Does EQ Bank charge monthly fees?

No. EQ Bank charges zero monthly fees on its Personal Account, TFSA, and RRSP. There is no minimum balance requirement and no fee waiver threshold to meet. This is one of EQ Bank's primary advantages over traditional Big 5 banks, which charge $4.95 to $30.95 per month for chequing accounts.

Does EQ Bank charge ATM fees?

EQ Bank reimburses ATM fees charged by other networks when you use your EQ Bank card at ATMs in Canada. This effectively makes any ATM in Canada free for EQ Bank customers. EQ Bank does not have its own ATM network. Conditions may apply — check eqbank.ca for current reimbursement policy details.

Does EQ Bank charge for Interac e-Transfers?

EQ Bank offers free Interac e-Transfers for sending and receiving. There is no per-transfer fee. The standard daily e-Transfer send limit is $3,000. This compares favourably to Big 5 banks that often include e-Transfers as part of a monthly package or charge $1.50 per transaction on basic plans.

Does EQ Bank charge NSF fees?

EQ Bank's approach to NSF (non-sufficient funds) differs from traditional banks. As a savings-focused digital bank, EQ Bank does not offer overdraft protection on its Personal Account. Transactions that would overdraw the account are declined rather than processed, so traditional NSF fees are rare. Check eqbank.ca for current policy.

Are there fees for EQ Bank GICs?

EQ Bank does not charge a fee to open or hold a GIC. GIC rates are fixed at the time of purchase and are among the most competitive in Canada. There is no management fee. However, non-redeemable GICs cannot be broken before maturity. Redeemable GIC options exist with different rates.

EQ Bank Fees 2026 — No Monthly Fee, No Minimum, ATM Reimbursements

EQ Bank charges $0 monthly fees, $0 per transaction, $0 for e-Transfers, and reimburses ATM fees across Canada. There is no minimum balance and no fee waiver requirement. EQ Bank’s model is fundamentally different from traditional banks: you never need to maintain a minimum balance or count transactions.

Quick answer: EQ Bank monthly fee: $0. Transactions: free. e-Transfers: free. ATM fees: reimbursed (conditions apply). NSF risk: low — account declines rather than overdrafts.

EQ Bank Full Fee Schedule 2026

Service	Fee
Monthly account fee	$0
Minimum balance required	None
Transactions (deposits, transfers, withdrawals)	Free
Interac e-Transfer (send)	Free
Interac e-Transfer (receive)	Free
ATM withdrawals (any Canadian Interac ATM)	Reimbursed
Mobile cheque deposit	Free
EFT bank-to-bank transfer	Free
Outgoing international wire	Varies — check eqbank.ca
NSF fee	Declines transaction (rarely applies)

ATM reimbursement terms may change. Always verify current terms at eqbank.ca.

What Makes EQ Bank Different: No Fee Tiers, No Balance Requirements

The Big 5 banks — RBC, TD, BMO, CIBC, Scotiabank — use a common model: charge a monthly fee ($10–$30) that is waived if you maintain a minimum balance ($2,000–$6,000). You’re essentially required to keep thousands of dollars locked up in a low-interest account just to avoid paying fees.

EQ Bank breaks this model entirely. There’s no monthly fee, no minimum balance, and no balance requirement at all. A customer with $50 in their account pays exactly the same as a customer with $50,000 — $0.

Worked example — annual fee comparison on a $3,000 balance:

Bank	Monthly Fee	Fee Waiver Balance	Annual Cost at $3,000 Balance
EQ Bank	$0	None	$0
Scotiabank Preferred	$16.95	$4,000	$203.40 (not waived)
BMO Performance	$15.95	$4,000	$191.40 (not waived)
CIBC Smart Plus	$29.95	$6,000	$359.40 (not waived)
TD Everyday Banking	$10.95	$2,000	$0 (waived if $2,000+)

If you keep $3,000 in your account, EQ Bank costs you $0/year. Scotiabank charges you $203.40 for the same balance. That’s real money — and it compounds year over year.

ATM Fee Reimbursement: How It Works

EQ Bank has no proprietary ATM network. Instead, it reimburses ATM fees charged by the operator of any Canadian Interac ATM you use. The reimbursement typically appears in your account within a few business days.

Key conditions:

Applies to domestic Canadian ATMs on the Interac network
International ATM reimbursement is limited — check eqbank.ca for current terms
There may be a monthly reimbursement cap — verify current terms at eqbank.ca
White-label ATMs (convenience stores, airports) with very high fees may not be fully reimbursed

Practical result: For most Canadians, EQ Bank’s ATM reimbursement makes any bank machine in Canada effectively free. This is a significant advantage over Simplii (free only at CIBC ATMs) and Tangerine (free only at Scotiabank/EXCHANGE® ATMs).

The NSF Question at EQ Bank

EQ Bank’s Personal Account doesn’t operate like a traditional chequing account in one important way: it generally declines transactions when funds are insufficient rather than allowing them to overdraft and charging an NSF fee. This reduces the NSF risk but also means transactions are declined at point of sale or when a pre-authorized debit processes.

To manage this:

Keep a small buffer in your EQ Bank account for pre-authorized debits
Set up low-balance notifications in the EQ Bank app
Transfer funds from savings to the spending account in advance of bill dates

EQ Bank vs. Big 5 vs. No-Fee Banks: Fee Comparison

Bank	Monthly Fee	Free ATMs	Free e-Transfers	Overdraft
EQ Bank	$0	Any (reimbursed)	Yes	No
Tangerine	$0	Scotiabank ~3,500	Yes	No
Simplii	$0	CIBC ~3,400	Yes	No
Scotiabank Basic	$3.95	Scotiabank	$1.50 each	Optional fee
BMO Performance	$15.95	BMO ~2,900	Free	Optional fee
TD Everyday	$10.95	TD ~3,500	Included	Optional fee
CIBC Smart Plus	$29.95	CIBC ~3,400	Included	Optional fee

What EQ Bank Doesn’t Offer

Knowing the limitations of EQ Bank’s $0 fee model is important:

No physical branch access — EQ Bank is entirely digital. There is no EQ Bank branch you can walk into.
No overdraft protection — the account declines rather than covers shortfalls
No chequebook — you cannot order physical cheques from EQ Bank (use e-Transfer instead)
No international wire transfers for personal accounts at the standard level — verify current international transfer options at eqbank.ca

Is EQ Bank’s $0 Fee Sustainable?

EQ Bank (operated by Equitable Bank, a Schedule I Canadian bank) has offered $0 fees since its launch in 2016. Its business model is funded primarily by:

The spread between the interest rate it pays savers and the rate it earns lending out deposits
Its growing GIC business
Its commercial banking division

Equitable Bank is a CDIC member, meaning your deposits at EQ Bank are insured by the Canada Deposit Insurance Corporation up to $100,000 per category. This is the same protection you get at the Big 5 banks.

Tips for Getting the Most from EQ Bank’s Fee-Free Model

Use the high-interest savings rate on all your cash — EQ Bank’s personal account earns interest daily on your full balance
Use any ATM freely — don’t walk an extra block to find a specific bank’s ATM
Send e-Transfers for all payments — free, instant, and no transaction count
Set balance alerts — protects against declined pre-authorized debits
Pair with a GIC — EQ Bank’s GICs offer competitive fixed rates; no fee there either

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy