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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.
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.
Deposits & Withdrawals
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|HQ||Toronto, ON, Canada|
|Deposit Insurance||Yes, Up to $100,000|
|Min. To Open||$0|
|Min. Deposit For No Fee||$0|
|Min. Balance For APY||$0|
|Transactions||Unlimited eTransfers only|
|Province Restrictions||Not available in QE|
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.
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.
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.
EQ Bank’s Savings Plus account offers many features making it a great option. Some of these features are:
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.
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.
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.
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.