EQ Bank: Quick Summary
EQ Bank launched in 2016 as the digital banking arm of Equitable Bank — a federally regulated Schedule I bank in Canada. It disrupted the Canadian banking landscape by offering savings interest rates far above the Big Six, with zero monthly fees and full CDIC deposit insurance. As of 2026, EQ Bank remains one of the best places in Canada to park savings, hold GICs, and access registered accounts.
EQ Bank is not a fintech startup — it's a real bank, directly CDIC insured, with the full regulatory oversight of a Canadian Schedule I bank. Your deposits up to $100,000 are protected by the Canada Deposit Insurance Corporation.
🏆 EQ Bank Verdict 2026
EQ Bank earns a strong 8.8/10 and is Canada's top savings account destination in 2026. No other federally regulated bank consistently offers 4%+ on no-fee savings accounts. The addition of TFSA, RRSP, and competitive GICs makes it a complete savings and investment vehicle.
The main limitation: EQ Bank is not designed as a daily spending account. For everyday transactions, groceries, and transit, pair EQ Bank with KOHO — which offers cash back on every purchase at zero monthly cost.
Is EQ Bank Safe?
Yes. EQ Bank is the digital brand of Equitable Bank, a federally regulated Schedule I bank chartered under the Bank Act of Canada. Your deposits are directly insured by CDIC (Canada Deposit Insurance Corporation) up to $100,000 per depositor per insured category. EQ Bank has operated since 2016 without any significant issues and is overseen by the Office of the Superintendent of Financial Institutions (OSFI).
EQ Bank vs Big Six Banks — Savings Rate Comparison
EQ Bank's 4%+ savings rate dwarfs what the Big Six banks offer on standard savings accounts. TD, RBC, Scotiabank, CIBC, BMO, and National Bank all offer between 0.01% and 1.00% on standard savings accounts. To earn above 1% at a Big Six bank, you typically need a promotional rate that expires after 90-180 days. EQ Bank's rate is ongoing — no teaser rate games.
EQ Bank GICs — Are They Worth It?
EQ Bank's GIC rates are consistently among the top 3-5 in Canada. A 1-year GIC at 4.50%+ is genuinely competitive — especially for money you know you won't need for a year. TFSA GICs combine the tax-free benefit of a TFSA with guaranteed GIC returns, making them an excellent place for medium-term savings goals.
The EQ Bank + KOHO Strategy
The optimal Canadian banking setup in 2026 for most people: use KOHO Essential (free) for all daily spending to earn 1% cash back on groceries and 0.5% on everything else. Direct deposit your paycheque to KOHO. Each month, transfer your savings amount to EQ Bank's Savings Plus Account or TFSA to earn 4%+. You pay $0 in fees, earn cash back on purchases, and earn top-of-market interest on savings.