EQ Bank Review
April 17, 2017
Guest Written By: Janine Rogan
Money Well Banked is the tagline for one of Canada’s newest online financial institutions: EQ Bank. EQ Bank is a trademark of Equitable Bank, and is used to describe their new digital bank – featuring no monthly fees and great rates to help you save.
EQ Bank offers free everyday banking to Canadians with their Savings Plus Account, which is a far cry from what the big players tend to offer their customers.
EQ Bank offers:
- No monthly fees
- No minimum balance
- 5 free interac e-transfers per month
EQ Bank has no branches, so if you’re looking for a traditional bank where you can walk in and speak to a teller, they may not be for you. However, if you’re willing to look at this cost savings as a higher rate of return for your savings, then you’re in the right place.
EQ Bank offers savings accounts to Canadians. At 2.30%* they have the highest everyday rate in the Canadian market. Savings accounts are extremely flexible; you can access your money at any time, without forfeiting your interest as you would in a GIC.
Acing it with technology
EQ Bank is on the cutting edge when it comes to technology, allowing you to set up your account in less than five minutes from your mobile device. Seriously… who doesn’t want that!
EQ Bank also has a seamless app that allows you to manage your money from wherever you are in the world. You can set savings goals within your accounts and set up sub-accounts for those of us who enjoy extreme organization with our money!
Benefit of a Second Bank Account
Likely EQ Bank doesn’t have enough features to be your primary bank, and that’s okay. There are actually some great benefits that are associated with having a second bank account.
For starters, if you are strictly using it as a place to save money and grow your wealth, it will be harder to access. Because of this you’ll be less likely to dip into your savings account to go on a trip, or purchase concert tickets.
Secondly, you’ll benefit from the highest everyday interest rate in the market today (2.30%*). Getting a higher interest rate is better to grow your wealth. Lastly, you’ll skip out on fees and minimum balances. A lot of financial institutions require you to have a minimum balance to achieve a certain rate. With EQ that isn’t the case; you benefit by signing up, and every dollar you put into the bank work for you.
EQ Bank is CDIC insured for balances up to $100,000, which is on par with many financial institutions.
*Rates as of published date May 9th 2017