EQ Bank

For more info, see Chrissy’s detailed review of the EQ Bank Savings Plus Account.

Why we use and love EQ Bank

My EQ Bank Savings Plus Account has been my main chequing account for over two years, and I couldn’t be happier. I love having an all-in-one account to do my daily banking—while also earning a high interest rate.

– Chrissy

I’ve been using EQ Bank as my emergency fund account for over a year now. I chose EQ Bank for its quick and convenient online transfers, plus its everyday 1.70% interest*. I don’t have time to churn savings accounts for promotional rates.

– Money Mechanic

EQ Bank has all the simplicity a FIRE walker craves. Canadians pursuing this path simply want a product with no gimmicks, competitive rates and exceptional ease of use. The EQ Bank Savings Plus Account checks all these boxes and more.

– Ryan

The Savings Plus Account

The Savings Plus Account re-imagines banking with:

  • An everyday 1.70% interest rate* plus the flexibility of a chequing account;
  • Unlimited transactions;
  • Unlimited Interac e-Transfers®;
  • No everyday banking fees;
  • No minimum balances;
  • Fast, cheap and fully transparent international money transfers.

All deposit products are eligible for CDIC deposit insurance.

EQ Bank and Wise

  • Partnered with Wise in a first-of-its-kind collaboration in Canada that offers customers a better way to send money abroad.
  • The result is fully transparent, remarkably fast international money transfers that are up to 8x cheaper† for EQ Bank customers.
  • This integration allows EQ Bank customers to send money right from their EQ Bank Savings Plus Account at the real exchange rate, paying only a small, transparent Wise charge.
  • This allows you to earn 1.70%* on the money sitting in the account before you send it out to family, friends, or to your overseas account.
  • For more info, click here.

*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

† Based on research conducted by an independent research company engaged by Equitable to compare exchange rates and transaction fees across Wise, Canada’s Big 5 Banks and Simplii Financial. Research considered comparable online global money transfer services and was conducted using the top five currencies remitted by Canadians (USD, INR, CNY, PHP, and EUR, as published by the World Bank) and typical transaction amounts ($100, $250, $500, $999 CAD). Research took place between November 25th, 2019 and November 27th, 2019. Promotions excluded.

More info

For more info, see Chrissy’s detailed review of the EQ Bank Savings Plus Account.