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.
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 2.3% (as of Oct. 13, 2017) if you have $5 or $5,000 in your account.
Compared to other financial institutions, EQ Bank’s interest rate is one of the best on the market. Here’s how it compares to other financial institutions’ best rates (on a balance of $5,000 or more):
|Financial institution||Interest rate|
|Parama Credit Union||1.75%/1.5%***|
|RBC Royal Bank||1.5%|
|Meridian Credit Union||1.4%|
|BMO Bank of Montreal||1.3%|
|TD Canada Trust||0.5%|
*promotional rate of 2.3% until Feb. 28, 2018; premium rate of up to 1.7%
**currently 1.9% for new clients only for the first 182 days and 1% thereafter; rate for current clients is 1%
***currently 1.75% for new deposits only; rate for current clients is 1.5%
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 free unlimited Interac e-transfers included every month.
The bottom line
Although the interest rate on the EQ Bank Savings Plus Account has been cut from 3% when it was first launched, it’s still one of the highest rates available. Also, there are no fees for fund transfers and you’ll earn 2.3% no matter how much or how little money you have in your account.