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EQ Bank Reviews: My 2 Unbiased Views from Personal Experience

Rating: 4.8

Are you looking for an online bank that charges no monthly fees with a high-interest rate? These EQ Bank reviews explore the available options!

Obviously, EQ Bank’s philosophy is to bring the best of digital banking and give you a one-stop financial solution.

With competitive interest rates and no everyday banking fees, EQ Bank is suitable for anyone looking for a cost-effective banking experience.

However, there’s another part of the story that these EQ Bank reviews aim to reveal so as to bring you a balanced picture of what EQ Bank really is.

Accordingly, these EQ Bank reviews are basically the results of my personal experience and what I have learnt from other people’s experiences.

Therefore, at the end of this review, you should be able to determine whether EQ Bank is suitable for you or not.

Let’s get started.

What is EQ Bank?

Officially established in 2016, EQ Bank is an online bank owned by the popular Canadian federally regulated Schedule I bank, Equitable Bank.

Based in Toronto, Equitable Bank has been in operation for over 45 years and has recruited over 900 employees with $35 billion in assets under management.

Additionally, EQ Bank is an online-only bank with no physical presence, leading to low operational costs.

Accordingly, the operation cost is what enables EQ Bank to give their clients high-interest rates and accounts with no monthly fees.

Furthermore, EQ Bank has in 2019 partnered with TransferWise to enable its customers to make fast and cheap international transactions from their EQ Bank Savings Plus or Joint Savings Plus accounts.

Consequently, many Canadians appreciate this because sending money overseas can be expensive due to wire transfer costs and exchange rates.

Therefore, all things being equal, EQ Bank is a leading digital bank in Canada and one of the world’s innovative banks.

Is EQ Bank Safe?

Based on these EQ Bank reviews, the answer is capital YES.

Equitable Bank, which owns EQ Bank, is registered with the Canada Deposit Insurance Corporation (CDIC), which insured your deposit up to $100,000.

Also, EQ Bank has robust online security, including two-step verification. Additionally, It has the option to customize your notifications for larger transaction alerts, and up-to-date encryption protection requirements.

EQ Bank Pros and Cons: My #2 UnbiasedViews

Here I present to you the pros and cons of EQ Bank based on my personal experience to help you make informed decisions.

EQ Bank Pros

  • High interest
  • Ease of use
  • No everyday banking fees
  • No minimum balance required
  • Cheap international money transfers

EQ Bank Cons

  • No ATM access available
  • No physical location

As can be seen from above, my EQ Bank rating of 4.8 stars out of 5 stars, is justified.

Besides having more pros than cons, EQ Bank distinguishes itself from other online banking by having exceptional features with no everyday banking fees.

So as you continue reading, you will learn more about why EQ Banks deserves the 4.8-star rating of these EQ Bank Reviews and the loopholes that prevent it from having a 5/5 star rating.

EQ Bank Accounts

Notably, EQ Bank has five accounts with competitive offers that help you make the best of your money.

Therefore, my EQ Bank reviews are based on the features and benefits of EQ Bank accounts. Let’s examine them one after the other.

1. Savings Plus Account

EQ Bank Savings Plus Account provides a high interest of 1.25%. Also, it has impressive additional benefits such as free Interac, e-Transfers, fee electronic funds transfers and free bill payments.

Also, the flexibility of the EQ Bank Savings Account is one of the best features I like. Even though EQ Bank doesn’t have a chequing account, its savings account can be used in similar ways.

Key Features

  • 25% interest
  • No Interac e-Transfers fees
  • No monthly fees
  • Free bill payments
  • No minimum balance
  • Zero electronic funds transfer charges
  • CDIC insured
  • Zero charges on EQ to EQ Transfers

2. Joint Savings Plus Account

EQ Bank Joint Savings Plus Accounts are for people who are very familiar with one another (such as couples or friends) and want to open a joint savings account. In this type of account:

  • A co-holder of the account can withdraw all the funds without the permission of the other.
  • A co-holder of the account can view the account transactions of the other.
  • If one of the account co-holder marriage dissolved, the account could split accordingly.

Key Features

  • 25% interest
  • No minimum balance
  • Free bills payment
  • Free e-Transfers
  • No monthly fees
  • CDI insured
  • Plus Savings Plus Account features

3. TFA Savings Account

EQ Bank’s TFSA Accounts have one of the highest interest rates compared to other TFSA in Canada.

Accordingly, with TFSA accounts, your interest accumulates tax-free for life, and you can withdraw your funds at all times without any charges.

Therefore, the TFSA contribution room determines how much you can deposit in your TFSA account annually tax-free. The contribution room for 2021 is $6,000.

However, if you were qualified and never used a TFSA account since it was established in 2009, your total contribution room from 2019-2021 is $75,500.

So if you want to learn more about TFSA, read this comprehensive article.

Key Features

  • 30% interest
  • Zero fee
  • Easy and free withdrawals
  • Automatic recurring deposit
  • CDIC insured
  • No minimum account balance
  • Tax-free returns

4. Guaranteed Income Certificate (GIC)

Comparably. just like Savings Plus Accounts, EQ Bank’s GIC pays you a fixed percentage of interest on a particular period.

Furthermore, one of the most significant distinctions between a savings account and GIC is that you can withdraw your savings at all times.

But a GIC may not allow you to make withdrawals until maturity.

Therefore, if you have short-term financial goals, you may consider saving on GICs because they provide guaranteed returns with low risk.

Also, you could make a little more money than if you just put your money in a savings account.

Key Features

  • High-interest rates
  • Zero banking fee
  • Real-Time Updates

Notably, the interest rates on EQ Bank’s GICs are high, and they outperform what their competitors are currently offering. EQ Bank’s GIC offers are as follows:

Non-registered GICs

TermRate
3 Month1.50%
6 Month1.30%
9 Month1.25%
1 Year1.30%
15 Month1.30%
2 Year1.30%
27 Month1.30%
3 Year1.60%
4 Year1.85%
5 Year2.10%
6 Year2.00%
7 Year2.10%
10 Year2.40%

 

Registered GICs

EQ Bank RSP GIC

TermRate
3 month2.30%
6 month1.80%
9 month1.65%
1 year1.50%
15 month1.30%
2 year1.30%
27 month1.30%
3 year1.60%
4 year1.85%
5 year2.10%
6 year2.00%
7 year2.10%
10 year2.40%

 

EQ Bank TFSA GIC

TermRate
3 month2.30%
6 month1.80%
9 month1.65%
1 year1.50%
15 month1.30%
2 year1.30%
27 month1.30%
3 year1.60%
4 year1.85%
5 year2.10%
6 year2.00%
7 year2.10%
10 year2.40%

5. RSP Savings Account

Obviously, if you’re searching for a low-risk way to put your retirement savings … EQ Bank’s Retirement Savings Plans (RSPs) are ideal.

Comparably, just like RRSP, taxes on your RSP account are withheld not until you make a withdrawal. Also, tax deductions apply to deposits you make to your RSP account.

Key Features

  • 30% interest (changes to 1.25% on May 26th, 2021)
  • Automatic contributions
  • Zero fees
  • Tax benefits
  • Easy access
  • CDIC insured
  • No minimum balances

EQ Bank Reviews: My 5-Star Rating

Here are the factors that determine the 4.8-star rating of these EQ Bank reviews:

FeatureRating
High-Interest Savings Rate*****
GIC Interest Rate*****
Low Bank Fees*****
Ease of Use*****
Customer Service****
Mobile App*****
FREE Interac e-Transfers*****
Account Options**** (4.5)

How to Open EQ Bank Account

Since EQ Bank does not have any physical locations, you can only open an EQ Bank account online.

Therefore, all you need to get started is to visit the sign-in page of the EQ Bank, identify the account type that suits your need and then fill the boxes.

However, before considering opening an EQ Bank account, ensure that you meet the following requirements:

  • Be Canadian resident
  • You meet your province’s age of majority (18 or 19)
  • Have a Social Insurance Number

Note: Quebec residents are not eligible to open an EQ Bank account.

Subsequently, you will be required to link your current bank account to your new EQ Bank bank in order to simplify transactions and authenticate your identity.

However, the information from your other account is not shared with others, even EQ Bank, so you have nothing to lose.

EQ Bank vs Tangerine

FeaturesEQ BankTangerine
Accounts
  • Savings Plus Account
  • Joint Savings Plus Account
  • GICs
  • TFSA
  • RSP
  • Savings account
  • Chequing account
  • TFSA
  • RSP
  • RIF accounts
  • U.S dollar accounts
  • General investment accounts
Saving Account Interest Rate1.50%2.10% for 5 months,  0.10% after
TFSA/RSP Interest Rate2.30%0.10%
ATM Cash Withdrawal NoYes
Interac e-Transfers ChargesFreeFree
Everyday Banking Fees$0$0
NSF Fee$0$45
Account MinimumNoneNone
Discounted International Money TransfersYesNo
Linked External AccountsUp to 10Up to 3
CDIC InsuranceYesYes

 

Now that you’ve got a complete picture of EQ Bank, at this stage of my EQ Bank reviews, I present you with EQ Bank’s competitor to help you make the best decision.

Therefore, if your financial goals do not align with EQ Bank, you can check Tangerine. It has some competitive features.

Although EQ Bank and Tangerine share some Similarities, both have no physical presence. Instead, they are all accessible on android and iOS devices.

However, Tangerine is the best option for you if you are looking for a feature-packed online-only bank with savings, chequing, and general investment options.

Tangerine is an all-in-one online bank that allows you to meet all of your banking needs.

But if you’re just interested in the money, EQ Bank, which is popular for its highest interest rates, is suitable for you.

However, as far as these EQ reviews are concerned, you can make the best of your money by having both an EQ Bank account and a Tangerine account.

Also, you can save large parts of your money in EQ Bank Savings Plus Accounts. This account has the potential of generating hundreds of dollars for you through its high-interest rate.

However, to obtain Tangerine benefits and have ATM withdrawal access, you can also open a Tangerine Savings Account.

Accordingly, you tap on both the benefits these banks have to offer while ignoring their weakness. You become the winner!

Verdict on EQ Bank Reviews

By making it to this stage of my EQ Bank reviews … you are now informed on what EQ Bank entails, its benefits, drawbacks, account options, and even competition.

However, to demonstrate a better understanding of this knowledge, you should be able to know by now whether to open an EQ Bank or a Tangerine account or both.

Above all, the aim of these EQ Bank reviews has been achieved.

Therefore, the ball is now on your court to take the practical step. That’s, to ensure that you make the best of our hard-earned money.

How? by investing in a financial vehicle that guarantees high returns with low risk.

Whatever option you choose, ensure that you’re on the right track, and your money is not only safe but growing on a daily basis.

However, my EQ Banks end with a positive note.

Finally, let me know what your thoughts are about these EQ Bank reviews in the comment.

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