The EQ Bank interest rate you earn depends on the account: the Personal Account pays a base rate of 1.50%, or 2.75% with qualifying direct deposits, and Notice Savings and GICs pay more in exchange for less access. YieldMaple checked EQ Bank’s rates page on October 8, 2026, and the posted card is the one effective October 2, 2026. EQ Bank says its rates are per annum and subject to change without notice.
Related: Full EQ Bank review · Is EQ Bank safe? · Best Canadian savings accounts.
What are EQ Bank’s interest rates today?
EQ Bank’s Personal Account pays 1.50%, or 2.75% with at least $2,000 a month in qualifying direct deposits. Every posted rate is below.
| Feature | Rate | Notes |
|---|---|---|
| Personal Account (base) | 1.50% (better on this row) | $0 — no monthly fees and no minimum balance |
| Personal Account (with direct deposit) | 2.75% (better on this row) | Qualifying recurring direct deposits of at least $2,000 a month |
| 10 Day Notice Savings | 2.35% | Money available on the 11th day after you ask |
| 30 Day Notice Savings | 2.75% | Money available on the 31st day after you ask |
| TFSA, FHSA and RRSP Cash Savings | 1.50% | Registered savings accounts |
| US Dollar Account | 2.50% | Not offered in Quebec |
| GIC — 3 months | 2.55% | Non-redeemable |
| GIC — 1 year | 3.70% | Same rate in a TFSA, RRSP or FHSA |
| GIC — 2 years | 4.00% | |
| GIC — 3 years | 4.15% | |
| GIC — 5 years | 4.30% | Highest posted GIC rate |
| GIC — 6, 7 and 10 years | 2.35% |
Source: eqbank.ca/rates, rates effective October 2, 2026, checked by YieldMaple on October 8, 2026. Interest is calculated daily on the closing balance and paid monthly. EQ Bank can change rates without notice.
Interest on EQ Bank savings accounts is calculated daily on the total closing balance and paid monthly. The 10-day Notice Savings Account pays 2.35% and the 30-day account pays 2.75%. The TFSA, FHSA and RRSP Cash Savings Accounts pay 1.50%, and the US Dollar Account pays 2.50%. GICs run from 2.55% for 3 months to 4.30% for 5 years, with 2.35% on 6-, 7- and 10-year terms.
How do you qualify for EQ Bank’s bonus interest rate?
You qualify for EQ Bank’s 2.75% bonus rate by keeping qualifying recurring direct deposits of at least $2,000 a month going into a Personal Account or Joint Account. Per EQ Bank’s offer terms, the bonus rate starts within the first two weeks of the month after a qualifying deposit arrives, and it drops back to the base rate if a calendar month ends without one.
In practice, that means the bonus rate suits someone whose paycheque (or another recurring direct deposit) lands at EQ Bank every month. Someone who keeps savings at EQ Bank but gets paid into another bank earns the 1.50% base rate.
How does EQ Bank’s rate compare to other Canadian savings accounts?
EQ Bank’s 2.75% bonus rate is higher than the regular posted savings rates at Tangerine, Simplii and Scotiabank, but lower than the temporary new-client rates Tangerine and Simplii advertise.
| Feature | Regular rate | New-client promo | Deposit protection |
|---|---|---|---|
| EQ Bank Personal Account | 1.50% base; 2.75% with direct deposit (better on this row) | None | EQ Bank (Equitable Bank) is a CDIC member |
| Wealthsimple Savings | 2.5% (available to every client, no tiers) | None | $1M CIPF (data as of August 19, 2026), not CDIC |
| Wealthsimple Chequing (Core) | 1.25% | Direct-deposit boost: an extra 0.5% with at least $2,000 direct-deposited within 30 days | up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member) |
| Tangerine Savings Account | 0.30% | 4.50% for 153 days (about 5 months) | Tangerine is a CDIC member in its own right (a wholly owned Scotiabank subsidiary) |
| Simplii High Interest Savings | 0.30% on balances up to $50,000 | 4.60% for new clients | Simplii is a trade name of CIBC, which is a CDIC member |
| Scotiabank High Interest Savings | 0.00% with a Total Relationship Balance under $10,000, 1.50% from $10,000, 1.75% from $100,000, 2.00% from $250,000 and 2.20% from $500,000 | Not compared here | Not compared here |
EQ Bank, Wealthsimple, Tangerine, Simplii and Scotiabank rates per their own rate pages, checked by YieldMaple on October 7, 2026. Promotional rates apply only to eligible new clients for a limited time. Wealthsimple lists CIPF, not CDIC, as the protection on its Savings account.
Tangerine’s regular savings rate is 0.30%, and its new-client rate of 4.50% lasts 153 days (about 5 months). Simplii’s regular rate is 0.30% on balances up to $50,000, with a new-client rate of 4.60%. Wealthsimple’s Savings account pays 2.5% (available to every client, no tiers), and Wealthsimple lists its protection as $1M CIPF (data as of August 19, 2026) rather than CDIC. The EQ Bank vs Simplii comparison and the Wealthsimple Chequing vs EQ Bank comparison go deeper on each pairing.
Which earns more at EQ Bank: Personal Account, Notice Savings or a GIC?
A 5-year GIC at 4.30% earns the most at EQ Bank today, and the Personal Account at its 1.50% base rate earns the least. With direct deposit, the Personal Account’s 2.75% matches the 30-day Notice Savings rate of 2.75%.
On a hypothetical $10,000 kept for a full year, before tax and ignoring monthly compounding:
- Personal Account at the base rate: about $150
- 10 Day Notice Savings: about $235
- Personal Account with the direct-deposit bonus, or 30 Day Notice Savings: about $275
- 1-year GIC: about $370
The direct-deposit bonus changes the answer. Without it, 30-day Notice Savings earns about $125 more than the Personal Account on that balance. With it, the Personal Account earns the same rate with no notice period. Notice Savings money becomes available on the 11th or 31st day after you ask for it, plus 2–3 business days if it's going to an account at another bank, and EQ Bank GICs are non-redeemable, so the money stays locked in until the GIC matures.
Is EQ Bank’s TFSA rate worth it after tax?
EQ Bank’s TFSA Cash Savings Account pays 1.50% tax-free, which beats the Personal Account’s 1.50% base rate after tax but not always its 2.75% bonus rate.
Interest in a Personal Account or Notice Savings Account is taxed at your marginal rate. Using a hypothetical 30% marginal tax rate on the same $10,000:
- Personal Account at the base rate: about $105 after tax
- TFSA Cash Savings Account: about $150, with no tax
- Personal Account with the direct-deposit bonus: about $193 after tax
- 1-year TFSA GIC at 3.70%: about $370, with no tax
TFSA room is limited: the 2026 dollar limit is $7,000, and someone who has been eligible since 2009 has up to $109,000 in total room. Your own marginal rate and room will differ, so the TFSA calculator is the place to run your own numbers. The best GIC rates comparison covers GIC terms at other banks.
Bottom line
EQ Bank’s posted rates in effect on October 8, 2026 are 1.50% base and 2.75% with direct deposit on the Personal Account, 2.35% and 2.75% on Notice Savings, 1.50% on registered savings, and 2.55% to 4.30% on GICs. The deciding question is whether your pay lands at EQ Bank: with qualifying direct deposits, the Personal Account matches the 30-day Notice Savings rate with none of the wait. Deposits are CDIC-insured up to $100,000 per insured category, per depositor.
This page is general education, not financial advice. Rates change, so check EQ Bank’s own rates page before moving money.