EQ Bank for Newcomers to Canada 2026

EQ Bank for Newcomers: 2026 Review

EQ Bank is Canada's leading digital bank for savings and everyday banking. It charges $0 in monthly fees, offers some of the highest interest rates on savings in Canada, and is available to all permanent residents. For newcomers who want to maximize the return on their Canadian savings, EQ Bank is an essential tool.

Note: EQ Bank is not available to temporary residents (work permit holders, international students) — you must be a Canadian permanent resident or citizen to open an account.

🏦 KOHO for Day-to-Day, EQ Bank for Savings

For newcomers: use KOHO as your free everyday spending account, and EQ Bank as your high-interest savings account. Together they replace most paid bank products at zero cost.

Open KOHO Free — Code 45ET55JSYA

EQ Bank Products for Newcomers

Product	Rate (2026)	Fees	Notes
Personal Account (savings)	~3%	$0	Unlimited transactions, no minimum
TFSA Savings Account	~3%	$0	Tax-free growth, use 2026 room
RRSP Savings Account	~3%	$0	Tax-deductible contributions
US Dollar Account	Competitive USD rate	$0	Hold USD savings
GICs (1–5 year)	4–5%+	$0	Lock in high rates
FHSA	~3%	$0	First Home Savings Account for PR homebuyers

How to Open an EQ Bank Account

Visit eqbank.ca
Click "Open an Account"
Provide your name, address, SIN, and date of birth
Complete identity verification (scan of government ID)
Account is typically approved within minutes to 1 business day
Fund by Interac e-Transfer from another Canadian bank account (free)

Important: You must have a SIN and be a permanent resident or Canadian citizen. Temporary residents are not eligible for EQ Bank. If you're on a work permit or study permit, open KOHO instead for a fee-free account.

Why EQ Bank's Interest Rates Matter for Newcomers

Big 5 bank savings accounts typically pay 0.01–0.05% interest — essentially nothing. EQ Bank's 3%+ rate means your savings actually grow:

$100 in a TD savings account at 0.01% = $1/year
$100 in EQ Bank at 3% = $300/year
$100 in an EQ Bank GIC at 4.5% = $450/year, guaranteed

For newcomers building an emergency fund ($100–$30,000), the difference over 2–3 years can be $1,000–$3,000 in extra interest. This is money your bank account would otherwise silently lose to inflation.

TFSA Strategy for Newcomers at EQ Bank

The TFSA (Tax-Free Savings Account) is one of Canada's most powerful financial tools. Growth and withdrawals are completely tax-free. As a newcomer:

You accumulate TFSA room from the later of: January 1, 2009 OR the year you became a Canadian resident
The 2026 annual TFSA limit is $7,000
Your total available room depends on when you arrived in Canada
Check your available contribution room on CRA My Account

Open a TFSA at EQ Bank immediately after becoming a PR. Park your emergency fund and short-term savings here to earn 3%+ tax-free.

Frequently Asked Questions

Can a newcomer on a work permit open EQ Bank? +

No. EQ Bank requires you to be a Canadian permanent resident or citizen. Work permit holders and international students are not eligible. Consider KOHO, Simplii Financial, or a Big 5 bank account instead, which are open to all residents regardless of immigration status.

Is EQ Bank CDIC insured? +

Yes. EQ Bank (Equitable Bank) is a Schedule I Canadian chartered bank and a CDIC member. Deposits are insured up to $100,000 per depositor category. Your savings are as safe as any Big 5 bank.

Can I have both EQ Bank and a Big 5 bank account? +

Absolutely — and this is the recommended strategy. Use a Big 5 bank for your chequing account (salary deposits, bill payments, cheques, branch access). Use EQ Bank for savings, TFSA, RRSP, and GICs. Use KOHO for everyday spending cash back.

🇨🇦 Best Bank for Newcomers to Canada

KOHO accepts newcomers with no credit history required. Get a free Visa prepaid card, earn cash back, and start building your Canadian credit profile. No monthly fees.