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There are a handful of 100% online banking platforms out there, but most are not associated with more established banks. That’s not the case with EQ Bank, which is a trademark of Equitable Bank, a large Canadian Schedule I Bank that’s been around for about 50 years.
EQ Bank promises not only to provide convenience in the name of banking entirely online, but it also delivers high-interest rates on savings thanks to the minimal overhead since there are no physical branches. Not only that, but their customer service is pretty impressive, especially when considering how there are no brick-and-mortar branches to visit for face-to-face communication.
Let’s look at EQ Bank in a little more detail to help you determine if this is the right digital platform to do your banking with.
EQ Bank currently offers a high-interest savings account and the opportunity to buy GICs.
The EQ Bank Savings Plus Account offers a way to save money to meet your financial goals. With the competitive rate that EQ Bank offers, it rivals some low-risk investment vehicles that are available. It certainly beats the rate you’d be offered on a chequing account.
GICs are purchased through EQ Bank directly.
Whether you’re trying to save for higher education, your retirement, or another lofty goal, a TFSA from EQ bank can get you there. To open an account, simply start by opening a Savings Plus Account first.
Learn more about TFSAs.
An RSP savings account is like an RRSP account. It allows you to deduct your contributions from your income and you aren’t taxed on the interest you earn on your investment. If you’re working toward saving for your retirement, an RSP savings account is a good investment. At EQ bank you’ll get
For an account other than savings, see the best online checking accounts.
EQ Bank Savings Plus Accounts
Feature | Details |
Monthly Fee | $0 |
Minimum Balance | None |
Maximum Balance | $200,000 |
Number of Interac e-Transfers® | Unlimited** |
Interest Rate | 1.50%* |
Joint Accounts Permitted? | No |
Mobile App Available? | Yes |
Special Features | – Deposits insured up to $100,000 by CDIC – Tools that allow you to set and track the progress of your goals – Can be used anywhere in the world |
EQ Bank GICs And TFSA GIC Rates
Term | GIC Proposed Non-Registered Rates | GIC Proposed Registered Rates |
3 month | 1.60% | 1.60% |
6 month | 2.00% | 2.00% |
9 month | 2.40% | 2.40% |
1 year | 3.65% | 3.65% |
15 month | 3.80% | 3.80% |
2 year | 4.20% | 4.20% |
27 month | 4.25% | 4.25% |
3 year | 4.30% | 4.30% |
4 year | 4.35% | 4.35% |
5 year | 4.35% | 4.35% |
6 year | 4.35% | 4.35% |
7 year | 4.35% | 4.35% |
10 year | 4.40% | 4.40% |
EQ Bank can be contacted through the following channels:
EQ Bank – Digital Banking
30 St. Clair Avenue West, Suite 700
Toronto, ON
M4V 3A1
To open an account with EQ Bank, you must meet the following requirements:
After opening an account with EQ Bank, you’ll link a bank account that you have with a conventional bank and transfer funds into your EQ account via an electronic funds transfer, Interac e-Transfers®, or cheque through the mobile app. The money you have in your account can then earn 1.50% interest or can be used to buy GICs or pay bills.
To transfer money to someone through an international money transfer, you’ll use TransferWise to facilitate the process. TransferWise is integrated with EQ Bank, so the transfer is seamless. A TransferWise account will need to be created through your EQ Bank account or mobile app, as long as you have an EQ Bank Savings Plus Account.
You’ll also be able to check on the status of the transfer on the website or the app. A maximum of $9,500 CAD can be transferred per transaction every 24 hours, and you can send money to over 70 countries in 32 different currencies.
Yes, it is safe to park your money with EQ Bank. The main reason is because of its affiliation with the well-established Equitable Bank, which is a Schedule I financial institution that has been around for decades. Further, up to $100,000 of your money will be insured by the CDIC, which means if EQ Bank goes belly up for whatever reason, you won’t lose that money.
EQ Bank is great for people who meet the following criteria:
However, EQ Bank might not be suitable for those wishing to save for retirement or who are looking for a tax-sheltered savings account, as the bank does not currently offer RRSPs or TFSAs.
See whether you should be invested in RRSPs.
EQ Bank is a great option for those looking to get a competitive rate on their savings account while enjoying the convenience of banking entirely online. The bank also provides some peace of mind thanks to funds being insured by the CDIC. However, if you’re looking for a tax-free savings account or RRSP, you may have to look elsewhere.
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
**Transactions may be subject to monetary limitations. Please see our fees and features page for more information.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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