EQ Bank Review: the Best High Interest Savings Account in Canada in 2021

A comprehensive EQ Bank Review is important to help Canadians decide if this online bank is for you.

Using a high-interest savings account is a great way to earn some passive income in your personal finance journey. As I researched for best savings accounts, one company stood out to me – EQ Bank. Today, I thought it would be beneficial to fellow Canadians to write a comprehensive review of this bank to help you decide if you should give it a try.

Without further ado, here is my EQ Bank Review – 2021 edition.

Who is EQ Bank?

EQ Bank is the online-only arm of Equitable Bank. Equitable Bank is a federally regulated Schedule I Bank with over 900 employees and total assets under management of approximately $35 billion. 

Equitable Bank was founded in 1970 as The Equitable Trust Company. It is a wholly-owned subsidiary of Equitable Group Inc., whose common and preferred shares are traded on the Toronto Stock Exchange under the symbols EQB and EQB.PR.C, respectively. It is also a member of the Canadian Deposit Insurance Corporation (CDIC).

What is special about EQ Bank is that this bank operates strictly online. Because they don’t need to incur costs such as office rental, they can pass on the savings to their customers, who can then enjoy an excellent interest rate.

EQ Bank review: What products do they offer?

EQ Bank’s Savings Plus Account

Their star product is their high-yield savings account. It offers a wonderful interest rate and the flexibility of a chequing account.

The perks of this product are the following:

  • It offers one of the highest interest rates, at 1.50%*, across Canada (excluding Quebec)
  • No monthly fees and no everyday banking fees
  • No minimum balances
  • Free transactions and bill payments
  • Free Interac e-Transfers®
  • Cheap international money transfers with real exchange rates you see online

EQ Bank TFSA 

The EQ Bank TFSA is a faster and simpler way to bring you closer to your financial goals, all tax free. Whether you’re looking to put money aside for a rainy day fund, retirement savings, or any life things in between, we think saving for major milestones should be painless. Their TFSA account currently offers a 2.30% interest* and a lot more good stuff like easy online sign-up and no fees.

Open a TFSA account with EQ Bank today!

EQ Bank RSP 

EQ Bank RSP is a low-tax way to save for retirement. With 2.30% interest* and no-hassle sign-up, you can get closer to your retirement goals easier and faster.

Open your EQ Bank RSP account right away!

EQ Bank Guaranteed Investment Certificates (GICs) 

The EQ Bank GICs are designed to help grow your money faster with guaranteed high rates. You’ll have peace of mind knowing you’re making money on your money with a 100% rate guarantee and confidence that your money is protected. 

Note that if you want to To fund a TFSA, RSP and GIC, you will need to open a Savings Plus Account first.

The Signup Process

The sign-up process is very straightforward. Here are the steps. I am also going to include some pictures to walk you through the process visually.

Head to EQ Bank

To open an account, click on the link in the title. It will lead you directly to the sign-up page. No need for more googling!

EQ Bank review: home page

Click on “Set up an account” or “Join now”

You will be led to a page to sign up for EQ Bank’s service. From here, you can enter in your email address, create your password and confirm your password.

EQ Bank review: sign-up page

This will be your login information, so make sure that you list an email address that you check often, and choose a secure password.

Note that to be eligible for an EQ Bank account, you must:

  • Be a Canadian resident.
  • Meet your province’s age of majority.
  • Have your Social Insurance Number handy.

Enter your personal information

You will then be led to a page where you have to enter your personal information, such as your legal name, your address, your date of birth, etc. This is to comply with government regulations.

EQ Bank review: enter your personal information

Ready to save with EQ Bank!

After your account is approved, you will be ready to start earning a higher interest with EQ Bank!

Head to EQ Bank today and start earning one of the highest interest rates in Canada with EQ Bank’s Savings Plus Account!

EQ Bank Review: How do I communicate with the bank if I have any issues?

Being able to communicate with your bank is important. The bank has your money, after all! Although EQ Bank doesn’t have a physical location, you can still communicate with their customer service department efficiently.

The agents are available from 8 AM to midnight, Eastern Time, 7 days a week.

The bank offers the following ways to communicate with them:

  • Online chat
  • Telephone-banking: 1-844-437-2265 toll-free within North America, or 1-416-551-3449 if you are outside of North America
  • Email: contact@eqbank.ca
  • Mail

For exact details, You can head to their contact page for the exact details.

EQ Bank Review: Why should I bank with EQ Bank?

EQ Bank is convenient.

With 24/7 online access, you can check your account anytime, anywhere. They also have a mobile app that you can download from Google Play or App Store.

Your funds are secure.

EQ Bank is the online arm of Equitable Bank. Equitable Bank is a member of CDIC. This means that your funds are eligible for deposit insurance.

Is EQ Bank safe? The answer is a resounding “Yes”.

Signing up is super easy.

Just head to EQ Bank, and you can sign up within minutes.

Signing up is completely free

No hidden fees. Enough said.

You can enjoy a high everyday interest rate

EQ Bank offers one of the best online savings accounts in Canada. The EQ Bank’s Savings Plus Account helps you get the most out of your money, with no monthly fees, no minimum balances and free transactions. 

Various savings options are available

You can also choose from their TFSA, RSP, or GICs. You can fund these accounts easily with the Savings Plus account.

It is easy to transfer money.

You can transfer funds without any hassles and whenever you need to, with free Interac e-Transfers® every month and free Electronic Fund Transfers. Moving money has never been easier.

Creating joint accounts is easy

EQ Bank made opening a joint account as easy as adding a friend. In a click or a tap, you can share money with those you know and trust the most. All with online sign-up. 

Is EQ Bank for me?

Here is a simple FAQ to help you decide if EQ Bank is for you:

Are you looking to improve your interest rates on your existing savings account?

EQ Bank’s Savings Plus Account offers one of the most competitive interest rates in Canada. If you are tired of seeing your existing bank account earning next to nothing in interest, then you should consider switching to EQ Bank.

Do I plan to have some cash on hand?

A high interest rate on your savings account only makes a difference if you have some dollars sitting around.

Of course, I strongly encourage everyone to have at least 3 to 6 months of living expenses in cash as your emergency fund. Use EQ Bank’s Savings Plus Account to park your emergency money or help you reach your short-term money goal faster.

Are you comfortable with online banking?

Unlike a traditional bank, EQ Bank is a fully online bank. This means that it doesn’t have a brick-and-mortar location. You cannot walk into a bank and speak to someone in person. However, keep in mind that you still have plenty of options, such as online chats, emails and phone calls to communicate with the bank if you have any questions.

Am I technology-savvy enough to navigate through the online banking system?

Navigating an online bank may be challenging for those who lack the technical know-how. However, EQ Bank has put a lot of effort into designing the system to make it as user-friendly as possible, so it shouldn’t be a problem if you are willing to spend some time to learn.

Of course, if doing anything money-related online makes you nervous, then perhaps a bank with a brick-and-mortar location may be a better option for you.

Final Words on EQ Bank

By simply taking some time and making a few clicks, you can enjoy the high interest rate that EQ Bank has to offer. Is EQ Bank worth it if you want to give it a try? Definitely. It is a secure place to park your money and to reach your savings goal faster. You can get the most out of your money with no monthly fees, no minimum balances and free transactions.

Ready for some extra money in your pocket? Use EQ Bank and open the Savings Plus Account right away!

*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice. 

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