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EQ Bank Personal Account Overview

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Canadians are presented with a distinctive and beneficial banking solution through the (Equitable Bank) EQ Bank Personal Account. It combines the flexibility of chequing with the earning potential of high-interest savings.

Renowned as an excellent option for those aiming to maximize their personal and business finances, the EQ Bank Personal Account stands out from the crowd.

The EQ Bank Personal Account provides Canadians with an everyday banking solution that not only offers high-interest rates but is also free of fees.

With a 2.50% interest rate, unlimited transactions, and no monthly fees, it combines chequing flexibility with savings potential. The account also provides free withdrawals, multiple security layers, and CDIC deposit insurance eligibility.

This guide will explore the features, pros, cons, fees, special offers, and other savings account options. We’ll also run through a step-by-step guide on how to open this savings account.

EQ Bank Personal Account features

What makes this one of the best EQ Bank savings account options? Well, several features make this account a great choice. These include:

  • A 2.50% interest rate on every dollar allows customers to earn up to 250× more than other banks.
  • Best rates always for every customer, ensuring maximum returns on savings.
  • Unlimited transactions with no fees on everyday banking, including Interac e-Transfers, bill payments, and Electronic Funds Transfers.
  • No minimum balance requirements or monthly fees, providing complete flexibility and no added financial burden.
  • Free withdrawals from any ATM in Canada, with fee reimbursements and cashback on every purchase using the EQ Bank Card.
  • No foreign exchange fees, monthly fees, or hidden charges, making it a transparent and cost-effective banking option.
  • CDIC deposit insurance eligibility and multiple security layers for enhanced account protection.

EQ Bank Personal Account pros

Higher Than Average Interest Rate

This savings account offers an impressive 2.50% interest rate, allowing customers to earn more on their savings compared to traditional banks. Plus get 4% everyday interest when you direct deposit your pay.

Plus if you set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits on your Personal Account, Joint Personal Account and EQ Bank Card balance, you’ll be eligible for an increased rate of 3.00% for 12 months!

Flexibility To Connect Multiple Accounts

Customers can easily connect this savings account with other personal accounts from different banking institutions, facilitating seamless money transfers and financial management.

Convenience Of Online Banking

As an entirely online banking platform, EQ Bank provides the convenience of managing finances anytime, anywhere, without the need to visit physical branches.

Free Interac E-Transfers And Bill Payments

The account offers free and unlimited Interac e-Transfers and bill payments, eliminating additional costs for everyday transactions.

No Everyday Banking Fees

EQ Bank ensures customers don’t have to worry about monthly fees or hidden charges, providing a cost-effective banking experience.

EQ Bank Savings Plus Account - comparewise

EQ Bank Personal Account cons

Maximum Balance Limit

The account has a maximum balance limit of $200,000, which may restrict individuals with more extensive savings portfolios.

Limited Account Options

EQ Bank doesn’t offer a wide range of account options, so customers may need to maintain another chequing account for complete banking services.

No Bonus Interest Rate Offered

While this savings account offers a competitive interest rate, it doesn’t provide additional bonuses or promotional rates.

Certain Features Not Available In Quebec

Residents of Quebec can access the EQ Bank Personal Account. However, there is limited availability of some account features in this province. For instance, customers in Quebec won’t have access to EQ to EQ transfers with this savings account.

EQ Bank Personal Account fees

The EQ Bank Personal Account stands out for its fee-free approach. It does not charge any account fees, fees for Interac e-Transfers, bill payments, overdraft fees, or dormant account fees.

Furthermore, EQ Bank offers free withdrawals from any ATM in Canada. It reimburses any fees or surcharges Canadian ATM providers charge within 10 business days.

EQ Bank Personal Account special offers

The EQ Bank Personal Account currently has no specific welcome bonuses or promotional offers. However, its competitive interest rate and fee-free structure are appealing features. These make it a compelling choice for individuals looking to grow their savings.

Other EQ Bank savings accounts

While the EQ Bank Personal Account is an excellent choice for everyday banking, EQ Bank also offers other savings account options to cater to various financial needs.

These options include the EQ Bank Joint Savings Account and the EQ Bank US Dollar Savings Account. EQ Bank provides its customers with additional avenues to manage their funds efficiently through these accounts.

How to open the EQ Bank Personal Account

Opening an EQ Bank Personal Account is a straightforward process that can be completed online. Follow these step-by-step instructions to get started:

  1. Visit the EQ Bank website and click on the option to open an account.
  2. Fill out the online application form, providing necessary details such as contact information, personal information, and employment information.
  3. Verify your eligibility by meeting the specified criteria, including being a resident of Canada (excluding Quebec) and meeting the age of majority in your province or territory.
  4. Complete the required information, including your address, phone number, email address, date of birth, occupation, and Social Insurance Number (SIN).
  5. Review and confirm the information provided, ensuring its accuracy.
  6. Submit the application and wait for your information to be validated, which usually takes just a few seconds.
  7. Once approved, you can start depositing funds into your EQ Bank Personal Account through Interac e-Transfers, electronic funds transfers, or linking other accounts.

EQ Bank Personal Account conclusion

The EQ Bank Personal Account offers Canadians a compelling banking solution combining chequing and high-interest savings. Its attractive features, such as a competitive interest rate, unlimited transactions, and zero monthly fees, are second to none.

This account empowers individuals to optimize their financial growth while enjoying convenient online banking services.

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FAQs about the EQ Bank Personal Account

Does EQ Bank offer investment products like Tax-Free Savings Accounts (TFSAs) or Retirement Savings Plans (RSPs)?

Yes. EQ Bank offers investment products, including Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs). The TFSA Savings Account earns 3.00% tax-free interest with no minimum balance or fees. TFSA GIC options with guaranteed rates are also available. The RSP Savings Account provides high-interest opportunities, and customers can choose RSP GICs with competitive rates.

Can I earn interest on my funds in the EQ Bank Personal Account daily?

Yes. Interest is calculated daily on the total closing balance of your account and is paid out monthly.

Does EQ Bank offer a joint account option for the Personal Account?

Yes. EQ Bank offers a Joint Personal Account that allows up to four people to earn high interest and enjoy the flexibility of chequing, all without paying monthly fees. Signing up for a joint account can be done conveniently online in minutes.

EQ Bank Personal Account Details

Interest Rate
2.5%
Other Features

EQ Bank Personal Account Contact

Phone Number
416-515-7000
Email
customerservice@eqbank.ca
Hours
Monday - Friday (8:30am - 5:00pm)
Website
equitablebank.ca
Address
30 St Clair Avenue West Toronto Ontario M4V 3A1 Canada
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EQ Bank Personal Account Details
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