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What Is EQ Bank?
EQ Bank is the digital banking arm of Equitable Bank, a federally regulated Canadian bank. As an online-only bank, it offers higher interest rates than traditional banks by avoiding branch costs.
Deposits are protected by CDIC up to $100,000 per category.
EQ Bank Products
Savings Plus Account
The flagship product—a high-interest savings account with:
- Competitive interest rate (check current rates)
- No monthly fees
- No minimum balance
- Unlimited free transactions
- Free Interac e-Transfers
TFSA Savings Account
High-interest TFSA for tax-free growth. Good for emergency funds or short-term savings you want to keep accessible.
GICs
EQ Bank offers competitive GIC rates for various terms. GICs provide guaranteed returns and principal protection—ideal for conservative portions of your portfolio.
Joint Accounts
Available for couples who want to manage money together.
Commonly Noted Features
- Interest rates often higher than traditional banks
- No monthly fees on many products
- CDIC protection on eligible deposits
- Online interface for account management
- Ability to set up multiple accounts
💡 Note: Some Canadians use online banks for emergency funds or cash reserves as part of their overall financial planning. Interest rates vary and should be verified directly.
Cons to Consider
- No physical branches
- No chequing account (though bill payments available)
- Customer support by phone/email only
- May feel less personal than traditional banking
How Some Canadians Use Online Banks
- Maintaining emergency fund savings
- Holding cash between investment decisions
- GICs as part of fixed income considerations
- TFSA for accessible, tax-sheltered savings
Online banks are often used alongside investment accounts and traditional banks. Individual circumstances vary, so research what works for your situation.
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About Maple Wealth Guide
Maple Wealth Guide is an educational publication that explains investment concepts, retirement-related topics, and personal finance information for Canadians aged 50 and over. We are not licensed financial advisors and do not provide personalized recommendations. All content is for educational purposes only.
Non-Affiliation Statement: Maple Wealth Guide is not affiliated with any banks, brokerages, investment platforms, or government agencies.