How to choose the best Canadian Savings Account - EQ Bank Review
It is hard to find the best Canadian Savings Account with good interest rate in Canada. We have been using EQ Bank High Interest Savings account for the past 3 years and happy with their service so far.
EQ Bank is insured by Canada Deposit Insurance Corporation (CDIC), what this means is that your deposits are insured by CDIC up to $100,000 per account category.
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What is EQ bank?
EQ Bank is the online part of Equitable Bank which has been in business for 40+ years.
EQ Bank is an online bank that offers high-interest savings accounts ( EQ Bank Savings Plus Account) and guaranteed investment certificates (GICs).
Why EQ Bank is so Popular?
EQ Bank is one of the best high interest savings accounts in Canada and easily beats what all of the big 5 banks are offering. They have 2.0% interest on your everyday saving account, and also on their GICs.
It is federally regulated and CDIC insured. I opened up my account last year and satisfied with their service. One of the great feature is that they allow you to make bill payments from your savings account.
Hybrid bank account, allow you the flexibility to withdraw, pay bills and deposit as you please while still earning high interest rate.
Allow you to make bill payments from your savings account (Great Feature!!)
Unlimited free Interac e-transfers®
Savings goals features
Member of the Canadian Deposit Insurance Corporation (CDIC)
Mobile App
Customer Service Support 7 Days a Week from 8AM to Midnight
24/7 access to your money
The EQ Bank Savings Plus Account is currently not available in Quebec.
EQ bank does not issue Debit Cards. If you want to withdraw cash, you have to transfer to your primary bank account (tangerine, simplii) and use a debit card at an ATM
You can transfer money between EQ Bank and other accounts but it takes time.
No RRSP/TFSA Accounts
EQ Bank doesn’t have the option for joint accounts.
How do you transfer money To And From Your Accounts?
They do not have local branch that people can go to but they offer very easy way to register your primary bank account and transfer money electronically. We transferred money from CIBC account to EQ bank without any issues. If you run in to any issues you can always reach someone to talk to via phone. The EQ Bank Savings Plus Account is currently not available in Quebec.
EQ Bank GICs
It offers great rates on GICs. They range from 1.5% based on the term that you locked in.
How does EQ Bank compare to other Online Banks?
EQ Bank vs. Tangerine Bank
Both EQ Bank and Tangerine are popular digital banks in Canada. Tangerine has savings accounts but definitely interest is not as high as EQ Bank.
Sometime Tangerine or Simplii has a promotion where you have 2.75% or more interest for savings account, but that only lasts for 3-6 months, and then it goes down to around 1%
Tangerine has debit card but EQ bank has no Debit card, all transactions are online-only
Both EQ Bank and Tangerine are insured by Canada Deposit Insurance Corporation (CDIC). What this means is that your deposits are insured by CDIC up to $100,000 per account category.
Overall I am happy with their service. I am NOT a direct Affiliate with EQ Bank at this time.
How do you Sign Up with EQ Bank?
If you have money sitting in savings account at your primary bank and earning almost nothing, EQ Bank Savings Account is great option. Whether you are saving for your next big vacation, Short-term savings, Parking Money for Emergency Fund or Down payment for first home you can open
What are the Pros?
- 2.0%* everyday interest rate
- No monthly fees, No hidden Fees.
- Unlimited day-to-day transactions
- Allow to setup pre-authorized debit for all credit cards
- No minimum balance required
Hybrid bank account, allow you the flexibility to withdraw, pay bills and deposit as you please while still earning high interest rate.
Allow you to make bill payments from your savings account (Great Feature!!)
Unlimited free Interac e-transfers®
Savings goals features
Member of the Canadian Deposit Insurance Corporation (CDIC)
Mobile App
Customer Service Support 7 Days a Week from 8AM to Midnight
24/7 access to your money
What are the Cons?
It is Digital Bank and all services are online.The EQ Bank Savings Plus Account is currently not available in Quebec.
EQ bank does not issue Debit Cards. If you want to withdraw cash, you have to transfer to your primary bank account (tangerine, simplii) and use a debit card at an ATM
You can transfer money between EQ Bank and other accounts but it takes time.
No RRSP/TFSA Accounts
EQ Bank doesn’t have the option for joint accounts.
How do you transfer money To And From Your Accounts?
They do not have local branch that people can go to but they offer very easy way to register your primary bank account and transfer money electronically. We transferred money from CIBC account to EQ bank without any issues. If you run in to any issues you can always reach someone to talk to via phone. The EQ Bank Savings Plus Account is currently not available in Quebec.
EQ Bank GICs
It offers great rates on GICs. They range from 1.5% based on the term that you locked in.
How does EQ Bank compare to other Online Banks?
EQ Bank vs. Tangerine Bank
Both EQ Bank and Tangerine are popular digital banks in Canada. Tangerine has savings accounts but definitely interest is not as high as EQ Bank.
Sometime Tangerine or Simplii has a promotion where you have 2.75% or more interest for savings account, but that only lasts for 3-6 months, and then it goes down to around 1%
Tangerine has debit card but EQ bank has no Debit card, all transactions are online-only
Both EQ Bank and Tangerine are insured by Canada Deposit Insurance Corporation (CDIC). What this means is that your deposits are insured by CDIC up to $100,000 per account category.
Overall I am happy with their service. I am NOT a direct Affiliate with EQ Bank at this time.
How do you Sign Up with EQ Bank?
If you have money sitting in savings account at your primary bank and earning almost nothing, EQ Bank Savings Account is great option. Whether you are saving for your next big vacation, Short-term savings, Parking Money for Emergency Fund or Down payment for first home you can open
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