EQ Bank Review 2025

EQ Bank Account Options and Interest Rates

Account Type	Interest Rate	Best For
Daily High Interest Account	1.25%* (Plus 2.75% if you direct deposit your pay)	People who want the highest consistent interest rate in Canada + free e-transfers + super cheap international money conversion + FREE BANKING + USD Accounts for Canadians
EQ GICs	2.60% – 3.65%	Folks looking to get a high ultra-safe return
EQ TFSA Account	3.65%	The highest guaranteed rate of return in a TFSA in Canada.
EQ RRSP Account	3.65%	The highest guaranteed rate of return in an RRSP in Canada.
EQ Notice Account	3.00%	People looking to save outside of an RRSP or TFSA for a vehicle, trip, appliance, etc.

EQ Bank RRSP & FHSA & TFSA Special Offer

EQ is looking to kick off the new year with a bang – and supercharge your savings.

If you use the FHSA specifically, they’re also going to give you a 2.75% interest rate.

Let’s take a look at what that means to someone saving for a home purchase.

If you earn an income of between $50,000 and $150,000 in Canada, you’re likely paying a marginal tax rate of about 40%. That means, if you open an EQ FHSA account and deposit $8,000 you’ll instantly get:

• About $3,200 back on your taxes
• About $225 in tax-free interest earnings your first year

That’s a pretty great way to supercharge your downpayment journey. The math looks similar with an RRSP deposit, except the RRSP withdrawals are taxable income – unlike the FHSA (which is really one of the best deals going in Canadian personal finance).

Also, keep in mind that the CDIC insurance for bank accounts isn’t $100,000 combined – it’s $100,000 per account. So you could have $100,000 in a TFSA, another 100K in an RRSP, money in your FHSA, etc. If you have a significant other, they could also have these accounts (no household limit).

EQ Bank Review by a Longtime Customer

I jumped on board with EQ Bank nine years ago – back when the first versions of EQ Online Banking were still in beta testing – so I doubt there are many people who’ve had a longer relationship with them than I have. 

In that time, I’ve watched EQ widen the gap over the other banks to a point where I’m not sure why anyone would stay put elsewhere.

You’re getting the best interest rates in Canada, a super-easy website and app to navigate, plus no monthly fees. Personally, I’ve been keeping tabs on how much I’ve saved in monthly charges since making the switch from a big-name bank, and I’m easily up over $2,700. That figure doesn’t even account for all the minor activity-based fees – or the currency exchange costs I’ve dodged.

Now that I think about it, since I’ve started travelling more the last couple of years, I bet the no-currency exchange costs benefit that I get from paying with my EQ Bank Card has probably saved my wife and I another thousand bucks! (It’s like saving an automatic 2.5% on everything you buy overseas if you were using a regular credit card or withdrawing cash at an ATM abroad.) 

Below, I’ll highlight the features I’ve come to appreciate most as a loyal EQ Bank customer, including what you can expect from their app, their mobile wallet, free Interac e-transfers, and USD accounts.

EQ Bank’s Personal Account

The biggest draw of EQ Bank is its consistently high interest rates across a variety of savings products. Whether you’re looking at GICs, TFSAs, FHSAs, or the EQ Personal Account, you’ll find some of the best rates available in Canada. But what really sets EQ apart is how it has transformed everyday banking by offering a high-interest rate on a no-fee chequing-style account. That simple concept is something that’s almost unheard of at traditional banks.

As of February 2025, the EQ Personal Account earns a base rate of 1.75%. But if you opt to auto-deposit your paycheque, EQ automatically boosts your rate by another 1.75%, bringing your total interest up to 3.50%. That’s seven times what you’d typically get at one of Canada’s big banks, where savings accounts hover below 0.5%.

Whether it’s for emergency savings, everyday spending, or short-term goals, one should always keep some cash ready. So why leave your money sitting in a big-bank account earning next to nothing, when EQ Bank offers a completely free savings account that pays you significantly more?

For me, this is one of the few easy wins when it comes to personal finance in Canada. EQ Bank is now my go-to for emergency funds, spending money, and the portion of my portfolio that I want to keep ultra-safe and guaranteed. It’s also why EQ Bank sits at the top of our Canada’s Best High-Interest Savings Account Rankings.

Do I Need to “Lock In” Money Within a Personal Account to Get 1.25%+ Bonus 2.75%*?

The answer is simply put –

No! 

You can use your money whenever you want.

Before EQ Bank came along, there was a traditional approach of everybody having two bank accounts:

1. The first would be a “chequing account” where the money is available at all times. But the downside was that it earned you almost no interest.

2. The second account would be a “savings account”. This would be where you would receive a slightly higher interest rate than a chequing account (although still nowhere near what EQ Bank offers), but the downside was that the money wasn’t available for day-to-day spending.

If you needed it, you had to initiate a transfer to your chequing account, wait for a day, and then finally you would have access to the money. 

The additional annoyance that you would have to endure is that banks typically impose limits on how many transactions like this you can do, and there are fees charged if you exceed your allowed number of transactions.

The neat thing about EQ Bank is that this old-school way of thinking about your accounts goes out the window. Instead, you can just have one account which is called the Personal Account. Here, you earn the high interest rate AND the money is available to you at all times. 

Need to send someone money immediately? 

No problem, you can do that for free. 

You don’t have to play the game of transferring money from your savings account, to your chequing account, waiting for a day… and then finally moving the money over while being charged some e-transfer fee.

This added convenience with EQ Bank is great, as you no longer have to manage how much you have in your savings vs your chequing accounts. 

All the money is simply available at all times – and it’s all earning that high rate of interest. 

If you want to supercharge your EQ Bank high interest rates, I recommend scrolling down to check out my thoughts on the EQ Bank GIC options.

In other words, you no longer have to trade-off between having instant access to your money, and earning a higher interest rate.

Schitt’s Creek Loves EQ Bank

Hey don’t just take my word for it when it comes to EQ – listen to Johnny and David from Schitt’s Creek (Eugene Levy and Dan Levy) tell you why it’s a good deal

Apparently Eugene is genuinely a fan of EQ saying in a recent Hive interview that, “Most parents signed their little ones up for a bank account so they could learn about money and saving from an early age. The idea of highlighting the  unintended result of that decision – high bank fees and not much interest – and exploring parents’ epiphany moment was the hook that Daniel and I found funny.” 

“Every parent-child relationship has had their fair share of finance talks. Getting the chance to satirize those conversations with my dad was a lot of fun – and a little cathartic, too.”

Senior Vice President Mahima Poddar had this to say about the ad spot: “Many Canadians accept bank fees and no interest for most of their lives simply because it’s what they’re used to – but it doesn’t have to be that way. We were excited at the opportunity to show  Canadians what they could be making, without the take, with a fresh approach.”

EQ Bank Fees

There is almost no way to pay fees to EQ Bank!

In short, EQ’s Personal Account has:

• No monthly account fees
• Unlimited Interact e-Transfers®
• No fees for bill payments
• No overdraft fees
• No dormant account fees

If you’re wondering what the catch is – there is no catch.  

EQ Bank makes money by taking your cash and lending it out to others at a higher interest rate.  The difference between what they pay you, and what they lend out on the other side, is large enough to make substantial profits. 

EQ Bank doesn’t rely on monthly account fees, or “nickel & diming” you on individual transactions in order to make a dollar.  Instead they cut their operating costs to the absolute bone by streamlining their product offerings, and not having to pay a ton of costs to open bricks-and-mortar banking branches.

EQ Notice Account *NEW* GIC/High Interest Hybrid

The new  EQ Notice Account is like a GIC and a regular high interest savings account decided to join forces and become tag team champions of the world.

It combines the easy access of EQ’s regular personal and joint banking accounts, with the ultra-high interest rates of a short-term GIC. In order to lock in these high interest rates, you have to give EQ at least 10 days notice before you withdraw money. So in some ways it’s like a 10-day or a 30-day GIC – but much easier to use.

There are three things you need to know about the EQ Notice Account:

1) While it’s a new product in Canada, several British banks have been using a similar model for years.

2) Your money will be fully insured by the government of Canada under the Canadian Deposit Insurance Corporation (CDIC) – it’s the safest possible standard for a bank account in Canada (up to $100,000 per account).

3) It’s the highest long-term interest rate in the country – and it’s likely to stay that way! No teaser rates here!

Another great innovation from EQ Bank. I continue to be impressed by the commitment of Canada’s best online bank when it comes to bringing value to customers. The EQ Notice Account is super easy to use alongside of your regular personal or joint EQ accounts, as you just transfer cash over, select the 10-day or 30-day option, and then at the end of your selected period of time you get access to your cash again (with interest of course).

If you need your money out before the 10-day or 30-day period is up, you can access it – you just lose the interest you would have gained. With everything CDIC insured, it’s tough to go wrong with the EQ Notice Account. The SVP of personal banking at EQ, Mahima Poddar, has also stated that EQ is looking at offering an EQ Notice type of account that you could hold within an RRSP or TFSA – so we’ll eagerly await that innovation as well!

The New EQ Bank Card: EQ’s New Prepaid Option

I was a pretty happy guy when EQ finally rolled out their EQ Bank Card last year. 

Yes, in a perfect world there would be an EQ credit card option, but the EQ Bank Card is a perfect fit for a lot of people. I’ve personally got a ton of mileage out of the fact that there are no foreign exchange fees attached to the card since I’ve been doing so much traveling over the last couple of years. It’s like an automatic 3% savings on everything I buy when I’m outside of Canada vs what I would be paying with other cards.

The EQ Bank Card is a prepaid card with the following key features:

• FREE Withdrawals from any ATM in Canada
• 0.5% automatic cash back on every purchase
• Automatic connection to your Personal Account Means 2.5% [Plus 1.5% Bonus] in the same simply account that you use to pay for stuff
• No Foreign Exchange fees or other hidden fees
• Works anywhere that Mastercard is accepted across Canada – and 210 other countries!

I mean… What more can you ask for from a card that literally costs you nothing? (Unlike pricey premium credit cards.)

You can sign up for the card in minutes and order your free card in a few taps/clicks. The maximum you can put on the card is $10,000, and there is an unlimited number of free monthly ATM withdrawals allowed.

The EQ Bank card is now available in Quebec under the title of Carte Banque EQ. Head of personal banking Mahima Poddar stated:

“Based on our understanding, EQ Bank Card users are the most satisfied banking customers in Canada, and we want to offer that same experience to the Québec market. We offer everyday banking that combines the benefits of a chequing account with the high interest of a savings account, and we’re seeing this resonate in Québec. The EQ Bank Card rounds out that offering and we’re confident that this is the card Québec customers will want in their wallet for day-to-day spending, cash access, or travel.”

Whether you decide to stick with our old EQ Bank Hack of paying for things with your favourite credit card, and then automatically paying off the credit card from your EQ Bank Account – or take advantage of the super simple new EQ Bank Card – you really can’t go wrong.  

EQ Bank Mobile Wallet

When you sign up for the new EQ Bank Card, you also get the low maintenance option to use the EQ Bank Mobile Wallet.  

This is simply a way to add your EQ Bank Card account to your phone’s main payment app (such as Apple Pay or Google Pay) and easily use your phone to make contactless “tap” payments.

If you’ve never used mobile wallets before they’re super safe, as they’re encrypted and you have to authenticate the app with your phone before it makes the payment.  It’s also great to not have to worry about where you put your wallet every time you go out.

EQ Bank Review: RRSP and TFSA GIC Accounts

In 2021, EQ Bank rolled out one of their most long-awaited innovations – an RRSP and TFSA option that Canadians can use for mid- and long-term savings growth.

The EQ Bank TFSA GIC Account is offering an initial rate of 3.40% for a 1 year term – and because it’s sheltered in a registered account, your interest gains will not be taxed!  

The EQ Bank RRSP GIC Account runs along a similar track and has the same 3.40% interest offer. As with an RRSP contribution, using the EQ Bank RRSP will lower your taxable income, and for most people, will trigger a nice little tax refund.

As with all things EQ Bank the following noteworthy characteristics apply to both the EQ RRSP and EQ TFSA accounts.

• $0 Fees for any account
• No minimum Balance
• Super easy sign up experience (minutes)
• All deposits in your EQ Bank TFSA or RRSP are covered by Canadian Deposit Insurance Corporation (CDIC) protection.
• With seamless account linking, setting up an easy automated contribution plan only takes a few minutes.

EQ Bank’s Personal Account Review: Minimum Balances 

No minimum required to open an EQ Bank Savings Account.

I see a lot of other banks offer incentives such as: If you keep a large amount of money in an account, you won’t have to pay the banking fees and you’ll get a high interest rate. 

Yet, I found that even if you meet these conditions, the rate you get is still typically much lower than what you get with EQ Bank. 

With EQ Bank, you don’t have to worry about minimum balances, and about all of a sudden being charged some monthly fee if you fall below that minimum balance threshold. Keep reading below for more information on EQ Bank Fees.

EQ Bank Personal Account Free Interac e-transfers® and Electronic Funds Transfers

While the high interest rate is definitely the thing that initially attracts most people to EQ Bank (at least that was the case for me), I also found tremendous convenience in being able to send money for free through unlimited Interac e-Transfers® and Electronic Funds Transfers. 

Yes, there are other banks that offer free Interac e-transfers® now too, but I find that the combination of this feature plus the much higher interest rate that EQ Bank provides, make EQ Bank the clear winner.

EQ Bank’s Unlimited Transactions

No longer do you have to worry about keeping track and going over your “transactions” limit which results in you having to pay additional bank fees. 

This is another major reason why I don’t understand why people still use banks that impose such limits on them. 

We’re all busy and have enough things to remember and track in our day-to-day lives. Why would you want to also have to remember how many transactions you have left in a month? 

With EQ Bank, such limits never enter your mind. You just use your money however you see fit, pay whatever bills you need to pay, send money to whoever you need to send, and buy whatever it is you need to buy. All this with no concerns of hitting some arbitrary transaction limit and getting charged some additional fees set out by the bank. 

Is EQ Bank Safe?

EQ Bank is as safe as another bank in Canada – which is to say, amongst the safest in the world.

EQ Bank operates as the digital banking arm of Equitable Bank, and both entities benefit from the security of Canada Deposit Insurance Corporation (CDIC) coverage. This means that deposits held with EQ Bank are protected up to the CDIC limits – just like with RBC, TD, or the other banks. So, if peace of mind is a priority when choosing where to park your cash, EQ Bank has you covered.

But security isn’t the only reason EQ Bank has gained traction. Their growth has been nothing short of remarkable. With nearly 700,000 customers, Over $74 billion in assets under management, and a deposit base exceeding $9 billion, they’re not just another online bank trying to make a name for itself – they’re solidifying their place as a major player in Canada’s financial landscape. In fact, EQ Bank recently became the country’s seventh-largest bank, a testament to how quickly Canadians are shifting away from traditional banking models.

If you need more proof that EQ Bank is the real deal, just look at its growing list of accolades. Forbes crowned EQ Bank the #1 Bank in Canada for the third consecutive year in 202 – an achievement that’s not based on arbitrary rankings but on surveys from 48,000 actual consumers. This recognition reflects EQ Bank’s consistently high ratings in areas like customer trust, terms & conditions, digital banking experience, financial advice, and overall service quality.

Upon accepting the award, President and CEO of Equitable Bank, Andrew Moor said, “This recognition is extremely meaningful because it comes directly from our customers, who inspire us every day to deliver outstanding service and innovative banking solutions that provide them with great value.

Challenging the status quo is in our DNA. We believe that Canadians deserve better, no-nonsense ways to manage their money and keep more of it in their pocket. Being rated the best bank in Canada three years in a row validates that we’re on the right track.”

How to Sign Up for EQ Bank’s Personal Account

You can sign up for free using this link.

On the main page, simply click the “Join Now” or “Set up an account” button. 

Once you do that, just enter your email address and the password that you’d like to use. 

EQ Bank will need to confirm your identity (for tax purposes and security purposes), so be ready to answer some identification questions. For instance, they will need your Social Insurance Number (SIN) as they have to report the interest you earn each year to the Canada Revenue Agency (CRA).

If you are having trouble signing up, use their live chat feature, or click on the phone icon at the top of their page. 

Keep in mind that you must be a Canadian resident to open an account. EQ Bank is available in Quebec as of 2025!

EQ Bank Drawbacks

No RESP Accounts Available

As of the beginning for 2025, EQ had yet to tackle RESP accounts to go along with their RRSP and TFSA options). That’s too bad, as I know a lot of folks that would love to use an EQ GIC in order to save for their child’s education.  Hopefully they’ll look at adding this capability in the future.

Common Questions About EQ Online Banking

EQ Bank GIC Rates

If you’re looking to receive even more interest out of your savings, then an EQ Bank GIC is another option to consider. 

The main difference between a Savings Account and a GIC, is that the GIC will give you more interest, but the money will be locked-in/unavailable for a certain period of time that you specify.

The longer you are willing to lock-in your money, the higher the interest rate that you’ll receive:

A common strategy is to have a portion of your cash in a savings account to fund your day-to-day expenses and your emergency fund. Any cash that you have left over (which you are not going to be investing in the markets) can go into a GIC to earn that higher rate of interest. 

Are GICs risky? No. You receive a guaranteed rate of return for the term that you select. For EQ Bank, the terms range between 3 months and 10 years. 

The money that you put into the GIC is also eligible for deposit insurance from the CDIC.

Overall, GICs can be a great tool to help maximize the interest that you receive on cash that you know you won’t need for a certain period of time. 

They can also be great for large expenses that you have coming up, as you can lock-in a higher rate for a term that finishes right before you have that large expense.

New GICs do fluctuate with interest rates, so be sure to check the most recent GIC rates and promotions.

To purchase a GIC, you will need a Personal Account which you can get for free here. To see how EQ compares to other online banks, see our Best GIC Rates in Canada article.

EQ Business Bank Account

September 2024 saw EQ Bank release the news that the EQ Small Business Bank Account was ready to go. Finally, a corporate account that cost precisely zero dollars!

Much like their personal accounts have come to dominate the fee-conscious banking scene in Canada, I think the EQ Bank Business Account will soon become a fan favourite. Your small business can be either a sole proprietorship or a full-fledged corporation where you are both a signing officer and a director. Here’s a quick look at what the new EQ Business Account offers:

• $0 monthly account fee
• Unlimited transactions
• Automatic 2.5% interest on all cash in the account (no more shuffling back and forth between savings and chequing accounts)
• No minimum balance
• Easy sign-up if you already have an EQ personal account
• A team of customer service agents who are specialists in this small business bank account exclusively
• Ability to instantly purchase EQ Bank Business GICs
• CDIC-insured up to $100,000.

Senior Vice President Mahima Poddar contextualized EQ Bank’s commitment to small business owners by saying:

“Small businesses are the backbone of the Canadian economy, and they deserve better banking options. EQ Bank is proud to support entrepreneurs with a modern banking experience that addresses their unique needs. […] Our new Business Account offers traditionally underserved business owners a valuable platform that removes common pain points, such as high fees and complex, time consuming and in-person onboarding, and instead allows them to focus on what matters most – growing their business.”

You do have to be a Canadian resident with a SIN to open an EQ Business Account, and for now the account is now available to Quebecers. The Business Account allows for easier management of your business finances for government and tax reporting purposes, bookkeeping, and cash flow.

The EQ Bank Referral Program

If you were looking for one more reason to go with my favourite online bank, the EQ Bank referral program is a great perk.

Here’s the deal: EQ is going to pay you to tell your friends how great they are.

How much?

About 20 bucks for each friend.

A few caveats here. First off, the EQ Bank referral program will only let you earn about $500 before it says, “That’s enough friends – thank you,” and you’re capped at that amount. The $20 will hit your account when your friend deposits $100 in their account.

EQ Bank Customer Service: My Personal Experience

I’ve got nothing but good things to say about EQ Bank Customer Service after seven years with the company. Of course, I’m comfortable with accessing help online, so that’s really where most of my customer service experience comes from.

EQ has been very responsive to my emails, and always got back to me in a timely manner. They really make the EQ mobile app and online platform as simple, and user-friendly as possible, so I think this really helps them head-off problems before customers experience them (ultimately the best customer service policy).

I personally have not called EQ’s customer service representatives over the phones very often, but you can call them at 1-844-437-2265 (toll-free within North America) or 1-416-551-3449 if you’re outside of North America. They’ll pick up the phone between 8AM and midnight (ET), seven days a week – which is pretty impressive availability for a Canadian bank.

Finally – I hesitate to even mention this, but there is a chatbot available 24/7.  I hate chatbots, as I find that they are rarely an improvement on the basic search engine. That said, if you have a quick question for EQ, the online service is available 24/7 (chatbots don’t get tired).

Pay Less than 1% on Foreign Currency Transfers

Another unique area that we wanted to highlight in our EQ Bank Review is that the online-only bank offers substantial savings when it comes to currency transfers.  

Canada’s large banks charge you once with a $15 wire fee, and then hit you again when you exchange your Canadian dollars into American (or any other currency you require) with a spread averaging at more than 2%. In layman’s terms, it means that for each $1,000 transfer you’ll pay $35. If you need to make a sizable transaction of $100,000, you will leave between $2,000 and $2,500 on the table. 

EQ Bank now makes it easier to transfer money abroad with a discount, using one of the world’s most sought-after money transfer systems – Transferwise! 

On December 12, 2019, EQ Bank launched an international money transfer service powered by Transferwise (now “Wise”). Clients will be able to access it through their bank platform without any additional hurdles – and transfer money abroad quickly, cheaply and efficiently.

About Wise: UK’s most recognizable startup company has been funded by prominent VCs and angel investors like Peter Thiel, PayPal’s founder. The company has raised in excess of USD$400m, and has positioned itself as an industry leader over the course of its 7 years of operation. The company nowadays boasts more than 1,900 employees globally, with a transaction volume of more than CAD$7bn each month.

The fees charged by EQ Bank’s international transfer service, powered by Wise:

• Approximately 0.85% of small transfers of up to $1,000.
• Approximately 0.77% of medium transfers of $1,000 to $2,000.
• Approximately 0.73% of large-medium transfers of $5,000 to $10,000.
• Up to 0.7% for really large, six figure, transfers.

Transfers inbound to Canada from the UK, EU or Australia will incur approximately 0.5% in fees regardless of size (that’s how their pricing works in the majority of countries). To learn more about Wise, Check out this in-depth Transferwise review.

EQ Bank USD Accounts for Canadians’ US Dollars

The EQ Bank USD Account, introduced as part of a strategic collaboration with Wise in 2021, is tailored for Canadians who find themselves dealing with US currency fairly often. We think it’s one of the best USD accounts in Canada.

It uniquely combines the convenience of avoiding mandatory currency conversions with the ability to earn a 1% interest rate on USD deposits. 

This USD account stands out by offering a seamless solution for individuals and investors looking to manage their USD holdings efficiently – without the need for a U.S. bank account. It reflects EQ Bank’s dedication to innovation and meeting the diverse financial needs of Canadians. 

Canadian Financial Summit All-Star and Group Head of Personal Banking at EQ Bank, Mahima Poddar stated:

“Our EQ Bank US Dollar Account solves several problems for Canadians: from combating notoriously low interest rates to figuring out a better way to send money to loved ones or move it between accounts.

We wanted customers to have a US account option that was both rewarding and headache-free, and now we’ve successfully done that with another no-nonsense EQ Bank product. We’re listening to our customers and working hard to bring them the highest value banking possible. We’re proud of that.”

Three years after the initial release of the EQ USD Account, I can decisively say that it is the best USD savings account in Canada. I don’t use US Dollars that often, but I occasionally do some freelance work for a client down south, and this account lets me accept payment, and conveniently keep it in USD until my family goes takes a US vacation, or until we use a US airport to fly somewhere else (often much cheaper than flying out of Pearson).

EQ Bank Mortgage Marketplace

EQ Bank recently launched a cool new feature called the Mortgage Marketplace.

Basically, it functions as a place for EQ Bank’s “parent company” – Equitable Bank (the ninth largest Schedule I Bank in Canada) to show how competitive their excellent mortgage rates are. 

You won’t be “getting a mortgage through EQ Bank” can instead instantly compare over 2,000 mortgage products offered by lenders across Canada.  Equitable Bank is betting that after seeing how they compare to the competition, you’ll choose them.

Here’s how you can see what your best personal mortgage fit is.

1) Apply online after signing into EQ.

2) Fill out the Mortgage Marketplace questionnaire.

3) Let the EQ Mortgage Marketplace work it’s algorithmic magic – and recommend the best mortgage options for your specific situations.

4) Speak to a mortgage broker to confirm that you have the right fit.

5) The mortgage broker will get you a pre-approval or submit your mortgage application to the chosen lender.

I haven’t used the Mortgage Marketplace feature myself, but it seems like a great idea.  You can always check the recommendations you get against some of the other rate-comparison sites out there after all.

Forbes Names EQ Bank as Best Canadian Bank

For the fourth straight year, Forbes has recognized EQ as one of 2024’s World’s Best Banks.

Each year, Forbes asks more than 48,000 people from around the world, what they think of more than 400 banks.

With award-winning design and customer service (to go along with the best interest rates) it’s no surprise to me why EQ continues to win this award year-after-year.

President and CEO of EQ Andrew Moor had this to say about the award: “This recognition is extremely meaningful because it comes directly from our customers, who inspire us every day to deliver outstanding service and innovative banking solutions that provide them with great value.

Challenging the status quo is in our DNA. We believe that Canadians deserve better, no-nonsense ways to manage their money and keep more of it in their pocket. Being rated the best bank in Canada three years in a row validates that we’re on the right track.”

EQ has also been recognized for their employee-led resource groups and commitment to diversity in the workplace. With 52% of the company’s employees being women, EQ’s emphasis on equality isn’t just lip service.

EQ Bank FHSA – First Home Savings Account

When the EQ Bank FHSA was announced in 2023, many first-time home buyers breathed a sigh of relief.  Finally – an easy way to save for a downpayment!

If you’re familiar with the product and fit the target demographic, you may want to check out our article on Canada’s First Home Savings Account.

The reason so many Canadian personal finance geeks were excited to see this product added to the EQ mix, is that the guaranteed GICs and everyday savings rates that the online bank offers are second-to-none.  This makes them a perfect fit for the short- to medium-term needs of someone saving for a housing downpayment.

While the EQ Bank First Home Savings Account isn’t available at the moment, it should come online any day, and you can join the waitlist right now so that you don’t waste any time getting your savings under the FHSA tax umbrella.  

When you combine EQ’s high interest rates, with the best of the TFSA and RRSP (which is what the FHSA basically is) you get a fantastic option to sock away $40,000 towards your first home.  If you’re buying a home with someone else, you can each take advantage of that $40,000 max.

EQ Bank Review: Final Recommendation

For my money (literally) EQ Bank remains the best banking option in Canada.

Year after year, they’ve consistently led the pack with the highest GIC rates and the most competitive high-interest savings accounts. Right now, in early 2025, their Everyday Banking account is an absolute game-changer. With a bonus 1.75% + 1.75% interest rate, it’s beating out even the best one-year GICs – all while keeping your money fully liquid and CDIC-insured. Where else can you get that kind of flexibility with a guaranteed return?

But what really sets EQ apart is its constant drive to innovate. They’re not just resting on their high-interest laurels. They were the first Canadian bank to introduce a Notice Account, they launched an EQ Bank Card with zero foreign exchange fees, they also started an excellent small business account this past year, and their mobile app is one of the most user-friendly I’ve seen. It’s not just that EQ is keeping up with the competition – they’re setting the pace, widening the gap between themselves and the old-school banking giants.

In a recent interview, CEO Andrew Moor stated: This was the year that we really brought our brands, our consumer-facing brand, to the fore. Using Dan and Eugene Levy to promote EQ Bank, our digital platform, really has cemented us as a leading digital banking platform in Canada. We have great infrastructure under the hood, but having these sorts of iconic spokespeople for us has really elevated how people understand us.

And then we’re seeing a really good lift in people becoming customers of EQ Bank and we now have over half a million customers, more than $9 billion in deposits and we continue to bring innovation to the market. It’s the first time we have had revenue over $1 billion. That’s a mark of some success. It’s just a number, but it’s still a pretty big number.

When I update my 2025 EQ Bank review every month or so, I don’t just rely on my personal experience. I chat with the other MDJ writers (who are all EQ clients), and I sift through reader comments and emails. Time and again, we’ll flag something – like the lack of a bank card – and before long, EQ rolls out a solution.

Looking ahead, I’d love to see them introduce an RESP option. I know so many parents who want a safe place to grow their RESP savings, but aren’t comfortable with stock market volatility. CDIC-backed EQ GICs would be an absolute no-brainer for those families. If past trends hold, I wouldn’t be surprised to see EQ roll out an RESP option within the next 18 months.

Of course, EQ’s original promise still holds strong: no monthly fees, unlimited transactions, unlimited transfers – all at no cost. No other Canadian bank has matched this level of efficiency, and most of the big banks aren’t even close to where EQ was eight years ago.

To give you an idea of how easy EQ is to use, I recently helped my dad open an EQ Personal Account. The entire process took 12 minutes – and that’s with rural internet, for a guy who spends maybe two hours a month online (mostly checking the weather). He even managed to set up a Notice Account on his own! If that’s not a testament to how intuitive EQ’s platform is, I don’t know what is.

If you’re an EQ customer and have thoughts on their new Notice Account, FHSA Account, or Business Account, I’d love to hear from you. Drop me a line, and I’ll make sure to include your insights in my next EQ Bank review update!

*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.