Lisa MacColl is a writer, investor and former compliance consultant in the group retirement and individual wealth management fields. Lisa has written about personal finance for 14 years and currently writes about investing and investment providers for Wealthsimple. Lisa's past work has been published in Canadian Money Saver, Advisor’s Edge, CBC, and CreditCards.ca. She was a nominee for the 2015 Oktoberfest Women of the Year, Professional Category. Lisa holds an M.A. and B.A. from the Wilfrid Laurier University.
What is EQ Bank?
EQ Bank is a Canadian bank that offers personal banking and lending services. It was founded in 1970 as The Equitable Trust Company. It is a wholly owned subsidiary of The Equitable Group and has approximately $35 billion assets under management. There are no brick-and-mortar branches—everything is handled online.
EQ Bank offers personal and joint banking, GICs, RRSPs and TFSAs. It does not offer an investment account for mutual funds, stocks, or ETFs. It does not offer corporate or trust accounts.
(Please be aware that EQ Bank can change its products or features at any time, so you should check its website to complete your research.)
Wealthsimple offers an automated way to grow your money like the world's most sophisticated investors. Get started and we'll build you a personalized investment portfolio in a matter of minutes.Accounts offered
Here’s a list of accounts that EQ Bank offers in Canada:
| Accounts | EQ Bank |
|---|---|
| Savings | Yes |
| RESP | No |
| LIF | No |
| TFSA | Yes |
| RRSP | Yes |
| Spousal RRSP | Yes |
| Personal/Non-Registered | Yes |
| LIRA | No |
| RIF/RRIF | No |
| Margin | No |
| Joint | Yes |
| Corporate | No |
| Trust | No |
What are the rates for EQ Bank?
| Savings Plus Account | Joint Savings Plus Account | TFSA | RRSP | |
|---|---|---|---|---|
| Minimum Balance | $0 | $0 | $0 | $0 |
| Maximum Balance | For customers with accounts prior to February 21, 2016, $500,000. For customers who join after February 21, 2016, $200,000 unless they are also joint account holder. If joint account holder, maximum is $500,000 as long as they have a joint account | For customers with accounts prior to February 21, 2016, $500,000. For customers who join after February 21, 2016, $200,000 unless they are also joint account holder. If joint account holder, maximum is $500,000 as long as they have a joint account | $200,000 | |
| Fee | 0 | 0 | 0 | |
| Interest Rate (as of February 8, 2021) | 1.50% | 1.50% | 2.30% for TFSA Savings accounts. GIC rates vary. | 2.30% for RRSP Savings accounts. GIC rates vary. |
| Transfer Fee | No | No | No | No |
| Human Support | Yes-online chat, phone or email | Yes-online chat, phone or email | Yes-online chat, phone or email | Yes-online chat, phone or email |
| Misc. | Can add up to 3 additional people to joint account |
EQ Bank TFSA or RRSP Savings Account
The EQ Bank offers a TFSA or an RRSP Savings Account with the benefits of tax-sheltered income. There is no minimum deposit required to open an account. Because it is considered a savings account it’s insured for up to $100,000 by the Canada Deposit Insurance Corporation (CDIC). You can access your funds at any time, and there is no fee to transfer your funds to another financial institution. It is currently paying 2.30% interest as of February 8, 2021.
| Features | Cost |
|---|---|
| Interest rate on savings account TFSA (as of January 1, 2021) | 2.30% |
| Minimum balance | $0 |
| Transfer fee | $0 |
| Human telephone support at no extra cost | Yes |
EQ Bank GICs
EQ Bank offers a number of Guaranteed Interest Certificates (GICs) for non-registered and registered accounts that offer short-, medium-, and long-term options for savings if you aren’t comfortable with mutual funds. As long as the term is five years or less, GICs are covered by the CDIC. There is a maximum of 20 GICs per customer, an investment limit of $100,000 and an aggregate GIC maximum of $500,000. The rates below are current as of February 8, 2021.
EQ Bank GIC rates
(as of February 8, 2021)
| GIC Term | Rate (Registered accounts) | Rate (Non-registered accounts) | Access to Funds | Interest Paid | Human Support |
|---|---|---|---|---|---|
| 3 months | 2.30% | 1.50% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | Terms 1 year or less: simple interest paid at maturity. | Yes |
| 6 months | 1.80% | 1.45% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | Terms 1 year or less: simple interest paid at maturity. | Yes |
| 9 months | 1.65% | 1.40% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | Terms 1 year or less: simple interest paid at maturity. | Yes |
| 1 year | 1.50% | 1.20% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | Terms 1 year or less: simple interest paid at maturity. | Yes |
| 15 months | 1.05% | 1.20% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | For 15-month GIC: interest is calculated on a per annum basis, compounded annually and paid solely at maturity | Yes |
| 2 years | 1.05% | 1.30% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | For GIC terms of over one year, not including 15- and 27-month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually | Yes |
| 27 months | 1.05% | 1.30% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | For 27-month GIC: interest is calculated on a per annum basis, compounded annually and paid solely at maturity | Yes |
| 3 years | 1.15% | 1.40% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | For GIC terms of over one year, not including 15- and 27-month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually) | Yes |
| 4 years | 1.25% | 1.50% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | For GIC terms of over one year, not including 15- and 27-month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually) | Yes |
| 5 years | 1.50% | 1.70% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | For GIC terms of over one year, not including 15- and 27-month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually) | Yes |
| 6 years | 1.60% | 1.60% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | For GIC terms of over one year, not including 15- and 27-month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually) | Yes |
| 7 years | 1.70% | 1.70% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | For GIC terms of over one year, not including 15- and 27-month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually) | Yes |
| 10 years | 2% | 2% | Non-redeemable until term maturity. If funds are withdrawn prior to maturity, no interest will be paid. | For GIC terms of over one year, not including 15- and 27-month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually) | Yes |
How to invest in EQ Bank
Open an account
You can open an account online at www.eqbank.ca. You must be the age of majority in your province of residence. The Savings Plus Account is not currently available in the Province of Quebec.
You will also need to provide your Social Insurance Number (SIN). EQ Bank will verify your identity by pulling a credit report, but it will not show on your report to other third parties, nor will it affect your credit rating. Alternatively, you may be asked to show government-issued ID at a Canada Post location to verify your identity.
Start banking
You can deposit funds to your EQ Bank account by Electronic Funds Transfer from another bank, setting up automatic deposits or depositing a cheque through mobile cheque deposit by taking a picture of the front and back on the EQ Bank app. Funds will be held for five business days.
By linking your EQ Bank account with another bank, you can easily transfer funds to and from the accounts so you have access to your EQ Bank funds via Interac or Electronic Funds Transfer. The funds should appear in your linked bank account within 1-2 business days.
Once you have a Savings Plus Account, you can open a TFSA a RRSP or purchase GICs from your Savings Plus Account.
We might be a bit biased, but if you are interested in more than just a savings account, you can earn high interest on your hard earned cash with Wealthsimple Save. There’s no account minimum so you can start saving as much or as little as you like. You can sign up in a matter of minutes.
A note on methodology
The information on this page was compiled by Wealthsimple in January 2021. In order to uncover this information, we looked at the EQ Bank website, press releases, and third-party sites. This article reflects information collected at the time of publication and is provided for educational purposes only and is intended for Canadian investors.
Last Updated April 5, 2021
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