EQ Bank Review 2026: Zero Fees, Competitive Rates — With One Catch
EQ Bank offers one of Canada's best digital banking experiences — truly zero fees, strong GIC rates, and a capable app. But the headline 2.75% savings rate requires a monthly direct deposit. Here's what to know before opening an account.
EQ Bank at a Glance
| Personal Account rate | 2.75% with $2,000/mo direct deposit · 1.00% base |
| TFSA Savings rate | 1.50% no conditions, but low vs. competitors |
| Best GIC rate (1yr) | 3.25% TFSA/RRSP/FHSA eligible, $100 min |
| Best GIC rate (5yr) | 4.00% |
| Monthly fees | $0 zero fees on all products |
| Minimum balance | None |
| Minimum GIC | $100 (lowest in Canada) |
| e-Transfers | Free, unlimited Interac e-Transfers |
| Deposit insurance | CDIC member (Equitable Bank) |
| Branches | None — 100% digital |
| Regulated by | OSFI · Schedule 1 federal bank · TSX: EQB |
NorthRate Score: 4.6/5
| Category | Score | Notes |
|---|---|---|
| Interest rates | 4.2/5 | Personal Account competitive with direct deposit; TFSA savings lags behind Oaken |
| Fee structure | 5.0/5 | Truly zero fees on everything — no hidden charges anywhere |
| Digital experience | 4.8/5 | App rated 4.8 on App Store; free e-Transfers, bill pay, mobile cheque deposit |
| CDIC / Safety | 5.0/5 | Equitable Bank — Schedule 1 federally regulated, CDIC member |
| Product breadth | 3.8/5 | No physical branches; limited account types vs Big Six |
| Overall | 4.6/5 | Strong for digital banking and GICs; moderate for TFSA savings vs. Oaken |
EQ Bank Pros & Cons
EQ Bank Products & Current Rates
⚠️ The catch: The 2.75% rate requires $2,000+/month in eligible direct deposits (payroll or government payments). Without direct deposit, the rate is only 1.00%. If you cannot set up direct deposit, Oaken Financial's 2.80% with no conditions is a better everyday savings account.
- Free unlimited Interac e-Transfers
- Bill payments + mobile cheque deposit
- No fees, no minimums, no fine print
- CDIC insured up to $100,000
| Term | Rate | TFSA eligible |
|---|---|---|
| 3 months | 2.50% | ✓ |
| 6 months | 2.75% | ✓ |
| 9 months | 3.00% | ✓ |
| 1 year | 3.25% | ✓ |
| 15 months | 3.40% | ✓ |
| 2 years | 3.75% | ✓ |
| 3 years | 3.80% | ✓ |
| 4 years | 3.85% | ✓ |
| 5 years | 4.00% | ✓ |
Where EQ Bank's TFSA shines is TFSA GICs — identical rates to non-registered GICs (3.25% for 1 year, 4.00% for 5 years), fully tax-free.
Who Is EQ Bank? Trust & Safety
EQ Bank is the digital banking brand of Equitable Bank, Canada's seventh-largest bank by assets. Equitable Bank has been operating in Canada since 1970 and is publicly traded on the Toronto Stock Exchange (TSX: EQB). EQ Bank was launched in January 2016 as Equitable Bank's digital-first retail offering.
Key trust factors:
- Federal charter: Equitable Bank holds a Schedule 1 federal banking licence — the same class as TD, RBC, and Scotiabank. Regulated by OSFI (Office of the Superintendent of Financial Institutions).
- CDIC membership: All eligible deposits are insured up to $100,000 per depositor per insured category (non-registered, TFSA, RRSP each separate).
- Publicly traded: TSX: EQB. Quarterly financials, annual reports, and regulatory filings are publicly available.
- Scale: Equitable Bank manages over $100 billion in assets under management and serves hundreds of thousands of Canadians.
The one caveat on customer satisfaction: EQ Bank's Trustpilot rating is 1.8/5 (200+ reviews), primarily driven by customer service wait time complaints. App store ratings are much stronger: 4.8 on Apple App Store, 4.1 on Google Play. The disconnect likely reflects that users who needed support had friction, while day-to-day banking is smooth.
Who Is EQ Bank Best For?
✓ Great fit
- ✓ Canadians who can set up $2,000+/mo direct deposit
- ✓ GIC investors — best $100-min GICs in Canada
- ✓ Anyone wanting truly zero fees
- ✓ RRSP or FHSA savers who want competitive GIC rates
- ✓ Comfortable with digital-only banking
- ✓ Building a GIC ladder across multiple terms
✗ Not the best fit
- ✗ TFSA savings accounts — Oaken pays more (2.80% vs 1.50%)
- ✗ Anyone without $2,000/mo direct deposit (base rate is only 1.00%)
- ✗ Needs physical branch access
- ✗ Wants a joint TFSA account
- ✗ Needs fast phone support response times
EQ Bank vs. Competitors
| Bank | Savings Rate | TFSA Rate | Best GIC (1yr) | Monthly fee | Branches |
|---|---|---|---|---|---|
| EQ Bank | 2.75% w/ direct deposit | 1.50% | 3.25% | $0 | None |
| Oaken Financial | 2.80% no conditions | 2.80% | 3.50% | $0 | None |
| Tangerine | 1.50% + promo rate | 1.50% + promo rate | ~3.00% | $0 | None |
| Simplii Financial | 4.60% promo to July 31 | 4.60% promo to July 31 | ~3.00% | $0 | None |
| TD Bank | ~0.50% | ~0.50% | ~2.50% | $10.95+ | ✓ 1,100+ |
Rates as of June 7, 2026. Simplii rate is promotional — verify current offer. Advertiser disclosure.
How to Open an EQ Bank Account (5–10 Minutes)
- Go to eqbank.ca and click "Get started"
- Enter your personal information — name, address, date of birth, SIN, and email
- Verify your identity — government-issued photo ID (driver's licence or passport)
- Link your existing bank account — you'll use e-Transfer or direct deposit to fund your account
- Set up direct deposit — provide your EQ Bank account number and transit number to your employer or CRA to earn 2.75%
Note: You must be a Canadian resident aged 18+ with a valid SIN. EQ Bank is not available to Quebec residents for the Personal Account.
Open EQ Bank Account →EQ Bank Frequently Asked Questions
Who owns EQ Bank?
EQ Bank is owned by Equitable Bank, a federally regulated Schedule 1 chartered bank publicly traded on the Toronto Stock Exchange (TSX: EQB). Equitable Bank was founded in 1970 and launched EQ Bank as its digital banking brand in January 2016. It is Canada's seventh-largest independent bank by assets.
Is EQ Bank safe? Is it CDIC insured?
Yes. EQ Bank is owned by Equitable Bank, a Schedule 1 federal bank regulated by OSFI and a CDIC member. Eligible deposits are insured up to $100,000 per depositor per insured category. Non-registered, TFSA, and RRSP deposits each count as separate categories — so you could have $300,000+ in CDIC coverage at EQ Bank alone.
Does EQ Bank require a direct deposit to get the advertised rate?
Yes — and this is the most important thing to know before opening. The 2.75% rate on the Personal Account requires $2,000 or more in eligible direct deposits per month (payroll or government payments). Without direct deposit, the base rate is only 1.00%. If you can set up direct deposit, EQ Bank is excellent. If not, Oaken Financial at 2.80% with no conditions is a better everyday savings account.
What is the EQ Bank TFSA savings rate?
The EQ Bank TFSA Savings Account pays 1.50% — significantly lower than the non-registered Personal Account rate. The direct deposit bonus does not apply inside a TFSA. For a TFSA savings account, Oaken Financial (2.80%) is a better choice. However, EQ Bank's TFSA GICs are excellent: 3.25% for 1 year and 4.00% for 5 years, fully tax-free, $100 minimum.
Does EQ Bank have physical branches?
No. EQ Bank is entirely digital — there are no physical branches or ATMs. You bank via the EQ Bank website and mobile app. The app supports e-Transfers, bill payments, mobile cheque deposit, and account management. If branch access is important to you, EQ Bank is not the right fit.
How do I open an EQ Bank account?
Opening takes 5–10 minutes at eqbank.ca. You need a valid SIN, government-issued photo ID, a Canadian address, and to be the age of majority in your province. Note: EQ Bank Personal Accounts are not available to Quebec residents.
How NorthRate Reviews Banks
NorthRate's editorial team evaluates banks across five criteria: interest rates (everyday and registered), fee structure, deposit insurance and regulatory standing, digital experience, and product breadth. Rates are verified against institution websites — for this review, rates were confirmed at eqbank.ca/rates on June 7, 2026. NorthRate may earn a commission when you open an account through links on this page; this does not influence our ratings or editorial conclusions. Full disclosure →
Advertiser disclosure: NorthRate earns commissions when you open accounts through links on this page. This does not affect our ratings. Rates verified June 7, 2026 at eqbank.ca. Not personalized financial advice. Full disclosure →