EQ Bank Savings Plus Account Review 2022: Unlimited Fee-Free eTransfers

Victoria Daniel

EQ Bank is a brand owned by Equitable bank, which was established in 1970 as The Equitable Trust Company. EQ Bank was launched as an online-only direct banking service in 2016. Being an online-only institution, EQ Bank is able to offer competitive accounts and services as they have a much lower overhead compared to traditional banks.

Overall rating

4.5

Summary: EQ Bank Savings Plus is a hybrid between a savings and chequing account, so you enjoy the high interest rate while being able to make online payments without fees.

EQ Bank Savings Plus

eq bank logo

$0

Min. To Earn APY

1.50%

Est. APY


Reviews

5

Account Opening

5

Fees

3

Features

4

Deposits & Withdrawals

5

Customer Service

5

Safe & Secure

Pros

  • No monthly fees
  • No minimum balance
  • CDIC Insurance

Cons

  • No ATM access
  • No Debit card
  • No physical locations

Best For

  • High interest with spending ability
  • Unlimited free transactions
  • External account linking

Features

HQToronto, ON, Canada
Deposit InsuranceYes, Up to $100,000
Monthly Fee$0
Min. To Open$0
Min. Deposit For No Fee$0
Min. Balance For APY$0
Interest CompoundedMonthly
TransactionsUnlimited eTransfers only
Province RestrictionsNot available in QE

In depth review on EQ Bank Savings Plus

EQ Bank’s Savings Plus comes with no fee and offers some of the best interest rates in Canada. This account offers a competitive rate on your entire account balance which is considerably higher than most big banks. The account also comes with free transactions which allow you to use the account as a hybrid savings and chequing account. You can make bill payments and send Interac e-Transfers® without any fees. EQ Bank also offers low fee international money transfers if you are looking to transfer funds internationally. However, this account does not come with a debit card, so you may not be able to use this as your primary account. You can also open this account as a joint account with up to two other people.

EQ Bank Savings Plus is best for

  • High APY: You can earn a higher interest rate on this account compared to traditional banks.
  • Unlimited free transactions: You can withdraw funds from the account at any time without any penalties. You can make unlimited Interac e-Transfers® or pay bills for free.
  • External account linking: Easily move money to and from non-EQ Bank accounts for free.

EQ Bank Savings Plus benefits

  • No monthly fees: EQ Bank does not charge its clients any maintenance fee for their savings plus account
  • No minimum balance: There is no minimum balance required, so you won’t incur a fee if your balance drops to $0.
  • CDIC Insurance: EQ Bank is a trademark of Equitable Bank, which is one of the biggest banks in Canada. They are also a member of the Canada Deposit Insurance Corporation (CDIC), which means that all your deposits up to $100,000 will be insured. This protection also covers your TFSA and RSP accounts.

EQ Bank Savings Plus drawbacks

  • No ATM access: EQ Bank is an online bank and has no ATMs of its own. If you are looking to get physical cash, you would have to transfer funds to another bank and then withdraw cash.
  • No Debit card: The bank does not offer a debit card to make purchases at a point of sale. However, you can pay your credit card bill, electricity or phone bills, etc.
  • No physical locations: EQ Bank does not have any physical locations. If you think you would require in-person assistance with your banking needs, this account may not be the best option for you.

Account opening

5

You can easily open a savings account with EQ Bank by visiting their website. You are required to provide a valid Social Insurance Number (SIN) and must be a Canadian citizen or resident.

In addition to that, you will also have to provide some basic information such as your name, address, date of birth, etc.

Fees

5

EQ Bank’s Savings Plus account is completely free. Users do not pay a monthly maintenance fee and are not required to maintain a minimum balance to avoid fees.

Features

3

EQ Bank’s Savings Plus account offers many features making it a great option. Some of these features are:

  • High APY
  • Free unlimited transactions
  • CDIC insurance on balance
  • Check deposit include mobile checks

Deposits and withdrawals

4

EQ Banks’s Savings Plus has a maximum balance limit of $200,000. Clients can deposit checks, send e-transfers or send Electronic Funds Transfers (EFT) to fund their account.

The lack of a debit card limits your options when it comes to withdrawing funds from your account. You cannot make any ATM withdrawals. However, you get unlimited free eTranfers with your account, so you can transfer funds to another account and withdraw cash if you would like.

Customer service

5

EQ Bank offers its clients all channels to contact customer support. You can get in touch with a customer representative on the phone, via live chat, or through email. Customer representatives are available to help between 8:00 AM and midnight EST, all days of the week.

Safe and secure

5

Equitable Bank, the parent company of EQ Bank is a member of the CDIC which insures your deposits up to $100,000. This means that in case of bankruptcy, your funds will be secure.

Additionally, EQ bank utilizes many security layers to provide you with the best product. This includes data encryption, fraud monitoring, and security questions.

Is EQ Bank Savings Plus right for you?

EQ Bank’s Savings Plus account offers users a very high-interest rate compared to other big banks. Your can withdraw funds at any time, which gives you the flexibility to use this account as a spending account while earning high interest. The unlimited free transactions and high-interest rates make it a great option if you are looking to open a savings account. However, you must be aware that not having a debit card can present some difficulties.

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