EQ Bank vs Royal Bank of Canada (RBC)

Item: EQ Bank
Rating: 4.2

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

VS

EQ Bank

4.2

Open account Read full review

Royal Bank of Canada (RBC)

4.1

Open account Read full review

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

Top chequing accounts

Top savings account

Top credit card

All products offered

3 products

Savings

EQ Notice Savings Account

Chequing

EQ Personal Account

Credit cards

EQ Bank Card

28 products

Savings

RBC Day to Day Savings

RBC Enhanced Savings

RBC High Interest eSavings

Chequing

RBC Advantage Banking Account

RBC Advantage Banking Account for Students

RBC Day to Day Banking Account

RBC Signature No Limit Banking account

Open EQ Bank account Open Royal Bank of Canada (RBC) account

Compare EQ with other banks

Compare RBC with other 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.

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

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

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

Welcome Bonus Details

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.

Highlights

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 & Cons

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

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

RBC Advantage Banking Account for Students

4.2 Our rating

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

Welcome Bonus Details

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.

Highlights

$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 & Cons

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

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

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.

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

Welcome Bonus Details

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

Highlights

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

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

RBC Visa Classic Low Rate Option

4.8

Finly Rating

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

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Get your free credit score

Our Rating

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 & Cons

Pros

Low annual fee
Lower interest rates
Low interest welcome bonus
first-year fee rebate

Cons

No rewards

Card Details

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
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
Good
Annual Income
N/A

RBC VIP Banking Account

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EQ vs Neo

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EQ vs Simplii Financial™

EQ vs Tangerine

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EQ vs Wealthsimple

RBC vs ATB

RBC vs BMO

RBC vs Scotiabank

RBC vs CIBC

RBC vs Desjardins

RBC vs KOHO Financial Inc.

RBC vs Manulife Bank of Canada

RBC vs Meridian

RBC vs National Bank

RBC vs Neo

RBC vs PC Financial®

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RBC vs TD

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