EQ Bank Review September 2026

Key Points About EQ Bank Review

🏦 EQ Bank is a digital-only Canadian bank offering high-interest banking with no monthly fees.
💰 Earn up to 2.75% interest on everyday banking and over 3.00% on Notice Savings Accounts.
📱 Enjoy free unlimited Interac e-Transfers, free bill payments, and a simple mobile banking experience.
💳 The EQ Bank Card includes 0.5% cashback, no foreign transaction fees, and ATM fee reimbursements in Canada.
🛡️ Deposits are CDIC insured through Equitable Bank, making EQ Bank a secure option for Canadians.

9.5

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via EQ Bank Personal Account

9.5

BestMoney Score

Cost

9.8

Experience

9.6

Flexibility

9.2

Support

9.5

BestMoney User Recommendation

BestMoney.ca User Rating

BestMoney users do not recommend this product giving it a score of -66, or 1.7 stars.

-66

-100 Negative

0

+100 Positive

The recommendation score shows how satisfied customers are with a provider. A perfect +100 means all customers recommend it, while -100 means no one does. These ratings come solely from community votes and are never affected by partner payments. BestMoney also monitors and removes fraudulent reviews once identified.

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via EQ Bank Personal Account

EQ Bank Personal Account

BestMoney.ca's take: The EQ Bank Personal Account combines everyday banking with high-interest savings, offering no monthly fees, unlimited transactions, and free ATM access across Canada.

EQ Bank Features

No Monthly Fees

Enjoy everyday banking with $0 monthly fees.

High Interest

Earn interest on every dollar in your account.

Unlimited Transactions

Send e-Transfers and pay bills with no limits.

Free ATM Access

Withdraw cash at ATMs across Canada for free.

What Is EQ Bank?

EQ Bank is the digital banking arm of Equitable Bank, a federally regulated Schedule I chartered bank that has been operating in Canada for over 50 years. The EQ Bank brand itself launched in 2016 as a low-cost, online-only alternative to traditional banking, and it has since made a name for itself by offering interest rates that left the Big Five banks looking embarrassed by comparison.

EQ Bank has attracted more than $8 billion in customer deposits despite the fact that there are no physical branches, and everything is managed online or through the mobile app. Forbes named EQ Bank as the number six bank in Canada on the World’s Best Banks 2025 list, and it has ranked among Forbes’ Best Banks in Canada for five years in a row. 

EQ Bank Account Types Explained

EQ Bank keeps its product lineup focused and practical. Here is what is available and how each account works.

EQ Bank Personal Account (Hybrid Chequing/Savings)

The EQ Bank Personal Account is the bank’s flexible hybrid chequing and savings account. It features a high interest rate, no monthly fees, and free and unlimited transfers. It’s like your everyday bank account and your savings account living in the same place. Every dollar you have sitting there is earning interest, not just the ones you park in a separate savings bucket.

Customers who add and maintain qualifying recurring direct deposits of at least $2,000 per month to a personal account or joint account are eligible to earn a bonus interest rate of 2.75% per annum. That is way more than what the big banks offer on their regular accounts, where 0.01% is still embarrassingly common.

You can open up to 8 separate accounts for spending, saving, emergencies, and everything in between and set up automated transfers between accounts so you make progress without lifting a finger. 

EQ Bank Notice Savings Account

The EQ Bank Notice Savings Account is a good option for Canadians who can plan their withdrawals in advance. Instead of taking your money out whenever you want, you give EQ Bank either 10 or 30 days’ notice before withdrawing. In exchange, EQ Bank offers two Notice Savings Accounts that currently offer up to 3.00% and 3.05% interest, respectively, which are among the highest amounts of interest available on the market. 

This account is great for emergency funds or money you are saving toward a specific goal. You are not going to dip into it tomorrow anyway, so why not earn more on it? It is also worthy of note that the EQ Bank Notice Savings Account is not available in the province of Quebec. 

Registered Accounts (TFSA, RSP)

The EQ Bank TFSA Savings Account lets your money grow completely tax-free. Any amount contributed as well as any income earned in the account is generally tax-free, even when it is withdrawn. Every eligible person accumulates contribution room annually, starting from 2009, and if you have never contributed and have been eligible since 2009, your current contribution room will be $109,000. The annual limit for 2026 remains $7,000.

The EQ Bank RSP Savings Account lets you save for retirement while deferring taxes on your contributions. The account pays 1.5% interest on every dollar you invest, and there are no fees to worry about. 

EQ Bank Interest Rates 

One of the reasons people land on an EQ Bank review is because EQ Bank’s interest rates are among the best consistently available in Canada, not just as a limited-time promotion, but as standard rates. Here is a quick snapshot of what EQ Bank currently offers:

• EQ Bank Personal Account: Up to 2.75% per annum, with direct deposit
• EQ Bank Notice Savings Account (10-day): 3.00%
• EQ Bank Notice Savings Account (30-day): 3.05%
• EQ Bank TFSA Savings Account: 1.50%
• EQ Bank RSP Savings Account: 1.50%
• EQ Bank GICs: Terms from 3 months to 10 years, with rates up to approximately 3.85% to 4.00% depending on the term

EQ Bank GICs offer very flexible short and long-term options with rates that go from 2.35% to as high as 4.00%, with terms starting as low as three months and going up to 10 years. A minimum of $100 contribution is required. 

Compare this to the big banks, where a high interest savings account might pay you 0.01% to 0.30%, EQ Bank wins on everyday savings rates. Their savings account pays meaningful interest on every dollar with no promotional gimmicks and no minimum balance, while Tangerine frequently offers promotional rates of 4–5% for a limited time before the regular rate drops to 0.50%. 

Key Features of EQ Bank

`This EQ Bank review would not be complete without walking through the features that make daily banking with EQ actually practical. Here are the standout features:

• No monthly fees: EQ Bank charges no account fees, no fees for sending or receiving Interac e-Transfers, no fees for bill payments, no overdraft fees, and no dormant account fees. Most big bank chequing accounts charge $10 to $30 per month unless you maintain a high minimum balance. With EQ Bank, you keep that money.
• Free Interac e-Transfers: You can send and receive as many Interac e-Transfers as you want at zero cost. No per-transaction fees, no cap on the number of transfers. This alone can save frequent senders a noticeable amount every month.
• ATM fee reimbursement: EQ Bank comes with the EQ Bank Card, a prepaid reloadable Mastercard. EQ Bank will reimburse you for 5 withdrawals per month, up to $5 per withdrawal, for ATM fees you are charged when using your EQ Bank card at an ATM in Canada. 
• Mobile app and digital experience: The EQ Bank app is clean, fast, and easy to use. The website is easy to follow, and it is a straightforward process to add external bank accounts. It only takes a few minutes to apply for an account. You can also link up to 10 external bank accounts, which makes it simple to move money between EQ Bank and your other financial institutions.
• EQ Bank Card perks: The EQ Bank Card pays 0.5% cashback on all purchases and has no foreign transaction fees, which is a nice bonus for Canadians who travel or shop in USD online.
• International money transfers: EQ Bank offers international money transfers at the mid-market exchange rate, making it up to five times cheaper than other Canadian banks for sending money abroad.

EQ Bank Fees Breakdown 

One of the strongest points in any EQ Bank review is how short this section is. EQ Bank runs a genuinely low-fee operation. Here is what you will and will not be charged:

• Monthly account fees: $0
• Interac e-Transfer fees: $0 (send and receive)
• Bill payment fees: $0
• Overdraft fees: $0 (EQ Bank does not offer overdraft, so there is nothing to charge)
• Dormant account fees: $0
• ATM withdrawals in Canada: Reimbursed up to 5 times per month via the EQ Bank Card
• Foreign transaction fees on the EQ Bank Card: $0
• GIC early redemption: GICs are non-redeemable, so you cannot access the funds early once the cancellation period passes. This is not a fee, but a limitation worth knowing
• TFSA transfer out fee: $0 from EQ Bank’s side (your receiving institution may charge a fee)

Pros and Cons of EQ Bank

No EQ Bank review is balanced without looking at the good and bad sides. Here’s a look at the pros and cons:

Pros of EQ Bank:

• One of the highest everyday savings rates in Canada 
• No monthly fees on any account type
• Free and unlimited Interac e-Transfers
• EQ Bank Card with ATM fee reimbursements and 0.5% cashback
• Wide range of accounts: Personal, Joint, TFSA, RSP, FHSA, Notice Savings, GICs
• GIC terms from 3 months to 10 years starting at just $100
• CDIC insured for up to $100,000 per eligible category
• Consistently rated among Canada’s best digital banks by Forbes
• Zero FX fees when using the EQ Bank Card abroad
• International money transfers at mid-market rates

Cons of EQ Bank:

• No physical branches as everything is online 
• No traditional chequing features like paper cheques or bank drafts
• Cannot deposit cash
• No credit card offering
• Several products are not available in Quebec, including the Notice Savings Account, US Dollar Account, and RRSP/FHSA accounts
• GICs are non-redeemable. Funds are locked in once the cancellation period passes
• No overdraft protection

EQ Bank vs Other Online Banks in Canada

Here is how EQ Bank stacks up against the other major players:

If you want a bank that offers many convenient banking options like a no-fee chequing account, a credit card, a personal loan, or an investment account, Simplii is the better choice. But if you want a hybrid account that offers easy access to funds but also pays a high rate of interest on your balance, EQ Bank is the best choice.

Tangerine and Simplii have a clear advantage when it comes to ATM access, since Tangerine customers get access to over 3,600 Scotiabank ATMs and Simplii customers have access to over 3,400 CIBC ATMs across Canada. But if you are mainly a digital banker, EQ Bank’s ATM reimbursement program covers most needs.

Who Should Use EQ Bank?

If you have money sitting in a big bank savings account earning next to nothing, moving it to an EQ Bank Personal Account or EQ Bank Notice Savings Account could meaningfully increase what you earn over the course of a year, with no extra risk.

Everyday banking users who have already moved away from physical branches will feel right at home with EQ Bank. Bill payments, e-Transfers, direct deposit, and the EQ Bank Card cover the majority of what most Canadians need day to day.

People avoiding fees will also appreciate EQ Bank immediately. There are no monthly account fees, no e-Transfer fees, no minimum balance requirements, and no fees for keeping an account open even if you rarely use it.

First-time homebuyers can use the EQ Bank FHSA to save for a down payment tax-free while earning competitive interest. And GIC investors who want a guaranteed rate of return and competitive yields without committing to a full brokerage account will find EQ Bank’s GIC lineup hard to beat for simplicity and rate quality.

Limitations to Consider

Being honest in this EQ Bank review requires us to flag the gaps clearly.

• No branches: If you ever need to walk into a bank to resolve an issue face to face, EQ Bank cannot help you with that. Everything is handled through the app, website, or phone support. 
• Limited full-service banking features. EQ Bank does not offer personal loans, mortgages directly to consumers through the EQ Bank brand, credit cards, or investment brokerage services. EQ Bank does not have a traditional chequing account. The Personal Account is a hybrid that handles most chequing functions but does not support paper cheques or bank drafts.
• Cash deposits are not possible. You cannot walk into anywhere to deposit cash into your EQ Bank account. Deposits happen via electronic transfer from an external bank.

Is EQ Bank Safe? 

Safety is a fair question to ask in any EQ Bank review, especially since it is a digital-only institution without the physical presence of a major bank. The answer is yes, EQ Bank is very safe. EQ Bank uses multi-factor authentication, encrypted connections, and standard fraud monitoring systems to protect your account. The platform is regularly reviewed and meets the security requirements expected of a federally regulated Canadian financial institution.

EQ Bank is a trade name of Equitable Bank, a Schedule I chartered bank regulated by the federal government. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC), and deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000 per insured category, per depositor. So if EQ Bank suddenly becomes insolvent, customers will get up to that amount of their money back. 

Real Customer Reviews and Feedback

Customer sentiment about EQ Bank in Canada is overwhelmingly positive, especially among people who made the switch from traditional banks. On the EQ Bank website, real customers share feedback like, “I can’t stomach paying monthly bank fees, that’s why I use EQ Bank. I’ve saved thousands so far!” and “EQ Bank’s high interest helped us save for our wedding. We opened an account when we got engaged last year, and we got married this week.”

The main criticisms that show up in customer feedback tend to revolve around the lack of branch access, occasional delays with linking external accounts for the first time, and the limited product range for people who also need loans or credit cards. On the whole, EQ Bank review ratings from Canadian users are strong. EQ Bank ranked highest in overall customer satisfaction among midsize banks in J.D. Power’s 2025 Canada Retail Banking Satisfaction Study. 

How to Open an EQ Bank Account

Opening an account is simple and takes less than 15 minutes from start to finish. You can open a personal account, joint account, TFSA, RSP, FHSA, or notice savings account all through the same platform. Here is how it works:

1. Go to eqbank.ca and click “Open an account.”
2. Enter your personal information like name, date of birth, address, and Social Insurance Number.
3. Verify your identity using a Canadian government-issued ID.
4. Note that a Canadian mobile phone number is required to sign up online. 
5. Fund your account by linking an existing Canadian bank account and initiating a transfer.
6. Once your first deposit clears, your account is active and earning interest.

Final Verdict: Is EQ Bank Worth It?

After going through everything in this EQ Bank review, one can say that EQ Bank is absolutely worth it for most Canadians, especially if you care about earning more on your savings without paying monthly fees to do it. EQ Bank does not have branches, it does not offer credit cards, and it is not the right fit if you regularly deposit cash or need paper cheques. But it offers high-interest everyday banking, competitive GIC rates, registered accounts, zero monthly fees, and a genuinely excellent digital experience. It’s hard to find a better combination in Canada right now.

EQ Bank is Canada’s best high-interest savings account in 2025. Between the interest rates, the fee structure, the CDIC protection, the Forbes recognition, and the J.D. Power satisfaction ranking, EQ Bank has earned its reputation. The EQ Bank Personal Account, EQ Bank TFSA Savings Account, and EQ Bank Notice Savings Account are all excellent starting points depending on what your savings goals look like.