EQ Bank Mortgage Rates 2025 — Review

About EQ Bank Mortgages

EQ Bank (Equitable Bank's digital subsidiary) has disrupted Canadian banking since launching in 2016. Known primarily for offering Canada's highest savings rates and GICs with no fees, EQ Bank expanded into mortgages and offers some of the most competitive rates in the country through its digital-first model.

EQ Bank's Digital Mortgage Advantage

EQ Bank's digital-only model eliminates the overhead of branch networks, allowing them to pass savings on to customers through lower mortgage rates and higher deposit rates. The entire mortgage application, approval, and management process is handled online or over the phone. There are no branches to visit.

EQ Bank Fixed Rate Mortgages

EQ Bank offers competitive fixed rate mortgages with terms from 1-5 years. Their rates are frequently among the lowest in Canada for insured and conventional mortgages. EQ Bank mortgages include standard prepayment privileges: typically 20% annual lump-sum prepayments and 20% payment increases.

EQ Bank Reverse Mortgages

In addition to standard mortgages, EQ Bank is one of only two Canadian providers of reverse mortgages. Their Equitable Bank reverse mortgage competes directly with HomeEquity Bank's CHIP product, often at similar or slightly lower rates, giving seniors more choice in the reverse mortgage market.

Who EQ Bank Mortgages Are Best For

EQ Bank mortgages are excellent for: tech-comfortable borrowers who prefer digital service, those prioritizing rate over branch access, refinancers and renewers who want to maximize savings, and borrowers who already have EQ Bank savings accounts and want the convenience of one financial institution. EQ Bank is less suited for those who prefer in-person guidance or have complex financial situations requiring face-to-face consultation.

EQ Bank vs. Big Banks