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A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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EQ Bank edges ahead on our overall rating (4.2 vs 4.1), but the right pick depends on which products and fees matter most to you.
Overview
All products offered
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.
The National Bank of Canada, also called National Bank, is one of the biggest banks in Canada, though it is the smallest of the group. Initially, the bank dominated in the province of Quebec, but has since expanded its reach throughout the country. The migration of CWB Financial Group adds to National’s offering, with the integration of its clientele now complete according to the bank's website.
National Bank has a reputable Bank Account for Newcomers program and a range of chequing account options. Its monthly fees remain competitive, and certain groups can get the fee waived, as can those who maintain a minimum account balance. Minimum balance requirements are slightly above the other Big Six, though. In terms of savings accounts, the bank’s main option for Canadian dollar savers is its High Interest Savings Account. The account has a less competitive rate, causing National Bank to fall behind the offerings from the other major banks. Anyone focusing on earning a higher interest rate can find a better return with digital institutions.
Another area where National Bank is more limited is in its credit card offering. The bank does not have Visa cards, instead sticking with Mastercard only. While its choices are narrower compared to some of the other Big Six Canadian banks, it does have a quality selection. For example, the bank has the National Bank World Elite® Mastercard®, which Finly rates highly at a 4.6 out of 5 due to its “generous earn rate.”
For its lending and mortgage products, National Bank boasts a wide variety of fixed and variable-rate mortgages plus personal loans and lines of credit as well as home equity borrowing. As a full-service lender, National Bank is more than just a niche banking option with mortgage and loan options generally in line with the major Canadian banks. It also has promotional rates that offer a competitive edge.
Overall rating
4.2
4.1
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.
National Bank is best for Canadians who want full-service banking and access to a major federally regulated bank. It’s particularly suitable for those in Quebec or customers in Western Canada where the bank expanded.
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 ABM network, providing customers with access to almost 2,500 machines
Availability of fee-waiver options
Has a stand-out newcomer program and well-ranked credit card even with a more limited offering
National Bank Direct Brokerage promotes a unique offering of $0 online stock and ETF commissions
More valuable rates and rewards available through periodic promotional pricing
Cons
Smaller branch network versus the other major Canadian banks
Monthly account fees apply to all chequing accounts unless you maintain a minimum account balance or meet other fee-waiver eligibility
Minimum balance waiver is at a higher level in comparison to the other Big Six
Savings account offering is limited
Credit card lineup includes Mastercard only, no Visa or AmEx options
Every credit card has a 2.5% foreign transaction fee
4.5 Our rating
on EQ Bank's website
Welcome Bonus
N/A
Regular Interest
Up to 2.75%
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:
Things to Note:
Is the Personal Account right for you?
It’s right for you if:
It’s not right for you if:
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
Best for: Newcomers to Canada
on National Bank's website
Welcome Bonus
Earn up to $600 cashback when you open an account for newcomers and meet certain criteria.
Monthly Fee
$15.95 (waivable)
Account Type
Chequing • Personal
Start your life in Canada by taking advantage of our welcome offer: A bank account that allows you to earn up to $600 cashback. Here’s how to get the most out of it:
Get $300 cashback when you:
Open a chequing account and meet certain criteria.
Get $100 cashback when you:
Apply for a Mastercard credit card, get approved, and complete 20 purchases with the new card.
Get $100 cashback when you:
Set up pre-authorized, recurring payments for your National Bank mortgage from your new chequing account.
Get $100 cashback when you:
Open a High Interest Savings Account and deposit at least $5,000.
Get started with no monthly fees
As soon as you arrive, enjoy all the benefits we offer, without any fixed monthly fees.1
Keep your account free by meeting certain conditions*
Maintain a minimum daily balance of $4,500 in your account
OR
Sign up for the following three products and services:
Automatically switch to The Connected
After your newcomer offer ends, your account automatically switches to The Connected® package, which lets you reduce or even eliminate your monthly fees.
Pros
Cons
Account Fees
Monthly Fee
$15.95
Fee Waiver: Baseline Savings
Full waiver
Baseline savings of $334.92 over three years for the account You’ll save if you meet the following conditions: Open a bank account online before arriving with our secure form or visit a branch upon arrival. Sign up for our offer for newcomers. Savings are based on: First year: no flat monthly fee (savings of $15.95/month for 12 months) Second year: flat monthly fee of $7.98 instead of $15.95 (savings of $7.97/month for 12 months) Third year: flat monthly fee of $11.96 instead of $15.95 (savings of $3.99/month for 12 months)
Fee Waiver: Maximum Savings
$4,500 min. balance
Maximum savings on the account: $574.20 over 3 years In addition to the basic savings conditions, you must: Maintain a minimum daily balance of $4,500 OR Sign up for the following three products and services before the end of the first year and maintain them until the end of the special offer: A Mastercard® personal credit card ; Electronic bank statements ; Payroll deposit to your bank account at one of our branches at least once a month or payment of at least two bills per month electronically from this bank account
Fee Waiver: Maximum Total Savings
$4,500 min. balance
Maximum total savings of the offer: $683.30 over 3 years To reach these savings, you must meet all the conditions for maximum savings on the account (above) and take advantage of the following services: First check order free ($67.10/order) Free paper bank statements for the first year ($42) Please note: The savings depend on meeting all the requirements for the entire duration of the offer (3 years). If you do not meet all the conditions in a given month, your savings will be reduced. If you no longer have the bank account or the Newcomer Package, the savings will no longer apply.
Credit Card Rebate
Up to $100
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Protection
$5/month
Overdraft Interest
21% annually (if used)
Bank Draft
$9
Best for: Premium Perks and Unlimited Transactions
on National Bank's website
Welcome Bonus
Up to $150 cashback with an eligible credit card
Monthly Fee
$28.95 (waivable)
Account Type
Chequing • Personal
Pros
Cons
Account Fees
Monthly Fee
$28.95
Fee Rebate: 0-17 years old
Partial rebate
0-17 years old Monthly fees (9): $18/month
Fee Waiver: 18-24 years old
$6,000 min. balance
18-24 years old Monthly fees (9): $13/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount
Fee Waiver: 25-59 years old
$6,000 min. balance
25-59 years old Monthly fees (9): $28.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount
Fee Waiver: 60 plus
$6,000 min. balance
60 plus Monthly fees (9): $23.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (5) and enjoy a $10/month discount
Credit Card Rebate
Up to $150
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
International & Currency
International Transaction Fee
$5.95
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Protection
$5/month
Overdraft Interest
21% annually (if used)
Bank Draft
$0
4.9 Our rating
on EQ Bank's website
Welcome Bonus
N/A
Regular Interest
Up to 2.75%
Monthly Fee
$0
Key Highlights:
Is our Notice Savings Account right for you?
It’s right for you if:
It’s not right for you if:
Best for: Bulking up your savings
on National Bank's website
Welcome Bonus
N/A
Monthly Fee
$0
You will earn interest no matter how much money you have in your account. That means your savings will start growing right away!
You can access your savings at any time. With your online bank, transferring funds between your accounts* is fast and easy.
Your savings provide a financial cushion against the unexpected. If needed, you can withdraw funds to face emergencies.
Apply
Submit an application online in less than 5 minutes.
Deposit
Transfer funds from your online bank in just a few clicks.
Pros
Cons
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
Cons
Rewards
Benefits
Details
No Foreign Transaction Fees
Free ATM withdrawal
Interest on Balance
Eligibility
Credit Score
Annual Income
on National Bank's website
RECOMMENDED CREDIT SCORE
4.6/5
The National Bank World Elite Mastercard is a strong choice for frequent travelers who value rewards and comprehensive insurance coverage. With a generous earn rate on everyday spending categories like groceries and restaurants, it offers substantial value, especially if you redeem points for travel. The $150 annual travel credit effectively offsets the card's $150 annual fee, making this card almost "fee-free" if fully utilized. Additionally, the card’s airport lounge access, superior purchase protection, and extended warranties make it a great companion for those who prioritize convenience and peace of mind during their travels.
Pros
Cons
Rewards
Insurance
Coverage
Purchase Protection*
Extended Warranty*
Travel Medical Insurance (54 & under)
Travel Medical Insurance (55 to 64)
Travel Medical Insurance (65 to 75)
Trip Interruption
Trip Cancellation
Baggage Delay
Flight Delay
Lost or Stolen Baggage
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Car Rental Damage & Theft
Mobile Device Insurance
Benefits
Details
Airport Lounge - National Bank
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Travel Credit
Eligibility
Credit Score
Annual Income
National Bank Allure® Mastercard®
