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 example, Toronto-Dominion Bank (TD Bank) gives you a measly 0.05% interest 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% interest rate per year with its everyday savings account, which is much higher than any big bank in Canada.
EQ Bank GIC rates are also quite high, with the 1-year GIC rate at 5.35%.
I will give you a more in-depth look at this EQ Bank review and show you some strategies on how I use it to manage my finances and combat inflation.
High-Interest Savings Online Bank
EQ Bank is our top pick for the best online bank in Canada due to its high-interest rates for its savings accounts, GICs, TFSA and versatile EQ Bank card.
- High-interest rates on savings
- High GIC savings rates
- EQ Bank Card provides a lot of features
- No everyday banking fees
- TFSA and RSP savings are available
- No minimum balance
- Easy to use and transfer money
- Unlimited fund transfers
- International money transfers
- 24/7 customer service is available
- No physical branches
EQ Bank Review: What is EQ Bank Canada?
EQ Bank is a trademark of and owned by Equitable Bank. Equitable Bank is the ninth-largest Schedule I bank in Canada. It introduced EQ Bank as its digital banking subsidiary four years ago.
As of today, EQ Bank already has more than 370,000 customers and $7 billion in deposits.
EQ Bank Account Offerings
EQ Bank offers three primary accounts that customers can leverage and earn higher interest rates on their cash deposits in savings accounts:
- EQ Bank Savings Plus Account
- EQ Bank Guaranteed Investment Certificate (GIC) Account
- EQ Bank TFSA and RSP Savings Account
Let’s take a look at the three bank account types EQ Bank offers.
EQ Bank Savings Plus Account Review
EQ Bank’s claim to fame is its EQ Bank Savings Plus Account. This account has become a favorite among Canadians due to its competitive interest rates.
As of 2025, the EQ Bank interest rate for the Savings Plus Account is an impressive 2.45% APY, which is substantially higher than what you’ll find at most of the Big Five banks.
Here are some standout features of the Savings Plus Account:
- Free electronic funds transfers
- Free mobile check deposits
- Unlimited free Interac e-Transfers
- No monthly fees and no minimum balance requirements
- Mobile banking app access, available 24/7
- Competitive rates for international transfers
EQ Bank TFSA and RSP Account
In 2025, EQ Bank continues to offer attractive options for tax-free savings accounts (TFSA) and registered retirement savings plans (RSP), with an interest rate of 2.50% on both accounts. These accounts come with no minimum balance and zero account-keeping fees, making them an excellent choice for maximizing your savings tax-free.
EQ Bank GIC Review
EQ Bank also offers Guaranteed Investment Certificates (GICs), providing a safe and stable investment option. As of 2025, EQ Bank’s GIC rates are highly competitive, with the 1-year GIC rate currently standing at 3.25%.
Purchasing a GIC at EQ Bank is straightforward:
Use the deposited funds to purchase your GIC directly within the platform.
Open an EQ Bank Savings Plus Account if you haven’t already.
Link your external bank account and transfer funds into your EQ Bank account.
You stand to earn slightly more through a GIC than you would if you stored the same money in a savings account. GICs offer you guaranteed returns.
The EQ Bank GIC rates are extremely competitive. For example, EQ Bank’s 1-year GIC rate is 5.35%.
How to Buy a EQ Bank GIC:
- Open up a free EQ Bank Savings Plus account.
- Link your bank account and transfer money into the account.
- Purchase the GIC with the funds you transferred into it.
EQ Bank Card – A Killer Product
EQ Bank has recently come out with the EQ Bank Card, which I consider to be an excellent chequing account, savings account, and credit card hybrid.
It combines elements of all three in a way that I haven’t seen any other card in Canada do, and it does it well. Here’s how it works:
- The card acts like a chequing account because you can withdraw cash from any Canadian ATM without any fees. You can use your account for bill payments or receiving direct deposits, or international money transfers.
- The EQ Bank Card also acts like a savings account because you earn a very high 2.50% interest rate until you spend your money, which is much higher than what you could get at any traditional bank.
- It’s also an excellent travel credit card, as it’s a prepaid Mastercard and can be used like a normal credit card. The card offers a 0% foreign exchange fee when using the card. For example, if you use a typical credit card in the U.S., you are typically hit with a 2-3% foreign exchange fee. The EQ Bank card eliminates this problem.
The flat 0.5% cashback also makes it an appealing free virtual credit card. For all these features, it’s impressive that it does not have any annual fee.
How to sign up:
- Open an EQ Bank Savings Plus Account here.
- Fund your account
- Order a free card, activate the card and load the card in seconds.
EQ Bank vs. Tangerine and Other Online Banks
The trend for Canadians opting to use digital banks is that they look for higher returns on their savings. Another reason could be that they’re just tired because of the continually increasing checking account fees they have to deal with.
EQ Bank isn’t the only digital banking option that offers you a high-interest savings account. Perhaps its most well-known competitor is Tangerine. However, it has a very low savings rate of 0.10%.
EQ Bank is the clear winner for savings rate, and with the new EQ Bank card, you can use it to complete most of your banking needs now.
If you want more options, I’ve written a full review of the best high-interest savings accounts in Canada.
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.
It has partnered up with Wise, which is my favourite way to transfer money internationally as it uses the mid-market rate and will get you the best currency conversion possible.
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 above 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.
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 of up to $100,000 per account.
CDIC is also responsible for insuring the GICs purchased at EQ Bank as long as they do not exceed 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 TD, your money is losing value due to inflation. Inflation in Canada has been quite high lately, so you’d be losing a lot of value each year 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%, and the regular everyday savings rate you’ll be getting 2.50%. This helps to ensure your money isn’t losing nearly as much value over time.
EQ Bank FAQ
Q: What is EQ Bank?
A: EQ Bank is a digital banking platform operated by Equitable Bank, Canada’s ninth-largest bank. It offers high-interest savings accounts, GICs, and is known for no everyday banking fees.
Q: Does EQ Bank offer competitive GIC rates?
A: Yes, EQ Bank offers some of the best GIC rates in Canada. As of 2025, their 1-year GIC rate is particularly competitive, providing an excellent option for those looking to secure a higher return on fixed-term investments.
Q: Is EQ Bank safe?
A: EQ Bank is completely safe and legitimate. It operates under Equitable Bank, which is a federally regulated Schedule I bank and a member of the Canada Deposit Insurance Corporation (CDIC), ensuring all deposits up to $100,000 are insured.
Q: Can I open a TFSA with EQ Bank?
A: Yes, EQ Bank started offering TFSAs in 2020, providing attractive rates and the same no-fee structure as their other accounts.
Q: How does the EQ Bank Savings Plus Account work?
A: The EQ Bank Savings Plus Account is a hybrid account with features of both a savings and a checking account, offering a high-interest rate, no minimum balance, and unlimited transactions including Interac e-Transfers®, bill payments, and mobile check deposits.
Q: What are the benefits of using the EQ Bank Card?
A: The EQ Bank Card acts as a chequing, savings, and travel credit card all in one. It offers high interest on balances, no foreign transaction fees, and a 0.5% cashback on purchases, making it a versatile option for both everyday use and travel.
Q: How can I contact EQ Bank customer service?
A: EQ Bank’s customer service can be reached via phone at 1-844-437-2265 or through their Live Chat feature, available 24/7 on their website.
Q: What international money transfer services does EQ Bank offer?
A: EQ Bank partners with Wise to offer international money transfers, allowing customers to send money abroad at low rates with the mid-market exchange rate, saving significantly compared to traditional banks.
Q: How do I delete or close my EQ Bank account?
A: To close your EQ Bank account, you need to contact their customer care team either by phone or through their live chat service. They will guide you through the process and ensure all your funds are safely transferred out before the account is closed.
Q: How does EQ Bank compare to Tangerine and other online banks?
A: EQ Bank generally offers higher interest rates compared to Tangerine and most other online banks. It also provides a more comprehensive set of features, particularly with its no-fee model and the EQ Bank Card, which adds extra value for customers looking for an all-in-one banking
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 fight inflation and maintain the real value of your savings
- You want a bank account that has both chequing features, is an excellent travel credit and debit card and has very high-interest rates
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.
It’s also fantastic that EQ Bank listened to its customers and started offering a TFSA and RSP savings accounts at a very high-interest rate.
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.
The EQ Bank Card is also a versatile product that will make many Canadians’ lives easier.
Do you think you will give EQ Bank a try? You can open an EQ Bank account for free here and test it out.
2 comments
Brechin Maclean
Lots of useful and well-presented info. On your site/newsletters.
Thank you!
Christopher Liew, CFA
Thanks Brechin!