Smart Account

A Savings Plus Account holder vs a CIBC Smart Account holder with $25,000 in savings:

Cost Component	EQ Bank	CIBC Smart Account
Monthly fee	$0	$14.95 ($179/yr if not waived)
Interest earned on $25,000 savings (at ~3.5% vs 0.01%)	~$875/yr	~$3/yr
Net annual position	+$875	-$176 (fee) or +$3 (if waived)

Even if the CIBC account fee is waived by holding $3,000 in the account, the opportunity cost of that $3,000 idle at 0.01% versus 3.5% at EQ Bank is approximately $105/year in foregone interest.

No overdraft: Transactions exceeding your balance are declined. No overdraft fees, but also no safety net.
No cheques: No cheque book, no stop-payment fees (because there are no cheques to stop).
No credit card: No annual fee or interest charges — EQ Bank does not offer credit cards.
No wire transfers (outbound): EQ Bank does not offer outbound international wire transfers. Use EFT or e-Transfer domestically, or a separate account for international wires.