EQ Bank’s Savings Plus Account consistently pays among the highest high-interest savings account (HISA) rates in Canada, with no monthly fee, no minimum balance, and no transaction fees. Unlike Tangerine and Simplii Financial — which advertise high promotional rates that revert to near-zero after a few months — EQ Bank’s posted rate is its standard ongoing rate.
Rates move with the Bank of Canada overnight rate rather than with promotional calendars. Always confirm the current rate at EQ Bank’s website before opening an account, as rates adjust when the Bank of Canada changes policy.
EQ Bank Savings Rate Summary
| Account | Rate Type | Notes |
|---|---|---|
| Savings Plus Account | Ongoing posted rate | No promotion period; applies to all balances |
| TFSA Savings Account | Same or similar to Savings Plus | Separate CDIC coverage |
| RRSP Savings Account | Same or similar to Savings Plus | Separate CDIC coverage |
| FHSA Savings Account | Same or similar to Savings Plus | Separate CDIC coverage |
| EQ Bank GICs | Higher locked rates | Non-redeemable; terms 90 days – 5 years |
For GIC rates specifically, see the EQ Bank GIC rates guide.
How EQ Bank Calculates Interest
- Calculation: Daily on the closing account balance
- Payment: Monthly, on the last day of each month
- Minimum balance: None — $1 earns the same rate as $1,000,000
- Compounding: Interest paid monthly is deposited to the Savings Plus Account and earns interest again the next day
The daily calculation means no balance manipulation is needed to maximise interest — funds earn the posted rate every day they are in the account.
EQ Bank vs Big 5 Savings Rates
The gap between EQ Bank and the Big 5 is structural and persistent. Big 5 banks use low savings rates to cross-subsidise their branch networks and fee-generating products. EQ Bank operates without that overhead.
| Institution | Savings Rate (Approximate) | Type |
|---|---|---|
| EQ Bank | 2.50–4.00% | Ongoing standard rate |
| Wealthsimple Cash | Comparable to EQ Bank | Ongoing |
| Tangerine | 0.10–0.15% (base); 4–5% (promo, 90–180 days) | Promotional |
| Simplii Financial | 0.40% (base); 4%+ (promo, new clients) | Promotional |
| RBC | 0.01–0.05% | Standard |
| TD | 0.01–0.05% | Standard |
| CIBC | 0.01–0.05% | Standard |
| Scotiabank | 0.01–0.05% | Standard |
| BMO | 0.01–0.05% | Standard |
Rates are approximate and change with Bank of Canada rate decisions. Confirm current rates directly with each institution before making a deposit decision.
The Real Cost of Big 5 Savings Rates
On a $50,000 savings balance, the difference between a 0.01% Big 5 rate and a 3.50% EQ Bank rate is:
| Balance | Big 5 (0.01%) | EQ Bank (3.50%) | Annual Difference |
|---|---|---|---|
| $10,000 | $1 | $350 | $349 |
| $25,000 | $3 | $875 | $872 |
| $50,000 | $5 | $1,750 | $1,745 |
| $100,000 | $10 | $3,500 | $3,490 |
Most Canadians have $3,000–$6,000 sitting in a Big 5 savings account to qualify for a monthly fee waiver on their chequing account. That balance at 0.01% earns $0.30–$0.60 per year. At EQ Bank’s rate, the same balance earns $105–$210 per year.
The practical solution most high-rate savers use: keep the minimum required balance at their Big 5 bank for the chequing fee waiver, and move the remaining savings to EQ Bank for the rate advantage.
Promotional Rates vs EQ Bank’s Ongoing Rate
Tangerine and Simplii regularly offer promotional rates of 4–5% for 90–180 days for new money deposits. EQ Bank does not run these campaigns. The comparison depends on your time horizon:
| Scenario | Better Choice |
|---|---|
| New client with fresh deposit, 90-day horizon | Tangerine/Simplii promo may temporarily win |
| Existing client, balance already on deposit | EQ Bank’s ongoing rate typically wins |
| Long-term savings (1+ years) | EQ Bank’s consistent rate typically wins over any promo |
| GIC (locked rate) | EQ Bank GICs are typically top-tier |
The issue with promotional rates is the management burden: you must actively move funds when the promotion expires or accept the reversion to the low base rate. EQ Bank requires no rate monitoring — the posted rate is what you earn.
Registered Account Savings Rates
EQ Bank pays competitive rates in all its registered account types, making it one of the stronger options for holding cash within registered accounts rather than leaving them in low-rate bank savings accounts.
| Registered Account | EQ Bank Rate | CDIC Coverage |
|---|---|---|
| TFSA Savings Account | Competitive (see EQ Bank site) | Yes — up to $100,000 |
| RRSP Savings Account | Competitive (see EQ Bank site) | Yes — up to $100,000 |
| FHSA Savings Account | Competitive (see EQ Bank site) | Yes — up to $100,000 |
| RRIF Savings Account | Competitive (see EQ Bank site) | Yes — up to $100,000 |
Each registered account type carries its own CDIC coverage category — separate from your personal (non-registered) Savings Plus Account.
When to Use EQ Bank for Savings
Use EQ Bank Savings Plus for:
- Emergency fund — liquid (no lock-in), competitive rate, accessible via e-Transfer
- Short-to-medium-term savings goals where a GIC lock-in is not ideal
- TFSA cash savings earning a competitive ongoing rate
- RRSP/FHSA cash portion earning a competitive rate before converting to GICs
Use EQ Bank GICs for:
- Known future expenses (1 month–5 years out) where you can lock funds
- GIC ladders within RRSP, TFSA, or FHSA to capture higher locked rates
- Rate security when you expect the Bank of Canada to cut rates