About EQ Bank
EQ Bank is a Canadian digital-only bank launched in 2016 by Equitable Bank (Canada’s Challenger Bank™). EQ Bank offers everyday banking and savings solutions including interest-earning Personal Accounts, Notice Savings Accounts, GICs, and registered accounts such as TFSA, RRSP, and FHSA. It also provides a prepaid EQ Bank Card with no monthly fees, no minimum balance requirements, and competitive interest rates.
Key Features
- No monthly fees on everyday banking accounts
- No minimum balance required
- Interest-earning Personal Account used for both daily spending and saving
- Bonus interest available with qualifying direct deposits (rates subject to change)
- CDIC deposit insurance up to $100,000 per eligible category per depositor
- Free unlimited Interac e-Transfers® and bill payments
- EQ Bank Card (prepaid Mastercard®) with no FX fees and free ATM withdrawals across Canada
- Fully digital banking experience via mobile app and online platform
- Named Canada’s #1 Bank by Forbes for three consecutive years (2021–2023)