EQ Bank vs Meridian Credit Union
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
EQ Bank edges ahead on our overall rating (4.2 vs 3.9), but the right pick depends on which products and fees matter most to you.
Overview
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.
Meridian Credit Union is the largest credit union in Ontario, describing itself as number three in size out of credit unions in Canada. The institution operates as a not-for-profit with 100% member ownership. Given its size, Meridian has a larger range of products compared to many other credit unions in the country. It does, however, lack some higher end services like private banking and a full insurance offering with universal life coverage. Both of which you can find through a major Canadian bank.
Meridian has a credit card selection with cashback, travel rewards, and USD cards. They exclusively offer Visa, with no option for Mastercard or American Express. Monthly banking fees come in below those of the biggest banks in Canada, with its most basic account about a dollar less per month in comparison. Digital banks, however, tend to have an edge with account fees. As is the same with interest rates. Meridian’s high-interest savings rates can be more competitive than some traditional bank savings accounts, though they fall behind some other Canadian credit unions and digital institutions.
Members of Meridian have access to investment accounts through the credit union and through Qtrade Direct Investing. The financial institution does not have its own full-service brokerage. They do provide financial planning, which isn’t always the case with credit unions.
Overall rating
4.2
3.9
Customer experience
3.7
3.4
Best for
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.
Ontario residents who want branch access without choosing a major bank
Pros & cons
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
Mixed customer reviews
Pros
Part of THE EXCHANGE® Network providing access to more than 40,000 ATMs with no additional charges
More competitive account fees than the Big Six Canadian banks
Lower minimum balance waiver requirements compared to the major banks
Full service banking lineup with basic investment and financial planning
Deposit insurance from the Financial Services Regulatory Authority (FSRA)
Cons
Premium offerings (private banking, universal life insurance, etc) are not available
Branch access concentrated in Ontario, making the credit union less appealing to customers outside the province
Product lineup is not as broad as the Big Six Canadian banks especially for insurance and premium wealth management services
Savings rate may still fall behind digital institutions
Credit card selection is limited comparatively
Mixed customer reviews
Top chequing accounts
4.5 Our rating
on EQ Bank's website
Welcome Bonus
N/A
Regular Interest
Up to 3%
Monthly Fee
$0
Account Type
Chequing • Personal
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 3.00%* 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
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM fees
Own network
$0
Canadian ATMs
$0
USA
$0
International
$0
on Meridian's website
Welcome Bonus
N/A
Monthly Fee
$14 (waivable)
Account Type
Chequing • Personal
- Fee waiver with $3,000 minimum balance
- Includes unlimited self-serve¹ transactions
- In-branch transactions and cheques cost $1.25 each if your account balance is below $3,000
- Rebates on up to 99 Interac e-Transfers³ each month
- Access to 3,600 Meridian ATMs and 40,000 ATMs on THE EXCHANGE® Network
Account fees
Monthly fee
$14
eStatement
Included
on Meridian's website
Welcome Bonus
N/A
Monthly Fee
$19 (waivable)
Account Type
Chequing • Personal
- Fee waiver with $5,000 minimum balance⁵
- Unlimited transactions, both self-serve¹ and in-branch²
- Rebate on 99 Interac e-Transfers³
- Unlimited cheques⁴
- Access to 3,600 Meridian ATMs and 40,000 ATMs on THE EXCHANGE® Network
Account fees
Monthly fee
$19
eStatement
Included
Top savings account
4.9 Our rating
on EQ Bank's website
Welcome Bonus
N/A
Regular Interest
Up to 3%
Monthly Fee
$0
Key Highlights:
- Earns up to 3.00%* 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.
on Meridian's website
Welcome Bonus
N/A
Regular Interest
0.85%
Monthly Fee
$0
- Earn 0.85% in interest on all balances* in the account
- Available for non-registered accounts, TFSAs, RRSPs, FHSAs and RRIFs
- No minimum balance needed
- No limit on self-serve or in-branch transactions1, 2
- $1.00 per Interac e-Transfer in non-registered accounts
Top credit card
on EQ Bank's website
RECOMMENDED CREDIT SCORE
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
- Best prepaid card
- No ATM fees
- Interest earned on balance
- No foreign transaction fee
- Some purchase cashback
Cons
- No insurance
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/AAnnual Income
N/A
on Meridian's website
This card is only available to residents of Ontario.
Welcome Bonus
Earn 7,000 reward points‡ on first purchase (up to $70 value)
Annual Fee
$99 $0
Interest Rates
19.50% / 21.99%
RECOMMENDED CREDIT SCORE
4.2/5
The Meridian Visa Infinite Travel Rewards Card stands out primarily for its flexible reward options and considerable insurance coverage. With the ability to earn 1.5 points per $1 spent on all purchases and double points on foreign currency transactions, it offers a competitive edge for frequent travelers. Its extensive insurance benefits, including rare price protection, further bolster its appeal, making it a strong contender for those who meet the income requirements and reside in Ontario.
Pros
- Versatile Rewards
- Impressive insurance coverage
- First-year fee waiver
Cons
- Restricted to Ontario residents
- High income requirements
Rewards
- Earn 3 reward points for every $1 spent (3% cash back) on purchases made outside Canada in foreign currencies
- Earn 1.5 reward points for every $1 spent (1.5% cash back) on other eligible purchases
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Up to 1 year
Mobile Device Insurance
Up to $1,000 per occurrence
Common Carrier Travel Accident Insurance
$1M per insured person per trip
Travel Medical Insurance (64 & under)
48 daysTravel Medical Insurance (65+)
15 days
Trip Cancellation
$2,000
Trip Interruption
$2,000
Baggage Delay
$500
Lost or Stolen Baggage
$1,000.svg)
Car Rental Damage & Theft
Max car value of $65k, up to 48 days
Price Protection
$100 per item, $500 per year
Benefits
Details
Visa Infinite Exclusive Benefits
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
All products offered