Canada's highest no-catch savings rate at 3.00%. No fees, no minimums, TFSA, RRSP, and GICs. Is EQ Bank Canada's best online bank?
EQ Bank is the digital banking division of Equitable Bank, one of Canada's Schedule I chartered banks. Unlike many Canadian online banks that are subsidiaries of big banks, EQ Bank is backed by a separate chartered bank with its own CDIC membership. This means full CDIC deposit insurance up to $100,000 per category — Personal Account, TFSA, RRSP, and GICs are each insured separately.
EQ Bank launched in 2016 with a mission to challenge traditional banking by offering high savings rates with zero monthly fees. Today, EQ Bank has over 600,000 customers across Canada and consistently offers the best everyday HISA rate of any major Canadian bank at 3.00%.
There is no catch. EQ Bank's Personal Account earns 3.00% on every dollar, every day. No minimum balance to earn the rate. No introductory period. No conditions. No withdrawal restrictions. The 3.00% is simply EQ Bank's standard interest rate — maintained consistently because EQ Bank has lower overhead than traditional banks with branches.
Compare this to RBC or TD, which typically offer 0.01% on savings accounts — that's 300x less than EQ Bank's rate. On $50,000 in savings, EQ Bank generates $1,500/year vs. $5 at a big bank.
EQ Bank's flagship product. No monthly fees, no minimum balance, unlimited Interac e-Transfers (free), free bill payments, and 3.00% everyday interest. Acts as both a savings and chequing account (no physical card, but excellent for transfers). Best for savings parking, emergency funds, and general savings goals.
Earn 3.00% inside a TFSA — all interest completely tax-free. The most powerful savings vehicle in Canada. TFSA room in 2025 is $95,000 cumulative. $95,000 at 3.00% = $2,850/year in tax-free interest. No fees, CDIC insured separately from Personal Account up to $100,000.
Earn 3.00% inside your RRSP. RRSP contributions are tax-deductible. The 3.00% rate is one of the highest available for a savings-style RRSP. Perfect for parking RRSP funds before deciding on longer-term GIC investments. CDIC insured separately up to $100,000.
EQ Bank offers GICs for 3-month to 5-year terms. Rates vary and may exceed the 3.00% savings rate on longer terms. GICs are CDIC insured. Ideal for investors who want guaranteed returns and don't need immediate access to funds. Available inside TFSA, RRSP, or unregistered accounts.
EQ Bank launched a physical Visa debit card giving users access to their savings balance for everyday purchases. Earn 0.5% cashback on purchases. No FX fees on international purchases. Available to EQ Bank Personal Account holders — addressing one of EQ Bank's previous limitations.
| Feature | EQ Bank | KOHO | Tangerine | Simplii |
|---|---|---|---|---|
| HISA Rate | 3.00% | Interest on balance | 0.50% (5% promo) | 0.40% |
| Monthly Fee | $0 | $0–$19 | $0 | $0 |
| TFSA | Yes — 3.00% | No | Yes | No |
| RRSP | Yes — 3.00% | No | Yes | No |
| GICs | Yes | No | Yes | No |
| Cashback | 0.5% (card) | Up to 5% | 2% (3 cats) | No |
| Sign-Up Bonus | — | $100 | Varies | Varies |
| CDIC Insured | Yes (direct) | Yes* | Yes | Yes |
| Physical Card | Yes (Visa debit) | Yes (Visa prepaid) | Yes | Yes |
EQ Bank is Canada's best online bank for savings in 2025. No other major Canadian institution consistently offers 3.00% everyday on a no-fee savings account. The addition of TFSA and RRSP accounts at the same 3.00% rate, plus competitive GICs and the new Visa debit card, makes EQ Bank a near-complete banking solution. Our recommendation: use EQ Bank as your savings hub (Personal Account + TFSA + RRSP) and pair with KOHO for everyday spending and cashback. Get the best of both worlds.