savings
EQ Bank Interest Rate Today (May 2026): Live Rate Card
Last updated:
This page is updated whenever EQ Bank changes its published rates — which happens within 1-2 weeks of any Bank of Canada policy rate change. The rates below are the current as-of date noted at the top of this page.
Related: Full EQ Bank review · Is EQ Bank safe? · Best Canadian savings accounts.
EQ Bank rate card — May 10, 2026
| Rate | Notes | |
|---|---|---|
| Personal Account (everyday) | 2.75% | No notice, no minimum, no fee |
| Notice Savings 10-day | 3.25% | 10-day withdrawal notice required |
| Notice Savings 30-day | 3.50% | 30-day withdrawal notice required |
| TFSA Savings Account | 2.75% | Same as Personal, tax-sheltered |
| FHSA Savings Account | 2.75% | First-home buyer's account, tax-sheltered |
| RSP Savings Account | 2.75% | Retirement savings, tax-deferred |
| GIC — 90 days | 4.30% | Locked for full term |
| GIC — 1 year | 4.65% | Highest GIC rate |
| GIC — 2 years | 4.55% | |
| GIC — 5 years | 4.40% |
How EQ Bank’s rate compares to other Canadian HISAs (May 2026)
| Everyday rate | CDIC? | Notes | |
|---|---|---|---|
| EQ Bank Personal | 2.75% | Yes (direct) | No promo period, sustained rate |
| Wealthsimple Cash | 2.75% | Yes (partner banks) | Tied with EQ |
| Tangerine Savings | 1.00% / 5.50% promo | Yes (CIBC-backed) | Promo: 5 months on new deposits |
| Simplii Financial | 1.50% | Yes (CIBC-backed) | Lower than EQ |
| Big-5 banks (RBC/TD/etc.) | 0.05%-0.10% | Yes | Why fintechs are winning |
What earns more — EQ Bank Personal or Notice Savings?
For most Canadians, Notice Savings is worth the slight inconvenience if you have funds you don’t need same-day:
- $50,000 in Personal Account at 2.75% = $1,375/year in interest
- $50,000 in Notice Savings 30-day at 3.50% = $1,750/year in interest
- Difference: $375/year extra for accepting a 30-day withdrawal notice
The trade-off is real but limited. If you ever NEED the money urgently, you can still withdraw — you just won’t earn the higher rate for the past 30 days. For an emergency fund you genuinely don’t expect to touch, Notice Savings is the better choice.
How GICs compare to HISA at EQ
GICs lock money in for the term and can’t be withdrawn early without penalty. The rate premium over HISA is real but not huge:
- $50,000 in HISA Personal at 2.75% for 1 year = $1,375
- $50,000 in 1-year GIC at 4.65% = $2,325
- Difference: $950/year extra for locking the money for 12 months
For an emergency fund, stay liquid (HISA). For money you definitely won’t need for 12 months, the GIC ladder strategy (split across 1-, 2-, and 5-year terms) maximizes total interest while keeping some liquidity rolling.
Tax shelter the interest with TFSA Savings
Every dollar of EQ Bank Personal Account interest is taxable at your marginal rate. For a Canadian in the 38% combined federal-provincial bracket, that’s $0.38 of every interest dollar going to taxes.
The fix: hold up to $7,000 of new contributions in 2026 (and up to $102,000 lifetime if you’ve been eligible since 2009) inside an EQ Bank TFSA Savings Account, which pays the same 2.75% but tax-free.
A Canadian with $50,000 split between non-registered and TFSA savings:
- All $50K in non-registered Personal: $1,375 interest, ~$523 in tax → $852 net
- All $50K in TFSA Savings: $1,375 interest, $0 tax → $1,375 net ($523 more)
Bottom line
EQ Bank’s rates are consistently top-3 in Canada among CDIC-insured banks with no promotional gimmicks. The Personal Account at 2.75% is the cleanest place to keep an emergency fund. The Notice Savings at 3.25-3.50% is worth it for funds you don’t need same-day. GICs at 4.30-4.65% are worth the lock-up for money you definitely won’t touch.
Always shelter as much interest as possible inside a TFSA Savings Account first — the tax savings beat any rate spread between EQ and competitors.
Frequently asked questions
What is the current EQ Bank interest rate?
As of May 2026, the EQ Bank Personal Account pays 2.75% interest on every dollar with no minimum, no notice period, and no monthly fee. The Notice Savings Account (which requires you to give 10-30 days notice before withdrawing) pays a higher 3.25%-3.50%. EQ Bank GICs pay 4.30%-4.65% depending on term length, with the highest rates typically on 1-year and 2-year GICs.
Does EQ Bank's rate change?
Yes. EQ Bank publishes a rate that adjusts with the Bank of Canada policy rate and broader interest-rate environment. When the Bank of Canada raises rates, EQ typically raises HISA rates within 1-2 weeks. When BoC cuts rates, EQ typically cuts HISA rates with similar timing. EQ Bank does not run promotional 5-month welcome rates the way Tangerine does — the published rate is the rate you actually earn long-term.
Is EQ Bank's rate the highest in Canada?
EQ Bank's everyday rate is consistently in the top 3 for full-feature CDIC-insured Canadian banks in 2026. Tangerine sometimes posts a higher rate as a 5-month promotional offer for new accounts (then drops to a lower base rate). Wealthsimple Cash sits roughly tied with EQ. For long-term sustained-rate seekers without time-limited offers, EQ Bank is typically the best.
Is the EQ Bank rate guaranteed?
No HISA rate at any Canadian bank is guaranteed — they all change based on the broader rate environment. What IS guaranteed at EQ Bank is the CDIC deposit insurance up to $100,000 per insured category, which covers your principal balance against bank failure (separate from rate risk).
Do I have to lock my money up at EQ Bank?
No (Personal Account). Money in the Personal Account is fully liquid — withdraw any amount, any time, with no notice and no fees. The Notice Savings Account requires 10 or 30 days advance notice before withdrawal, which is why it pays a higher rate. GICs lock funds for the full term (90 days to 5 years) but pay the highest rates.
Are EQ Bank interest payments taxable?
Yes. Interest from EQ Bank Personal Account, Notice Savings Account, and GICs in non-registered accounts is fully taxable as income at your marginal tax rate. To shelter the interest, hold balances inside an EQ Bank TFSA Savings Account (also CDIC-insured separately). EQ Bank issues a T5 each February for interest earned in non-registered accounts above $50/year.
How does EQ Bank compare to Wealthsimple Cash for interest?
Roughly tied in 2026. EQ Bank Personal Account: 2.75%. Wealthsimple Cash: 2.75% (varies by tier — higher for premium clients). Both offer free Interac e-Transfers, both are CDIC-insured (Wealthsimple Cash via partner banks, EQ Bank directly), both have no fees. EQ Bank wins on: Notice Savings (3.50%) and GIC options. Wealthsimple Cash wins on: integration with Wealthsimple Trade and Wealthsimple Tax for an all-in-one ecosystem.
What's the minimum deposit at EQ Bank?
$0. You can open an EQ Bank Personal Account with no opening deposit, no minimum balance, and no monthly fee. There's no penalty for keeping a small balance, and no fee waiver requirement. Same applies to TFSA and Notice Savings Accounts.
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