Desjardins Group vs EQ Bank

Item: Desjardins Group
Rating: 4

A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.

VS

Desjardins Group

4.0

Open account Read full review

EQ Bank

4.2

Open account Read full review

EQ Bank edges ahead on our overall rating (4.2 vs 4.0), but the right pick depends on which products and fees matter most to you.

Overview

Top chequing accounts

Top savings account

Desjardins Group has no savings account listed.

EQ Notice Savings Account

4.9 Our rating

OPEN ACCOUNT

on EQ Bank's website

Welcome Bonus

N/A

Regular Interest

Up to 2.75%

Monthly Fee

$0

Highlights

Key Highlights:

Earns up to 2.75%^* interest
No monthly fees and no minimum balance
CDIC eligibility^† for deposits (up to $100,000 per eligible category)
Earn up to 7x^** more than with other banks.

Is our Notice Savings Account right for you?

It’s right for you if:

You want to save longer to receive higher interest.
You’re able to wait the 10- or 30-day notice period to access your funds.
You want free unlimited deposits and withdrawals.
You’re looking for an account that’s eligible for CDIC protection.
You're looking for a completely digital banking experience.

It’s not right for you if:

You’re looking to make everyday banking transactions, such as direct deposits, Interac e-Transfers^®, and bill payments.
You need instant access to your funds.

Top credit card

All products offered

Open Desjardins Group account Open EQ Bank account

Compare Desjardins with other banks

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Compare EQ with other banks

EQ vs ATB

EQ vs BMO

EQ vs Scotiabank

EQ vs CIBC

EQ vs KOHO

EQ vs Manulife Bank of Canada

EQ vs Meridian

EQ vs National Bank

EQ vs Neo

EQ vs PC Financial®

EQ vs RBC

EQ vs Simplii Financial™

EQ vs Tangerine

EQ vs TD

EQ vs Wealthsimple

Desjardins Group, or Desjardins for short, markets itself as “the largest cooperative financial group in Canada.” The organization offers its members a broad range of financial services including everyday banking, savings, credit cards, mortgages, loans, insurance, and wealth management. Its strongest physical presence is in Quebec and Ontario, where it has 189 caisses and branches as well as 1,260 ATMs.

Providing a full suite of banking products, Desjardins allows members to choose from banking packages ranging from the Basic Plan to the Unlimited Plus Plan. Fee waivers are also available. Desjardins has non-registered savings accounts, credit cards, borrowing products and investment services. Its account fees compare reasonably well with those of the biggest banks in Canada, though its overall fees and savings rates fall short of what customers can find at online banks and fintechs.

Desjardins has several credit cards including those with a cash back option and rewards through its BONUSDOLLARS program. While the rewards platform does not carry the same national recognition as those of the big banks, it still gives members a way to earn rewards across eligible products.

As it provides access to an array of lending options as well as a full-service brokerage and private wealth management, Desjardins delivers more depth than many smaller credit unions or digital banks. Its regional concentration, however, makes it less convenient for Canadians who live outside of these areas. Those within the core markets may find Desjardins to be a strong full-service alternative to the major banks.

While some of the biggest banks in Canada have been around for over two hundred years, EQ Bank is relatively new on the scene. It’s the digital platform of Equitable Bank, which is Canada’s seventh-largest bank ranked by assets. Established in 2016, EQ Bank received recognition from Forbes, appearing on its World’s Best Banks list from 2021 through to 2025. As of 2026, the bank has $10 billion in deposits.

What EQ Bank lacks in variety, it makes up for with quality. Its everyday banking lineup is limited to only a handful of choices, but each one is a unique offering. For example, the EQ Notice Savings Account provides one of the top interest rates outside of a promotional period with no monthly fees or minimum balance. The catch? You must provide notice before making withdrawals. Meanwhile, its EQ Personal Account pays interest, which is not common for a chequing account in Canada.

Credit card options are, again, limited, though well-ranking. Its EQ Bank Card is the only card that the bank offers. And it’s a prepaid card with a cashback feature, not a traditional credit card. That said, Finly Wealth rated it as the “best overall prepaid card in Canada.”

The limitations of the bank fall to the products and services it does not offer. EQ Bank does not have a branch network or wealth management services. But it does seem to be expanding, recently announcing an EQ Bank Business Card to service small business owners.

EQ Bank also has programs that help refer its customers to the products and services they need. For example, the bank itself does not provide mortgages, though it has Mortgage Marketplace. The program uses an algorithm to connect customers with a mortgage from other lenders, including those from its parent, Equitable Bank. It is not a full-service bank, but these services and expansion efforts help to fill the gaps of many digital-first institutions.

Overall rating

4.0

4.2

Customer experience

3.1

3.7

Best for

Desjardins is best for Canadians who want full-service banking through a cooperative financial institution. It is particularly useful for those in Quebec or Ontario where there is the largest branch and ATM presence.

Canadians who want a low-cost digital banking experience with strong savings rates. It works well for those who are comfortable banking online and prefer a no-monthly-fee account over branch access.

Pros & cons

Pros

Cooperative structure can appeal to those who prefer a member-focused financial institution
Broad lineup of products
Strong reputation as Canada’s largest cooperative financial group
Competitive chequing-account fee waivers compared with many of the Big Six Banks
Strong branch and ATM presence in Quebec with additional access in Ontario
Supports both a full-service brokerage and an online brokerage
BONUSDOLLARS program provides eligible credit cardholders a way to earn and redeem rewards

Cons

Branch and ATM network is highly concentrated in Quebec and Ontario
Savings rates may be below those of online banks and fintechs
Rewards ecosystem is less comprehensive than those from the larger banks
Premium account packages have fewer perks than some of the alternative options at the Big Six banks
Not the lowest-cost option for those who want no-fee digital banking

Pros

No-monthly-fee accounts
No minimum balance requirements
Earn interest on your chequing account
Higher relative savings rates compared to the major Canadian banks
The bank will reimburse you for up to 5 domestic ATM withdrawals per month (max $5 each)
Deposit insurance coverage from the Canada Deposit Insurance Corporation (CDIC)

Cons

Limited product options
No in-branch access available as it is a digital bank
No dedicated EQ Bank ATMs
Limited investment options beyond GICs and interest on cash
Not a full-service bank
No traditional credit card offering

Desjardins Unlimited Plan

3.7 Our rating

OPEN ACCOUNT

on Desjardins' website

Welcome Bonus

N/A

Monthly Fee

$15.95 (waivable)

Account Type

Chequing • Personal

Highlights

Monthly fee of $15.95 (waived with a $4,000 minimum balance)
No ATM fees with the AccuLink® network
Eligible for member dividends³
Unlimited transactions through AccèsD, an ATM² or teller
$1.50 cost for Interac^® e-Transfers

Account Fees

Monthly Fee

$15.95

eStatement

Included

Desjardins Unlimited Plus Plan

3.6 Our rating

OPEN ACCOUNT

on Desjardins' website

Welcome Bonus

N/A

Monthly Fee

$23.95 (waivable)

Account Type

Chequing • Personal

Highlights

Monthly fee of $23.95 (waived with a $5,000 minimum balance)
No cost for ATM transactions in the AccuLink® network
Member dividend³ eligibility
No limit on transactions through AccèsD, ATM², cheque, or teller
No charge for Interac^® e-Transfers

Account Fees

Monthly Fee

$23.95

eStatement

Included

EQ Personal Account

4.5 Our rating

OPEN ACCOUNT

on EQ Bank's website

Welcome Bonus

N/A

Regular Interest

Up to 2.75%

Monthly Fee

$0

Account Type

Chequing • Personal

Highlights

Enjoy the day-to-day flexibility of a chequing account, with an interest rate up to 6x higher^** than the average savings account when you direct deposit your pay^*.

Key Highlights:

Earns up to 2.75%* interest on your everyday balance (acts like chequing + savings in one)
No monthly fees and no minimum balance
Unlimited free transactions (e-Transfers, bill payments, EFTs)
Comes with an EQ Bank prepaid Mastercard
0.5% cash back on card purchases
Free ATM withdrawals in Canada, including reimbursement of third-party ATM fees
No foreign transaction fees when using the card
Fully online banking with a strong mobile app
Ability to link multiple external bank accounts
Eligible for CDIC protection^† (up to $100,000 per eligible category)

Things to Note:

No physical branches
No traditional debit card (uses prepaid Mastercard instead)
Cash deposits not supported directly

Is the Personal Account right for you?

It’s right for you if:

You’re looking for an account with no everyday banking fees and an unlimited number of transactions each month.
You’re looking to make everyday banking transactions, such as direct deposits, pre-authorized debits, Interac e-Transfers^®, and bill payments.
You’re looking to earn high interest on your day-to-day banking.
You need instant access to your funds.
You’re looking for an account that’s eligible for CDIC protection.
You're looking for a completely digital banking experience.

It’s not right for you if:

You’re looking for an account that offers cheques.
You’re looking for an account that offers bank drafts and in-branch support.
You need to deposit cash.

Account Fees

Monthly Fee

$0

eStatement

Included

Transactions

Unlimited free

Interac e-Transfers

Unlimited free

ATM Fees

Own Network

$0

Canadian ATMs

$0

USA

$0

International

$0

Desjardins Flexi Visa

4.0

Finly Rating

APPLY NOW

on Desjardins' website

Welcome Bonus

N/A

Rewards Rate

No Rewards

Annual Fee

$0

Interest Rates

10.9% - 19.9 / 12.9%

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Get your free credit score

Our Rating

4/5

If you plan to carry a balance on your credit card, this is one of the best no-fee, low-interest-rate credit cards in Canada. However, outside of this specific use case, the card doesn't offer many additional benefits.

Pros & Cons

Pros

No annual fee
Low interest rates
Comprehensive insurance

Cons

No rewards
No benefits
Short travel coverage

Card Details

Rewards

No rewards earned on this card

Insurance

Coverage

Travel Medical Insurance (64 & under)
$5M/insured up to 3 days, under 75 years old
Trip Cancellation
$500 per person for trips up to 3 days
Trip Interruption
$1,000 per person for trips up to 3 days
Baggage Delay
$500 per person after 6 hours delay for trips up to 3 days
Lost or Stolen Baggage
$500 per person for trips up to 3 days
Common Carrier Travel Accident Insurance
$10,000 per person for trips up to 3 days
Mobile Device Insurance
$1,000
Purchase Protection
90 days
Extended Warranty
Doubled up to 1 year

Eligibility

Credit Score
Good
Annual Income
N/A

EQ Bank Card

4.4

Finly Rating

APPLY NOW

on EQ Bank's website

Welcome Bonus

N/A

Rewards Rate

0.5%

Cash Back

Annual Fee

$0

Interest Rates

0% / 0%

RECOMMENDED CREDIT SCORE

300⁎

Poor

560⁎

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Get your free credit score

Our Rating

4.4/5

The EQ bank card is not a credit card; it's a prepaid card, so you will not be able to get the same level of rewards as when using a credit card and it will not build credit. But if getting a prepaid card is your goal, then this card is, without a doubt, the best choice. Voted the best "Prepaid Card" in Canada, this card offers rewards and benefits that are mostly not offered by other prepaid cards. Earning interest on balance, rewards on purchases, no foreign transaction fee, and especially the unique no ATM fee that no other card provides, makes this card the best among prepaid cards.

Pros & Cons

Pros

Best prepaid card
No ATM fees
Interest earned on balance
No foreign transaction fee
Some purchase cashback

Cons

No insurance

Card Details

Rewards

0.5% cash back on every purchase

Benefits

Details

No Foreign Transaction Fees
Pay no extra FX fees when making purchases outside of Canada
Free ATM withdrawal
ATM fee reimbursement for Canada only
Interest on Balance
Base rate of 1.00%*, or 2.75%** bonus rate

Eligibility

Credit Score
N/A
Annual Income
N/A

12 products

Chequing

Desjardins Basic Plan

Desjardins Intermediate Plan

Desjardins Unlimited Plan

Desjardins Unlimited Plus Plan

Credit cards

Desjardins Bonus Visa

Desjardins Cash Back Mastercard

Desjardins Cash Back Visa

Desjardins Cash Back World Elite® Mastercard®

Desjardins Flexi Visa

Desjardins Odyssey Gold Visa

Desjardins Odyssey Visa Infinite Privilege

Desjardins Odyssey World Elite Mastercard

3 products

Savings

EQ Notice Savings Account

Chequing

EQ Personal Account

Credit cards

EQ Bank Card

Mixed customer reviews