Updated: April 2025  |  bremo.io financial guides

EQ Bank Review Canada 2025 — Is It the Best Online Bank?

EQ Bank has become one of the most recommended online banks in Canada, consistently ranking among the top options for savings rates, no-fee banking, and overall value. This review covers everything you need to know about EQ Bank in 2025.

What Is EQ Bank?

EQ Bank is the digital banking brand of Equitable Bank, a Schedule I chartered bank that has operated in Canada since 1970. EQ Bank launched in 2016 as a digital-only platform focused on providing high savings rates with minimal fees. It is CDIC-insured, making it as safe as any major Canadian bank.

EQ Bank Savings Rates

EQ Bank's Personal Account earns interest on every dollar, with the rate applied to your entire balance without tiers or minimum balances. In 2025, EQ Bank's everyday savings rate consistently sits among the highest available from any Canadian bank. Unlike many competitors, EQ Bank doesn't rely on short-term promotional rates — it aims for a consistently strong everyday rate.

EQ Bank GIC Rates

EQ Bank offers GICs for terms from 3 months to 5 years. Rates are competitive against big bank offerings and often comparable to other top online institutions. GICs can be held in registered accounts (TFSA, RRSP) as well as non-registered accounts.

EQ Bank Features

• Zero monthly fees
• No minimum balance requirement
• Unlimited free Interac e-Transfers
• Free bill payments
• TFSA and RRSP savings accounts available
• Joint accounts
• US Dollar account available
• CDIC-insured up to $100,000 per category

EQ Bank Limitations

• No physical branches
• No debit card for point-of-sale purchases (savings-focused account)
• No personal chequing account with cheques
• No ATM access (transfers required to access funds)
• No mobile cheque deposit

EQ Bank vs. Big Banks

For savings, EQ Bank wins decisively on rate and fees. A typical big bank savings account pays 0.01%–0.05% and may charge $10–$15 per month in fees. EQ Bank pays a competitive everyday rate with zero fees. The trade-off: EQ Bank isn't suitable as a primary chequing account for day-to-day transactions requiring debit card access.

How to Use EQ Bank Alongside Your Main Bank

The most common approach: keep a big bank or online bank account for daily spending and bill payments, and park your savings at EQ Bank to earn the higher rate. Link the accounts with a few days' transfer time factored in. This two-account setup costs nothing and earns significantly more on your savings balance.

Bottom Line

EQ Bank is one of the best options for Canadian savers who prioritize rate, zero fees, and CDIC insurance. Its primary limitation is being savings-focused rather than a full-service daily banking platform. For most Canadians, it's an excellent savings complement to a primary chequing account.