EQBank Accounts Canada 2018
EQ Bank Canada is the online banking version of the well-known Equitable Bank. While EQBank is a fairly new arrival to the banking scene, it’s backed by Equitable Bank’s long and reliable reputation.
EQ Bank has been making waves for its EQ Savings account, which offers one of the highest interest rates in Canada. It’s not just EQ bank rates that have people talking—no fees and unlimited transactions are attractive too. Here’s an in-depth look at EQ Bank Canada’s popular EQ Bank Savings Plus account.
EQ Bank Savings Plus Account
- High interest rate of 2.30%
- No tiered interest rates
- No minimum balance
- No monthly fees
- Free, unlimited day-to-day transactions
The standout feature of the Savings Plus Account is its massive interest rate. And unlike a lot of other high-interest savings accounts, everyone gets the same high rate with no minimum balance. Interest is calculated daily and paid monthly.
Another major perk is that customers don’t have to pay any monthly fees. There are also no fees for bill payments, EFT transfers, or standard day-to-day transactions.
EQ Bank calls this the Savings Plus account because you can do more with it than simply save your money. Unlimited bill payments and day-to-day transactions make this EQ Savings account highly versatile. Although there’s no debit card, you can easily access your money by linking your Savings Plus account with your regular checking account. Free EFT transfers to your checking account are unlimited and take up to 2 business days, or you can use your 5 free Interac transfers each month to get your money in just 30-60 minutes. It’s an ideal account for those looking to get more interest for their money, but who don’t want to lock their money away for several months.
Other EQ Bank Rates
For savers who want to earn an even higher rate of interest and are happy to stash their money away for longer periods of time, EQ Bank offers GIC accounts. The interest rate rises with your term of investment:
- 2.35% interest on terms of up to 9 months
- 2.80% for a term of 1 year
- 3.01% for 3 years
- 3.52% for 5 years
The minimum investment period is 3 months, and there’s a minimum deposit of $100. You can invest up to $500,000, and for longer-term investments, you can choose whether you want your interest paid on maturity or annually.
About EQBank Canada
EQ Bank is a branch of Equitable Bank Canada, Canada’s 9th largest independent bank, which was established in 1970. Equitable set up EQ Bank in 2016 to offer a better, online-only banking experience.
As an online-only bank, EQ Bank is able to provide banking services without any monthly fees, and with higher savings interest rates than traditional banks. So far, EQ Bank only offers two products—a GIC savings account and a Savings Plus account—but both accounts stand out for their high interest rates and low fees.
EQ Bank brings more advantages than just low fees and high rates. 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. There are no branch locations, 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.