EQ Bank Review 2026

EQ Bank Account Options and Interest Rates

Account Type	Interest Rate	Best For
Daily High Interest Account	1%* (Plus 1.75% 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% – 3.85%	Folks looking to get a high ultra-safe return
EQ TFSA Account	3.85%	The highest guaranteed rate of return in a TFSA in Canada.
EQ RRSP Account	3.85%	The highest guaranteed rate of return in an RRSP in Canada.
EQ Notice Account	2.75%	People looking to save outside of an RRSP or TFSA for a vehicle, trip, appliance, etc.

EQ Bank RRSP & FHSA & TFSA Special Offer ($200 Cash Back)

EQ is looking to kick off the new year with a bang by supercharging your savings.

They’re calling it the $200 Registered Season Bonus and it’s basically free money just for doing the saving you should be doing anyway!

The offer pays up to $200 in cash if you add new money to one or more eligible registered savings accounts and leave it there for a set period of time. To qualify, you need to deposit or transfer at least $4,000 in net new funds into an EQ Bank TFSA, FHSA, or RRSP savings account by March 2, 2026. “Net new” means the money has to come from outside EQ Bank – moving cash between your own EQ accounts doesn’t count. That said, you don’t have to sign up for any new accounts to trigger this offer. Current EQ clients can take advantage!

The bonus is tiered based on how much new money you add. Smaller deposits earn a partial bonus, and once your total new deposits hit $10,000 or more, you qualify for the full $200 cash back.

One thing EQ does well here is flexibility. You don’t have to fund a single account. Deposits across multiple eligible registered accounts are combined, so you can split the money between a TFSA, FHSA, and RRSP and still reach the required threshold.

There’s also no opt-in or registration required. If you deposit new funds into an eligible registered savings account during the promo period, you’re automatically tracked for the bonus.

If you’re looking to buy a first home in Canada, you could put your annual $8,000 max into your FHSA and $2,000 into your RRSP. 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 that you could generate:

• An instant $200 cash bonus from EQ Bank
• $4,000 back on your tax return (generated by your contributions)
• About $150 in tax-free interest generated within your accounts

That’s a pretty great way to build a downpayment in a hurry!

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 $200 Cash-Back Bonus on New Registered Deposits

EQ Bank is offering a registered season bonus that pays up to $200 in cash when you add net new deposits to your registered savings accounts — specifically a TFSA, FHSA, or RRSP Savings Account.

Here’s how the tiered bonus works:

New Registered Deposit Amount	Cash Bonus
$4,000 – $6,999	$100
$7,000 – $9,999	$150
$10,000+	$200

To qualify, the funds must be net new deposits from outside EQ Bank — not internal transfers between your own EQ accounts — and must remain in the registered savings account through the hold period (the promotional terms specify holding through at least six months after the promotional period).

This applies to both new and existing EQ Bank customers who have a qualifying personal account and at least one registered savings account (TFSA, FHSA, and/or RRSP), though availability in Quebec may be different for some account types.

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 January 2026, the EQ Personal Account earns a base rate of 1%. But if you opt to auto-deposit your paycheque, EQ automatically boosts your rate by another 1.75%, bringing your total interest up to 2.75%. 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 2.25%*?

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 Bank Buys Out PC Financial (And Maybe Gains a Credit Card?)

EQ Bank made big waves heading into 2026 with their acquisition of PC Financial in a deal valued at about $800 million.

Once the deal closes, EQB will suddenly control the seventh-largest credit-card portfolio in Canada, including:

• About 2.5 million customers
• Roughly $5.8 billion in assets
• More than $800 million in direct retail deposits
• Over two million active no-fee PC Mastercard accounts
• Approximately $32 billion in annual credit-card transaction volume

For a bank that built its reputation on savings accounts and GICs, this is a big leap into possible credit card land and ATM access!

EQB’s CEO, Chadwick Westlake, was pretty blunt about the motivation to get this deal done, saying:

“For the past few years, we’ve been talking about the need for payments, innovation and how we really need to bring that to our platform to really differentiate EQB.” Then adding, “The buy and partnership option made so much more sense than us building it here. The stars aligned in our cultural belief that there is room for more competition. There is room for us to really carve out our space.”

Credit cards are expensive, operationally messy, and slow to scale. Buying PC Financial gives EQ Bank instant reach, instant transaction volume, and instant relevance in Canadians’ daily spending lives.

Once the transaction closes, EQB becomes the exclusive financial partner of the PC Optimum program.

You’ll also see EQ Bank ATMs pop up at 2,500+ Loblaw locations.

Loblaw CFO Richard Dufresne stated, “We are transferring ownership into the hands of an organization that we think is going to help us grow it even faster.”

In other words, Loblaw keeps what it values most – the loyalty ecosystem and the shopping data that comes with it. EQ Bank runs the financial plumbing.

This is the first time in eight years that PC Financial has been tied to a banking partner. Before 2017, PC Financial’s banking products were run through Canadian Imperial Bank of Commerce. When that partnership ended, CIBC took roughly two million daily banking customers and relaunched them as Simplii Financial. What remained with Loblaw was the credit-card and loyalty side of PC Financial. That’s the piece EQ Bank is buying now.

It’s important to note that the final details of any credit card crossover have not yet been finalized. It’s not like EQ Bank customers will automatically get mailed a PC Mastercard. That said, it’s pretty clear here that EQ is hoping this will be the quickest possible path to connecting their customers with a credit card solution. In theory there should be a natural path to tighter integration between savings, spending, and rewards. We’ll keep finalized developments updated here throughout 2026.

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 2.75% 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 3.05% 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 3.05% 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 2024 – 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

While EQ Bank has a lot going for it, there are a few gaps worth keeping in mind. The most obvious one is that accounts are only available to Canadian residents with a valid Canadian address. If you’re living abroad or are new to Canada without full residency status, you won’t be able to open an account.

EQ is also an entirely digital bank, which means there are no physical branches to visit. That’s not a big deal for people who already do all their banking online, but if you like the idea of walking into a branch then EQ might not be your cup of tea.

And while EQ Bank has talked about adding RESP accounts in the future, as of September 2025 there was still no information available in regards to an RESP rollout. I think that it’s a bit of a missed opportunity, since plenty of parents would love the chance to use EQ’s competitive GIC rates to power their kid(s)’ RESP accounts. A lot of parents just aren’t comfortable trusting their loved one’s “university money” to the whims of the stock market – especially as graduation date creeps closer and closer.

Considering most RESP accounts would have very few transactions every year, it would seem to be a perfect fit for the online-only space EQ dominates. If anyone at EQ headquarters is reading this and needs someone to head up their RESP team… feel free to slide into my DMs ;)

EQ Online Banking: FAQ

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

After nine years as an EQ Bank customer, my experience with their customer service has been overwhelmingly positive. I’m comfortable getting help online, so most of my interactions have been through the company’s digital channels.

Whenever I’ve reached out by email, EQ has replied quickly and thoroughly. Their mobile app and online banking site are designed to be straightforward and intuitive, which probably prevents many issues before they ever reach the customer service stage – arguably the most effective customer support strategy there is. You can tell that the company was clearly built to be online-first, right from Day 1.

I haven’t needed to phone their support team often, but they can be reached toll-free within North America at 1-844-437-2265, or at 1-416-551-3449 from abroad. Their phone lines are open every day from 8 a.m. to midnight (ET). (That’s a pretty impressive schedule compared to the hours designated by other Canadian banks.)

Lastly (and I mention this with some hesitation) EQ does offer a 24/7 chatbot. Personally, I’m not a fan, as I find most chatbots to be little better than a basic search bar. That said, if you just need a quick, simple answer, it’s there around the clock (and never takes a sick day).

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 fifth straight year, Forbes has recognized EQ as one of 2025’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

When it comes to my personal banking needs EQ Bank is still the best banking option in Canada.

It’s also the one I most commonly recommend to friends and family.

Year after year, they continue to lead the pack with the best GIC rates and a high-interest savings account that combines top interest payouts with $0 in fees. As of January 2026, EQ’s Everyday Banking account is still paying 2.75% (much higher than big bank savings accounts).

What keeps EQ ahead of the pack isn’t just interest rates, though, it’s the pace of innovation. While the big banks roll out minor app tweaks and call it progress, EQ has launched the first Notice Account in Canada, added a no-foreign-exchange-fee EQ Bank Card, built out a legitimate small business offering, and maintained one of the cleanest, most intuitive mobile apps around. They’re not just keeping up. They’re actually pulling away.

As EQ Bank CEO Andrew Moor put it:

“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 the numbers speak for themselves:

“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.”

That continues into 2026 as EQ Bank looks to integrate the PC Financial buyout. Strategically, it’s a big move. EQ’s parent company is buying an established credit-card portfolio with millions of active users instead of trying to build one from scratch. That signals a clear intent to move deeper into everyday banking over time. For now, there’s still no confirmed EQ-branded credit card, but it appears to be just a matter of a time as that is the clear direction.

When I update my EQ Bank review each month, it’s not based on a quick skim or a press release. It’s grounded in long-term use. I’ve personally been with EQ for about a decade, and I cross-check my experience against what the rest of the Million Dollar Journey editorial team is seeing as well. Just as important, I read the hundreds of emails, comments, and messages readers sendmy way. One thing EQ has consistently done well is listen. When users have pointed out gaps in the past (like the lack of a bank card), those issues didn’t just disappear into a black hole. In several cases, changes followed as EQ responded to its customers’ needs.

The one feature I still have on my personal wish list is a proper RESP. There’s a big group of parents who want a low-stress, CDIC-insured place to park RESP money, especially as kids get closer to post-secondary age. EQ’s GIC offerings would slot into that use case almost perfectly. Based on how they’ve rolled out new products over the years, an RESP wouldn’t surprise me. I just wouldn’t bet on a specific launch date.

The core EQ Bank value proposition hasn’t changed, and that’s a good thing. No monthly fees. Unlimited transactions. Unlimited e-Transfers. Zero dollars. That combination is still shockingly rare in Canadian banking, and it’s an area where the Big Six continue to feel behind the times.

For a real-world test, I recently walked my dad through opening an EQ account. He’s not particularly tech-savvy, and he was doing this on rural internet. From start to finish, the whole process took roughly 12 minutes. He even set up a Notice Account on his own afterward. If that doesn’t show how simple EQ’s platform is, I don’t know what does.

If you’re already using EQ Bank and have experience with newer features like the Notice Account, FHSA, or Business Account, I’d love to hear how it’s going. Reader feedback plays a big role in how I update this EQ Bank review, and those real-world experiences help cut through marketing claims and get to what actually matters.

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