EQ Bank Referral Code 2026: $20 Welcome Bonus Step-by-Step

Sign up for an EQ Bank Personal Account using a referral code from an existing EQ Bank customer, deposit at least $100 within 30 days of opening, and hold the deposit for 30 days. After the holding period, EQ Bank credits $20 to your account. The referrer also receives a small bonus, which doesn't reduce yours.

$100. Any source of funds works — Interac e-Transfer from another bank, direct bank transfer, or external bank deposit. The $100 must remain in the account for 30 days. After 30 days, the bonus credits and you can withdraw or use the funds normally.

No. The $20 bonus is exclusive to referral signups. Direct signups through eqbank.ca don't qualify. You must enter the referral code during the application or sign up via a referral link.

Yes. EQ Bank is the digital banking arm of Equitable Bank, a federally regulated Canadian Schedule I bank that has been operating since 1970. Deposits are CDIC-insured up to $100,000 per depositor per insured category. Equitable Bank's parent company (Equitable Group, TSX: EQB) is publicly traded. Read our [Is EQ Bank Safe?](/blog/is-eq-bank-safe) analysis for details.

EQ Bank's Personal Account base rate is significantly higher than Big 5 banks. The base rate fluctuates with the Bank of Canada's overnight rate. Notice Accounts (10-day, 30-day, 90-day) offer higher tiered rates in exchange for notice before withdrawal. Check eqbank.ca for current rates before opening.

Yes. EQ Bank Personal Accounts can be opened jointly with another EQ Bank customer. Each account holder gets their own login and independent access. Joint and individual accounts have separate $100,000 CDIC coverage limits, so a couple can effectively get $200,000+ of CDIC coverage by combining accounts strategically.

Yes. EQ Bank offers unlimited free Interac e-Transfers — both sending and receiving. Most Big 5 bank accounts charge $1.50 per outgoing e-Transfer (or require a higher-tier account to waive). For a typical user sending 5 e-Transfers/month, that's ~$90/year savings just on e-Transfer fees alone.

Both are excellent. EQ Bank is directly CDIC-member through Equitable Bank ($100K CDIC). Wealthsimple Cash holds funds in trust at multiple member banks for combined $1M coverage. EQ Bank has joint accounts and Notice Accounts at higher rates. Wealthsimple integrates with Trade and Tax in one app. For pure banking, EQ Bank usually edges out. See our [Wealthsimple Cash vs EQ Bank](/compare/wealthsimple-cash-vs-eq-bank) head-to-head.