EQ Bank Online Banking
At-a-Glance
EQ Bank is Canada's challenger bank focused on providing high-interest savings accounts and GICs with no monthly fees. Known for offering some of the best interest rates in the country, EQ Bank operates entirely online and through their mobile app. With the ability to purchase Guaranteed Investment Certificates directly through the app and earn competitive returns on savings, EQ Bank is ideal for savers looking to maximize their earnings.
Key Features
- High-Interest Savings: Competitive interest rates significantly higher than big bank offerings
- No Monthly Fees: Free savings accounts with no minimum balance requirements
- Mobile GIC Purchases: Buy Guaranteed Investment Certificates directly through the app
- Digital Account Opening: Open accounts entirely online in minutes
- Mobile Deposit: Deposit cheques by taking photos with your smartphone
- Free ATM Access: Use 3,500+ ATMs across Canada with no fees
- Bill Payments: Pay bills and set up automatic payments
- Fund Transfers: Move money between accounts and to other banks
- Interac e-Transfer: Send and receive money transfers at no cost
- CDIC Insurance: Eligible deposits may be covered under CDIC rules; confirm the issuer and category
- No Hidden Fees: Transparent pricing with no surprise charges
How It Works
- Open Account Online: Complete application digitally with government ID
- Verify Identity: Provide identification documents and proof of address
- Make Initial Deposit: Fund your account via electronic transfer
- Download Mobile App: Install the EQ Bank mobile app
- Start Earning: Begin earning high interest on your deposits immediately
- Explore GICs: Compare the stated GIC rate, term, redemption restrictions and eligible deposit coverage
Fees & Limits
| Service | Fee | Details |
|---|---|---|
| Monthly fee | Free | No monthly maintenance fees on all accounts |
| Interac e-Transfer | Free | Send and receive money transfers at no cost |
| ATM withdrawals | Free | No fees at 3,500+ ATMs across Canada |
| GIC purchases | No fee | Buy GICs directly through the mobile app |
| Account closing | Free | No penalty for closing accounts |
Mobile App
The EQ Bank mobile app puts high-interest savings and GIC investing at your fingertips. Purchase GICs with just a few taps, track your interest earnings in real-time, and manage your savings goals all from one intuitive interface.
High-Interest Savings Benefits
Competitive Rates
- Interest rates typically 10-20x higher than big bank savings accounts
- Rates calculated daily and paid monthly
- No promotional rate periods - competitive rates all the time
- Rate increases passed directly to customers
No Fee Structure
- No monthly maintenance fees
- No minimum balance requirements
- No transaction limits on savings accounts
- No penalty for account closures
GIC Investment Options
- Terms from 3 months to 10 years
- Competitive GIC rates across all terms
- Purchase and manage GICs entirely through mobile app
- Automatic renewal options available
- Eligible deposits share CDIC limits with other deposits held at the same member institution
Security & Protection
- CDIC Member: EQ Bank is a trade name of Equitable Bank; eligible deposits are aggregated under CDIC rules
- Bank-Level Security: 256-bit SSL encryption and advanced security protocols
- Fraud Protection: Review current security measures, reporting duties and reimbursement conditions
- Regulated Institution: Federally regulated bank under Office of the Superintendent of Financial Institutions
- Secure Authentication: Multi-factor authentication and biometric login options
Common Tasks
- Open high-interest savings account for emergency fund
- Review GIC terms and liquidity needs before committing money for a fixed term
- Set up automatic transfers to build savings consistently
- Deposit cheques using mobile app camera
- Pay bills while earning high interest on account balance
- Transfer funds to and from other financial institutions
- Monitor interest earnings and account growth
- Compare GIC rates and terms before investing
Support & Hours
- Phone: 1-855-551-3310 (Monday-Friday 8 AM - 8 PM ET, Saturday 9 AM - 5 PM ET)
- Email: info@eqbank.ca for general inquiries
- Online Chat: Available through website during business hours
- Help Centre: Comprehensive online resources and FAQs
- Social Media: @EQBank on Twitter and Facebook
Frequently Asked Questions
How are EQ Bank's rates so much higher?
EQ Bank operates with lower overhead costs by being digital-only, and passes these savings to customers through higher interest rates. They also focus specifically on savings products rather than full-service banking.
Is EQ Bank safe and legitimate?
EQ Bank is a trade name of Equitable Bank, a CDIC member. Coverage applies to eligible deposits and is combined with other deposits at that member, subject to the coverage categories and limits. See EQ Bank’s deposit-insurance information.
Can I use EQ Bank as my primary bank?
EQ Bank works well for savings but has limited services. Many customers use it alongside a traditional bank for chequing and credit products.
How do I access my money without branches?
Use any of 3,500+ ATMs across Canada for free withdrawals, mobile app transfers to other banks, or Interac e-Transfers.
What happens to my rate if Bank of Canada rates change?
EQ Bank typically adjusts rates in response to Bank of Canada changes, usually within a few weeks of central bank announcements.
EQ Bank deposit-insurance information · CDIC coverage rules. Coverage wording reviewed October 27, 2026; other guide figures remain earlier examples.