EQ Bank Review (2026): The Best HISA In Canada?

I have used EQ Bank as my main everyday account since 2022. It replaced a TD chequing account I’d held since 2008. The decision: the Big 5 charge $4–$30/month for accounts that pay 0.05% interest; EQ Bank charges $0 and pays significantly more. Three years in, the math has saved me roughly $1,200 in fees alone, plus several thousand in actual interest earned.

Here’s the honest review.

What is EQ Bank?

EQ Bank is the digital banking division of Equitable Bank, a publicly traded (TSX: EQB) federally regulated Canadian bank that has been operating since 1970. Equitable is one of the largest Schedule I banks in Canada outside the Big 5, with $50B+ in assets.

Unlike Big 5 banks, EQ Bank operates entirely online. There are no branches. Everything is done via mobile app or web. This is the source of their cost advantage — no real estate, fewer employees, no branch network — passed back to depositors as higher interest rates and zero fees.

EQ Bank Personal Account: the headline product

EQ Bank’s flagship account is the Personal Account (formerly “Savings Plus Account”). It’s a hybrid:

• Earns HISA-level interest (significantly above Big 5 standard chequing rates)
• Functions as a chequing account (free Interac e-Transfers, bill pay, debit card via the EQ Bank Card)
• $0 monthly fees, no minimum balance
• CDIC-insured up to $100,000

In 2026, this is the closest thing to a “perfect” Canadian bank account: high yield on idle balances, no fees, full functionality.

EQ Bank fees: the actual list

EQ Bank Personal Account fees (May 2026)

	Fee
Monthly account fee	$0
Minimum balance	$0
Interac e-Transfer (send)	$0 — unlimited
Interac e-Transfer (receive)	$0 — unlimited
ATM withdrawal (Canada)	$0 (most ATMs)
ATM convenience fees	Reimbursed
Bill payment	$0
Direct deposit setup	$0
Mobile cheque deposit	$0 (limits apply)
Account closure	$0
USD account (separate product)	$0 monthly
Wire transfers (incoming)	$5–$15
Wire transfers (outgoing)	$30

The wire fee is the only outlier — modest by bank standards but not free. For day-to-day banking, EQ Bank is genuinely zero-fee.

How EQ Bank compares to Big 5 chequing

EQ Bank vs Big 5 standard chequing (May 2026)

	EQ Bank	TD Every Day	RBC No Limit	BMO Performance
Monthly fee	$0	$4 (waived $4K min)	$11.95 (waived $4K min)	$16.95 (waived $5K min)
Interac e-Transfers	Free unlimited	$1.50 each (or 25 free)	Unlimited free with No Limit	Unlimited free with Performance
Interest paid	High (HISA-level)	0.01–0.05%	0.01%	0.01%
ATM fees	Free network-wide	$2 outside TD	$2 outside RBC	$2 outside BMO
Branches	None	Many	Many	Many

For typical Canadian households who keep $5,000–$50,000 in chequing/savings balances, EQ Bank earns roughly $100–$1,000+ more per year in interest (rate-dependent) than Big 5 banks plus saves ~$100–$200/year in fees.

CDIC coverage: the $100K limit explained

EQ Bank deposits are CDIC-insured up to $100,000 per CDIC-insured category. Categories include:

• Personal accounts (savings + chequing combined)
• Joint accounts (separate $100K coverage)
• TFSAs (separate $100K coverage)
• RRSPs / RRIFs (separate $100K coverage)
• Trust accounts (separate $100K coverage per beneficiary)

So a couple with a personal Personal Account each, a joint account, and individual TFSAs at EQ Bank could collectively have up to $500,000 of CDIC coverage spread across categories.

The $100K limit per category is the main reason high-net-worth individuals split deposits across multiple banks. For most Canadians under $100K total, EQ Bank’s coverage is sufficient.

Comparison: Wealthsimple Cash splits deposits across multiple CDIC-member partner banks, achieving up to $1M coverage in a single account. For balances over $100K in a single account category, Wealthsimple Cash provides more straightforward coverage; below $100K, the difference is academic.

EQ Bank Notice Accounts (higher rates with lockup)

For cash you don’t need immediate access to, EQ Bank offers Notice Accounts:

• 10-day Notice Account — slightly higher rate than Personal Account
• 30-day Notice Account — higher again
• 90-day Notice Account — highest tier

The “notice” means you must wait the full notice period after requesting a withdrawal before the funds become available. There’s no penalty — just a delay.

Use case: emergency fund parked in 30-day Notice for a 0.5%+ rate boost over the standard Personal Account, with a manageable wait if you ever need it.

EQ Bank GICs

EQ Bank offers GICs (Guaranteed Investment Certificates) with terms from 3 months to 5 years. Rates are competitive with the best Canadian GIC rates, often beating Big 5 GIC offerings by 0.25–0.75%.

GICs are CDIC-insured separately from the Personal Account category, so you can stack coverage.

How I use EQ Bank

My setup:

1. Personal Account — main chequing replacement. Paycheque deposits here. Bills paid from here. Debit card spend.
2. Joint Personal Account (with spouse) — shared expenses, monthly transfers from both individual accounts.
3. 30-day Notice Account — emergency fund (~$15,000). The slightly higher rate vs Personal Account is worth the modest inconvenience.
4. TFSA at Wealthsimple Trade — investing happens elsewhere; EQ Bank is for cash.

Total fees paid in 3 years: $0. Total interest earned vs my old TD setup: ~$2,400.

What EQ Bank doesn’t do

To be honest about the gaps:

• No physical branches. If you ever need to deal with a bank in person — large cash deposit, certified cheque, dispute a chargeback in person — EQ Bank can’t help.
• No mortgages directly to consumers (Equitable Bank does mortgage broking, but not directly to you).
• No integrated investing. EQ Bank doesn’t have a brokerage. You hold investments at Questrade, Wealthsimple, or another broker.
• No business or corporate accounts. Personal banking only (with joint accounts as the closest “shared” option).
• Mobile cheque deposit limits. Around $25,000/month — most users won’t hit this, but landlords or business owners depositing rent cheques might.

If any of these are deal-breakers, you need a different bank.

Sign-up offer

EQ Bank typically runs referral bonuses ($20–$30 for both referrer and new account holder when funded). Verify the current promo on the EQ Bank app or signup page.

Reader offer

EQ Bank

$20 sign-up bonus when you open and fund a Personal Account

Open an EQ Bank account →

Affiliate link — we may earn a commission, at no extra cost to you. Disclosure.

Who should use EQ Bank

Use EQ Bank if:

• You want zero fees and high interest on idle balances
• You don’t need branch access
• Your typical balance is under $100,000 per account category
• You want free Interac e-Transfers
• You’re tired of Big 5 nickel-and-diming

Skip EQ Bank if:

• You need in-person branch access regularly
• You have $200,000+ in cash and want a single CDIC umbrella
• You need business or corporate accounts
• You want banking + investing in one app (Wealthsimple Cash is integrated)

My final verdict

EQ Bank is the best everyday Canadian banking experience in 2026. The combination of zero fees, high interest, free Interac e-Transfers, and CDIC coverage makes it strictly better than any Big 5 chequing account for the typical Canadian.

The lack of branches doesn’t matter for 99% of banking — and for the 1% of in-person needs (notarizing a document, getting a draft), the Big 5 still exist and you can keep a $100 dummy account there.

I made the switch in 2022 and have not regretted it once.

Read next

• EQ Bank vs Simplii — the head-to-head with the other top no-fee bank
• Best high-interest savings account Canada
• Is EQ Bank safe? — CDIC and regulation explained
• Wealthsimple Cash vs EQ Bank — for higher-balance comparison