Review: EQ Bank Savings Plus Account

Craig Sebastiano
by Craig Sebastiano September 7, 2016 / No Comments

Are you looking for a high-interest savings account with the best long-term rate? Currently, the EQ Bank Savings Plus Account has the highest interest rate in Canada.

About EQ Bank

EQ Bank is an online-only bank and part of Equitable Bank, the ninth-largest bank in Canada. Since there aren’t any branches, you can bank online, over the phone, or by using its mobile banking app.

Rates

Unlike some of the bank accounts we’ve reviewed in the past, the EQ Bank Savings Plus Account isn’t a tiered rate account. In other words, you’ll get the same interest rate of 2.00% if you have $5 or $5,000 in your account.

Compared to other financial institutions, EQ Bank’s long-term interest rate is the best on the market. Although the Tangerine Savings Account offers an interest rate of 2.40%, it’s only available for new clients and it’s just for the first 182 days the account is open. After the first six months, the rate drops to 0.80% (which is the rate current clients receive).

Here’s how EQ Bank’s rate compares to other financial institutions’ best rates (on a balance of $5,000 or more):

Financial institution Interest rate
Tangerine 2.40%/0.80%*
EQ Bank 2.00%
Alterna Bank 1.95%
Oaken Financial 1.75%
Luminus Financial 1.75%
Achieva Financial 1.70%
Outlook Financial 1.70%
Steinbach Credit Union 1.60%
Meridian Credit Union 1.50%
Scotiabank 1.50%
BMO Bank of Montreal 1.25%
Canadian Western Bank 1.00%
PC Financial 0.80%
ATB Financial 0.70%
CIBC 0.55%
RBC Royal Bank 0.55%
TD Canada Trust 0.55%

*currently 2.40% for new clients only for the first 182 days and 0.80% thereafter; rate for current clients is 0.80%

Fees

The EQ Bank Savings Plus Account doesn’t have a monthly fee and comes with both unlimited bill payments and electronic fund transfers. There are also five free Interac e-transfers included every month. There’s a $1.50 fee for each additional e-transfer within the month.

The bottom line

Although the interest rate on the EQ Bank Savings Plus Account has been cut twice in the past year, it’s still the highest long-term rate available. Also, there are no fees for fund transfers and you’ll earn 2.00% no matter how much or how little money you have in your account.

Also read: