EQ Bank Savings Account Review Canada 2025

EQ Bank consistently offers Canada's best savings rates — 2.5% to 3% with no fees. Here's everything you need to know.

What Is EQ Bank?

EQ Bank is the digital banking arm of Equitable Bank, a federally chartered Schedule I bank that has operated in Canada since 1970. Unlike most fintech apps that partner with banks to hold deposits, EQ Bank IS the bank — meaning deposits are directly CDIC-insured without any intermediary. EQ Bank launched in 2016 and has grown to serve hundreds of thousands of Canadians seeking better savings rates.

EQ Bank Personal Account — Key Features

Feature	Details
Monthly Fee	$0
Savings Rate	2.5%–3% (varies by account activity)
GIC Rates	Up to 5%+ (term dependent)
Minimum Balance	$0
CDIC Insurance	Yes (direct member)
Interac e-Transfer	Free, unlimited
Bill Payments	Free, unlimited
International Money Transfers	Yes (via Wise)

EQ Bank Savings Rate vs. Canadian Banks

Institution	Regular Savings Rate
EQ Bank	2.5%–3%
KOHO	Up to 5% (promotional)
Neo Financial	2.25%
Tangerine	0.10%
TD Canada Trust	0.01%
RBC	0.01%
BMO	0.01%

The difference is stark. At 3% vs. 0.01%, on a $100 balance EQ Bank earns $300/year compared to $1/year at a big bank. Over 10 years compounded, this difference is thousands of dollars.

EQ Bank GICs

EQ Bank's Guaranteed Investment Certificates (GICs) are among the most competitive in Canada. Terms range from 3 months to 5 years, with rates often exceeding 5% on 1-year terms. EQ Bank GICs are directly CDIC-insured up to $100,000 per depositor category, making them one of the safest high-yield savings vehicles available to Canadians.

EQ Bank US Dollar Account

EQ Bank also offers a US Dollar Account for Canadians who frequently transact in USD. It earns interest in US dollars with no monthly fees and competitive exchange rates compared to traditional banks. This is ideal for freelancers, investors, or frequent cross-border shoppers.

EQ Bank Limitations

• No debit card or Visa/Mastercard for everyday spending
• No cash deposits or withdrawals at branches (online only)
• No credit cards offered
• Transfers to other accounts can take 1–2 business days
• No joint accounts (individual accounts only)

Who Is EQ Bank Best For?

EQ Bank is ideal for Canadians who want to maximize interest on savings and GICs. It works best as a savings vehicle alongside a primary spending account like KOHO. Use KOHO for daily spending (earning cash back), then transfer savings to EQ Bank for consistently high interest rates. This combination gives you the best of both worlds: cash back on spending + strong returns on savings.

Is EQ Bank Safe?

Yes. EQ Bank is operated by Equitable Bank, a Schedule I chartered bank and direct CDIC member. Your deposits are insured up to $100,000 per depositor category. Unlike fintech apps that hold deposits through partner banks, EQ Bank holds deposits directly — the same as any major Canadian bank.