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Finding the best EQ Bank savings accounts can be daunting. However, once you understand the available options and consider your needs, it can be a more straightforward process.
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Last Updated: Nov 26, 2023
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EQ Bank is the online-only banking experience from Equitable Bank, a trusted name in the Canadian banking industry for over 50 years. EQ Bank offers high-interest GICs and a lucrative Savings Plus Account.
Thereby offering Canadians the essential tools for building a solid financial foundation. Whether you’re looking to save for the short-term or long-term, EQ Bank has the perfect savings account.
This guide explores the features and fees of the best EQ Bank savings accounts. Let’s look at the savings accounts EQ Bank offers.
EQ Bank offers four savings accounts, including the following:
All EQ Bank savings accounts have zero account, transaction, and e-transfer fees. Below is a comprehensive guide to the best EQ Bank savings accounts.
The EQ Bank Savings Plus Account offers the best of both worlds: a high interest rate and chequing account functionality. It’s the best EQ Bank savings account for parking your money, thanks to its features and benefits.
As an account holder, you’ll receive free and unlimited daily transactions and free mobile cheque deposits. You can also easily move money from other bank accounts to your EQ Bank account. The account also includes a tool for organizing, managing, and tracking your financial goals.
What sets the EQ Bank Savings Plus Account apart is its interest rate of 2.5%. It’s considered the highest daily interest offered by any bank in Canada.
Moreover, you get affordable international money transfers because of EQ Bank and Wise’s partnership and a free prepaid Mastercard. Therefore, the EQ Bank Savings Plus Account is worth considering if you’re looking for the best EQ Bank savings accounts.
High Interest
Anyone looking for a cross between a High-Interest Savings Account (HISA) and a chequing account.
The EQ Bank Savings Plus Account earns a daily interest of 2.5%, distributed monthly. This is considered the highest daily interest offered by any bank in Canada.
Making international money transfers can be costly over time. However, this account will save you international money transfer fees. This perk is courtesy of EQ Bank and Wise’s partnership. Although you will pay a small fee, it’s not as large as with other accounts. Not that this service is not available in Quebec.
When you open an EQ Bank Savings Plus Account, you’ll receive a free EQ Bank prepaid Mastercard. With this card, you can earn 0.5% cash back on all your purchases. And you will save on foreign exchange fees when buying items in a currency other than Canadian dollars.
Your savings plus account will have zero daily banking fees, translating to extra savings. You can also withdraw money from an ATM free of charge. And if you do get charged, EQ Bank will refund you.
EQ Bank doesn’t require maintaining a minimum balance in your Savings Plus Account to earn the 2.5% interest. Regardless of the balance in your account, you will earn interest on every dollar.
The EQ Bank savings plus account can only hold $200,000.
Compared to other online banks, there’s no EQ Bank welcome bonus for signing up for their services and testing their products. The 2.5% interest rate is their most significant selling point. However, there could be other ways to benefit from being a first-time account holder.
If you’re seeking the best EQ Bank savings account for tax exemption, look no further than their Tax-Free Savings Account (TFSA) products. TFSAs are powerful financial tools that let you grow your savings tax-free. And EQ Bank offers two ways to save within them: savings accounts and GICs.
With the EQ Bank TFSA Savings Account, you can earn a tax-free interest rate of 3% on every dollar you deposit. And you don’t need to maintain a minimum balance or pay account fees.
You can easily set up one-time or recurring deposits from your EQ Bank Savings Plus Account or external bank. Also, you can make unlimited feeless withdrawals. Plus, the account is protected by the Canada Deposit Insurance Corporation (CDIC).
If you’re looking for a more fixed-term savings option, EQ Bank’s TFSA GICs offer competitive rates that mirror their non-TFSA GIC rates. There isn’t a limit to how many GICs you can buy within your TFSA. Moreover, you can monitor the interest you earn and when your GICs mature through EQ Bank’s online portal.
Overall, EQ Bank’s TFSA products are the best way to grow your savings tax-free. You won’t have to worry about complicated investments or accounts.
Tax-free
Growing your money tax-free.
Unlike some major banks in Canada, like BMO and Scotiabank, EQ Bank offers a remarkable 3% tax-free interest rate.
You can earn interest on every dollar in your account. Therefore, you won’t need to save a certain amount to benefit from the high interest rate. Also, monthly account fees and withdrawal fees won’t be a concern with this account.
Considering the EQ Bank TFSA savings account is registered, you won’t need to pay taxes on gains. You’ll receive the exact amount plus interest when you withdraw from your account. And large amounts of fees won’t surprise you.
All tax-free savings accounts are limited because you can only contribute $6,500 annually. This does not only apply to your deposits at EQ Bank but also at other financial institutions. If you over-contribute, every access amount will be charged a 1% penalization fee.
EQ Bank is not ideal if you value in-person dealings with the people holding your life savings. The online-only bank doesn’t have physical locations, which is convenient for some but unsuitable for others.
This account is one of the best EQ Bank savings accounts for storing your retirement savings. It boasts a reasonable 3% interest rate, and you won’t have to pay fees to keep it open.
One of the highlights of the EQ Bank RSP savings account is its versatility. You can maintain your retirement investments as interest-earning cash or a Guaranteed Investment Certificate (GIC). Note that you must be an existing EQ Bank customer with a Savings Plus Account to open this account.
Although no spousal RSPs or LIRAs are available at this time, this account is a convenient, low-risk investment option. And with CDIC protection of up to $100,000, you can rest easy knowing your funds are safe. This simple, no-fee RSP account with a solid interest rate is among the best EQ Bank savings accounts available.
Registered Retirement Savings Plan (RRSP)
Low-risk investing for retirement.
Although a 3% interest rate is modest, it’s higher than what most banks in the market offer.
With the EQ Bank RSP savings account, you’ll never have to pay monthly fees. You’ll also earn interest on every dollar in your account, with no minimum balance required.
You can sign-up, contribute, and monitor your savings without visiting a physical branch and lining up in queues. This makes parking money aside for retirement convenient.
Compared to other investment vessels, an RSP savings account may yield lower rewards than expected. Although the 3% is competitive for digital savings accounts, it’s much lower than the potential stock returns.
Face-to-face dealings concerning your money may be ideal for you, especially with retirement savings. Therefore, a digital bank like EQ Bank might not be what you should bet on.
Considering an RSP is put in place for when you retire, early withdrawals will result in tax withholding fees. This doesn’t apply only to EQ Bank but to other financial institutions too. Therefore, remember this when storing your savings in such an account.
The EQ Bank RSP is only available in some Canadian provinces, excluding Quebec.
EQ Bank’s GICs are some of the best EQ Bank savings accounts for young individuals who want to invest. They’re a low-risk and secure savings option. And with a minimum deposit of just $100, you can access a wide range of guaranteed interest rates.
Guaranteed interest rates start around 3.75% for a 3-month term. Moreover, EQ Bank’s GICs offer flexibility in terms of investment duration, ranging from 3 months to 10 years. Also, interest payments can be made annually or at maturity.
One of the best parts about investing in EQ Bank’s GICs is the high interest rates available. You can earn up to 5.45% interest on a 1-year non-registered or registered GIC. This makes it an attractive option for those looking for a low-risk, high-yield investment.
However, GICs might not yield as much return as expected after accounting for taxes and inflation. Still, EQ Bank’s GICs are the best EQ Bank savings accounts. They offer an excellent opportunity to save and invest securely and reliably.
Guaranteed Investment Certificate
Younger individuals who want to start investing.
Interest paid annually or at maturity
With as little as $100, you can start investing in GICs. This makes EQ Banks’ GICs accessible to most.
A 1-year non-registered or registered GIC can earn you 5.65% interest.
GIC investment terms with EQ Bank begin at 3 months and extend to 10 years. Each has a specific interest rate. Therefore, you have plenty of investment options. Plus you don’t have to choose just one term. You can buy a mix of short and long-term GICs.
You can only invest up to $500,000 across all GICs, with a limit of $100,000 per GIC.
Considering GICs are one of the safest investments you can make, they might yield less of a return than expected. This is especially the case after accounting for taxes and inflation.
If you invest in non-registered GICs, your returns are taxable. To avoid this, you might buy GICs through your RSP savings account or TFSA.
You can open an EQ Bank Savings Account from the comfort of your home. However, before you begin the process, ensure you meet the following eligibility criteria:
If you meet those requirements, go to the EQ Bank website and click the ‘Join Now’ button. You’ll be required to create a profile with your full name and email address for the EQ Bank sign-in page. Then you’ll have to verify your identity and banking details by providing the following information:
EQ Bank offers a variety of options for those looking to save and invest their money. Whether you’re interested in a high-interest savings account, a tax-advantaged savings account, or a low-risk guaranteed investment certificate, EQ Bank has you covered.
Considering each account has unique features and benefits, determine your needs before deciding on one. With a Savings Plus Account, you can access your money hassle-free. While TFSAs are perfect for those looking to save for the future.
The RSP Savings Account is a smart choice for those saving for retirement. And the GICs are ideal for those who want a guaranteed return on their investment.
The best EQ Bank savings account in Canada will be unique to you. Therefore, explore each and see which one is right for you.
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EQ Bank is a trading name of Equitable Bank, a member of the Canada Deposit Insurance Corporation (CDIC). This means deposits of up to $100,000 are protected, per insured category, per depositor. Also, EQ Bank provides secure account linking, multiple layers of security, and fraud monitoring.
There is no EQ Bank savings account minimum balance for the plus, RSP savings, and TFSA accounts. Therefore, you’ll earn interest on every dollar in your bank account. The exception is with GICs, which require a minimum of $100.
The EQ Bank savings account interest rate varies. For the Saving Plus Account, interest is 2.5%, while interest earned on a TSFA is 3%. EQ Bank RSP savings accounts earn 3% interest, whereas GICs earn up to 5.75%.
The EQ Bank Savings Plus Account can only hold $200,000. While you can contribute up to $6,500 annually to TFSAs held at all institutions. If you over-contribute, you'll be charged 1% on the excess every month until you withdraw it. Furthermore, the RSP savings account isn't available in Quebec.
You can buy up to 20 GICs. Each purchase you make must be for at least $100, and they're limited to $100,000. The total GICs you hold may not exceed $500,000, excluding interest earned.
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