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If you’re in need of an account designed for you to earn more on your US dollar savings, the (Equitable Bank) EQ Bank US Dollar Account may be for you. With this account, EQ customers can enjoy the convenience of low fees and competitive exchange rates.
The EQ Bank US Dollar Account offers a competitive interest rate, no monthly fees, and free USD to USD transfers within Canada. With a simple step-by-step process, you can open an account online and enjoy the benefits of high-interest savings and convenient fund transfers.
This account provides CDIC protection and a user-friendly banking experience for Canadian residents.
This guide explores the features, pros, cons, fees, and more related to this beneficial account. And we’ll walk through the steps required to open this USD account.
EQ Bank US Dollar Account features
The EQ Bank US Dollar Account comes with the following impressive features:
- 3.00% interest on US dollars: Unlike many other banks, EQ Bank offers a refreshingly high interest rate on US currency. You can earn 3.00% interest on all your US dollar deposits, allowing you to grow your savings faster.
- No monthly account fees: EQ Bank believes in fairness and does not charge any monthly fees on your US dollar account. You can enjoy the benefits of the account without worrying about unnecessary charges eating into your savings.
- Competitive exchange rate: EQ Bank provides a seriously competitive exchange rate, ensuring you get more value when converting your US dollars. You won’t have to endure high conversion markups that can significantly reduce the value of your money.
- Fast and convenient transfers: With this USD account, you can easily send US dollars to USD bank accounts in the United States or other countries. The process is quick, and in many cases, your money can arrive within a day or even instantly, thanks to EQ Bank’s partnership with Wise.
- Deposit security: Just like other EQ Bank products, the US Dollar Account offers deposit security. All US dollar deposits are eligible for protection under the Canada Deposit Insurance Corporation (CDIC), providing you with peace of mind.
- Free USD to USD transfers within Canada: If you need to move your US dollars within Canada, you can make unlimited USD to USD transfers free of charge. This feature ensures convenience and flexibility in managing your funds.
- Easy funding from Canadian dollars: Funding your US Dollar Account with Canadian savings is a seamless process. You can transfer funds from your Savings Plus Account to your US Dollar Account quickly and effortlessly. There are no extra steps or unnecessary complications.
Pros of the EQ Bank US Dollar Account
High Interest Rate On Us Dollars
One of the standout benefits of this USD account is the high-interest rate of 3.00% on US dollar deposits. This rate surpasses the offerings of many other financial institutions, allowing you to maximize your savings and earn more on your US currency.
No Monthly Fees
Unlike some banks that impose monthly fees on US dollar accounts, EQ Bank does not charge any monthly fees on their US Dollar Accounts. This feature mainly benefits individuals who want to save on fees and avoid unnecessary expenses.
Competitive Exchange Rate
EQ Bank offers a competitive exchange rate, ensuring you receive more value when converting your US dollars. You can save money and make the most of your currency exchanges by avoiding high conversion markups.
Deposit Security
EQ Bank prioritizes the security of your deposits. Like their other products, the US Dollar Account is eligible for protection under the Canada Deposit Insurance Corporation (CDIC). This coverage ensures your funds are safeguarded, giving you peace of mind.
Free USD To USD Transfers Within Canada
If you need to move your US dollars within Canada, this USD account allows you to make unlimited USD to USD transfers at no cost. This feature provides convenience and flexibility in managing your funds without incurring additional fees.
Easy Funding From Canadian Dollars
Funding your US Dollar Account with Canadian savings is straightforward and quick. You can seamlessly transfer funds from your Savings Plus Account to your US Dollar Account without any extra steps or complications.
Cons of the EQ Bank US Dollar Account
Limited Availability In Quebec
Unfortunately, this USD account is not currently available in the province of Quebec. Residents of Quebec will need to explore alternative banking options for their US dollar savings.
Not Applicable To Business Savings
This USD account is designed for personal savings. Business owners or individuals seeking high-interest rates for their USD business savings accounts must consider other banking options catering to business needs.
EQ Bank US Dollar Account fees
The EQ Bank US Dollar Account stands out with its transparent fee structure. Here is a breakdown of the fees associated with the account:
- Monthly account fees: No monthly fees are charged on this account, allowing you to save more of your hard-earned money.
- Transaction fees: EQ Bank does not charge transaction fees for most types of transactions within the US Dollar Account. You can transfer funds between accounts, make deposits, and withdraw funds without incurring additional charges.
- International money transfer fees: When transferring US dollars from this account to a US dollar account overseas, you have the option to leverage the Wise international money transfer service. This service is renowned for its exceptionally competitive fees. However, the exact fee will be determined by the unique transfer particulars and the currency exchange rate applicable to the transaction.
- Currency conversion fees: EQ Bank aims to provide a low-markup, competitive exchange rate when converting Canadian dollars to US dollars or vice versa. This ensures that you can make currency conversions without significant additional charges.
EQ Bank US Dollar Account special offers
At the time of writing, EQ Bank does not mention any specific special offers for the US Dollar Account on their website.
Other EQ Bank accounts
EQ Bank offers various other account options to meet the diverse needs of customers. Here are a few notable savings accounts offered by EQ Bank:
- Savings Plus Account
- Joint Savings Plus Account
- Guaranteed Investment Certificates (GICs)
- Tax-Free Savings Account (TFSA)
- Retirement Savings Plan (RSP) Account
How to open the EQ Bank US Dollar Account
Opening an EQ Bank US Dollar Account is a straightforward process that can be completed in a few simple steps:
- Visit the EQ Bank website.
- Open a Savings Plus Account if you’re not an EQ Bank customer.
- Fill out the online application for the Savings Plus Account.
- Verify your identity using credit bureaus.
- Fund your Savings Plus Account by transferring funds from your linked Canadian financial institution.
- Open the US Dollar Account from your account dashboard.
- Review and confirm the account terms.
- Complete the application for the US Dollar Account.
- Provide additional identity verification if necessary.
- Start using your account for transfers, transactions, and other features.
EQ Bank US Dollar Account conclusion
The EQ Bank US Dollar Account provides an attractive option for individuals looking to earn more on their US dollar savings.
Customers can enjoy a high-interest rate, no monthly fees, a competitive exchange rate, and convenient transfer options. In fact, this account offers a range of benefits for savers.
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