EQ Bank is a Canadian digital bank that has been around since 2016 and is currently offering 2.30% interest* rate on their EQ Bank Savings Plus Account. That’s one of the highest interest rates in Canada and easily beats what all of the big 5 banks are offering.
Since EQ Bank is relatively new, some potential clients tend to be suspicious of the high rates being offered. The good thing is, EQ Bank is owned by Equitable Bank who has been operating in Canada for over four decades. EQ Bank is focused on providing a better banking experience that will help Canadians reach their savings goals faster. Here’s my EQ bank review of their Savings Plus Account.
EQ Bank Savings Plus Account Features
- 2.30% everyday interest rate
- No monthly fees
- Unlimited day-to-day transactions
- No minimum balance required
- Five free Interac e-Transfers per month
- Savings goals features
- Mobile App
- Member of the Canadian Deposit Insurance Corporation (CDIC)
One of the biggest complaints from Canadians is the lack of a reasonable interest rate with savings accounts. Since EQ Bank’s rate of 2.30%* is available to everyone, it makes the account very attractive. The high-interest rate is obviously an attention grabber, but the other benefits of the account are quite good too.
No monthly fees, unlimited day-to-day transactions, and no minimum balances are pretty common in the online world, but for whatever reason have been slow to adapt by the big 5 banks. To be fair, bricks and mortar banks have much higher operational costs since they have retail locations and staff to pay; EQ Bank is branchless and completely digital so the savings are passed on directly to their clients.
Accessing your money is pretty straight forward since you would link your EQ Bank account to your regular bank account – up to a two business day transfer period does apply, but that’s common with every online bank. If you want to speed up the process you can get access to your funds within 30 to 60 minutes by using your 5 free monthly Interac e-Transfers. Currently, there’s no debit card available, nor can you set up your account inside your TFSA.
All these features should have both savers and investors excited. You can simply park your money and get a guaranteed return (minus taxes of course) with zero risks. With EQ Bank (referral link), your interest is paid monthly and there’s no holding period.
Helping you save
Many people are hesitant to switch banks (we all know they don’t make it easy), but EQ Bank shouldn’t be viewed as a replacement, it’s meant to compliment your daily banking needs.
It doesn’t matter if you’re saving for a vacation, school, or a new pair of boots, the EQ Bank Savings Plus Account (referral link) allows you to open an unlimited amount of sub-accounts to meet your needs. The added option of setting savings goals for each individual account is a bonus since you can clearly monitor the progress of your savings.
Saving is obviously the theme of the account, but you can also do day-to-day transactions directly from the mobile app including transferring funds and making bill payments. EQ Bank does not allow your account to go into overdraft so you won’t need to worry about being charged extra fees; it’s the lack of available money that I’d be concerned about.
Overall my EQ Bank review is positive. Despite the fact that currently there’s no debit card, joint accounts, or tax-free savings account available; the 2% interest rate is higher than average daily rates and the additional features make it an attractive account. It’s clear that EQ Bank respects their clients’ money and values their business.