EQ Bank vs BMO 2026: Which Is Better?

Side-by-Side

EQ Bank vs BMO — Feature Comparison

Every major feature compared. Green cells indicate the better value.

	EQ Bank	BMO
Signup Bonus	None	None (occasional $200–$350 promos)
Monthly Fee	$0	$6.95–$30.00/month
Cash Back	0.5% cash back via EQ Bank Card	Via BMO credit cards
Credit Check	Soft check only	Hard credit check for most products
Savings Interest	3.00%+ (market-leading)	0.01–0.05% standard
Credit Building	No	Yes — credit card products
Mobile App	⭐⭐⭐⭐ (4.3 App Store)	⭐⭐⭐⭐ (4.2 App Store)
CDIC Protected	Yes — EQ Bank is a CDIC member	Yes — CDIC member

Deep Dive

Pros & Cons

The key strengths and weaknesses of each account.

EQ Bank

High-interest savings and EQ Bank Card

Pros

Among the highest savings rates in Canada
No monthly fees
Free Interac e-Transfers
0.5% cash back on EQ Bank Card
GIC products available
CDIC insured

Cons

No signup bonus
No credit building
Limited cash back
No physical debit card initially (card separate)

BMO

Big 5 bank with full branch and ATM network

Pros

Full branch + ATM network nationwide
Complete product suite (mortgages, investments)
BMO InvestorLine for self-directed investing
CDIC insured
Strong mortgage products
Multiple account types

Cons

Monthly fees up to $30
No free signup bonus on chequing
Low savings interest
Hard credit check required

Our Verdict

Which Is Better: EQ Bank or BMO?

🏆 Winner: EQ Bank

EQ Bank wins for most Canadians in 2026

EQ Bank edges ahead for most Canadians because it charges no monthly fees.

Signup bonus: Neither EQ Bank nor BMO offers a significant cash bonus — consider KOHO ($80 free) or Neo ($50 free) instead.
No monthly fees: EQ Bank wins — it's free. BMO charges up to $6.95–$30.00/month.
Savings interest: EQ Bank offers 3.00%+ (market-leading) vs. BMO's 0.01–0.05% standard.
Credit building: BMO wins — it offers credit building tools. EQ Bank does not.
Mobile app: EQ Bank rates ⭐⭐⭐⭐ (4.3 App Store) vs. BMO's ⭐⭐⭐⭐ (4.2 App Store).
Branch access: BMO wins for those who need in-person banking. EQ Bank is online-only.

Get Started

Open Your Account Today

Compare both options and claim any available signup bonuses below.

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Bonus: None (occasional $200–$350 promos)
Fee: $6.95–$30.00/month

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FAQ

EQ Bank vs BMO: Common Questions

Is EQ Bank better than BMO in 2026?

It depends on what you need. EQ Bank (High-interest savings and EQ Bank Card) vs BMO (Big 5 bank with full branch and ATM network). For a signup bonus, EQ Bank offers None while BMO offers None (occasional $200–$350 promos). For monthly fees, EQ Bank charges $0 vs BMO's $6.95–$30.00/month. See the full comparison table above for a complete breakdown.

Does EQ Bank or BMO offer a signup bonus?

EQ Bank signup bonus: None. BMO signup bonus: None (occasional $200–$350 promos). If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.

Are EQ Bank and BMO CDIC insured?

EQ Bank: Yes — EQ Bank is a CDIC member. BMO: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.

Can I have both EQ Bank and BMO accounts at the same time?

Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both EQ Bank and BMO to take advantage of each account's best features.

What is the monthly fee for EQ Bank vs BMO?

EQ Bank monthly fee: $0. BMO monthly fee: $6.95–$30.00/month. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.

Which has better cash back: EQ Bank or BMO?

EQ Bank cash back: 0.5% cash back via EQ Bank Card. BMO cash back: Via BMO credit cards. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.

EQ Bank vs BMO in 2026