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TD Canada Trust and EQ Bank serve very different needs. TD is a full-service Big 5 bank with branches, ATMs, mortgages, credit cards, and investment accounts. EQ Bank is a digital-only bank owned by Equitable Bank that focuses on one thing: paying you significantly more interest on your money. If you're trying to decide between them — or whether to use both — this guide has the full picture.
| Feature | TD Canada Trust | EQ Bank |
|---|---|---|
| Monthly chequing fee | $10.95/mo | $0 — no fees ever |
| HISA interest rate | 0.01% | 3.00%+ (EQ Bank Savings Plus) |
| 1-yr GIC rate (posted) | ~3.65% | ~4.00%+ (market competitive) |
| 5-yr GIC rate | ~3.70% | ~3.90%+ |
| TFSA savings rate | 0.01% | 3.00%+ |
| RRSP savings rate | 0.01% | 3.00%+ |
| Branches | ~1,100 | None (digital only) |
| ATMs | ~3,500 ATMs | None (no cash withdrawals) |
| Debit card | Yes (TD Access Card) | Yes (EQ Bank Card — Mastercard) |
| Credit cards | Full lineup | None |
| Mortgages | Yes | No |
| RRSP/TFSA/FHSA | Yes | Yes (savings/GICs only) |
| E-Transfers | Yes | Yes (unlimited, free) |
| US dollar account | Yes | Yes (USD account) |
| App Store rating | 4.7 | 4.8 |
| CDIC insured | Yes | Yes (Equitable Bank member) |
EQ Bank pays approximately 300x more interest on savings than TD. On a $100 balance: TD earns ~$1/year. EQ Bank earns ~$300/year at 3%.
This is the core reason anyone compares TD to EQ Bank. TD's standard savings accounts pay 0.01% — effectively zero. EQ Bank's Savings Plus Account (their everyday account) pays 3.00%+ calculated daily, paid monthly, with no minimum balance, no lock-in, and no fees.
EQ Bank also offers competitive GIC rates — often 0.20%–0.50% higher than TD's posted GIC rates — and all accounts (RRSP, TFSA, FHSA) earn the same high rate.
On a $50,000 balance: TD earns ~$5/year. EQ Bank earns ~$1,500/year. That's a $1,495 annual difference — not trivial.
TD wins comprehensively on day-to-day banking infrastructure. EQ Bank doesn't offer a traditional chequing account with ATM access in the same way. The EQ Bank Card (a Mastercard prepaid-style card) can be used for purchases and ATM withdrawals, but EQ Bank doesn't have its own ATM network.
For daily spending, bill payments, credit cards, and in-branch service, TD is far superior. EQ Bank is designed as a savings and GIC vehicle, not a primary transactional account.
Most smart Canadians use both: TD (or another Big 5 bank) for day-to-day spending, and EQ Bank for savings and GICs where the higher rate makes a meaningful difference.
EQ Bank's GIC rates are consistently among the best in Canada from an FDIC-equivalent (CDIC) insured institution. They offer GICs for RRSP, TFSA, FHSA, and non-registered accounts. Short-term GICs (30 days to 1 year) often outpace TD's posted rates significantly.
For a $100,000 GIC at 1 year: a 0.35% rate difference adds $350 in interest. Worth checking EQ Bank before locking in anywhere.
EQ Bank wins decisively — 3%+ daily vs 0.01% at TD.
TD wins — full chequing infrastructure.
EQ Bank wins — higher rates, all registered accounts supported.
TD wins — EQ Bank doesn't offer these.
TD wins — in-branch support in multiple languages.
EQ Bank wins — 3% on student savings vs 0.01% at TD.
For day-to-day spending without TD's fees, KOHO is a strong alternative. It's free, earns up to 5% cash back, and pays interest on your balance. Many Canadians use KOHO for spending and EQ Bank for saving.
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The honest answer: most Canadians should use both.
Use TD for day-to-day banking — chequing, credit cards, mortgages, ATM access, and in-person service. Use EQ Bank for savings, GICs, and registered account savings where the 3%+ rate earns you hundreds of dollars more per year compared to leaving money at TD.
If you're choosing only one: if you need full-service banking, choose TD. If you need only savings and GICs, choose EQ Bank. If you're willing to bank digitally and don't need a traditional chequing account, EQ Bank's no-fee, high-rate model is compelling.