EQ Bank has established itself as Canada's leading high-interest savings bank. Owned by Equitable Bank (a Schedule I Canadian chartered bank), EQ Bank offers consistently competitive savings rates with no monthly fees and strong everyday banking functionality. This review covers everything you need to know about EQ Bank in 2025.
EQ Bank is the digital banking arm of Equitable Bank, one of Canada's Schedule I chartered banks. Unlike the Big 5, EQ Bank operates entirely online — no branches — which allows it to offer better rates and lower fees by eliminating the overhead of physical locations. Deposits are CDIC insured.
The EQ Bank Personal Account is the cornerstone product. It functions as a hybrid chequing/savings account that earns among Canada's best savings rates on every dollar in the account.
EQ Bank extends its competitive rates to registered accounts, making it one of Canada's best options for:
| Bank | Standard Savings Rate | Monthly Fee |
|---|---|---|
| EQ Bank | Among Canada's highest | $0 |
| TD | Very low | $0 for savings account |
| RBC | Very low | $0 for savings account |
| BMO | Very low | $0 for savings account |
| CIBC | Very low | $0 for savings account |
Yes. EQ Bank is owned by Equitable Bank, a federally regulated Schedule I bank. Deposits are CDIC insured up to $100,000 per category. EQ Bank has been operating since 2016 and has grown to hold billions in deposits from hundreds of thousands of Canadians.
EQ Bank Ideal For:
EQ Bank is the best choice for Canadian savers who want to maximize interest income without paying fees. Its consistent rate leadership and full CDIC insurance make it trustworthy and effective. Most Canadians should have at least their emergency fund at EQ Bank and consider its TFSA for registered savings growth.
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