EQ Bank

EQ Bank: high-interest, no-fee digital banking in Canada

EQ Bank is a Canadian digital bank that offers high-interest, no-fee everyday accounts, along with investments, credit cards and mortgages. It operates as a trade name of Equitable Bank, a member of the Canada Deposit Insurance Corporation (CDIC).

Everyday accounts

The lineup includes a Personal Account, a Joint Account for up to four people, a Notice Savings Account and a US Dollar Account. The Personal Account combines the features of a chequing account with high interest and no fees on everyday banking. The Joint Account shares the features of the Personal Account. The Notice Savings Account provides access to your money with as little as 10 days' notice. The US Dollar Account lets you earn interest on US dollars and make transfers at competitive exchange rates.

The site states that the current base interest rate is 1.00% per annum and that customers who set up recurring direct deposits of at least $2,000 per month can access a bonus interest rate of 2.75% per annum. Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and are subject to change without notice.

Investments and planning

In the investments section, EQ Bank offers GICs (Guaranteed Investment Certificates) and RRSPs. GICs are non-redeemable and have an investment limit of $100,000 per GIC. For non-registered GICs, the maximum is 20 active GICs per customer with an aggregate limit of $500,000. Registered GICs have no limit on the number. The FHSA GIC investment limit is $500,000, the TFSA limit is $200,000 (across TFSA Savings Account and TFSA GIC) and the RSP limit is $1,000,000 (across RSP Savings Account and RSP GIC).

The entity also offers TFSA and FHSA accounts, aimed at tax-advantaged savings and buying a first home.

Credit cards

EQ Bank distributes the PC® Mastercard®, with no annual fee, which lets you earn a minimum of 10 PC Optimum™ points per dollar spent on all purchases. According to the site, the card was voted the most trusted rewards credit card brand by Canadian shoppers in the 2026 BrandSpark® Canadian Trust Study.

Mortgages and lending

The mortgages and lending area includes residential mortgages, home equity line of credit, mortgage products, rates, prepayment calculator and FAQs. A reverse mortgage is also offered, with sections on how it works, a free estimate, types of advances and customer resources. For existing mortgage customers, the myEquitable platform lets you access your account, make payments and manage your mortgage.

Business banking

EQ Bank offers accounts and investment products for businesses, including a Business Account, Business Card, Business US Dollar Account and GICs. These products are not available in the province of Quebec, nor are international money transfers, RRSP and FHSA accounts, or the EQ to EQ transfers feature.

Reach and deposit protection

The entity says it has more than 4 million customers, including those of Equitable Bank and its subsidiaries. Deposits may be covered by CDIC up to $100,000 per insured category and per depositor. Equitable Bank is a member of CDIC and EQ Bank is a trade name of Equitable Bank.

Resources and customer support

The site provides users with a resource centre featuring calculators, documents and forms, as well as resources for brokers and lending. It also includes sections on cybersecurity and fraud, and a bug bounty program. Customer support is available 7 days a week.

Location and contact

EQ Bank Tower, 2200–25 Ontario Street, Toronto, ON M5A 0Y9