EQ Bank Review

Everything you Need to Know about EQ Bank

Launched in 2016 by its parent Equitable Bank, EQ Bank works as an alternative to traditional banking, being fully digital and with reduced costs. Although EQ Bank has some limited offerings when compared to other financial institutions, it has lower interest rates and does not charge monthly fees.

All these advantages have made EQ Bank quickly gain thousands of users, reaching the $7 billion mark in customer deposits.

Online banking capabilities at EQ Bank

As it is a digital bank, EQ Bank guarantees tools for its customers to do all their banking services online, which can be done through the company’s website or through the EQ Bank mobile application. So you can make deposits, transfers and payments remotely, without having to leave your home.

Is my money safe at EQ bank?

EQ Bank protects its customers’ money in the same way as traditional banks, offering their protection through the Canada Deposit Insurance Corporation (CDIC).

CDIC grants EQ Bank customers a guarantee of a deposit of up to $100.000 if its members become insolvent, receiving some or all of the money back.

EQ Bank account types

To ensure practicality, EQ Bank offers different options for simple accounts when compared to traditional banks. The options that users miss the most are checking accounts and dedicated credit cards.

EQ Bank savings accounts

• Savings Plus: does not charge monthly fees and has a higher interest rate when compared to other banks.
• Joint Savings Plus: Offers the option of a shared account with up to three people and a deposit limit of up to $500,000.
• US Dollar Account: You can count on high interest rates and competitive exchange rates.

Know the EQ Bank investing accounts

• Tax-free savings accounts (TFSAs).
• Registered retirement savings plans (RRSPs).

Some others EQ Bank services

• Mortgages.
• International money transfers: no markups or increased exchange rates.
• Registered and non-registered GICs.

EQ Bank rates and fees

One of the main benefits offered by EQ Bank is the few or no monthly fees charged, in addition to not charging several other common fees, see some of them below:

• Non-sufficient funds: $0
• Overdraft: $0
• Dormant account notice: $0
• Interac e-Transfer: $0
• RRSP or TFSA transfer to another institution: $0

Who EQ Bank is best for?

If you’re still wondering if EQ Bank is the best option for you and your needs, know that EQ Bank’s main objective is to favor your online experience, carrying out your tasks without having to leave your home, in addition to ensuring competitive interest rates with the market.

Even though EQ Bank does not offer the many functions and account options that you find in traditional banks, this can often be seen as an advantage, being possible to reduce transaction costs while maintaining a healthy interest rate of 2.50% .

Pros and Cons of EQ Bank

EQ Bank is, without a doubt, a bank with several benefits, but just like any other, it also has its disadvantages. Before making your final decision or opening an account, here are the main pros and cons of EQ Bank:

Pros of EQ Bank

• Competitive interest rates and superior to savings accounts and TFSA.
• It does not charge monthly fees and waives several others.
• The application to carry out your banking services is easy and simple to use, even favoring people with little experience in technology.

Cons of EQ Bank

• It has an option of limited account offers.
• It does not offer ATM services, which can be seen as a downside, especially in emergencies where you need cash on hand.
• Many people find the possibility of physical agencies important and necessary.