This EQ Bank review covers what the Personal Account pays, what it costs, and where it falls short, using figures taken from eqbank.ca on October 7, 2026. The short version: a base interest rate of 1.50%, no branches, and a monthly fee of $0, with no minimum balance.
Compare EQ Bank with Wealthsimple Cash (head-to-head), Simplii Financial, or Tangerine. For the full ranking, see Best HISA in Canada 2026. Worried about safety? Read Is EQ Bank Safe?. For the current rate, see EQ Bank Interest Rate Today.
EQ Bank at a glance
| Feature | EQ Bank Personal Account |
|---|---|
| Base interest rate | 1.50% (better on this row) |
| Rate with qualifying direct deposits | 2.75% (better on this row) |
| Direct deposit needed for the higher rate | $2,000 a month |
| Monthly fee | $0, with no minimum balance |
| Interac e-Transfers | free to send and receive, and bill payments are free too |
| ATM withdrawals | no EQ Bank fee on ATM withdrawals in Canada, with fees charged by Canadian ATM providers reimbursed up to $5 per withdrawal, up to 5 times per month |
| CDIC coverage | up to $100,000 per insured category, per depositor |
| Not offered | no cheques, no bank drafts, no in-branch support and no cash deposits |
Source: EQ Bank's rates, Personal Account and fees and features pages, checked October 7, 2026. Rates can change without notice.
In sentence form: the Personal Account pays 1.50% at the base rate and 2.75% with qualifying direct deposits of at least $2,000 a month. The monthly fee is $0, with no minimum balance. Interac e-Transfers are free to send and receive, and bill payments are free too. With the EQ Bank Card there is no EQ Bank fee on ATM withdrawals in Canada, with fees charged by Canadian ATM providers reimbursed up to $5 per withdrawal, up to 5 times per month. Deposits are eligible for CDIC protection up to $100,000 per insured category, per depositor. EQ Bank’s own page lists what the account leaves out: no cheques, no bank drafts, no in-branch support and no cash deposits.
What is EQ Bank?
EQ Bank is the online banking brand of Equitable Bank, which is a federally regulated deposit-taking institution and a CDIC member (EQ Bank is a trade name of Equitable Bank). Equitable’s parent company, EQB Inc., is listed on the Toronto Stock Exchange under the ticker EQB and has operated since 1970. EQB describes Equitable Bank as Canada's seventh largest Schedule I bank by assets and reports approximately $151 billion in combined assets under management and administration.
EQ Bank has no branches. Accounts are opened and run through the mobile app or the website, and EQ Bank describes the Personal Account as a completely digital banking experience. To open one, a person must be a Canadian resident who has reached the age of majority in their province (18 or 19) and has a Social Insurance Number.
What interest rate does EQ Bank pay?
EQ Bank’s Personal Account pays a base rate of 1.50% on every dollar, and 2.75% for clients with qualifying direct deposits of at least $2,000 a month. Those rates took effect October 2, 2026, per EQ Bank’s rates page.
The higher rate is the base rate plus 1.25% of bonus interest. It starts within the first two weeks of the month after a qualifying deposit is detected, and EQ Bank says it continues for as long as direct deposits total at least $2,000 a month each month. The same rates apply to the Joint Account. Interest is calculated daily on the total closing balance and paid monthly, and rates are per annum and subject to change without notice.
Here is what those rates mean in dollars on a hypothetical balance of $10,000 held for a year:
- At the base rate: about $150 in interest.
- With qualifying direct deposits: about $275.
- In a 10 Day Notice Savings Account: about $235.
Interest earned outside a registered account is taxable. EQ Bank’s other savings rates on October 7, 2026 were 1.50% on its TFSA, FHSA and RRSP Cash Savings Accounts and 2.50% on the US Dollar Account.
What fees does EQ Bank charge?
The EQ Bank Personal Account has a monthly fee of $0, with no minimum balance, and its fee table lists everyday transactions as free. The one cost it names is for International Money Transfers: a fee charged by Wise, the third-party service that powers the transfers.
| Feature | Fee or limit |
|---|---|
| Monthly account fee and minimum balance | $0, with no minimum balance (better on this row) |
| Interac e-Transfers and bill payments | free to send and receive, and bill payments are free too (better on this row) |
| Outgoing Interac e-Transfer limits | $5,000 per 24 hours, $20,000 a week and $50,000 a month |
| Transfer to a linked bank account | up to $30,000 per transaction, arriving in two to three business days |
| ATM withdrawals in Canada | no EQ Bank fee on ATM withdrawals in Canada, with fees charged by Canadian ATM providers reimbursed up to $5 per withdrawal, up to 5 times per month |
| Deposits, including Mobile Cheque Deposit | free |
| Cheque deposit limit | $100,000 per cheque |
| Bill payment limit | $25,000 per payment |
| Opening or closing the account | free |
| Overdraft | not available |
| International Money Transfers | a fee charged by Wise, the third-party service that powers the transfers |
Source: EQ Bank Personal Account Fees & Features page and Personal Account page, checked October 7, 2026.
Spelled out: Interac e-Transfers are free to send and receive, and bill payments are free too, with outgoing limits of $5,000 per 24 hours, $20,000 a week and $50,000 a month. A transfer to a linked account at another bank allows up to $30,000 per transaction, arriving in two to three business days. Deposits, including Mobile Cheque Deposit, are free, up to $100,000 per cheque, and bill payments are capped at $25,000 per payment. Opening or closing the account is free. Overdraft is not available, and the account holds Canadian dollars only.
EQ Bank does not list wire transfers, bank drafts or certified cheques in its fee table; its Personal Account page says the account is not the right fit for someone who wants cheques, bank drafts or in-branch support. If a fee is raised or a new one is added, EQ Bank says it gives notice at least 60 days before the change comes into effect.
How does EQ Bank compare to Big 5 chequing accounts?
EQ Bank’s Personal Account has a monthly fee of $0, with no minimum balance, while the unlimited chequing plans at TD, RBC and BMO each carry a monthly fee unless a balance or rebate condition is met. The table uses the Big 5 figures YieldMaple verified on each bank’s own page on October 6, 2026.
| Feature | EQ Bank Personal Account | TD Unlimited Chequing | RBC Signature No Limit | BMO Performance |
|---|---|---|---|---|
| Monthly fee | $0, with no minimum balance (better on this row) | $17.95 a month | $16.95 a month | $17.95 a month |
| How the fee is waived or lowered | No fee to waive | $4,000 or more in the account at the end of each day of the month | not a no-fee account by default; rebates such as the RBC Value Program can bring it as low as $4 a month | a $4,000 minimum balance |
| Everyday transactions | no everyday banking fees and an unlimited number of transactions each month | unlimited — no transaction fees however many times you take money out | unlimited debit transactions in Canada | unlimited transactions per month |
| Branches | None | Yes (better on this row) | Yes (better on this row) | Yes (better on this row) |
Sources: eqbank.ca (October 7, 2026); TD, RBC and BMO account pages (October 6, 2026). Big 5 fees can change; confirm on each bank's site.
In words: TD Unlimited Chequing costs $17.95 a month, waived with $4,000 or more in the account at the end of each day of the month. RBC Signature No Limit Banking costs $16.95 a month and is not a no-fee account by default; rebates such as the RBC Value Program can bring it as low as $4 a month. BMO Performance Chequing costs $17.95 a month, waived with a $4,000 minimum balance. All three include unlimited everyday transactions, as does EQ Bank, which describes its account as having no everyday banking fees and an unlimited number of transactions each month.
EQ Bank’s own marketing estimate is that the Personal Account saves up to $200 a year in banking fees. That is the bank’s figure, not an independent one, and the real number depends on what a household pays today. What the Big 5 offer in return for their fees is a branch network, cheques, drafts and cash handling, none of which EQ Bank provides.
Is EQ Bank CDIC insured?
Yes: EQ Bank deposits are eligible for CDIC protection up to $100,000 per insured category, per depositor, because EQ Bank is a trade name of Equitable Bank, a CDIC member. Coverage is automatic and there is nothing to sign up for.
The detail that matters is how the limit is counted. EQ Bank’s example is one $100,000 limit shared by an individual Personal Account, GICs, the US Dollar Account and any other deposits in the same name at Equitable Bank, with joint deposits insured separately. So a Personal Account and a non-registered EQ Bank GIC in the same name share one limit; they do not each get their own. This corrects an earlier version of this review.
CDIC does insure separate categories separately. Per CDIC, the categories are deposits in one name, joint deposits, RRSP, RRIF, TFSA, RDSP, RESP and FHSA deposits, and deposits held in trust, each insured separately up to $100,000 including principal and interest. As an illustration, a couple who each hold a Personal Account and a TFSA Cash Savings Account, plus one Joint Account together, would have up to $500,000 of combined coverage across those five categories at EQ Bank.
Comparison: Wealthsimple Chequing spreads deposits across CDIC-member partner banks, so its CDIC coverage is up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). For a balance above $100,000 in a single category, that structure covers more in one account; below that amount, the two are equivalent in practice. YieldMaple’s complete Wealthsimple guide explains how that arrangement works.
How do EQ Bank Notice Savings Accounts work?
An EQ Bank Notice Savings Account pays a higher rate in exchange for advance notice before each withdrawal: 2.35% with 10 days’ notice or 2.75% with 30 days’ notice. There are two versions, and the notice period is chosen when the account is opened:
- 10 Day Notice Savings Account: 2.35%
- 30 Day Notice Savings Account: 2.75%
EQ Bank does not offer a 90-day version, which an earlier version of this review listed in error.
After a withdrawal request, the money is available on the 11th or 31st day after the request, plus 2 to 3 business days if it is going to an account at another bank. EQ Bank says interest keeps accruing on money set for withdrawal until it is transferred, and a request can be cancelled with no penalty or fees up until the day of the transfer. The account has no fees and no minimum balance.
One point worth noticing: on October 7, 2026 the 30 Day rate of 2.75% matched the 2.75% that the Personal Account pays with qualifying direct deposits. For a client who already meets the direct deposit condition, the Notice Savings Account added a wait without adding interest. For a client on the base rate of 1.50%, the gap was 1.25 percentage points.
EQ Bank GICs
EQ Bank sells GICs (Guaranteed Investment Certificates) with terms from 3 months to 10 years. On October 7, 2026 its rates page showed 2.55% for 3 months, 3.70% for 1 year and 4.30% for 5 years, with the same rates on non-registered, TFSA, RRSP and FHSA GICs. The 6-, 7- and 10-year terms paid 2.35%, less than the 1-year term.
EQ Bank GICs are non-redeemable, so the money stays locked in until maturity. The limit is $100,000 per GIC, with a maximum of 20 active non-registered GICs per customer. For deposit insurance, a non-registered GIC counts toward the same limit as a Personal Account in the same name, as covered above.
Sample EQ Bank setup
A common way to use EQ Bank for everyday banking:
- Personal Account: the main everyday account. Pay is deposited here, which is also what unlocks the 2.75% rate once deposits reach $2,000 a month. Bills are paid from here.
- Joint Account (with a partner): shared expenses, funded by transfers from each person’s own account. A Joint Account can have up to 4 people (you plus 3 co-holders).
- Notice Savings Account: cash that is not needed at short notice, such as part of an emergency fund.
- TFSA at a brokerage such as Wealthsimple: investing happens elsewhere; EQ Bank holds the cash.
One customer can open up to 8 separate accounts, so separate accounts for separate goals are possible. Everyday banking fees in this setup: $0, with no minimum balance.
What doesn’t EQ Bank do?
EQ Bank does not offer branches, cheque books, bank drafts or cash deposits; its own Personal Account page lists no cheques, no bank drafts, no in-branch support and no cash deposits. The other gaps:
- No integrated investing. EQ Bank has no brokerage. Stocks and ETFs are held at Questrade, Wealthsimple or another broker.
- No overdraft. EQ Bank’s fee table lists overdraft as not available.
- Canadian dollars only in the Personal Account. US dollars need the separate US Dollar Account.
- Quebec limits. EQ Bank does not offer these products in Quebec: the US Dollar Account, International Money Transfers, RRSP and FHSA Cash Savings Accounts and GICs, and business accounts.
- The higher rate has a condition. Without direct deposits of at least $2,000 a month, the Personal Account pays the base rate.
Two things an earlier version of this review got wrong: EQ Bank does have a Business Account, which costs $0 per month with no minimum balance, though it is not available in Quebec; and Equitable Bank’s site does list residential mortgages, reverse mortgages and a home equity line of credit.
Is there an EQ Bank sign-up bonus?
EQ Bank’s referral program pays a new client $20, and the program is available on an ongoing basis, though EQ Bank can change or end it without notice, per its terms on October 7, 2026. To qualify, the new client must open a Personal Account through a valid referral link and fund it with at least $100 within 30 calendar days of activation.
The existing customer who shares the link receives $20 for each new client, to a limit of $500 per referrer. Someone who already had an EQ Bank Personal Account, or who joins through a Joint Account invitation, does not count as a new client under the terms. The EQ Bank referral code page sets out the steps and terms.
Editorial pick
EQ Bank
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Open an EQ Bank account → (opens in a new tab)Who EQ Bank fits
EQ Bank tends to fit people who:
- Want interest on an everyday balance and a monthly fee of $0, with no minimum balance
- Bank entirely online and rarely handle cash or paper cheques
- Have pay of at least $2,000 a month that can be direct deposited
- Keep less than $100,000 per CDIC category
- Send Interac e-Transfers often
EQ Bank tends not to fit people who:
- Need in-person branch service, bank drafts or cash deposits
- Hold well above the CDIC limit in one category and want it all in one place
- Want banking and investing in one app (Wealthsimple Chequing sits beside its investing accounts)
- Live in Quebec and want the US Dollar Account or RRSP and FHSA savings products
Final verdict
EQ Bank is a strong no-fee option for everyday online banking. A base rate of 1.50%, free Interac e-Transfers, CDIC-eligible deposits and a monthly fee of $0, with no minimum balance are a combination the Big 5 unlimited chequing plans in the table above do not match on price.
The gaps are real, though. There are no branches, cheques, drafts or cash deposits, and the headline 2.75% depends on direct deposit. Some people keep a basic account at a branch bank alongside EQ Bank for the occasional in-person task. This review is general education, not financial advice, and rates should be confirmed on eqbank.ca before opening an account.
Read next
- EQ Bank vs Simplii: the head-to-head with another no-fee bank
- Best high-interest savings account Canada
- Is EQ Bank safe?: CDIC and regulation explained
- Wealthsimple Cash vs EQ Bank: for a higher-balance comparison