EQ Bank is one of Canada's best online banks for savers. It offers consistently high interest rates on its savings plus account — historically among the best available rates from any Canadian financial institution — along with competitive GIC rates and no monthly fees. Here's our full 2025 review.
KOHO combines a no-fee bank account with built-in spending tracking and budgeting. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYAEQ Bank is the digital banking brand of Equitable Bank, a federally regulated Schedule I bank in Canada. Launched in 2016, it was one of the first Canadian digital banks to offer meaningfully higher interest rates than the big five banks. It does not have physical branches — everything is managed online or through the mobile app.
Importantly, EQ Bank does not have a traditional chequing account. Instead, its Savings Plus Account functions as both a savings and chequing account — you earn high interest on your full balance while still being able to send e-Transfers, pay bills, and use a debit card for everyday spending.
| Product | Rate (approx.) | Notes |
|---|---|---|
| Savings Plus Account | ~4%+ | No minimum balance, no fees |
| GIC (1-year) | ~4.5–5% | Fixed term, CDIC insured |
| GIC (3-year) | ~4–4.5% | Fixed term, higher for longer |
| US Dollar Account | ~3%+ | Hold USD without conversion fees |
| TFSA Savings Account | ~4%+ | Tax-free savings |
| RRSP Savings Account | ~4%+ | Retirement savings |
| FHSA | ~4%+ | First Home Savings Account |
EQ Bank offers some of the best GIC rates in Canada for non-promotional periods. GIC terms range from 3 months to 5 years. All EQ Bank GICs are CDIC insured (within applicable limits). For Canadians with savings they won't need for 1–5 years, EQ Bank GICs are consistently competitive with any bank in the country.
| Feature | EQ Bank | KOHO | Tangerine |
|---|---|---|---|
| Interest rate | ~4%+ (all balances) | ~3–5% (varies by plan) | Promotional only |
| Cash back | No | Yes (1–2%) | 2% on select categories |
| Budgeting tools | Basic | Excellent | Basic |
| GICs | Excellent | No | Yes |
| Credit building | No | Yes (paid plans) | No |
| Best for | Savings, GICs | Everyday spending + budgeting | Day-to-day banking |
Many savvy Canadians use both: KOHO as their everyday spending account (for cash back, budgeting, and convenience) and EQ Bank as their savings home (for high interest on emergency fund, TFSA, and GICs). This combination delivers both spending rewards and savings growth without paying any monthly fees.
EQ Bank is Canada's best high-interest savings account in 2025. If you have money sitting in a big bank savings account earning 0.01%, moving it to EQ Bank is one of the easiest financial improvements you can make. Pair it with KOHO for everyday spending and you have a complete no-fee banking setup that pays you back on both fronts.