RBC Royal Bank is Canada's largest bank — full-service, nationwide branches, the Avion travel rewards program, and a strong investing platform. EQ Bank is a digital-only bank (owned by Equitable Bank, CDIC insured) that pays 3%+ daily on savings and offers competitive GIC rates. Comparing them is really asking: do you need full-service banking, or are you leaving a lot of interest on the table at RBC?
| Feature | RBC Royal Bank | EQ Bank |
|---|---|---|
| Monthly fee | $4.00–$30.00/mo | $0 — forever free |
| HISA rate | 0.01%–0.05% | 3.00%+ (daily) |
| TFSA savings rate | 0.01% | 3.00%+ |
| RRSP savings rate | 0.01% | 3.00%+ |
| FHSA savings rate | 0.01% | 3.00%+ |
| 1-yr GIC (posted) | ~3.65% | ~4.00%+ |
| 5-yr GIC | ~3.70% | ~3.90%+ |
| Branches | ~1,200 | None |
| ATMs | ~3,500 | None (use EQ Bank Card) |
| Debit card | Yes | Yes (EQ Bank Mastercard) |
| Credit cards | Full lineup (Avion, etc.) | None |
| Mortgages | Yes | No |
| Investing | RBC Direct Investing + InvestEase | No |
| USD account | Yes | Yes |
| App Store rating | 4.8 | 4.8 |
| CDIC insured | Yes | Yes (Equitable Bank) |
This is not a small difference. RBC pays essentially nothing on savings. EQ Bank pays a meaningful daily interest rate that compounds monthly. For Canadians with $100–$100,000 sitting in savings, moving to EQ Bank for savings while keeping RBC for daily banking is one of the single highest-ROI financial moves available.
EQ Bank's Savings Plus Account (the core product) has no minimum balance, no lock-in period, and no fees. Withdrawals go back to your linked RBC (or other bank) account via e-Transfer or direct transfer within 1–2 business days.
RBC wins on every dimension of transactional banking. The EQ Bank Card is a functional everyday spending card, but EQ Bank cannot replace the full RBC experience — no branches, no ATM network, no credit cards, no mortgages.
EQ Bank works best as a complement to your existing bank account. Keep RBC for spending, credit cards, and any products that require a full-service bank. Move savings to EQ Bank to earn 3%+.
EQ Bank's GIC rates are among the best available from CDIC-insured institutions. Their short-term GICs (30-day to 1-year) are typically 0.20–0.50% higher than RBC's posted rates. For registered account GICs (TFSA, RRSP, FHSA, RRIF), EQ Bank is often the better choice on rate alone.
Always compare GIC rates before locking in at RBC. EQ Bank's rates are transparent, non-negotiable, and published daily.
EQ Bank wins by a huge margin — 3% vs 0.01%.
EQ Bank wins — higher rates, all registered accounts supported.
RBC wins — full infrastructure.
RBC wins — Avion is unmatched among Canadian bank programs.
RBC wins — EQ Bank doesn't offer mortgages.
EQ Bank wins — free, 3%+ on any balance.
KOHO bridges the gap between RBC and EQ Bank for everyday spending — it's free, earns up to 5% cash back, and pays interest on balances. Many Canadians use KOHO for spending, EQ Bank for saving, and RBC only for mortgages and credit cards.
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Most Canadians should use both. Keep RBC for daily banking, credit cards, mortgages, and the Avion rewards program. Move your savings and GICs to EQ Bank to earn 3%+ instead of 0.01%. There's no penalty for having both accounts.
If you must choose one: for full-service banking, choose RBC. For pure savings and GICs, choose EQ Bank. The opportunity cost of leaving savings at RBC over EQ Bank can exceed $1,000+ per year for typical Canadian savings balances.