EQ Bank is the digital banking arm of Equitable Bank — Canada’s ninth-largest Schedule I bank by assets — offering no monthly fees, unlimited free transactions, interest paid on your everyday balance (not just savings), and reimbursement of Canadian ATM fees. Unlike traditional digital banks, EQ Bank pays a competitive savings rate directly on the Personal Account balance, meaning your chequing money earns interest without being moved to a separate savings account. Phone: 1-844-596-0888. Fully CDIC insured through Equitable Bank.
EQ Bank at a Glance
| Feature | Details |
|---|---|
| Parent company | Equitable Bank (Schedule I bank) |
| Monthly fee | $0 |
| Minimum balance | None |
| Physical branches | None (fully digital) |
| ATM access | Any Canadian ATM — fees reimbursed |
| ATM fee reimbursement | Up to $4/transaction, ~12/month |
| Phone | 1-844-596-0888 |
| CDIC insured | Yes — Equitable Bank (CDIC member) |
| App | iOS and Android |
| Interest on Personal Account | 2.50%+ (check eqbank.ca for current rate) |
Who Is EQ Bank Best For?
EQ Bank is best for Canadians who want their idle cash working harder without locking it away. The Personal Account pays a competitive interest rate on the money that sits in your everyday account — the same account you use for e-Transfers, bill payments, and debit purchases. This is fundamentally different from Big 5 chequing accounts, which pay 0.01% (effectively nothing) on balances. EQ Bank suits financially independent renters, contract workers, and savers who keep a meaningful cash buffer (say, $5,000–$20,000) and want it earning 2–4% while still being fully accessible. It’s less suited for people who regularly need to deposit cash, use ATMs frequently, or want in-person banking support.
EQ Bank Accounts
EQ Bank’s product range has expanded significantly since its 2016 launch, now covering everyday banking, savings, registered plans, GICs, and US dollar accounts.
Personal Account ($0/month): EQ Bank’s flagship product. No monthly fee, unlimited transactions, unlimited Interac e-Transfers, free bill payments, and — crucially — a competitive interest rate paid on the entire balance. This is not a savings account with restricted withdrawals; it’s a full chequing account that also earns savings-account-level interest. ATM fees are reimbursed on any Canadian ABM (up to $4/transaction, approximately 12 reimbursements per month).
TFSA ($0): Tax-Free Savings Account earning the same competitive interest rate as the Personal Account, within your annual TFSA contribution room. Eligible for separate CDIC insurance under the TFSA category (up to $100,000).
RRSP ($0): Registered Retirement Savings Plan account with competitive interest rates and no monthly fee.
US Dollar Account ($0): Hold and spend US dollars at competitive exchange rates. Useful for Canadians who travel to or shop from the US regularly.
GICs — Non-Redeemable: Fixed-term guaranteed investment certificates at some of Canada’s highest GIC rates. Available in terms from 3 months to 5 years. Interest paid at maturity (or annually for longer terms).
Notice Savings Accounts: 30-day and 90-day notice accounts offering higher rates than the Personal Account in exchange for giving advance notice of withdrawals.
| Account | Monthly Fee | Key Feature |
|---|---|---|
| Personal Account | $0 | Earns interest + unlimited transactions |
| TFSA | $0 | Tax-sheltered, competitive rate |
| RRSP | $0 | Registered savings |
| US Dollar Account | $0 | Multi-currency, competitive FX |
| GICs | $0 | Fixed-term, highest rates |
| Notice Savings (30/90-day) | $0 | Higher rates with notice period |
How EQ Bank Fees Work
EQ Bank’s core accounts carry no monthly fees and no transaction fees. The fee situations you should understand:
- ATM fee reimbursements: EQ Bank reimburses fees from Canadian ATMs up to $4 per transaction, with a monthly reimbursement cap (approximately 12 transactions). Using an ATM beyond this cap — or using foreign ATMs — will result in unrefunded fees.
- Wire transfers: International wire transfers incur a fee. Domestic e-Transfers are free and unlimited.
- NSF fees: A returned payment fee applies if an EFT or bill payment bounces.
- Currency conversion: USD account conversions use a spread; always check the current rate in the app.
Worked example: A freelancer keeps a $10,000 buffer in their EQ Bank Personal Account. At a 3.50% interest rate, they earn approximately $350/year on that balance — money that would earn less than $2/year in a Big 5 chequing account. They also pay $0 in monthly fees compared to $11.95–$16.95 at a Big 5 bank. The combined benefit: over $500/year in fees avoided plus interest earned.
EQ Bank Key Limits
| Service | Limit |
|---|---|
| ATM fee reimbursement (per transaction) | Up to $4 |
| ATM reimbursements per month | ~12 |
| e-Transfer daily send limit | $3,000 |
| e-Transfer 7-day send limit | ~$10,000 |
| Mobile cheque deposit (daily) | $10,000 |
| Mobile cheque deposit (30-day) | $15,000 |
| GIC minimum | $100 |
EQ Bank does not have its own ATMs and does not cap which networks you can use — any Canadian ABM works, with fees reimbursed up to the monthly limit. If you consistently need more than ~12 ATM withdrawals per month, EQ Bank’s ATM strategy may not fully suit your needs. Most Canadians using EQ Bank as their primary account do the majority of their transactions digitally and rarely need cash.
EQ Bank Pros and Cons
| Pros | Cons |
|---|---|
| Interest paid on everyday chequing balance (2.50%+) | No physical branches — entirely digital |
| $0 monthly fee, no minimum balance | ATM reimbursements capped (~12/month) |
| ATM fees reimbursed at any Canadian ABM | Cannot deposit cash (no branch or ATM deposit) |
| Competitive GIC rates — often among Canada’s highest | Not ideal for high-frequency ATM users |
| Unlimited e-Transfers and bill payments | Fewer account types than Big 5 (no personal loans, mortgages from EQ Bank brand) |
| US Dollar Account for cross-border spending | Customer support is phone/app only |
| CDIC insured through Equitable Bank | GIC rates change with market conditions |
How to Open an EQ Bank Account
- Apply at eqbank.ca — the application is fully online and takes 10–15 minutes. You’ll need your Social Insurance Number (SIN) and a government-issued photo ID.
- Verify your identity — EQ Bank uses digital identity verification. Have your driver’s licence or passport ready. You may be prompted to upload a photo or answer identity verification questions.
- Fund your account — link your existing bank account and transfer money via EFT or Interac e-Transfer. There is no minimum deposit required to open an account.
- Set up the EQ Bank app — download the EQ Bank app on iOS or Android. Set up e-Transfer Autodeposit and bill payments. A physical EQ Bank card arrives by mail in 5–7 business days for ATM access.
EQ Bank Banking Guides
Account & Savings
- EQ Bank Fees 2026 — What EQ Bank charges — and what it doesn’t
- EQ Bank Savings Rate 2026 — Current Personal Account interest rate and TFSA rate
Transfers & Deposits
- EQ Bank e-Transfer Limit 2026 — Daily and monthly e-Transfer limits
- EQ Bank Mobile Deposit Limit 2026 — How to deposit cheques via the EQ Bank app
Cash & Investments
- EQ Bank ATM Limit 2026 — ATM fee reimbursement details and how to maximise them
- EQ Bank GIC Rates 2026 — Current GIC rates by term and how they compare to Big 5 GICs
Tips for Getting the Most from EQ Bank
Treat the Personal Account as your primary everyday account. Unlike Big 5 chequing accounts that pay essentially zero interest on balances, EQ Bank’s Personal Account pays a competitive rate on every dollar. If you normally keep a $5,000–$15,000 buffer in chequing, that money earns significantly more at EQ Bank.
Stack with a GIC for higher guaranteed returns. If you have funds you won’t need for 1–3 years, EQ Bank’s GIC rates are typically among the highest from a Schedule I bank in Canada. Use a GIC for your emergency fund’s overflow, keeping 1–2 months of expenses liquid in the Personal Account and the rest in a GIC.
Maximise ATM reimbursements strategically. EQ Bank reimburses up to ~12 ATM fees per month. Plan your cash withdrawals to stay within that limit — withdraw larger amounts less frequently rather than small amounts often. Use a CIBC or Scotiabank ATM if possible, since their $2.00 fee is lower than some third-party ATMs that charge $3.50 or more.
Use the US Dollar Account for US purchases. If you shop online from US retailers or travel to the US, EQ Bank’s USD Account holds US dollars at a competitive FX spread. This avoids the 2.5% foreign transaction fee charged by most Canadian debit cards on USD purchases.
Contribute to your TFSA at EQ Bank first. EQ Bank’s TFSA earns the same interest rate as the Personal Account. For short-term TFSA savings (house down payment, sabbatical fund, emergency fund overflow), EQ Bank’s TFSA is one of the highest-yielding cash TFSAs available from a Canadian bank.
How EQ Bank Compares to Tangerine and Simplii
| Feature | EQ Bank | Tangerine | Simplii |
|---|---|---|---|
| Monthly fee | $0 | $0 | $0 |
| Interest on chequing balance | Yes (2.50%+) | No | No |
| ATM access | Any ATM (fees reimbursed) | ~3,500 Scotiabank free | ~3,400 CIBC free |
| Physical locations | None | Cafés in 4 cities | None |
| GIC rates | Among Canada’s highest | Competitive | Competitive |
| CDIC insured | Yes (Equitable Bank) | Yes (Tangerine Bank) | Yes (Simplii Financial) |
Related Canadian Banking Guides
- Best High-Interest Savings Accounts in Canada 2026 — EQ Bank vs. Tangerine vs. Simplii HISA rates compared
- Best No-Fee Chequing Accounts in Canada 2026 — EQ Bank Personal Account vs. Simplii vs. Tangerine
- Tangerine Bank Guide 2026 — Another popular no-fee digital bank compared
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