⚡ EQ Bank in a nutshell
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Consistently the highest savings rate among major Canadian banks. EQ Bank's Savings Plus Account has consistently offered the highest savings rate available from a Schedule I chartered bank in Canada — typically 1.5–2.5× the rate offered by the Big 5 banks.
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No monthly fee — ever. $0 monthly maintenance fee, no minimum balance, no transaction fees for Interac e-Transfers. The most genuinely fee-free banking in Canada.
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CDIC insured — $100,000 per depositor per category. Equitable Bank is a CDIC member. Deposits (savings, GICs) are insured up to $100,000 per depositor per CDIC deposit category — more categories available through joint account, TFSA, RRSP structuring.
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GICs with competitive rates. EQ Bank GICs (Guaranteed Investment Certificates) offer some of the most competitive fixed rates in Canada — ideal for locking in returns on funds you won't need for 1–5 years.
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Best Canadian digital banking app for savings. Consistently high ratings — clean interface, Interac e-Transfer, bill pay, and US Dollar account accessible within the app.
⚠️ What to watch out for
- ⚠ No physical branches — online only
- ⚠ No chequing account (bill pay and Interac e-Transfer function similarly but no cheques)
- ⚠ No investing or brokerage — savings and GICs only (plus EQ Bank mortgage products)
- ⚠ CDIC covers $100,000 per depositor per category — large depositors should structure accounts across multiple institutions
- ⚠ No debit card for point-of-sale transactions
WhichBrokr Category Ratings
Overview
EQ Bank launched in 2016 as the digital banking brand of Equitable Bank — a Schedule I Canadian chartered bank and TSX-listed company (EQB). The Savings Plus Account launched with a headline rate that was the highest available in Canada at the time, and EQ Bank has maintained its position at the top of Canadian savings rates ever since.
Equitable Bank is regulated by OSFI (Office of the Superintendent of Financial Institutions — Canada's primary federal banking regulator) and is a member of CDIC (Canada Deposit Insurance Corporation). Deposits at EQ Bank are backed by the same CDIC protection as deposits at any of Canada's Big 5 banks — a full Schedule I chartered bank, not a credit union or trust company.
EQ Bank is not a full-service bank: there is no debit card for retail spending, no branch network, and no brokerage or investing products. Its purpose is to be Canada's best place for savings and GIC deposits, and it fulfils this purpose extremely well.
Pros & Cons
✅ Pros
- Consistently highest savings rate among Canadian chartered banks
- No monthly fee, no minimum balance, no transaction fees for e-Transfer
- CDIC insured (Equitable Bank is a Schedule I chartered bank)
- TSX-listed parent (EQB) — financial transparency
- Competitive GIC rates — best in Canada on many terms
- US Dollar Account available — hold USD at a competitive rate
- Clean, simple mobile app
❌ Cons
- No debit card for retail purchases
- No physical branches
- No investing or brokerage products
- No chequing account (functional e-transfer alternative)
- CDIC limits require structuring for large depositors
- Not suitable as sole banking platform
🔍 Broker Audit Report
A structured assessment across 5 pillars — regulation, tax/legal, costs, features and platform accessibility. Updated July 2026.
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1. Legal Entity & Capital Protection
Equitable Bank — Schedule I chartered bank
Entity
EQ Bank is a trade name of Equitable Bank — a Schedule I Canadian chartered bank. CDIC member. OSFI regulated. TSX: EQB.
CDIC Insurance
$100,000 per depositor per CDIC deposit category. Categories: deposits not in registered accounts; TFSA deposits; RRSP deposits; RRIF deposits; RESP deposits; joint deposits. Multiple categories allow structuring above $100,000 with CDIC coverage.
Regulatory Standing
OSFI regulated — same federal banking regulator as the Big 5 Canadian banks. Not a credit union or trust company — a full Schedule I bank.
Financial Strength
TSX: EQB — quarterly earnings reporting. One of Canada's fastest-growing chartered banks.
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2. Tax Notes
Savings interest tax treatment
Savings Interest
Interest on EQ Bank Savings Plus Account is taxable as income. T5 tax slip provided annually.
TFSA Option
EQ Bank offers TFSA savings account — tax-free interest. 2026 contribution limit: $7,000/year.
RRSP Option
EQ Bank RRSP GICs available — deductible contributions, tax-deferred growth.
No Investing
EQ Bank does not offer stock/ETF investing — no investment tax reporting.
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3. Total Cost of Ownership
EQ Bank fee structure
Savings Account
$0 monthly fee. No minimum balance. Competitive savings rate — typically highest among major Canadian banks. Check eqbank.ca for current rate.
e-Transfer Fees
$0 for Interac e-Transfer send and receive. $0 for bill payments.
GIC Fees
$0 — no purchase or administration fees on GICs.
US Dollar Account
$0 monthly fee. Competitive USD savings rate. FX conversion (CAD ↔ USD) charged at competitive rate (typically 1.5–2.5% vs. 2.5–3.0% at major banks).
Other Fees
$0 for most transactions. International wire fees apply.
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4. Product Suite
Savings, GICs and basic banking
Savings Plus Account
High-yield savings — competitive rate, no fee, no minimum
TFSA Savings Account
Tax-free savings — CDIC insured
RRSP GIC
Locked-in registered savings via GIC
GICs (non-registered)
1 month to 5 years — competitive rates
US Dollar Account
Hold USD at competitive interest rate
Notice GIC
30-day or 60-day notice before withdrawal — slightly higher rate
Mortgage / Loans
Equitable Bank mortgages (primarily through brokers)
Investing / Stocks
❌ Not offered by EQ Bank
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5. Platform
Digital-only banking interface
Mobile App
✅ iOS 4.7★ / Android 4.5★ — clean, well-rated Canadian banking app
Web Platform
✅ Full online banking dashboard
Interac e-Transfer
✅ Free send and receive — same as traditional banks
Bill Pay
✅ Comprehensive bill payment
Customer Support
Phone and email. Response rated generally good.
Branches
❌ None — fully online
Fees 4.6 / 5
EQ Bank is the most genuinely fee-free Canadian bank. The savings rate is the key comparison — always check current rate vs. Tangerine and competitors.
| Fee type | EQ Bank | Market Average |
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| Monthly fee | $0 | $0–$30 |
| Savings rate | Typically highest in Canada | Big 5: 0.01–0.50% |
| e-Transfer fee | $0 | $0–$1.50 |
| GIC fee | $0 | $0 |
| CDIC protection | $100,000/category | $100,000/category |
| Investing products | ❌ Not offered | Available at Questrade/Wealthsimple |
Safety & Regulation 4.4 / 5
| Regulator | OSFI (federal) — same as Big 5 banks |
| CDIC Insurance | $100,000 per depositor per category |
| Parent listed | TSX: EQB |
| Schedule I bank | ✅ Full Canadian chartered bank |
| Operating since | 2016 |
| Equitable Bank since | 1970 |
Products & Asset Catalogue 3.1 / 5
| Savings Plus Account | ✅ Competitive rate, no fee |
| TFSA savings | ✅ Tax-free |
| GICs | ✅ 1 month to 5 years |
| US Dollar Account | ✅ Competitive USD rate |
| Investing | ❌ |
| Crypto | ❌ |
What investors say about EQ Bank
Community voice — strengths & concerns
Most praised
- Highest savings rate in Canada consistently praised — "doubles or triples what the Big 5 banks offer"
- Zero fees praised — "finally a bank that doesn't charge me to save my own money"
- CDIC-insured at a chartered bank provides same confidence as TD or RBC
- GIC rates among best available in Canada
- Mobile app clean and reliable
Common complaints
- No debit card means EQ Bank cannot replace primary chequing
- Online only — "had to use 3 different banks for my full banking setup"
- Large depositors need to structure accounts across multiple institutions for full CDIC coverage
Based on user reviews on Trustpilot, Reddit, App Store and Google Play ratings. Data collected Jan–Jun 2026.
Verdict
WhichBrokr's Take
EQ Bank is the definitive choice for Canadian savings. The combination of the highest available savings rate from a full Schedule I chartered bank, zero fees, CDIC insurance and a clean app is unmatched in the Canadian digital banking market. For emergency funds, short-term savings, and GIC investment, EQ Bank is the answer.
EQ Bank is not a full banking solution — you need a primary chequing account (Simplii, Tangerine, or a Big 5 bank) alongside EQ Bank for spending. Use EQ Bank as your savings vehicle, not your day-to-day account.
Best for: Canadian savers wanting the highest interest rate from a CDIC-insured chartered bank. Emergency funds, short-to-medium-term savings, and GIC laddering. Not ideal for: Primary banking (no debit), investing (use Questrade/Wealthsimple), or those wanting a full-service bank.
Frequently Asked Questions
| Is EQ Bank safe? | Yes — EQ Bank is a trade name of Equitable Bank, a Schedule I Canadian chartered bank regulated by OSFI. CDIC insured up to $100,000 per depositor per category. TSX listed (EQB). Same federal protection as Big 5 banks. |
| What is EQ Bank's savings rate? | EQ Bank's Savings Plus Account rate is variable and typically the highest available among major Canadian banks. Check eqbank.ca for the current rate. |
| Is EQ Bank CDIC insured? | Yes — Equitable Bank is a CDIC member. Deposits at EQ Bank are insured up to $100,000 per depositor per CDIC deposit category (multiple categories available through joint accounts, TFSA, RRSP etc.) |
| Does EQ Bank have a debit card? | No — EQ Bank does not issue a debit card. Funds are accessed via Interac e-Transfer, bill pay, and bank transfers. Use a separate chequing account for debit card spending. |
Ready to open a EQ Bank account?
3%+ savings rate · No monthly fee · CDIC insured · GICs · US Dollar account · TSX listed parent
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EQ Bank is a Schedule I Canadian bank. Deposits are CDIC insured up to CA$100000 per category.