How to Use EQ Bank Online Banking

Prerequisites

• Canadian resident aged 18 or older
• Valid government-issued photo ID (driver's license or passport)
• Social Insurance Number (SIN)
• Permanent Canadian address (no P.O. boxes)
• Email address and mobile phone number
• Initial deposit minimum: $100 for savings account
• Bank account at another institution for initial funding

Opening Your EQ Bank Account

1. Visit EQBank.ca: Go to the official EQ Bank website
2. Click "Open an Account": Start the online application process
3. Choose Account Type: Select Savings Plus Account or Personal Account
4. Provide Personal Information: Enter name, address, SIN, employment details
5. Upload ID Documents: Take photos of government ID and proof of address
6. Verify Your Identity: Complete the identity verification process
7. Review Terms: Read and accept account terms and conditions
8. Fund Your Account: Set up initial deposit via electronic transfer
9. Account Activation: Receive confirmation and login credentials

Setting Up Online Banking

1. Download Mobile App: Install EQ Bank Mobile Banking from App Store or Google Play
2. Initial Login: Use temporary password provided in welcome email
3. Set Permanent Password: Create a strong, unique password
4. Enable Security Features: Set up biometric login (fingerprint/face)
5. Add Security Questions: Choose and answer security questions
6. Verify Contact Information: Confirm email and phone number
7. Set Preferences: Choose notification and communication preferences

Maximizing Your High-Interest Savings

Setting Up Automatic Transfers

1. Link External Account: Add your primary bank account for transfers
2. Verify Account: Complete micro-deposit verification (1-2 business days)
3. Set Transfer Schedule: Choose weekly, bi-weekly, or monthly transfers
4. Determine Amount: Set realistic savings amount per transfer
5. Choose Transfer Date: Pick dates that align with your pay schedule
6. Monitor Progress: Track your savings growth in the app

Understanding Interest Calculations

• Interest calculated daily on your full balance
• Interest paid monthly on the last business day
• No minimum balance required to earn interest
• Rates may change based on Bank of Canada policy
• Tax reporting: Interest earnings reported on T5 slip

Purchasing GICs Through the App

1. Log Into Mobile App: Access your EQ Bank account
2. Navigate to GICs: Find "Investments" or "GICs" in the main menu
3. Compare Terms: Review available GIC terms and rates
4. Select GIC Type: Choose regular, cashable, or market-linked GIC
5. Choose Term Length: Select from 3 months to 10 years
6. Enter Investment Amount: Set your GIC purchase amount (minimum $1,000)
7. Set Maturity Instructions: Choose automatic renewal or transfer to savings
8. Review Purchase: Confirm all details are correct
9. Complete Purchase: Authorize the GIC purchase
10. Receive Confirmation: Get email confirmation with GIC details

Mobile Deposit Setup

1. Enable Mobile Deposit: Activate the feature in app settings
2. Read Guidelines: Review cheque deposit requirements and limits
3. Prepare Cheque: Endorse cheque with "For Deposit Only" and sign
4. Take Photos: Photograph both front and back of cheque
5. Enter Amount: Input the cheque amount
6. Review Images: Ensure photos are clear and complete
7. Submit Deposit: Send deposit for processing
8. Keep Cheque Safe: Store original cheque for 30 days

Bill Payments & Transfers

Setting Up Bill Payments

1. Access Bill Pay: Go to "Pay Bills" in the app or online
2. Add Payee: Search for and select the company to pay
3. Enter Account Information: Add your account number with the payee
4. Set Payment Amount: Enter the amount to pay
5. Choose Payment Date: Select immediate or future-dated payment
6. Set Up Recurring: Optional recurring payment schedule
7. Confirm Payment: Review and authorize the payment

Transferring Money to Other Banks

1. Link External Account: Add the receiving bank account
2. Verify Account: Complete micro-deposit verification
3. Initiate Transfer: Select "Transfer Money" in the app
4. Choose Direction: Select transfer to or from EQ Bank
5. Set Amount: Enter transfer amount
6. Schedule Transfer: Choose immediate or future date
7. Confirm Transfer: Review details and authorize

Troubleshooting Common Issues

Frequently Asked Questions