Looking for an EQ Bank Review? Is EQ Bank safe? Yup, I did it and took the plunge. I added to my high interest savings account hoarding and I signed up for EQ Bank to take advantage of the great everyday interest rate.
Table of Contents
EQ Bank Review
Here is my EQ Bank Review.
This review will go over what EQ bank is, answers the questions: Is EQ Bank safe, the accounts available (joint account, TFSA, RRSP, GIC, and US dollar) and a step-by-step guide on how to open up an EQ Bank Savings Plus account.
This EQ Bank review was last updated November 2023
EQ Bank Interest Rate
EQ Bank recently increased their rate in June 2022 to 1.65%, in September to 2.00%, and in October to 2.50%*. The TFSA and RRSP rates are 3.00%* as of December 2022.
There is an opportunity to unlock and earn bonus interest of 3.00%* for 12 months on your EQ Bank deposits by:
- Setting up $500/month or more in either paycheque direct deposit or recurring pre-authorized debits
This interest applies for the EQ Bank Savings Plus Account, EQ Bank Joint Savings Plus Account, and the EQ Bank Card balance.
More details on the EQ Bank bonus interest terms and conditions here.
What Is EQ Bank?
In this EQ Bank Canada review, you may wonder who owns EQ Bank?
EQ Bank is a trademark of Equitable Bank and they are a federally regulated Schedule I bank with over $42 billion in assets under management. It is the 7th Largest Bank in Canada by assets. Equitable Bank is a Canadian company that is based out of Toronto, Ontario and has been around for over 50 years.
It has been named as the Best Bank in Canada on the Forbes 2023 list of the World’s Best Banks.
EQ Bank has held this title for the past 3 years.
They have done really well as a company too, increasing their dividend in 2022 by 51%!
EQ Bank came out with astounding HISA (high interest savings account) rates a few years ago and I kept waiting for them to decrease their rate, thinking that it was a promotional rate like Tangerine or a rate that was ‘too good to be true’.
Well, EQ Bank still has one of the highest rates (non-promotional period) in Canada and they haven’t taken away their good rate. EQ Bank recently announced that Quebec residents may now use EQ Bank.
I decided to take the plunge to find out what the fuss is about and signed up for an EQ Bank account myself and wrote up this EQ bank review.
Related: High Interest Savings Account Rate Comparison in Canada
Is EQ Bank Safe?
People may be worried that EQ Bank is not safe because it is 100% online and there are no physical branches.
There are no physical branches, no satellite shops.
However, rest assured if you’re wondering “is EQ Bank safe”? your money is safe with EQ Bank.
All your Canadian dollar deposits made to EQ Bank (up to $100,000) are protected automatically with CDIC deposit insurance.
The coverage is free and automatic since they are a CDIC member, you don’t have to sign up for coverage but it’s good to know that your money is safe in case of company insolvency, when you plunk your hard earned cash into a financial institution.
EQ Bank’s Savings Plus Account
This is what you get when you open an EQ Bank’s Savings Plus Account:
- Free Interac e-Transfers® (email money transfer to anyone with an email)
- You can deposit up to $200,000 into the EQ Bank’s Savings Plus Account
- Free electronic fund transfers, so you can funnel your money online however which way you want without having to worry about getting dinged.
- There is also no minimum balance
- EQ Bank Card: A card that you load with money from your linked EQ account, the deposits are CDIC protected. Withdrawals are free from ANY ATM in Canada (EQ Bank will reimburse the ATM fee charged) and you get 0.5%** cash back on purchases.
- EQ Bank has mobile cheque deposit (take a picture of your cheque to deposit it)
- Interest is calculated daily on the total closing balance and paid monthly. The rate is per year and subject to change without notice
- EQ-to-EQ Transfers: You can send money to another EQ Bank customer without the hassle of passwords or confirmation. The money is automatically deposited into the intended’s bank account.
- International Money Transfers with Wise Canada. You can send money for eight times cheaper compared to a regular bank and pay no hidden fees.
- A new EQ Bank Referral Program where you can get $20 to $40 per referral and your friend can get $20 for opening up an EQ Bank Savings Plus Account and depositing $100 within 30 days. You can earn a maximum of $500.
They have 7 days a week phone coverage and they have an online chat function as well if you run into any problems using the EQ bank app or accessing your EQ bank account online.
EQ Bank Joint Savings Plus Account
As of July 2020, EQ Bank has a Joint Account option.
This is an excellent feature especially for spouses in a household who have a joint account and want to earn more interest towards savings goals like a new home, or a new car, or a trip.
Or even for shared bill payments like a mortgage, or utilities, or joint credit card bills.
With EQ Bank’s Joint Savings Plus Account:
- Add up to three Joint Account Holders to the account
- Complete the application for Joint Account holders entirely online
- There is a maximum balance of $500,000 per customer
- Free bill payments
- No every day banking fees
- EQ Bank card where you can withdraw from any ATM in Canada for free
There are some of the pros and cons of joint accounts, and some other joint savings account options.
If you have a joint account you should make sure you know the person very well (and trust them) because they will have full access to the funds just like you, and can clear the account if they choose to.
If you’re wondering is EQ Bank safe and the person who you opened a joint account with clears all your money out, you’ve got more important things to worry about.
EQ Bank TFSA
As of November 2020, EQ Bank has introduced registered accounts, namely a TFSA and RRSP.
The EQ Bank Tax Free Savings Account (or EQ Bank TFSA) is comprised of the:
- TFSA Savings Account
- TFSA GIC
The EQ Bank TFSA has a limit of $200,000 (well, the maximum TFSA right now is $75,500) and the EQ Bank TFSA has $100,000 CDIC coverage itself, since it is considered separate CDIC coverage from the EQ Bank’s Savings Plus Account.
Registered accounts have beneficiaries. To name a beneficiary for the EQ Bank TFSA, you would have to download a form and mail it and provide your signature.
To open up an EQ Bank TFSA, you have to have an EQ Bank’s Savings Plus Account and there is only one EQ Bank TFSA allowed per customer.
The EQ Bank TFSA is now open to Quebec residents as of December 2022.
As of writing, the EQ Bank TFSA rate is 3.00%* (Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.)
EQ Bank RRSP
The EQ Bank RRSP is similar to the EQ Bank TFSA.
The EQ Bank Retirement Savings Plan is comprised of the:
- RSP Savings Account
- RSP GIC
The EQ Bank RRSP does not offer spousal, LIRA, or RRIF RSPs at this time.
The EQ Bank RRSP has a limit of $1 million.
There is also separate CDIC coverage of $100,000 for the EQ Bank RRSP.
As of writing, the EQ Bank RSP rate is 3.00%* (Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.)
As mentioned, to sign up for a EQ Bank TFSA or an EQ Bank RRSP, you have to sign up for the EQ Bank’s Savings Plus Account first, and then you can sign up for the registered account of your choice.
EQ Bank FHSA
As of July 2023, EQ Bank launched the EQ Bank FHSA (First Home Savings Account).
The EQ Bank FHSA allows investors to:
- Contribute up to $40,000 toward the purchase of a first home through an annual tax-free contributions of up to $8,000 per year
- Earn tax-free investment income in an FHSA Savings Account at a rate of 3.00%.
- Purchase FHSA GICs to earn high interest and keep your down payment money safe
- Withdraw money toward the purchase of a qualifying first home tax-free without having to pay it back unlike the Home Buyers Plan linked with the RRSP
Personally I think that the FHSA is better suited for high interest savings accounts rather than investment brokerages.
High interest savings or GICs are great options to keep your cash safe for the short term while you wait to buy a home.
The FHSA deposits are protected with CDIC insurance.
EQ Bank US Dollar Account
Is EQ Bank safe for your US dollars, too?
In this EQ bank review, we will go over the US Dollar account too.
As of June 2021, EQ Bank now has a US dollar account and the features of it are very attractive. Seriously, EQ Bank keeps getting better and better.
- 3.00%* interest rate on US dollars (this is very very high for a USD account in Canada!)
- The conversion rate on US dollars is one of the best in Canada
- No fee for the US Dollar Account
- You can send your US dollars to another US dollar account abroad you have using Wise (formerly Transferwise)
- USD dollars to USD transfers within Canada are free (linked bank account)
- Your US dollars are CDIC covered up to $100,000 CAD equivalent (protected)
- The biggest feature is being able to transfer CAD into US dollars immediately and see the conversion rate that will be used
The EQ Bank foreign exchange rates are subject to change and include an exchange rate margin embedded within the exchange, however EQ Bank states their rates are one of the best in Canada.
How to Transfer Funds to your EQ Bank US Dollar Account
It is a two step process but very simple nonetheless.
- First you link an external account from a Canadian financial institution to your EQ Bank US Dollar Account (it can be either in CAD or USD).
- Then, you can transfer funds in CAD to your EQ Bank US Dollar Account
- The transaction will first appear in CAD in your EQ Bank’s Savings Plus Account and then will be automatically deposited into your USD account in US dollars (just like magic!)
To get your USD dollar out of the EQ Bank US Dollar account you would transfer out to a linked USD dollar account and then take the money out from that physical bank, since this is a digital bank.
To open up the US dollar account you first need to have an EQ Bank’s Savings Plus Account open.
Investing In an EQ Bank GIC (Guaranteed Income Certificate)
EQ Bank is known for its ridiculously great EQ bank GIC rates, especially for their short term 3-month GIC’s.
It has absolutely zero risks, compared to some of my favourite Canadian dividend-paying companies.
It is super easy to sign up for a GIC, and it only took about 2 minutes to do.
If you’re wondering where you should park your money, you can check out this post of High-Interest Savings Account vs GIC. I’ve always been a fan of doing things in moderation, so why not do both?
In their Bank dashboard, you click “buy a GIC” then you can see in the drop-down box what the interest rates are:
As of August 2023, EQ Bank has changed the rates of their GIC’s. Instead of the 2.50% high interest account savings rate, you can get:
- 3.75%* on a 3 month GIC
- 4.50%* on a 6 month GIC, or
- 5.55%* on a 1 year GIC in a non-registered account.
I love their short term GICs especially for cash you have sitting around anyway and 3 to 6 months is not too much of a commitment for commitment phobic people like me. Then you click on the GIC that you are interested in investing in and put in the amount of GIC that you want to invest.
You can even name your GIC. I named mine ‘rainy days’ as part of my emergency fund.
Then you click buy!
You have to make sure you are buying the GIC for the benefit of another individual by clicking on the box.
EQ Bank’s Saving Plus Account Sign Up Process
The sign-up process for an EQ Bank’s Savings Plus Account was easy and just took 3 minutes for me.
You can sign up here, go to the EQ bank login, and follow along with this if you are interested.
To open up an EQ Bank’s Savings Plus Account, you’ll need:
- To be a Canadian resident and at the age of majority when signing up
- Your email address
- Your Social Insurance Number (they ask for this to match credit bureau information and protect your account from fraud)
- Your address, contact information, etc.
- Answers to a list of great security questions (some of them I have never seen before, they are quite detailed)
After your account is opened, you’ll get an account number. Then you verify your account and then can fund your account.
There were also offers to sign up for their Guaranteed Income Certificate (GIC) through the sign-up process.
Related: High-Interest Savings vs GIC? Where to Park your Cash?
Click here to invest with an EQ Bank GIC (first you have to open up an EQ Bank’s Savings Plus Account).
How to Fund Your EQ Bank Account
During the sign-up process, EQ Bank asks you to link your account with an existing bank account that you already have.
EQ Bank will send two small ‘micro-deposits’ to your linked bank account so that they can confirm that you are the owner of that bank account, within two business days.
Don’t get too excited, the micro-deposits are like a few cents (under $0.30 anyway for me!).
Then you verify these micro-deposits and your account is ready (because it automatically links to your existing bank account) and you are able to fund your account.
You can fund your account by downloading the EQ Bank App (on Google Play or Apple) and taking a picture of a personal cheque that you write to yourself.
Or you can fund your account by sending yourself an Interac e-Transfer®. If your employer provides this, you can also fund the account via direct deposit. Finally, you can also fund the account using an electronic fund transfer.
For me, I chose to fund my account using the electronic fund transfer since it was so easy. Since my accounts were already linked, all I had to do was input how much I wanted to transfer.
Then, it said my funds would show up within 5 business days. For me, it only took one business day (the next day I got email confirmation that my money got transferred).
This post may contain affiliate links. Please see genymoney.ca’s disclaimer for more information.
So to summarize, after you open up your EQ Bank’s Savings Plus Account, to fund your EQ Bank’s Savings Plus Account you can:
- Link your bank account with your EQ Bank’s Savings Plus Account and pay yourself like a bill payment (an electronic fund transfer)
- Send an email money transfer to yourself via Interac e-Transfer®
- Download the EQ Bank app and take a photo of a cheque you write to yourself to deposit money
Now you’re ready to earn 2.50%* everyday interest rate!
Here’s what the EQ bank micro-deposits request looks like.
Now that we’ve looked at how to fund the account and set up the account, here is my EQ bank review and some of the pros and cons of the EQ Bank’s Savings Plus Account that I have experienced so far.
Pros of EQ Bank
Is EQ bank safe? Yes it is.
It is FREE to sign up for with no minimum balance (e.g. You can leave $0 parked in there if you want). It is a great no fee banking option in Canada.
There are no everyday banking fees.
Joint Account capability (not all high interest savings accounts have this option).
It has one of the highest savings accounts rates in Canada (especially for a non-promotional rate!).
As of December 2021 recently have added Interac e-Transfer® capability. You can send an Interac e-Transfer® to anyone with an email address for zero fees. They even feature autodeposit, instant transfers, and quick-send to your contacts that you regularly send Interac e-Transfers® to.
It is entirely online (this may be a con though depending on what you prefer) so you don’t have to see anyone or go anywhere. You can fund your account in your pyjamas (which is what I did). As an introvert, this is amazing for me.
As of January 2023, they added an EQ Bank card! FREE ATM withdrawals anywhere in Canada (EQ Bank will reimburse the fees) AND 0.5%** cash back.
They have EQ Connections or EQ-to-EQ Transfers so you can send money to anyone with another EQ Bank account on your EQ Connections list without a fee. Free. And you don’t need a confirmation email or a password or secret question for them to answer too.
The micro deposits make setting up your Savings Plus Account with other banks very easy and fast.
Although the EQ bank rates are subject to change without notice, the rate seems to have stayed the same to me so far!
There are free bill payments.
The interface is very clean and minimalist looking.
The EQ Bank App on Apple iTunes is rated very well (a 4.7 out of 5 ratings). It’s a great personal finance app.
You can earn money from the EQ Bank Referral Program (your friend earns $20 if they sign up through you too).
The EQ Bank transfer time for email transfers is fast, within hours.
It is available in Wealthica’s dashboard so I can include my money in EQ bank to track my net worth.
They now have an EQ Bank US Dollar Account with a high interest rate at 3.00%*.
Cons of EQ Bank
Here are some negatives.
There are no physical branches (as mentioned earlier this may be a con for you but it is not a negative for me) but you can use an EQ Bank card.
Previously, EQ Bank’s cheque deposit technology seems not as good as the bigger banks (for example, Scotiabank and BMO who have automatic picture taking for the cheques), however this has been updated and works just as well now.
Related:
EQ Bank Referral Program
As mentioned, EQ Bank has a new referral program where you can receive between $20 to $40 depending on the number of friends that you refer to the EQ Bank’s Savings Plus Account.
You will receive a unique referral code when you sign up.
You can earn a maximum of $500 and your friend can get $20 as a new EQ Bank’s Savings Plus Account client for depositing $100 within 30 days.
You can get $20 for your first 3 friends that you refer, and then $30 for the next four friends you refer, and then $40 for friends you refer after that with the EQ Bank Refer a Friend Program.
Your friend gets $20 when they sign up for an EQ Bank’s Savings Plus Account through your link too.
Once your friend deposits their $100, they get $20 and you get $20 within a day!
It’s not like a $300 bank bonus or a free iPad for signing up a new chequing account, but it’s pretty good, and you don’t have to be setting up onerous direct deposits or automatic bill payments to qualify for the bonus money.
My Verdict
What’s my honest EQ Bank review? Is EQ Bank safe?
Well, I’m very happy with the 2.50%* everyday interest rate! It has been a consistent rate. The app is very easy to use and intuitive. I also like that I get email notifications with any transactions that occur to my account.
I mean, who can complain about that when my regular big bank high-interest savings account rate is just 0.05%? I’m happy with the website interface, it’s very sleek and the sign-up process was very easy.
Also since they added an EQ Bank card, you can really use it as a hybrid chequing and savings account.
The other high interest savings account in Canada that I use is Motive Financial, they have a higher rate but I like using EQ bank more because they have a hybrid chequing and savings account because I often get overdraft fees on my Motive Financial chequing account. I also tried LBC Digital but didn’t like the interface and they kept dropping the promo rate substantially.
Since I use my cash for emergency funds and also to keep cash for my investment portfolio instead of something like high interest ETFs, why not earn 2.50%* while the cash is just sitting there anyway? It’s a great and easy way to earn passive income and save for a rainy day.
To sign up for 2.50%* everyday interest rate with EQ Bank, click here!
Finally, because EQ Bank now has a US dollar account, this is icing on the cake. The 3.00%* rate is amazing and hoarding US dollars while the Canadian dollar is high was always on my to-do list (remember when the CAD dollar was at par with the USD?!).
*Interest is calculated on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
Do you use EQ Bank?
What’s your EQ Bank review?
Is EQ Bank safe to you?
GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for blog updates, a free dividend yield spreadsheet, and the free Young Money Bootcamp eCourse.
Nice rate. It’s great to be able to earn a little money on cash again. Tom
@Tom- Yup! Finally!
We’re going to have some money after the sale of our house sale goes through and I want to keep it safe for a few projects we need to do on the new place. I’ve been thinking of using EQ for this, happy to hear you’ve had a good experience. I didn’t realize you couldn’t do joint accounts though, not a deal breaker but would be handy.
@Sarah- That’s so exciting! I remember the feeling when I had a bunch of cash from the sale of my house. It was great. Very easy to move money into it (and I’m sure out of it, but I haven’t tried yet).
Just remember that it takes a few DAYS to move the money in and out… so dont count on it as emergency money.
@Anonymous- Good point! That’s why I always have some cash in my brokerage because I get so antsy about moving money in and out when I want to make a buy order.
You can e-transfer the money within a couple of minutes without delay, I’ve done it several times
@Eric- Thanks Eric for sharing your experience!
I keep most of my EF with them linked to my chequing they’re great..
@Sherry- Oh good to know you have a good experience too, Sherry!
That’s a pretty good rate for EQ up in Canada. I have an high yield online savings account that has 1.90% interest and hopefully it can be as high as 2.30% within the next year. Hopefully rates will keep going up.
@Kris- Cool, thanks for sharing the rates in your area. You must have a ton of $ parked in your accounts saving up for cash downpayment!
DO NOT BANK WITH THIS INSTITUTION
they do not have the ability to provide its customers with adequate resources for their banking needs but they will honestly give you the runaround over and over again and never actually answer any of your concerns or questions. they are apparently managed by no one who never returns calls and is never there. Their customer service Representatives don’t put the needs of their customers first which what they should be doing.You can find better service elsewhere
@Keith Blue- What experience did you have? I have had no issues with them except for the fact that their cheque deposit is sub par compared to other banking institutions.
I totally agree with you!
Early redemption of GIC’s due to Compassionate Reasons.
Warning about EQ Bank
I checked with my different banks about early redemption of GIC’s for care and living expenses of this awful, terminal disease called Cancer.
Being terminally ill with Cancer means nothing to EQ Bank, and they will not redeem your GIC early.
My first reach out to all the banks was in June and the EQ Bank response was this:
“Thank you for being a valued customer at EQ Bank.
Sorry to read about your recent health concerns. For early GIC redemptions, customers would need to send us any details regarding their hardship in a cover letter or e-mail format to “contact@eqbank.ca”. All GIC redemption requests are reviewed and determined by our management team. ”
Looked promising right?
They have finally (after many emails on my part, they tend to ignore a lot) 4 months later made their decision: “Our Management has reviewed your request for premature termination of your GIC, but unfortunately has declined your request.” They knew in advance they were going to deny my request!
So just a heads up for ANYONE, EQ Bank DOES NOT HAVE COMPASSION FOR DYING PEOPLE. Do not give them your money, because if you die sooner than expected, you will never see the money you put in their care. It is not as if I was asking for a loan or charity, THIS IS MY MONEY TO BEGIN WITH. I was prepared to pay an early redemption fee.
How sad and pathetic is a company that won’t allow you to redeem early for medications and living expenses when you are terminal. If they are in financial difficulty and just don’t have it, just be honest with people and let them know. Supposedly they are very well funded, so why won’t they let me have my money back to live on? Of all the banks I checked with they are the only ones who don’t care if you are dying or not, and will not early redeem! Their email address is contact@eqbank.ca Please stay away from this bank!!
Do you have a similar situation with your bank, please post it so we know who to stay away from!
our equivalent in the u.s. is ally bank. i love them but they don’t have an affiliate program so i won’t write them up. we’ve had them for a few years now and all has gone smoothly and we can have joint accounts. their rate is lower at 1.85% but they raise it when the fed funds rate goes up and you don’t have to beg them or threaten to leave. free checks is a bonus too and they refund all atm fees within a certain limit. sounds like you have a similar setup and 2.3% is fantastic. with no physical bank card how do you use an atm to get your cash?
@Freddy Smidlap- Are you sure they don’t have an Affiliate program? I think they used to or maybe they still do. Free cheques is always good. I’ve paid for mine about 5 years ago from another back and I bought 100 cheques. I still use them even though the address and name is different now. You don’t use ATM to get your cash you have to move it to your chequeing account to get your cash. Or send yourself an email money transfer to your chequing account and withdraw the cash there.
Hi GYM, 2.3% is really decent rate. I started using the online banks several years ago. It was not bad. When setting up the first account, it was a kind of pain. After that, it was okay. Setting up the 2nd account with the same bank was a breeze. It’s nice to finally earn some interest on the savings.
@Helen- Cool, yeah online banks have come a long way!! I agree, nice to get some interest again.
I like the 2.3% with no minimum balance.
The process seems to be quite similar to the Tangerine set up.
I am still enjoying the 2.75% promo rate with Tangerine for now but will look into EQ when it runs out:)
@Caroline- I like the no minimum balance too. I don’t remember how it was like to set up the Tangerine account it was like 10 years ago but I imagine it is different today than it was 10 years ago.
I’ve been with EQ for a few months now for the same purpose, emergency cash fun. It’s a smallish amount for now but it is better than sitting in my chequing account collecting dust
@Leonidas- Great that you like it too. I started off with a small amount and I’ll load it up some more when I get the chance.
You should check out the new iOS app. They made some excellent improvements
@Cashmoney- They sort of force you to download the updated version of the app (like when I couldn’t deposit a cheque for example), but yeah, the new iOS app looks fantastic, very sleek and super easy to use.
I’ve been using EQ bank for 3 years now and I can’t complain. Like you, I was skeptical and just a kept a couple of small savings funds in there for a year or so (I love the fact that you can set up several savings account to better manage your funds). After making decent money, I now keep most of my savings including the House Downpayment fund. It’s awesome seeing double digits interest income every month which beats having to play phone tag with other bank. I’ve got better things to do with my time.
Another downside is that you cannot add a beneficiary to the bank account so make sure your spouse is aware of it. They keep saying that it’ll happen but it’s been 2 years now so I’m not holding my breath.
@KQ- Thanks for sharing the note about not being able to add a beneficiary. My other only complaint is that oftentimes I have to update the app when I try to log on. Not a big deal though, I guess.
I honestly don’t have an issue with the app. Maybe just delete it outright and resinstall. Sometimes that clears the bugs.
Good morning E Q Bank I had a conversation with an agent named Ken this morning. It was quite obvious that he was trying hard to meet my needs. However it became very apparent that his efforts were being hindered by the limitations of the customer service tools available to him and how they worked. For example he had to send me a passcode before he could deal with me. He sent that eMail to me at 8.05am, It did finally arrive in my in box 8.35 am However he was able confirm my identity by other means. He did ask me the reason for my call I told him it was to close my account. Because of the of the type of issues we were currently experiencing. He did tell me I would have wait until Dec 10 before I could take those steps.
In short your service leaves something to be desired. At this time I am very concerned that I will even ever see my $180,100.00 again. I am going to making a call to my local bank . I shall find out what is the authority which governs Canadian Banks and what help is available to me.
Thank you
@Heiner- I don’t work for EQ Bank, so just offering my own experience with EQ Bank, but could you not transfer some of that money via electronic fund transfer to your other bank instead of asking to close the account and move the funds?
I am concerned about all that negativity. 2.3% for HISA. Hmm… how do they make their money.
Question: Do they charge $2 per withdrawal? Somewhere I read this is what they do.
I am new to EQ Bank. Just deposited a small amount to see how things work. I am concerned that with all that account hacking of personal accounts going on, (and password stealing going on) linking my bank account (BIG bank) with EQ is a concern. My bank will reimburse me if something went awry. (I confirmed this in more than one time). But if I link it to a bank like EQ, I am not so sure whether the security guarantee that my bank offers is valid. Something to consider of course. I have asked my bank to reply me on this aspect. I am waiting for an answer. I will update my post if I know anything. Only thing is, my bank wants me to have a *robust* password and change it often. I do that of course and not repeat the same one that I use elsewhere. They want it to be unique (numbers, caps, figures and a tough one to crack) and so I do that.
@Nightrider- Thanks for sharing. I’ve had no troubles with EQ Bank and it’s like any other online bank. $100K CDIC coverage. The unique thing about the EQ Bank Savings Account is that it sort of functions like a chequing account too. I don’t think they charge $2 per withdrawal— is that Motive that you confused this with? Motive has a Saving Savvings account and you are allowed 1 or 2 (I forget off top of my head) withdrawals a month and you get charged if you go over that.
Here are the fees:
https://www.eqbank.ca/personal-banking/features-rates/savings-plus-account-fees-and-features
Hmmm, been looking for another high interest savings account. I have a Motive account, but want to expand. What’s your take on Motive?
They have a 3% savings account.
@Alysoun- I have Motive here’s my review: https://genymoney.ca/motive-financial-review-savvy-savings-account/ It’s 2.8%. I’ve dinged myself $35 in fees so far because I overdrafted on my chequing account (didn’t move the money from savings to chequing haha!). I like how EQ Bank’s is a hybrid and is just ‘one’ account. I also have Laurentian LBC 3.3% and the interface is not very good and it was hard to get an account. Personally I think EQ Bank is the best of the three.
Have had an EQ account for a few years. Loving the recent increase to 2.45%!
@jimmbboe- Me too! Nice to have a little friendly competition with Wealthsimple Cash.
Hi genymoney!
Wondering if your link is an referral link ie. will I receive a bonus by signing up via your link?
@Wendy- My link is an affiliate link, you will not receive a bonus but if you refer a friend, you will get a bonus and they will get a bonus once you get an account set up.
Thank for your review Geny,
Is there a limit on the amount of electronic funds transfer. Can you transfer the full 200K from your linked external account into EQ Savings account all at once without any issues or fees?
Do they have a mobile app for Android users?
I’ve read terrible reviews about their customer service, which is concerning. But great interest rate compare to big banks 0.05% peanuts!
@Jonney- Here’s the FAQ section of EQ Bank:
It’s $100000 max.
The customer service is not bad, the chat function is good but it’s not 24 hours. The email to reply takes a while. Their app (on iphone at least) is excellent, there hasn’t been much ‘please update the app’ lately.
Yes, they have Android:
https://play.google.com/store/apps/details?id=com.eqbank.eqbank&hl=en_CA&gl=US
Interac e-Transfer®:
You can instantly deposit funds by sending an Interac e-Transfer® to yourself, using your other bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.
Note: While it’s free to send or receive Interac e-Transfers® with EQ Bank, your other bank may charge a fee for sending them. Banks also tend to set daily limits on how much money you can send through Interac e-Transfer®, so it’s best to use this method for smaller amounts (generally $3,000 or less).
Electronic Funds Transfer (EFT):
Using either the EQ Bank mobile app or through online banking, you can deposit up to $100,000 per transaction from your linked account to your EQ Bank account. You can make multiple transactions per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.
Mobile Cheque Deposit:
Using the EQ Bank mobile app, you can deposit up to $100,000 per cheque. You can deposit multiple cheques per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.
Generally, we hold funds deposited by cheque or Electronic Funds Transfer (EFT) for five business days, beginning after the date of deposit. This means that funds held will actually become available by the sixth business day, when you include the date of deposit. For example, if you make a deposit on a Monday, you can access the funds on the following Tuesday.
Also, is it possible to create 2 different EQ savings accounts under the same account holder, so that they are both CDIC insured. Example: 2 savings accounts each with 100K
This way, both accounts are both CDIC fully insured… Or would they make you deposit the entire amount 200k into one account. Any suggestions? Thanks!
@Jonney- Good thought, but $100K is covered under an EQ bank TFSA, another $100K is covered under an EQ Bank savings account, and another $100K is covered under an EQ bank RRSP.
If you have $100K in a savings account and open another EQ Bank savings account it is still just $100K inusured.
https://genymoney.ca/what-does-cdic-and-cipf-cover/
I’ve had good experience with EQ until I tried transfering my TFSA to EQ from another institution. What happened is that they require 6-8 weeks for transfer, the money was gone from my original account right away, and EQ is still keeping it and won’t deposit it to my new EQ TFSA account, while I am loosing money for likely 8 weeks. In the meantime, I contacted them by email, and they’ve been sending me generic answers, letting me know it takes 6-8 weeks when it really took 2 days to take the money but they won’t deposit it. So annoying.
@Ema- Good to know, thanks for sharing. Sorry to hear about your experience.
Great interest rates, but ZERO customer service. Their online chat doesn’t work, they don’t answer the phone and they don’t respond to email.
@Unsatisfied- I emailed them a few months back about adding another account, and it did take 2 days for a response. I think I ended up using the chat function and had no troubles with that (I ended up using the chat function to get a reply faster than the 2 days).
It’s very disappointing how EQ bank handles customer requests and complaints !!! EQ Bank business practices are very effective at ignoring customer needs by maintaining a reduced number of employees to answer phone calls.
In my particular case, I arranged on EQ bank website a funds transfer from another banking institution. A few minutes later I became aware that I incorrectly selected the bank where the funds were being withdrawn from. In order to reverse the banking transaction, l tried to stop the transfer in the website, but my efforts were futile as the option is disabled. Then I attempted to contact EQ Bank customer service four (4) times – holding on the phone 45 minutes to 1 hour each time – during the same day of setting up the funds transfer. The following day, after 1 Hour and 36 minutes, I was able to reach EQ bank, customer service agent Anmos. In the recorded conversation I was informed that EQ bank was not “capable” of helping me with the funds transfer reversal. Even after explaining to Anmos that l made all the possible efforts to contact customer service with my request the reversal of the previously noted transaction on the same day of arranging the procedure on the bank’s website, I was told that they could only reverse the transaction during the same day of placing the request!!!
As I requested to talk to a manager, Anmos said that a manager will CALL me within 48 hours of setting up my request…No call was received… An email from someone named HERMINIA was received 10 days later with no solution…
I had to pay a $45 NSF charge… thanks to the deceiving business practices of EQ bank…
@URT.- Sorry to hear about your hassle! Maybe it is that the strictly online banks not as amenable to calling customer service and asking for a reversal. I had to pay a number of overdraft charges on my Motive Financial account and they didn’t reverse it. I find when I did the same with my big bank BMO (it wasn’t an overdraft though but being under the minimum monthly balance), they reversed my monthly fee charge each time.
I took my complaint to the EQ bank ombudsman and they got me the result i wanted. It’s worth a try.
ombudsman@eqbank.ca
@Stuart Martin- Thanks for sharing
I’m been with EQ for a few years now and have been most pleased with their service and the interest I’ve been receiving. I transferred my TFSA to EQ from Tangerine and I’m in the process of doing the same with my RRSP. 0.1% at Tangerine vs 1.25% at EQ. I was charged a $50 processing fee from Tangerine when they transferred out my TFSA, but I made that back and more in my first month of interest with EQ. I highly recommend them.
@Joanna- Thanks for your comment and visit. Yes, I have Tangerine too and many people don’t realize that you only get 0.1% interest after the initial promo rate. The EQ rate is much better and consistent.
Hi, thanks for the very informative article as I explore online banking and online-only banks. Can you help me with a couple questions:
1. If, say, we have $200,000 in a EQ Joint Savings Plus Account and we have use for the money and would like to close the account, instead of closing it (which seems to be a hassle to do), can we simply transfer $199,999 to our Big Bank account? If Yes, can we transfer $199,999 in one go, or is there a per day or per transfer limit? Further, how many days would it take for the money to appear in my Big Bank account?
2. For the EQ Joint Savings Plus account, your article cited maximum balance of $500,000 “per customer.” Can you clarify… does that mean a joint account with me, wife and adult daughter (i.e. 3 customers), we can put maximum $1,500,000 into the joint account, or is it max $500,000 per joint account no matter the number of people in the joint account?
Thank you for your help.
@Denis- Hi Denis, I’m glad you found this useful! 🙂 Online banking is amazing, once you try it, you won’t go back (well I still use my big bank for day to day banking but I keep most of my money with online banks for the high interest rate).
1) Yes, you could just leave $1 or even leave $0 in the account, though closing the account isn’t that big of a deal you would just need to make a phone call to 1-844-437-2265 (844-4EQ-BANK). Any one of you on the joint account could close the account.
There is no minimum balance. There is a per day transfer limit, for an Electronic Fund Transfer to a Linked external account (the big bank) it is $30,000 per day limit. If you were transferring IN money from the big bank to your EQ Joint Savings Plus Account it is $100,000 per day limit.
You could also send email money transfers to your big bank but that would be $3000 per day maximum transfer which is quite cumbersome if you’re planning to take out $200,000.
Here’s a link to more of there fees and maximum transfers etc: https://www.eqbank.ca/personal-banking/savings-plus-account/fees-features
The number of days for the electronic fund transfer to appear in your Big Bank account is 1-2 business days.
2) No, for the EQ Joint Savings Plus Account it is maximum $500,000 across all of the Savings Plus Account for yourself no matter the number of people on the joint account.
For example, if you had an Individual Savings Plus Account and a Joint Savings Plus Account (with your daughter and wife) the maximum is $500,000.
Hi! Thanks for getting back to me so quickly! Appreciate that.
For the unbeatable interest rate, this senior is pretty much sold on giving online bank a try… now I just have to convince my bbw (big-bank wife). 🙂 Cheers!
@Denis- You’ll like it! If I can manage to do online banking (I still prefer to use personal cheques rather than e transfer), anyone can!
DO NOT BANK WITH EQ, YOUR ACCOUNT WILL BE HACKED AND YOUR MONEY STOLEN. On March 26/21 $40,000 was taken out of my account and transferred out TD Unlimited. I got a notification that a $12,900 transferred did not go through and that’s when I saw my money taken out. I contacted EQ immediately and my account was frozen, till they could find out what happened. While my account was frozen another $20,000 was taken out. I phoned again and they said it was an internal transfer and they could do nothing about it, So now I am out $60,000. I was told my computer got hacked as well as my Telus account and that’s how they took out the money. I had my computer checked out by a computer company and they told me there was no way my computer got hacked. I contacted Telus, they told me my account was not hacked. I tried contacting EQ security to tell them the information, left multiple message and never heard back from them for 9 day. I did have a few sleepless night. Finally they contacted me and they insisted my computer got hacked, even after it was all checked out. I told them perhaps the bank got hack. Oh NO, we as secure and it is my fault. The end result was I did get my money back and they told me to make sure my computer is save and if it happens again my money will not be covered. I asked them about the investigation and they would not tell me anything, other than my computer got hacked. So I took all of my money out and went to a REAL BANK. The customer service and the security at EQ is a joke, Don’t bank there.
@Roy Smith- Thanks for sharing your experience. It sounds like you’ve had a difficult experience. We followed up with EQ Bank and they let us know that they’ve connected with you to work on resolving your issue — we encourage you to continue to liaise with them directly if you need more support. We take our reader and partner relationships very seriously which is why we reached out to EQ about your complaint.
I really want to like them an underdog which offers better return. However, within the past year the technical issues I faced with them doesn’t give any confidence in them.
One time an email transfer from TD was taken from my account but EQ showed a generic error message that doesn’t make sense. Customer service was not helpful. Then I have to call TD to cancel the transfer.
Right now I’ve been trying to login but the security code they sent to my email not received yet for the past 30 minutes, without the security code I cannot login.
When I’m able to login I’m going to transfer all the money out. It is too much of a headache to deal with them.
@nathan- Sorry to hear that, thanks for sharing your experience. They are high security, I tried to use API access with one of my other accounts (non banking related) but confirmed they cannot do that.
EQ Bank regularly has technical issues with their online banking. A few months ago, clients couldn’t purchase GICs for several days, while EQ worked on the issues. Today, I can’t log into my account at all, receiving the message “We’re experiencing higher than normal traffic to our website from savers just like you. Please try again, or visit http://www.eqbankstatus.ca for updates.” The update from 4 days ago stated that the problem was resolved, when it hasn’t. Doesn’t give me a lot of confidence banking with them, when they can’t get their own act together.
@Anonymous- Thanks for sharing your experience.
Now you can get a physical card with EQ bank. We need to reload that card upfront. I would wait for your review.
Yes I just ordered it and am waiting for it to arrive by mail. So far looks great, no ATM fees at any Canadian ATM, 0.5% cash back, and no foreign exchange fees.
I have had 2 EQ Back accounts since 2016. In Jan/2023 my accounts were infiltrated by some fraudulent party. They transfered out all of my funds totaling approximately $13,900. I got no notice of this occurring until about 10 days later when I tried to access my accounts. The hackers had taken control of the EQ emails to me such that they were immediately dumped into mail trash. Their fraud investigation department confirmed the illegal activity and said the were able to recover about $1050 US of the funds. They took no responsibility for the balance of the stolen funds (about $12600 Cdn) I spoke to the investigation agent and later to 2 customer care employees who said they could do nothing. I asked for a call from a supervisor which was promised but did not get the call. I have reasonable anti malware software on my computer and never give out personal info. I spoke to the RCMP who said that banks usually reimburse for online fraud losses. EQ shows no interest in compensating me. I feel only public exposure or a lawsuit might prompt some action on their part. I have raised my case with CBC Go Public and am considering taking to a lawyer. I would say deposits with them are dangerous and losses are not supported by them, despite a website claim to provide 100% reimbursement of losses due to fraud. Stay away!
I recently commented on losses from EQ Bank accounts due to on line hacks. Initially the bank was not going to reimburse me but after several calls and emails they agreed to reimburse the full amount lost. They have a 3 stage complaint process and I must commend them for supporting us in the end. Therefore, I do recommend using EQ provided you have full security coverage (AV, passwords,etc). They did give 100% support as advertised. They do have good interest rates without the fluctuations of market values and quick transfer times. I’m happy.
@Percy- Thanks Percy for the update, good to hear that EQ bank is safe.
False advertisement of TFSA GIC rate
For 1 week I have discovered that this bank is practicing false advertisement by showing a TFSA GIC rate of 5.2%, now 5.25%. They are trying to lock in your TFSA rate at their regular daily rate of 3.0%, and not allow you to take advantage of their GIC rates. I know this to be true because I can buy their regular GICs that can be taxed by the government, but not the TFSA GICs.
Date of experience: June 27, 2023
@David- Hmm did you try contacting EQ bank for help? I do see that they have a 1 year TFSA GIC for 5.25% right now but you do have to have a EQ Bank Savings Plus Account to invest in the TFSA GIC (or even the non-registered GIC).
No EQ Bank is not safe. Far to many people are complaining of being hacked and EQ Bank tries to say it’s all your fault. My account was hacked from 3 accounts 2 credit Unions and EQ Bank. The Credits Unions both looked after me very good and they did get all of the money back from transfers but not from etransfers, in which they looked after. Now EQ hasn’t even gotten back to me yet and it’s been 4 weeks now. I have done all the calling which of course there is no straight to the fraud department so You have to listen to all their BS on the phone and then wait and wait and wait. I finally talk to someone 2 weeks ago that didn’t really tell me much of anything and that the moneys they can’t get is my fault. Yeah right!! He promised they would get back to me following Wednesday. But that never came to be. I called head office and talked to a nice girl that was a receptionist. She contacted the senior director of fraud but he never called back either. I have the quite a substantial amount of money in this EQ Bank. And for them to treat me this way of not knowing what is going on and how much money is involved and how much did they get back. No one want to tell me. It’s been 4 weeks now and still nothing. This is not right. I have a right to know. I would stay far far away from this EQ Bank. They are not very good at all. All I want is information on my money. If it takes time to clean up the mess then so be it but not to tell me anything and leave me hang it just not right. I’m not sure what to do now. I am hoping all turns out well.
@GailK- Sorry to hear about this. I will contact you regarding connecting you with the folks from EQ bank.
I just opened a bank account on the EQ Bank website. Thank God I didn’t put any money in it yet! I am reading hundreds of online complaints about people having their money stolen and EQ refusing to guarantee the funds like they claim. Most victims who have been robbed report similar problems with very poor customer service from EQ and their persistent refusal to insure the funds that were stolen, most report that EQ is blaming the customers that have been hacked and use that as the reason to refuse to cover the amounts stolen. It looks like many EQ customers are bein hacked and robbed.
I will not be putting any money in their bank and I would advise people to be cautious. It seems odd that this particular bank is getting hacked much more frequently then other banks, and to make matters worse, EQ refuses to insure the fraudulent transactions. It’s almost like a setup for being robbed. Please take the time to read the online reviews and complaints, never mind the sponsored reviews.