Review: EQ Bank Savings Plus Account

Craig Sebastiano
by Craig Sebastiano October 17, 2017 / 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 one of the highest interest rates 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 2.3% (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
EQ Bank 2.3%
Scotiabank 2.3%/1.7*
Tangerine 1.9%/1%**
Achieva Financial 1.85%
Implicity Financial 1.85%
Parama Credit Union 1.75%/1.5%***
Oaken Financial 1.5%
RBC Royal Bank 1.5%
Meridian Credit Union 1.4%
BMO Bank of Montreal 1.3%
PC Financial 1%
CIBC 0.75%
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%

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 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.

EQ Bank Savings Plus Account

Open an account
  • 2.3% interest rate
  • No monthly fees
  • Unlimited day-to-day transactions
  • Five free Interac e-Transfers per month

Also read: