Are you a senior and looking to take advantage of the discount options available for your bank account? Senior bank accounts are often no fee, or heavily discounted to accommodate presumed lower incomes, with additional benefits varying by provider. Input your estimated balance, then compare and find the best rate available for you!
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This account is a winner of the Personal Finance Awards in the Top Savings Account product category. Learn more about our yearly Personal Finance Awards here.
2020 Winner
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EQ Bank is the digital banking arm of Equitable Bank, Canada's 9th largest Schedule I Bank. EQ Bank is able to pay higher interest rates than other savings accounts because it doesn't have branches and is entirely online. EQ Bank does offer 7 days a week (8am – midnight EST) customer support both online and over the phone. EQ Bank customers can access their accounts online and through the bank's mobile app.
EQ Bank's savings account is called the Savings Plus Account. The Savings Plus Account features an everyday high interest rate, as well as unlimited free transfers and withdrawals. Another main benefit of the Savings Plus Account is that it comes with five free Interac e-Transfers per month. There's no monthly fee, and the money you deposit with EQ Bank is protected by CDIC insurance.
EQ Bank currently only offers savings accounts, but you can invest in GICs through their parent company Equitable Bank.
EQ Bank's savings account is one of the most competitive in Canada, but it never hurts to compare savings accounts to find the one that's best for your unique needs. Ratehub.ca compares dozens of high interest savings accounts side by side and shows you how much your savings will earn. Use our savings account comparison tool to find the best account for you.