EQ Bank Review 2026 — Canada's Best Savings Bank?

No fees, free ATM access, competitive GICs, and a USD account. EQ Bank has quietly become one of the best banking options in Canada.

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EQ Bank at a Glance

EQ Bank is the digital banking arm of Equitable Bank, Canada's 7th largest bank by assets. It launched in 2016 and has since attracted 650,000+ customers with its high interest rates and zero-fee structure.

ProductRateFee
Personal Account (savings/chequing hybrid)3.00%$0
TFSA Savings Account3.00%$0
RRSP Savings Account3.00%$0
USD Savings Account1.50% USD$0
GICs (1 year)~4.20% (varies)$0
GICs (5 year)~4.00% (varies)$0

All rates as of March 2026. GIC rates change frequently — verify current rates at EQ Bank before committing.

EQ Bank Personal Account — How It Works

The EQ Bank Personal Account is a hybrid savings-chequing account that pays 3.00% on every dollar. It's not a traditional chequing account — you don't get cheques — but it functions as one for modern Canadians:

EQ Bank GICs — Competitive Rates

EQ Bank offers some of the most competitive GIC rates among Canadian financial institutions. GICs are ideal for money you won't need for 1–5 years:

GIC TermApproximate RateMinimumType
30 days3.00%$100Non-redeemable
90 days3.50%$100Non-redeemable
180 days3.80%$100Non-redeemable
1 year4.20%$100Non-redeemable
2 year4.10%$100Non-redeemable
5 year4.00%$100Non-redeemable

GICs can be held inside a TFSA or RRSP at EQ Bank, making returns completely tax-free (TFSA) or tax-deferred (RRSP). See our best GIC rates guide for a full market comparison.

EQ Bank Pros and Cons

Pros

  • 3.00% interest on everyday balance
  • Free ATM withdrawals anywhere in Canada
  • TFSA, RRSP, USD accounts available
  • Competitive GIC rates
  • No monthly fees
  • CDIC insured
  • USD savings account (1.50%)
  • Joint accounts supported

Cons

  • Lower interest rate than KOHO (3% vs. 5%)
  • No cash back on spending beyond 0.5%
  • No credit building feature
  • No physical branches
  • GICs are non-redeemable (can't access early)
  • No mortgage or personal loan products
  • Slower customer service during peak times

EQ Bank vs. KOHO — Which Should You Choose?

Both are excellent no-fee accounts, but they serve different purposes. The ideal combination: use KOHO for daily spending (higher interest on cash + cash back rewards) and EQ Bank for savings and registered accounts (TFSA, RRSP, GICs).

Use CaseBetter Choice
Daily spending cash backKOHO
Highest interest on cash balanceKOHO (5% vs. 3%)
TFSA savings accountEQ Bank (3% tax-free)
RRSP savings accountEQ Bank
GIC investingEQ Bank
USD savingsEQ Bank (1.5% USD)
Free ATM withdrawalsEQ Bank
Credit buildingKOHO

Frequently Asked Questions

Is EQ Bank safe?
Yes. EQ Bank is the digital banking arm of Equitable Bank, a federally chartered Schedule I bank and CDIC member. Deposits are insured up to $100,000 per category. Equitable Bank has been operating since 1970.
Can I use EQ Bank as my primary bank?
For most Canadians, yes. EQ Bank handles e-transfers, bill payments, and debit card spending, and now reimburses ATM fees. The main limitations: no cheque writing, no branches, and no mortgage products directly (though Equitable Bank offers mortgages through brokers).
Does EQ Bank have a TFSA?
Yes. EQ Bank offers a TFSA savings account paying 3.00% tax-free, and TFSA GICs at competitive rates. This is one of EQ Bank's strongest features — earning a high, ongoing rate inside a TFSA is extremely tax-efficient.

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