EQ Bank Review 2023: Exceptional High-Interest Savings Account

Tired of low-interest rates from the bank you’ve been using? If you’re banking with a Big Five bank in Canada, that’s no surprise.

For instance, Royal Bank of Canada (RBC) gives you a 0.05% interest rate (April 2021 rate) in its high-interest savings account.

Enter EQ Bank as the solution to your problem of dealing with low-interest rates.

It currently offers a 2.50% Savings Rate at EQ Bank

EQ Bank TFSA and RSP Account

EQ Bank finally started offering a TFSA and RSP in 2020, and they are quickly becoming very popular options for its customers. It’s no wonder also, at it’s very high-interest rate of 3.00% Savings Rate at EQ Bank

EQ Bank International Fund Transfers

The bank offers you the chance to save up to 8x on international fund transfers. You can use it for unlimited transactions, zero minimum balance, and no everyday banking fees.

EQ Bank Login and Opening an Account

One thing I like about EQ Bank is that opening an account with the bank or buying a GIC is convenient and easy. If you are the age of maturity in your province in Canada and you’re a Canadian resident, all it takes is going to the EQ Bank website and clicking the option to “Join Now”.


That will lead you to the page where you can enter your details and get started.

The EQ Bank transit number is 19682.

Is EQ Bank Safe and Legit?

In the digital age, banking seems potentially risky, especially when you hear about cases of fraud, identity theft, hacking, etc. A crucial aspect you need to consider about the bank is whether or not it is safe.

EQ Bank is owned by Equitable Bank. Its parent is a member of the Canada Deposit Insurance Corporation (CDIC). It means your funds stored in an EQ Bank account are insured and subject to maximum coverage limitations.

CDIC is also responsible for insuring the GICs purchased at EQ Bank as long as they do not go beyond the five-year maturity term. The maximum GIC term EQ Bank offers is five years, so you don’t need to worry about that either.

How I Use EQ Bank To Manage My Finances

I use the EQ Bank Savings Account for all my short-term purchasing needs, and my emergency fund. If I know I’m going to make a purchase within two years, I will put my money in the savings account.

This is a very important part of my personal finance management, because if you put it in a regular savings account such as the one at RBC, your money is losing value due to inflation. Inflation in Canada has been around 2% per year, so you’d be losing almost that amount of value if you keep it in that very low savings account.

With EQ bank, if you put it into a TFSA you’re getting 3.00% Savings Rate at EQ Bank


Here are answers to a number of frequently asked questions about EQ Bank that can shed light on things you might be wondering about.

Q. Who owns EQ Bank?

A. EQ Bank is a subsidiary of Equitable Bank. Its parent company is a federally regulated Schedule I Bank. It is the ninth-largest Schedule I Bank in Canada with over 900 employees and more than $32 billion in assets under management. The Equitable Bank is owned by Equitable Group, listed on the Toronto Stock Exchange.

Q. Does EQ Bank offer a TFSA?

A. Currently, EQ Bank does not offer any registered accounts. It means you cannot open a TFSA or an RRSP at EQ Bank.

Q. Is there a EQ Bank TFSA or RRSP?

A. Yes, EQ Bank has made these account available in 2020. You can learn more about them here.

Q. Does EQ Bank have a mobile app?

A. EQ Bank is an online-only bank that has an app on both the Google Play and on the Apple App Store. It has an easy-to-use user interface, includes biometric verification capability, and a minimalist and user-friendly dashboard.

Q. How to Delete EQ Bank Account

A.If you want to delete or close your savings account at EQ Bank, you can simply call the EQ Bank Customer Care Team at 1-844-437-2265 or through their Live Chat at any time.

Q. What is EQ Bank’s Contact and Customer Service

A. Getting in touch with EQ Bank is quite easy and convenient. You can contact the bank through the EQ Bank Customer Care that is available on all seven days of the week from 8 am to midnight. EQ Bank’s Live Chat is available 24/7.

You can also call the bank on their toll-free number at 1-844-437-2265 in North America from 8 am to midnight on all seven days of the week.

Is EQ Bank Right For You?

There are several positive points about EQ Bank. Some qualities might not be suitable for your needs. You can consider going for EQ Bank if:

  • You want high-interest rates on a savings account
  • You want to park your money for a short time for excellent interest
  • You are simply tired of traditional low-interest savings account
  • You are tired of banking fees
  • You want to fight inflation and maintain the real value of your savings

I give it a rating of 4.8 out of 5 stars for the convenience it offers and its remarkable interest rates. It has the best high-interest rate savings account right now.

EQ Bank – Who This Bank is NOT for

The EQ Bank is not suitable for the needs of someone:

  • Who is not currently a resident living in Canada
  • Looking for long-term savings goals


EQ Bank certainly does offer you a significant advantage over other digital banks and traditional Big Five banks for its high-interest rate savings account. Its 2.50% interest rate is one of the highest of its closest peers, and it offers you decent interest rates on GICs.

It’s also fantastic that EQ Bank listened to its customers and started offering a TFSA and RSP savings account, at a very high-interest rate of 3.00% as well.

EQ bank gets a huge thumbs up from Wealth Awesome. I use it for all of my short-term savings needs, and I love the ease of use and high-interest rates it provides.

Do you think you will give EQ Bank a try? You can open an EQ Bank account for free here and test it out.

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Wealthawesome.com. Read about how he quit his 6-figure salary career to travel the world here.

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