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EQ Bank vs Royal Bank of Canada (RBC)
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 4.1), 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.
As one of the largest and most established financial institutions in Canada, RBC stands out for its size and lineup of products. Its full-service approach allows customers to manage their everyday banking in the same place where they have their credit cards, mortgages, investments, and insurance.
RBC provides a large selection of products for everyday banking needs. It offers chequing accounts for specific groups like students, seniors, and newcomers. Premium banking options are also available. While its savings account lineup is less competitive, especially compared to fintechs, the firm periodically has valuable promotions. Long-term rates tend to lag behind other digital providers, though.
Not only does RBC have a wide range of bank account options, it also has one of the largest credit card lineups in Canada. Options range from cashback and rewards to travel and business. FinlyWealth recently ranked the RBC Avion Visa Infinite Card amongst the best travel credit cards in Canada.
In terms of mortgage and lending products, the bank provides many options. But posted rates at RBC are not always the lowest in comparison to other banks and fintechs. While rates may be less competitive, the bank benefits from its widespread product offering as well as strong brand trust and broad advisor access.
Overall rating
4.2
4.1
Customer experience
3.7
2.8
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.
Those who want full-service banking with access to both physical branches and a wide range of financial products. The bank also boasts strong digital banking tools and one of the largest ATM and branch networks in Canada, making it ideal for Canadians who value integrated banking as well as established customer support.
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
In-person service available through one of the largest branch networks in Canada
More than 4,000 ATMs across the country
Strong integration between banking, lending, and investing
Robust product offering for savings and chequing accounts
Numerous credit card options with varying rewards
Established brand with broad access to customer support
Mobile app quality ranks well amongst the Big Six Canadian banks
Cons
Fees are typically higher than competitors
Monthly fees on many chequing accounts
Savings products pay a lower interest rate
Higher mortgage and loan rates comparatively
Some premium banking benefits require high balances or bundled products
Top chequing accounts
EQ Personal Account
EQ Personal 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
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 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
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$0
International
$0
RBC VIP Banking Account
RBC VIP Banking Account
4.5 Our rating
OPEN ACCOUNT
on RBC's website
Welcome Bonus
Open an eligible RBC Chequing Account and get the new iPad(1)
Monthly Fee
$30 (rebates available)
Account Type
Chequing • Personal
- Open an eligible RBC Chequing Account and get the new iPad(1)
- Offer ends November 2 , 2026
- Qualifying Criteria and other Conditions Apply
How to Get Your RBC iPad Offer
Once you’ve opened your the RBC Signature No Limit Banking account or the RBC VIP Banking account by November 2, 2026, complete at least two of the following within 90 days:
- Set up your full payroll or pension as a direct deposit (no splitting)
- Set up two pre-authorized monthly payments
Make two eligible bill payments using RBC Online Banking, the RBC Mobile app, an ATM or telephone banking. Other terms and conditions apply.
- Unlimited tap, swipe and debit transactions Worldwide(6)
- $30/month(2), as low as $17.05/month with the Value Program Rebate(14), or $22.50/month after the Seniors(13) Rebate
- No minimum balance requirement
- No monthly fee for up to two additional CAD accounts and one USD account(7)
- Save up to $120 on eligible credit card annual fee(10,38)
- Free Interac e-Transfer transactions(4,5)
- Earn Avion points(15) on everyday purchases
- Save 3c/L on gas at Petro-Canada(6)
- If you're not satisfied within the first 4 months, we'll refund up to 3 months of monthly fees(11)
- Free cross-border debits(9,19,20)
Pros
- Unlimited transactions + e-Transfers
- Global ATM fee waivers (RBC side)
- High credit card rebate ($120)
- Strong bundle of premium perks
- Great for frequent travellers
Cons
- Very high $30 monthly fee
- No full fee waiver option
- FX fee still applies (2.5%)
- Overkill if you don’t use premium perks
- Not competitive vs free / low-cost banks
Account Fees
Monthly Fee
$30
Fee Rebate: Eligible Personal Credit Card, Personal Investment and Small Business Account
Save $12.95/mo
As low as $17.05/month with the Value Program Rebate(14)
Fee Rebate: Eligible Personal Credit Card, Personal Investment and Residential Mortgage
Save $12.95/mo
As low as $17.05/month with the Value Program Rebate(14)
Credit Card Rebate
Up to $120
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$3
International
$5
International & Currency
Foreign Currency Conversion
2.5%
Cross-Border Debit Fee
$0
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Protection
$0/month
Overdraft Interest
22% annually (if used)
Bank Draft
$0
Best for: Full time students
OPEN ACCOUNT
on RBC's website
Welcome Bonus
Open a No Monthly Fee RBC Advantage Banking Account for Students and Get AirPods 4.(1)
Monthly Fee
$0
Account Type
Chequing • Personal
- Open a No Monthly Fee RBC Advantage Banking Account for Students and Get AirPods 41
- Bonus! Get 3 months of Apple Music with your new AirPods.
- New subscribers only. After 3 months, subscription automatically renews until cancelled.
- Conditions apply. Offer ends November 2, 2026. Complete offer qualifying criteria by January 15, 2027.
- $0 Monthly Fee(2) for full-time students(3)
- Unlimited Debit Transactions
- Free Interac e-Transfer Transactions(4,5)in Canada
- One of the Largest Combined ATM and Branch Networks in Canada
- Up to $48 rebate on the annual fee of an eligible credit card(1)
- Earn Avion Points on debit purchases, even with your Virtual Visa Debit
- International Money Transfers - Pay no fee for U.S. and international money transfers for this offer/account
Pros
- No monthly fee for full-time students
- Unlimited Debit Transactions + Free Interac e-Transfers
- Up to $48 rebate on the annual fee of an eligible credit card
- Avion Points on debit purchases
- Large branch + ATM network
- No minimum balance required
- No RBC fee at other-bank ATMs in Canada
Cons
- Only for full-time students
- Fees kick in after graduation
- No interest on your balance
- Rewards system is limited
- Best perks require multiple RBC products
Account Fees
Monthly Fee
$0
Fee Waiver: Students Rebate
Full waiver
No monthly fee for full-time students or anyone 24 and younger(2,3)
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$3
International
$5
International & Currency
International Transaction Fee
$0
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
22% annually (if used)
Bank Draft
$9.95
Top savings account
EQ Notice Savings Account
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
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.
RBC High Interest eSavings
RBC High Interest eSavings
2.7 Our rating
OPEN ACCOUNT
on RBC's website
Welcome Bonus
Earn 4.60% for 3 months for new High Interest eSavings account holders
Monthly Fee
$0
If this is your first RBC High Interest eSavings account, you can earn up to 4.60% in interest for 3 months. Offer expires 3pm EST on June 9, 2026.
Interest rates
All balances 0.55%
Promotional rate of 4.60%13 on your first three months12
Account fees
Monthly Fee $0
eStatement Included
Earn interest of up to 4.60%12,13
- Earn a rate of 0.55% or a promotional 4.60%13 on your first three months12
- No monthly fee with no minimum balance requirement
- No cost transfers to any of your personal RBC deposit accounts making it a practical choice for existing RBC customers
- 1 no charge ATM withdrawal per month with an additional $5 charge thereafter
- Access to your savings at any time
Top credit card
APPLY NOW
on EQ Bank's website
RECOMMENDED CREDIT SCORE
300⁎Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
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
APPLY NOW
on RBC's website
Welcome Bonus
Enjoy a 0.99% introductory interest rate for the first 10 months on balance transfers^ and no annual fee for the first year*. Apply by September 30, 2026.
Rewards Rate
N/A
Annual Fee
$20 $0
Interest Rates
12.99% / 12.99%
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.8/5
A low-interest credit card in case you want to carry a balance every month. This card provides no rewards on purchases, however comes with a relatively lower interest rate compared to many other credit cards, so if you're unable to pay your balance in full every month, this card will save you a lot of money in interest payments.
Awards & Recognition
Best Low Interest Credit Card
2026
Pros
- Low annual fee
- Lower interest rates
- Low interest welcome bonus
- first-year fee rebate
Cons
- No rewards
Rewards
- Get a low, fixed annual interest rate of 12.99% on purchases, cash advances including balance transfers.1 No surprises.
- Your RBC Visa Classic Low Rate Option card includes purchase security and extended warranty insurance coverage4.
- Get special partner offers from brands like Petro Canada, Rexall and DoorDash.
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Doubled Up to 1 year
Benefits
Details
Extra points
50 Be Well points for every $1 spent on eligible products at Rexall.svg?dpl=dpl_HdoscpcfYo6cKsdxH1ceauq3dcnU)
Gas Discount
save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada and 20% more Avion points at Petro-Canada
Discount
Get a 6-month complimentary DashPass subscription — a value of almost $60. Plus, enjoy unlimited deliveries when $0 delivery fees on orders of $15 or more when you pay with your eligible RBC credit card.
Eligibility
Credit Score
GoodAnnual Income
N/A
All products offered
28 products
Chequing
RBC Advantage Banking Account
RBC Advantage Banking Account for Students
RBC Day to Day Banking Account
RBC Signature No Limit Banking account
RBC VIP Banking Account
Credit cards
RBC Avion Visa Infinite
RBC Avion Visa Infinite Privilege
More Rewards RBC Visa
moi RBC® Visa‡
More Rewards RBC Visa Infinite
RBC Avion Visa Platinum
RBC Cash Back Mastercard
RBC Cash Back Preferred World Elite Mastercard
RBC ION Visa
RBC ION+ Visa
RBC U.S. Dollar Visa Gold
RBC RateAdvantage Visa
RBC Visa Classic Low Rate Option
RBC Visa Platinum
RBC® British Airways Visa Infinite‡
WestJet RBC Mastercard
WestJet RBC® World Elite Mastercard®
RBC Avion Visa Infinite Business Credit Card
RBC® Business Cash Back Mastercard‡
WestJet RBC® World Elite Mastercard® for Business