Log In
Sign Up

EQ Bank Review

Robert Palumbo

Apr 17, 2017 2 min read

Share on Facebook
Share on Twitter
Share on Linkedin
EQ Bank Review

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.

Sign up today!

*Rates as of published date May 9th 2017

Rob Palumbo
Robert Palumbo

Rob is an entrepreneur and multiple-time startup operator. Rob has previously led growth & marketing functions for high-growth companies such as Borrowell, PolicyMe, and Properly.

Similar Topics

8 Tips to Improve Your Credit Score

How To Improve Your Credit Score in Canada

Here are eight tangible steps you can take to improve your credit score. Your credit score directly impacts your ability to get approved for financing, including credit cards, loans, and mortgages.

The Borrowell Team

Feb 04, 2021

Learn More

Can You Build Credit by Paying Rent?

Thanks to rent reporting services, you can now build your credit score by paying your rent on time every month.

Janine DeVault

Sep 27, 2022

Read More

Loan vs line of credit

With all the different credit options available in Canada, it’s important to understand the differences between each one so that you can find the right product for your needs. Credit can be useful to help you establish a history and finance purchases, but should be used mindfully.

In this Borrowing 101 article, we’ll give you an overview of personal loans and lines of credit to help you understand how they work, when to use them, and what to be careful of in order to protect your credit score.

The Borrowell Team

Feb 28, 2023

Learn More