EQ Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
EQ Bank suits anyone in Canada who wants a digital account that pays a bit of interest and keeps access to every dollar. The personal account is an easy-access account with a minimum deposit of CAD 0 and a headline rate of 2.75%, and transfers out are instant.
Key facts
- Best for
- A digital easy-access account with a monthly fee of CAD 0, free ATM withdrawals and a minimum deposit of CAD 0.
- Headline rate
- 2.75%↗
- Rate type
- Variable↗
- Minimum deposit
- CA$0↗
- Access terms
- Instant access to funds; withdraw by free Interac e-Transfer or EFT (up to $30,000 per transaction) and by EQ Bank Card at Canadian ATMs↗
- Monthly fee
- CA$0↗
- Account kind
- Easy access↗
- Legal entity
- Equitable Bank↗
- Headquarters
- Canada↗
- Founded
- 1970↗
- Support channels
- Phone, Chat, Help-centre↗
- Pricing model
- No monthly fee
- Official website
- eqbank.ca
Everyday accounts
- Currency conversion fee
- 0%↗
- Currencies
- 49↗
- Free ATM withdrawals
- CA$25↗
- Transfer fee
- Free Interac e-Transfers, EQ to EQ transfers and EFTs↗
- Audience
- Expats, Travelers
- Features
- Free ATM withdrawals, Joint account, Digital-only
Facts checked September 26, 2026, 6 sources
Apps and profiles
- Get the app
- Google Play
- Elsewhere
- X
Pros and cons
Pros
- The personal account charges a monthly fee of CAD 0 and has a minimum deposit of CAD 0
- An easy-access account (easy access), so money comes out on demand rather than at a term end
- Free ATM withdrawals through the EQ Bank Card, with an allowance of CAD 25
- A currency conversion fee of 0% across 49 currencies
Cons
- The headline rate of 2.75% sits below the site median of 3%
- The rate type is variable, so the interest can move in either direction
- A branch counter is not among its features (free atm, joint account and digital only), and cash access rests on the EQ Bank Card at Canadian ATMs
Who it suits
- People in Canada who want a fee-free easy-access account to run from a phone
- Expats and travelers, the audiences the brand names, holding 49 currencies and converting at 0%
- Joint account holders who want free ATM withdrawals alongside instant transfers
Who should look elsewhere
- Readers after a higher headline rate, since AXI Card Tarjeta y Credito and Plazo ES list 21.59% and 24.19%
- Anyone needing counter service, since the listed features (free atm, joint account and digital only) cover a digital-only account
- PayPal Colombia users who want saving inside a wallet, where the rate is 3.3%
Deposit protection
The named regulator is the Office of the Superintendent of Financial Institutions, and the Canada Deposit Insurance Corporation is the deposit protection body listed for the brand. The legal entity behind the balance is Equitable Bank, which has operated since 1970 and is headquartered in Canada, so the money sits with the bank itself.
Fees and FX
The personal account carries a monthly fee of CAD 0, and the minimum deposit is CAD 0, so an account can be opened and funded from nothing. Moving money in and out is covered: Free Interac e-Transfers, EQ to EQ transfers and EFTs. ATM withdrawals are free within an allowance of CAD 25, and currency conversion costs 0% across 49 currencies.
How EQ Bank compares
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Where EQ Bank is available
- Available
- Canada
- Licence in Canada
- Office of the Superintendent of Financial Institutions, checked September 26, 2026
- Licence in Canada
- Canada Deposit Insurance Corporation, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep an EQ Bank account?+
The personal account carries a monthly fee of CAD 0, and the minimum deposit is CAD 0, so there is no upfront amount to fund. Free ATM withdrawals run within an allowance of CAD 25, and a joint account sits in the listed features (free atm, joint account and digital only).
Is my money protected at EQ Bank?+
The named regulator is the Office of the Superintendent of Financial Institutions, and the Canada Deposit Insurance Corporation is the deposit protection body listed for the brand. The legal entity behind the balance is Equitable Bank, which has operated since 1970 from Canada.
How do I get my money out?+
Funds are available instantly. Withdrawals go out by free Interac e-Transfer or EFT, or by EQ Bank Card at Canadian ATMs, and the account kind is easy access, so money comes out on demand rather than at the end of a term.
What interest rate does EQ Bank pay?+
The headline rate is 2.75% and the rate type is variable, so the interest can move with the market rather than being locked. The median headline rate across the site is 3%, and for savings accounts it is 3.08%, so this one pays below the middle.
Does EQ Bank handle foreign currency?+
Yes. The account covers 49 currencies and the currency conversion fee is 0%, against a site median conversion fee of 0.5%. Free conversion makes it a cheap home for expats and travelers, and the brand names both as its audience (expats and travelers).
Who is this account for?+
It is aimed at expats and travelers who move money across borders, and at anyone in Canada who wants a fee-free easy-access account to run from a phone. A joint account is available, the account is digital-only, and support runs on phone, chat and help centre for anyone who needs a person.
Can I open an account with no money in it?+
Yes. The minimum deposit is CAD 0, so the account can be opened and funded later rather than on day one. On minimum deposit the brand places at 1 out of 370 brands listed. Transfers in are covered as well, since Free Interac e-Transfers, EQ to EQ transfers and EFTs.
How do I get help if something goes wrong?+
Support runs on phone, chat and help centre, so a phone line, live chat and a help centre are all open to you. The account is digital-only, so most day to day questions get handled in the app or through those channels, and the help centre covers the longer ones.
Sources
- eqbank.ca/rates checked September 26, 2026
Backs: Headline rate, Rate type
“Personal Account Base rate: 1.00% Bonus interest rate: 2.75% ( 1.00% base rate + 1.75% bonus interest)”
- eqbank.ca/about-us/about/company-overview checked September 26, 2026
Backs: Founded, Legal entity
“Since 1970, we have built thoughtful financial solutions that serve more than 4 million customers”
- eqbank.ca/about-us/help/contact-us checked September 26, 2026
Backs: Headquarters, Support channels
“Head Office EQ Bank Tower 2200-25 Ontario Street, Toronto, ON M5A 0Y9”
- eqbank.ca/personal-banking/international-money-transfers checked September 26, 2026
Backs: Audience, Currencies, Currency conversion fee
“Whether you need to send money to family or make payments abroad, it'll get there within 3 business days”
- eqbank.ca/personal-banking/personal-account checked September 26, 2026
Backs: Access terms, Account kind, Free ATM withdrawals, Features, Minimum deposit, Pricing model, Monthly fee
“You need instant access to your funds.”
- eqbank.ca/personal-banking/personal-account/fees-and-feat... checked September 26, 2026
Backs: Transfer fee
“Sending Interac e-Transfers Free; Electronic Funds Transfers [EFT] Free; EQ to EQ Transfers Free”
- osfi-bsif.gc.ca/en checked September 26, 2026
Backs: Licences
Compiled from 8 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Term, Deposit protection.
Related by the facts
EQ Bank
A digital easy-access account with a monthly fee of CAD 0, free ATM withdrawals and a minimum deposit of CAD 0.