EQ Bank Review

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Last updated on July 5, 2022 Comments: 82

EQ Bank is a trademark of Equitable Bank, a name that should be familiar to Canadians given its long-standing presence in the market of over 50 years. Equitable Bank’s new and improved online-only banking experience is dubbed “EQ Bank”, and it focuses solely on two of the most essential products required for building a sturdy financial foundation: High-Interest GICs and its Savings Plus Account. Both stand out for their interest rates, no everyday banking fees, and great service.

Visit EQ Bank

Our Rating:

EQ Bank New Offer

EQ Bank Account Options

EQ Bank offers two options, each of which caters to those looking to strengthen their financial health and have their money work for them, instead of the other way around.

Best Saving AccountEQ Bank’s Savings Plus Account

  • Everyday interest rate of 1.50%*
  • No tiered interest rates
  • No minimum balance
  • No everyday banking fees

EQ Bank’s Savings Plus Account brings more advantages than just no everyday banking fees and interest, though rates at 1.50%* are indeed impressive. Consider it a savings account that functions as a chequing account by allowing you to transact fee-free and rack up interest. And because it’s online-only, it’s always open. You can access your money, make bill payments, carry out transfers, and download statements any time, day or night.

Savings Plus Account holders will have access to free Interac e-Transfers®, EQ-to-EQ transfers, bill payments, electronic funds transfers, and everyday transactions with no minimum balance. Though international money transfers do come with a low fee, thanks to EQ Banks’s partnership with Wise, these are up to 8xs lower‡ than the norm and display all relevant exchange rate and fee information transparently. With the neat ability to track savings goals as well, EQ Bank’s Savings Plus Account is ultimately an ideal middle ground between the availability of a chequing account and the growth potential of a savings account.

If you sign up for an individual EQ Bank Savings Plus Account before July 13, 2022, you can get a $150** cash bonus. To qualify for the bonus you must set up a recurring payroll direct deposit (minimum $100 each month) to your new EQ Bank Savings Plus Account, and get the first deposit within 60 days of the account’s opening. Then keep the direct deposit going for at least three straight months and you’ll receive the $150** bonus. Please see disclaimer** for more details on payout dates. The offer isn’t available to those who already have an active account.

Savings Plus Account Fees

  • EQ to EQ Transfers: $0.00
  • Interac e-Transfers®: $0.00
  • Bill Payments: $0.00
  • Deposits and Mobile Cheques: $0.00
  • Bank to Bank Transfers: $0.00
  • Account Opening: $0.00
  • Daily/Monthly/Yearly Fee: $0.00
  • International Transfers: Low Fee via Wise
  • Dormant Account Fees: $0.00

Savings Plus Account Withdrawals and More

One key detail about the Savings Plus Account is that it has a maximum account balance of $200,000. In addition, many are probably asking about withdrawals. Though there is no debit card available for the Savings Plus Account, its lack of fees makes it easy to transfer money to an account which does have a card attached, and then withdraw cash from there. Customers can also easily set up bill payments directly with the Savings Plus Account with no fees, maximums, or extra steps.

In some ways, the account occupies a space between chequing and savings in terms of how you access your money, because there’s no fees to move your money around as there are with many high-interest savings accounts. There is no Electronic Funds Transfer cost for interbank transactions, making it one of the more agile savings products out there. If combined with another account and one of the best rewards credit cards, for example, it could be a powerful pair.

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EQ Bank TFSA Savings Accounts

Introduced in 2009, Canada’s Tax-Free Savings Accounts are among the most powerful tools you can add to your financial arsenal. EQ Bank recently added its own TFSAs to its product offering, allowing users to earn interest within this registered account, where it can grow tax-free.

EQ Bank offers two ways to save within their TFSA products: savings accounts and GICs. You must have an existing Savings Plus Account in order to access the TFSA Savings Account.

Here are the specifics of each type of account:

TFSA Savings Account

  • This account is automatically opened when you open an EQ Bank TFSA
  • There is a limit of one TFSA account per customer
  • All contributions and withdrawals can be made entirely online
  • Withdraw at any time without any fees
  • Enjoy a 1.50%* interest rate, tax free
  • Eligible for CDIC protection

TFSA GIC

  • TFSA GIC rates will mirror non-TFSA GIC rates
  • You can buy your GICs and check interest earned and maturity date through the online portal
  • You can buy as many GICs as you like within your TFSA

You can fund your EQ Bank TFSA from an existing savings account or through EFT if you link your EQ Bank account to your chequing account.

EQ Bank RSPs

If you’re planning on saving cash within your RRSP, EQ Bank’s RSP Plan offers 1.50%* interest and flexible GIC options. With a limit of one RSP Plan per customer, you can choose to keep your funds in interest earning cash or a GIC.

Here are the details:

RSP Savings Account

  • The default type of RSP offered
  • RRSP Account will open automatically upon opening an account
  • Zero fees
  • Limit of 1 per person
  • Can make contributions online
  • GIC rates will mirror non-RRSP products

Like with the TFSA account, you must be an existing customer of EQ Bank with a Savings Plus Account to access RSP products, and you can only set up your RSP in your name. Spousal RSPs and LIRAs are not available at this time. It’s also worth noting that there are no online withdrawals available. You can withdraw funds into your Savings Plus Account or if you have a Joint Account with EQ Bank.

EQ Bank Guaranteed Investment Certificates

GICs are some of the safest savings options in Canada, boasting a guaranteed yield on your deposit and terms that last between a few months and ten years. EQ Bank offers the full range: from great interest rates, starting around 1.60% for a 3-Month GIC and up to 4.40% for a 10-Year GIC. That’s quite competitive, also considering that EQ Bank has 2, 3, 4, 5, 6, 7, and 10-Year GICs, which give you the option of paying interest annually, if you prefer regular income from your GICs, or at maturity.

GIC TermRateInterest Paid AnnuallyInterest Paid at Maturity
3 Months1.60%NoYes
6 Months2.00%NoYes
9 Months2.40%NoYes
1 Year3.65%NoYes
15 Months3.80%NoYes
2 Years4.20%YesYes
27 Months4.25%NoYes
3 Years4.30%YesYes
4 Years4.35%YesYes
5 Years4.35%YesYes

EQ Bank GIC Details

The maximum number of GICs that any single customer can open is 20, though this still provides enough for those who use the common strategy of laddering their GICs to mature at different dates. Additionally, like with the Savings Plus Account there’s a maximum investment limit as well, with $500,000 being the ceiling for how much you can invest across all your GICs and $100,000 set as the limit per GIC. In terms of the lowest one can spend on a GIC with EQ Bank, the $100 minimum makes them quite accessible, which was nice to see.

How to Open an EQ Bank Savings Plus Account

Opening a Savings Plus Account or purchasing a GIC with EQ Bank is easy, as long as you’re the age of majority in your province and a Canadian resident. It starts by going to the EQ Bank website and clicking “Join Now”.

You’ll give some basic contact information and then no matter which product you’re interested in, be required to verify your identity and banking details with the following items:

  1. Your SIN
  2. Link to another Canadian bank to verify your identity and transfer funds faster

It is important to note that if you have an account at any other existing bank that is not listed below, you will likely be prompted to visit a Canada Post office to verify your identity.

  • ATB Financial, BMO, CIBC, Coast Capital Savings, Desjardins, HSBC, Laurentian Bank, Meridian, National Bank, RBC, Scotiabank, Simplii, Tangerine, TD Bank, Vancity

EQ Bank’s Security

EQ Bank meets the highest standards in banking security expected by Canadian financial regulators, as well as by customers. The company incorporates a wide variety of security features like 2-Factor Authentication and web and mobile protection required for modern banking. In addition, deposits up to $100,000 with EQ Bank are eligible for CDIC (Canada Deposit Insurance Corporation) coverage‡‡. This insurance is across all deposit products such as GICs and the Savings Plus Account, but the extra reassurance is no surprise for those who know the reputation of Equitable Bank.

EQ Bank Customer Service

As an online-only bank, there are no EQ Bank branch locations that you can visit yourself, but if you need customer support, you can talk to a representative on the phone, through live chat, or via email from 8AM to midnight Eastern Time, 7 days a week. This is more available than most banks make their customer service representatives, and in our experience, we found the team prompt and super helpful whenever we got in touch.

Should I Go with EQ Bank?

Benefits:

  • Everyday interest, no everyday banking fees, flexible savings account
  • High interest GICs with annual or at-maturity payment
  • Funds eligible for deposit insurance through CDIC
  • Excellent customer service

Drawbacks:

  • Savings account maximum of $200,000
  • No debit card or chequing account options

Who Is EQ Bank Right For?

If you’re looking for a place to park your money safely for a short time and earn excellent interest, EQ Bank is your best bet. It can be for retirement or tax-free savings, given that it currently has RRSPs and TFSAs. Still, younger individuals without a career-long net worth will find EQ Bank’s GICs and HISA account amazing for making money using their money. Apart from steady financial growth, EQ Bank also provides the level of accessibility you would definitely want, with the rare offering of no everyday banking fees and free transactions.

Final Word

EQ Bank definitely makes up for its lack of account type variety with its strong everyday interest Savings Plus Account and GICs. With CDIC eligibility ‡‡, free transactions of all kinds and no everyday banking fees, EQ Bank is a rare and reliable bank offering a much needed high level of access and security for its users. It’s especially relevant for those who have more basic, short-term savings needs such as new families or young professionals, and is an excellent way to add a high-interest safe zone to complement their other bank accounts and credit cards.

Visit EQ Bank

* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

** Conditions Apply. For complete details and terms and conditions, please see the EQ Bank $150 Sign Up Bonus Offer Terms and Conditions.

‡ Based on research conducted by Equitable Bank comparing exchange rates and transaction fees from Wise, Canada’s ‘Big 5’ banks and Simplii Financial. Research considered comparable online global money transfer services and was conducted using the following transactions for $500 CAD: total cost to send CAD to INR in India, total cost to send CAD to USD in the United States and total cost to send CAD to EUR in France. Research took place on February 16th, 2022. Promotions excluded.
‡‡Equitable Bank is a member of CDIC, which means your deposits with Equitable Bank and EQ Bank are eligible for deposit insurance from the CDIC.

 

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Author Bio

Nate Siegel
Nathan Siegel has a professional and educational passion for finance, and is a long-time writer for GreedyRates. He follows trends in the Canadian banking sector, compares competing products, and pores over fine print to make personal finance choices easier for Canadian consumers. In his spare time he loves running, swimming, and dogs of all kinds.

Article comments

82 comments
Roy Smith says:

DO NOT BANK WITH EQ, YOUR ACCOUNT WILL BE HACKED AND YOUR MONEY STOLEN. On March 26/21 $40,000 was taken out of my account and transferred out TD Unlimited. I got a notification that a $12,900 transferred did not go through and that’s when I saw my money taken out. I contacted EQ immediately and my account was frozen, till they could find out what happened. While my account was frozen another $20,000 was taken out. I phoned again and they said it was an internal transfer and they could do nothing about it, So now I am out $60,000. I was told my computer got hacked as well as my Telus account and that’s how they took out the money. I had my computer checked out by a computer company and they told me there was no way my computer got hacked. I contacted Telus, they told me my account was not hacked. I tried contacting EQ security to tell them the information, left multiple message and never heard back from them for 9 day. I did have a few sleepless night. Finally they contacted me and they insisted my computer got hacked, even after it was all checked out. I told them perhaps the bank got hack. Oh NO, we as secure and it is my fault. The end result was I did get my money back and they told me to make sure my computer is save and if it happens again my money will not be covered. I asked them about the investigation and they would not tell me anything, other than my computer got hacked. So I took all of my money out and went to a REAL BANK. The customer service and the security at EQ is a joke, Don’t bank there.

Daniel from GreedyRates says:

Hi Roy,
What a harrowing experience. What a relief to hear that the story has a happy ending- I’m glad that you got everything back. EQ does Security Guarantee does state that you will be reimbursed if unauthorized activity is conducted on your account. I bet the independent investigation of your computer and the statement from Telus triggered the fact that you were a victim of fraud. Regardless, that’s incredibly unsettling and I hope that you sleep better knowing that your money is now safer.

Gursimran says:

Good article. Is EQ Bank required to report Account and mortgage data to credit bureaus ? I heard that the mortgages for clients do not appear on their reports, not sure it’s good or bad though..

Daniel from GreedyRates says:

Hi Gursimran,
Thanks for the kind feedback. Your best bet will be to reach out to the EQ Bank Customer Care team at 1-844-437-2265 or via their online chat to confirm (any time between 8 AM and midnight).

Steve says:

I setup an account with EQ Bank and had absolutely no issues. I talked to support twice via chat and had no better/worse experience than any other bank. I’m just using this savings account for emergency use and I don’t expect much use other than that. I won’t do any investing (or daily banking) with them but I won’t rule out a future US dollar savings account. I wasn’t too keen on the way they implement external banks accounts. I will never enter my bank credentials for my main chequing account (at a different bank) regardless of how secure they say it is. I chose to setup EQ Bank as an external bank with my other bank so I’ll push money into EQB as opposed to EQ Bank initiating the transfer. So all in all, I’m happy with their offering. An added bonus, they have email alerts for debits/credits into their account. Something surprisingly does NOT exist with a LOT of banks.

Daniel from GreedyRates says:

Hi Steve,
Thanks for sharing- appreciate your feedback, real world use case and how you found a workaround to their bank credential requirement. Glad to hear that you’ve found a useful tool to add to your financial toolbox!

Larry. says:

Surprised with all the negative comments. It is a no frills account that is for the self user and maybe the customer service isn’t that great. Signing up and depositing of funds have been seamless (to this point). If you use as a saving account with a decent interest rate and to pay bills, etransfer etc., then I think it’s worth it. There are other good no frill Canadian ebanks out there if you’re not confident going with EQ.

Daniel from GreedyRates says:

Hi Larry,
Totally agree…that’s the trouble with reviews, isn’t it? Everyone that’s happy with their experience might not take the time to leave a note about their positive experience. A no fee, self-service, no-frills savings account that you can use for your banking needs might be exactly the tool you need in your financial toolbox. Give it a try and move on if it’s not the right fit. Better to have the option than to be stuck with a traditional bank that doesn’t even try to offer the same amount of value or flexibility.

Some chick says:

Holy sponsored content Batman! You left out how often their website and app are frequently broken. Nevermind though, I’ve come here to criticize your copy not just your content. Can we please stop putting the words high and interest together? Just call it an “interest savings account” … there are plenty of “savings” accounts which laughingly offer no interest at all. EQ is a decent, middling online bank. The headline should read “EQ Bank, you could have worse”

Daniel from GreedyRates says:

Hey Some Chick,
Tough, but fair. Their interest rates could have been considered higher in the past, but these days they’re closer to everyday interest rates. Appreciate this feedback and will be sure it gets back to the team. Thanks!

Mr. Bubble-toe says:

Stay clear away from EQ mortgages. Many fall Victim because many brokers are unaware of Eq’s
Unethical tactics and behavior. They’re modern day licensed pirates.
In Short; EQ will milk you financially dry to the bone (at least with mortgages)
conclusion: greedy, and selfish, especially during a pandemic!
THEY DO NOT FOLLOW THE MARKET! there rates, are there rates!
fully warned! (they will claim they do follow the market, and when you continue to question them thoroughly, they will just lean into the saying “we’re an alternative lender” to justify there B.S.

Daniel at GreedyRates says:

Hi Mr. Bubble-toe,
Thanks for sharing and sorry to hear you had such a frustrating experience. Appreciate the warning for our readers and hope that you found the right lender to meet your needs.

Ayp says:

How to move along a transfer…customer call the relinquishing institution themselves and ask “ what’s up”
When a receiving institution like EQ has trouble getting a transfer- in, the client should after about three weeks of transfer request by receiving institution ( EQ) , call after their relinquishing institution themselves and ask for the manager to hurry along the transfer or ask why the transfer is being held up. Managers don’t like these calls from their customers because now you can solve the holdup for them if there is a valid reason, such as incorrect information on the transfer form.

Aaron Broverman says:

I agree Ayp, I usually give the same advice when there’s a payment or transfer delay. If you’re having this problem, listen to Ayp.

Christina S says:

Equitable Bank is a very greedy lender, their product feature is very complicated and intentionally confusing people to get their contract signed and then you just can’t get away from them; their customer service is very bad, their rep refused me to reach out to his manager.
It is called a Bank but they don’t have the real Bank service.
Stay away from this bank.

Aaron Broverman says:

Hi Christina,
EQ Bank is bare bones and recommended for customers who want to be left to their own devices when they bank, so their bad customer service is by design. I don’t think I would trust this more discount bank with a loan. In that case, I’d go with a bank you have a long and fruitful historical relationship with where you know the people who work there.

M Chandler says:

Wow. Their customer service is unbelievably bad. It took me about a month to open an account. Then I made an RRSP contribution, and I still don’t have my contribution slip. After promising to email it to me, they have now told me they have until the end of April to give it to me. That can’t be right. My accountant wants it now; not the last day for filing taxes. I want to close my account with them, but I’m fearful of the hassle it’s going to be.

Aaron Broverman says:

Wow M,
I think if I was you I’d be willing to go through the short-term pain of closing my account to avoid more hassle from them down the road. I would go for it. Plus if you tell them you’re closing your account, you may get your contribution slip much faster.

Dany Benjumea says:

EQ Bank is the WORST bank ever seen on my entire life. Absolutely dissapointing experience, I just regret to open an account with them. Absolutely frustrating experience in everything, bad quality customer service, junk services, etc….. NEVER OPEN AN ACCOUNT WITH THEM, You will be frustrated and obviously this article is sponsored, don´t trust in this article.

Aaron Broverman says:

Hi Dany,
I will say that EQ Bank isn’t known for its customer service. It’s actually designed as a bare bones bank for those who just want to bank online independently and be left alone. Their ideal customer is a person who knows technology, wants to be left alone and just knows what they’re doing. It’s a bare bones bank so you get bare bones attention and service. For you, I would go somewhere else. Find a bank with service you’re more accustomed to and run, don’t walk, there. Remember, EQ is designed for a very specific customer and clearly, you are not that person.

Nicole says:

The writer is certainly bias and omitting the obvious where customer service is atrocious and their web site goes up and down like a yo-yo. They never warn you in advance of any interest rate changes either. Their mobile app is limited too.

Aaron Broverman says:

Hi Nicole,
We are looking into whether we need to update this article given several recent developments and complaints about EQ Banks customer service that have come to light. If we decide to move forward, you will see your concerns reflected in the article at a later date.

KAMAL HASSAN says:

OMG. Thought I am the only one with frustrated experience and it has been more than a week and not able to transfer funds between linked accounts. Unbelievable.

KAMAL HASSAN says:

DO NOT deal with them. Nothing but disappointment dealing with customer service, Spent hours dealing with customer service and issue still not resolved. Very frustrating.

KAMAL HASSAN says:

Should have done more research and read the reviews carefully. well, still not late I plan to close my newly opened account.

KAMAL HASSAN says:

Customer Service does not exist – DO banking at your own risk!
Opened a new account week ago then converted into JOINT account It has almost a week and unable to transfer funds between linked account. Twice call customer service been advise wait couple of days. Now on call for more than 20 minutes and who knows what next

KAMAL HASSAN says:

Absolutely unhappy with EQ Bank customer service

Ron says:

They don’t have any customer service, period. Online chat doesn’t work, I’ve tried to get through by phone and give up after being on hold for over 60 minutes, and it’s been 11 days and counting for a reply to my e-mail.

KAMAL HASSAN says:

100 % agreed.

Aaron Broverman says:

Wow Ron, run away. I wouldn’t put myself through this if I were you. Time for a new account with a new bank I guess

Vic says:

It has TFSA and RRSP you have to update your report.

Aaron Broverman says:

Thanks Vic,
We will do our best to address this when we can.

Aaron Broverman says:

Thanks Vic, this has now been updated

Paul Oldfield says:

I guess the clown who wrote this has never actually dealt with EQ bank to learn that they are awful and have virtually no customer service.

Aaron Broverman says:

Hi Paul,
I think EQ Bank is really meant for people who already know what they’re doing, are technologically proficient and don’t need a ton of support. They have the “leave me alone and just give me a bank account” approach. If you want more services, I would stick with a traditional bank.

KAMAL HASSAN says:

100% agreed.

Barb Todd says:

don’t get involved with this bank. you will be on hold for 40 mins to over an hour just to talk to someone who will screen your call. Then, you will be promised call backs that don’t happen. they lose things sent to them. the most unprofessional institution I have ever dealt with.

Aaron Broverman says:

Hi Barb,
I’m really sorry that happened. EQ bank is for those who just want to be left alone to bank and don’t want or need help or assistance. It’s meant to be bare bones and very austere. Still, I understand your feelings and would not recommend EQ Bank to everyone due to the corners cut in favour of lower rates and no fees.

Joe says:

Well what do you expect it’s Montreal.

Brian says:

Just like every other bank now

Aaron Broverman says:

I guess that’s one way of looking at it Brian.

Markus says:

First things first: here is a new referral code from 2021 if somehow is interested in the 20$ bonus for new customers (you need to deposit 100$ in the first 30 days):
https://join.eqbank.ca?code=MARKUS8546

My personal experience after a few weeks: Opening the account was super fast and the 20$ bonus were available immediately after depositing the 100$. The interest rate is better than what I’ve seen at other banks (temporary promos excluded). You a no fee account with unlimited e-transfers and funding the account via a linked account (EFT) is also pretty straight forward.
However, it takes a while until the funds are “available” i.e. funds are shown in the account almost immediately after the transfer was issued and according to EQ you do get interest on them from that time on, but it takes several business days until they are marked as available and actually removed from the source account you transferred them from. So you are not able to use that money further within that time and you have to make sure to keep your source account funded with that amount.
I can also confirm that their customer service is not responsive at all. I am still waiting for a response to the email I sent when opening the account.

All in all, I think the account is great for my purposes i.e. a high interest savings account that allows me to access my money within a week. For anything that needs to be accessible faster or requires customer service I would choose another bank though.

Aaron Broverman says:

Hi Markus,
Thanks for your review of EQ Bank. It was very thorough and I’m sure our readers will find it honest, candid and very helpful.

Nicholas M says:

If you want to get taken down a rabbit hole, told you have a loan locked in then at the last minute spat out the other side then these guys are for you. They cost us so much stress, had to end up paying $20k extra and use a short term lender as equitable screwed us over. Worst.

Aaron Broverman says:

AW Nicholas man, I’m so sorry about that. We’ve been hearing nothing but complainst about EQ Bank lately. I hope you made it out of your situation ok and were able to pay back the short-term loan.

Sue says:

Their customer service is horrendous. They don’t answer the phone.

Aaron Broverman says:

Sue,
That sucks. Do you think it’s because they’re understaffed while working from home or is it that they just don’t care? Also, have you considered switching banks? If so, have you? If not, why not?

Ron says:

I have tried 10 times to set up an account, it wont take any password I have tried. Even though it exceeds their parameters for a password.

Aaron Broverman says:

Really Ron? No password? None that you can think of? Not of any length or combination? If that’s the case, I would definitely call their technical support (No matter how long it takes to get an answer) or if my time is valuable, I’d take my money to another bank with fewer hassles.

Jess says:

Aaron, I got to say that I’m finding your responses hilarious… Seriously, what a great read, love it! I think EQ may be the bank I’m looking for exactly what I want. Which is clearly the opposite of my fellow complainers. Could you just help me out with one thing, do you bank with them and is there anything I shall be concerned about? Oh and no worries I want no customer service, just an honest and easy bank to do my thing.

Aaron Broverman says:

Hi Jess,
I do not bank with them. I am just a greedyrates writer who does their research. I don’t know how honest they are, but there have been times where there entire site has been down. Often enough that they have a website http://www.eqbankstatus.ca where you can check the status of outages. Anyway, good luck.

Lyn says:

Hi Jess. My husband and I have had accts with EQ for about 5 years. We think it’s a great bank – high interest rates, web site is easy to use, and the best rates we could find for international money xfers – so it works for us. We have automated pmts coming out of our svg/chq acct for all our bill pmts. (By the way I love that it is a combined svg/chq acct so I don’t have to xfer $ from svg to chq just to pay a bill). We have accts with several other online banks and EQ definitely has the easiest process for linking to other external accts, and they let you link up to 10 external accts, which is more than any other bank we deal with. It has always been quick to xfer money to/from external accts (which we do quite often). We also have monthly scheduled xfers between our EQ and other external accts, which have always been executed on time. We have RRSP and TFSA accts with them, and have never had issues xfer’ing money in or out of these accounts, and very easy online process to buy GICs within these accts. There were comments about them not advising when rates are changing. I did not think their notification period was any shorter than other banks but they recently sent an email with about 3 weeks notice their rates are changing which I thought was lots of lead time. Maybe we have just been lucky to have had no issues, but EQ is one of our favorite online banks.

Orville Watts says:

Worst banking experience of my life
I cant even get my E-transfer back for $1000
How can nobody even answer a damn email…chat doesnt work…and I have been on the Phone for 90 mins and counting…this is soo bad.I just need help cancelling a etransfer..(code 000014061410).

Aaron Broverman says:

Oh man Orville, I’m sorry that happened to you. With COVID, customer service is even slower than it usually is (and that’s saying something). I wish we could help you but no bank will let some stranger into a bank account to manage it, even if it’s only by phone. Good luck man. Hang in there.

Anton says:

“It’s not for retirement or tax-free savings, given the current absence of RRSP and TFSAs”
Ummmm they have had TFSA’s account for a while now, but the interest rate was low, but I checked today again and they’re offering 2.30% interest again! Seems like a good deal.

Aaron Broverman says:

Hi Anton,
Glad it works for you. We have updated the article to reflect that EQ Bank now provides RRSPs and TFSAs

M Khan says:

Here is referral code : MOHARAFSAN8009

Aaron Broverman says:

Thanks M Khan,
Hopefully this works for someone.

S M Mollick says:

If l deposit say $10,000, then how much interest l will get interest after 3 months.

Aaron Broverman says:

Hi S M, if you deposit $10,000 into an EQ Bank Savings Account with a daily interest rate of 1.70% and just leave it there with no additional deposits — with the current rate of inflation (1.99%) — you can stand to earn $42.59 in interest after three months.

Andy B says:

Hi Aaron, could you explain the calculation behind the interest amount?

Aaron Broverman says:

Hi Andy,
Well now the daily interest rate has changed on EQ Bank Plus Savings Account since I wrote that first comment. Now the interest rate is 1.50% on every dollar. According to the fine print, the interest is calculated daily on the total closing balance and then paid monthly. The rate of 1.50% is an annual interest rate and is subject to change without notice (as it did)

Andy B says:

Yes I’ve noticed. But how did you arrive at the figure of $42.59 to S M’s query? How does the interest build up over the 3 months and how did you factor in the 1.99% inflation?

Aaron Broverman says:

Hi Andy,
There used to be an interest calculator on EQ Bank’s website if I remember correctly. (basically to show you how much interest you could earn in their savings account) I plugged in SM’s numbers (which already factored in the 1.99% inflation rate — the average rate of inflation between 2004 and 2020, according to the Bank of Canada) and that’s what came out. I did this a while ago and EQ bank has since updated their website.

Greg Comeau says:

I was hesitant to deposit money at first. I think I put $40 in the savings account at the beginning. Then at Christmas time I received a couple bonus checks that I wasn’t expecting. I opened the TFSA account and began moving money in. By the end of January 2021 I had moved $18300 from my RBC high interest savings account into the TFSA offering me 2.3%
On Feb 1 2021 I received a deposit from EQ banking of $24.63
I checked my RBC account and I never had this much deposited. Usually $1.09 and under. I’m presently looking at ways to have everything moved to EQ banking for my day to day banking. The service charges I pay with RBC is just money lost and additionally they pay no interest. Goodbye RBC, hello EQ Banking.

Aaron Broverman says:

Wow Greg, I’m actually glad EQ Bank worked out for someone and they decided to share their story here. Obviously, you don’t know why it worked out for you specifically but everyone else talks about bad customer service and not being able to move money properly. It sounds like you’re having just the opposite experience. I wonder what you’re doing that they’re not.

UnstoppableTravel.ca says:

The Math is relatively simple. Here is how you break it down:
Interest Rate: 1.7% per annual
Term: 3 months
Deposit: $10,000

Calculation:
1.7 / 100 – 0.017
0.017 / 12 (months) = 0.0014166666666667
0014166666666667 x 3 (months) = 0.00425
0.00425 x $10,000 = $42.50.

EQ interest rate is now 1.5% and based on the same $10,000 deposit your interest in 3 months will be $37.50

UnstoppableTravel.ca says:

I hope my calculation helped you out. On another note, the interest is then compounded earning you even more money. I did see that interest is calculated daily and that can be calculated more accurately using 365 days. That could explain why the 9 cent overage in Aaron’s calculation.

Aaron Broverman says:

You are correct UnstoppableTravel.ca. Thinking back, I definitely calculated it according to 365 days. Thanks for backing me up.

AL says:

Hi Nathan,

I have HISA with Simpli financial, gettong 2.75% which ends tonight.

where can I park my money safely and get close to 2.7% or higher.
My account is 6 figure.

Thank you

Aaron Broverman says:

Hi AL,
The next highest interest rate in Canada you can get from another major bank is 2.70% from the Scotiabank Momentum Plus Savings Account. It’s a tiered interest account that increases as follows:
0.15% + 0.50% after 90 days (total of 0.65%)
0.15% + 0.60% after 180 days (total of 0.75%)
0.15% + 0.75% after 270 days (total of 0.90%)
0.15% + 1.10% after 360 days (total of 1.25%)
You can get to 2.7% interest for a limited time if you check off certain boxes. (Ask Scotiabank for details) If you are willing to go a little lower, but want something more consistent go for a Tangerine Savings Account, which offers a consistent rate of 2.50% and you can win $250 if you open an account 24 hours after a Raptors win and are willing to deposit your payroll into the account.

NAK says:

Hi Nate
I can see that you are promoting EQ bank. I’m not familiar with they way they deal with their clients who have an account but I have a horrible experience with this bank with getting a mortgage.
Although I put 35% down payments the the interest rate was low but me, my lawyer and the mortgage broker who found them were surprise with the amount of paper work and the unreasonable questions and how picky about very simple things they ask for.
I do not want to be rude on an online comment but there is no words descries the horrible experience I had with them.
The mortgage broker and the lawyer says we never dealt with them before that why they do not know them but for sure my mortgage broker will not deal with this bank again.
Interest rate is not everything you need from the bank but you need a good and smart customer service too.
I do not recommend this bank at least for mortgage.
I did a mistake dealing with them but I have a previous good experience with RBC but My mortgage broker says let us try them.

Aaron Broverman says:

Hi Nak,
I’m sorry you had such a bad experience with EQ Bank. Maybe our readers will be more cautious thanks to your story. I’m glad you’re back with a better fit for you with RBC.

Kim says:

Place your money in a mutual fund instead – much higher interest

Mike says:

Putting money in a Mutual Fund with the current volatility in the whole word?
Giving a negative feedback base on a negative experience is definitely a valid point and even useful. Exaggeration as Revenge in comments that might lead to people losing money, its selfish and irresponsible. Educate yourself.

kim says:

Why not rather use a mutual fund! Rates are much better and you can get your money immediately!No point in placing money like this! Also their service is terrible! Rude and do not know what they are doing. Worst bank.

Bob Wen says:

Thanks for the info Nate. Do you know on which day of the month EQ pays the interest into the no fee savings accounts?

Aaron Broverman says:

Hi Bob,

Here’s what it says in the fine print of their website as of June 1, 2020 at 11:20 p.m. EST: “Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.” It doesn’t specifically say what day of the month that happens, so you’d probably have to open an account to find out.

Cathy says:

They pay the interest on the first day of the month and sometimes even a day before the first day!

Aaron Broverman says:

Cathy,
That’s great news!

Lawrence Hargrove says:

Not available in Quebec. Last time I checked, Quebec was still a Canadian province!

Jay says:

Barely..