EQ Review 2026: Chequing and Savings
Written by Lauren Brown,
Edited by Kevin Shahnazari
Last updated on September 28, 2026
FinlyWealth rating
🏅
4.2
Products they offer:
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.
on EQ Bank's website
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.
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
Product Reviews
Savings Accounts
4.9 Our rating
on EQ Bank's website
Welcome Bonus
N/A
Regular Interest
Up to 2.75%
Monthly Fee
$0
The EQ Notice Savings Account stands out as one of the strongest savings accounts in Canada. Many traditional savings accounts offer low ongoing rates unless customers qualify for a temporary promotion or maintain a large balance. But not this account. Instead, it gives savers a more competitive rate without charging a monthly fee or requiring a minimum balance. It makes the account especially useful for anyone who wants to earn a meaningful return on their savings while still keeping it separate from their long-term investments.
While the account’s return potential is attractive, it comes at the cost of access. Customers must provide advance notice before withdrawing money. This means that it is not an ideal choice for emergency savings or money you might need at a moment’s notice. It can, however, benefit savers who want a higher return and can avoid the temptation of moving money around often. Compared to standard savings accounts from the major Canadian banks, the EQ Notice Savings offers a much stronger value for planned savings goals.
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.
Chequing Accounts
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
The EQ Personal Account gives customers the rare combination of an everyday chequing account with the ability to earn interest on their balance. Most chequing accounts from major Canadian banks focus on transactions but don’t pay interest on the funds sitting in the account. Not the EQ Personal Account, though. This account takes a different approach, letting customers use their account for spending and transfers while paying up to 2.75%* in interest. It makes the account much more competitive than a standard chequing package.
For those who want digital banking without monthly fees or minimum balance requirements, the EQ Personal Account is a highly attractive option. Customers can send unlimited e-Transfers and make unlimited free transactions, all while earning a return on their cash. It does not replace a full-service banking option for those who want branch access and traditional cheques, but it offers excellent value for digital-first users.
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
Customer Experience
3.7/5
EQ Bank earns a solid customer experience score because it gives customers a digital banking experience without needing to visit a physical branch. Its mobile app and online platform allow users to handle everyday transactions as well as their account management in one place. For customers who already prefer online banking, its standout products combined with these platforms make for a simple banking process.
The tradeoff is the technical issues and lengthy wait times in order to contact a customer service representative. These are the key complaints reflected in EQ Bank’s Trustpilot score of 1.8.
Of course there are range of reviews with other customers saying “I think this will be a forever bank for us” and “the customer service rep was so nice.” This positive feedback, combined with its highly rated mobile app suggest that the bank’s platform is a strong choice for those confident with digital banking. It is, however, less ideal for anyone who prefers in-person support for banking advice or problem-solving issues.
Rating Methodology
How We Rate EQ Bank
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
EQ Bank is a completely digital bank meaning it does not offer in-branch service and its lineup is smaller than those of the major banks. Its products make up for it, though, in terms of quality and they are highly ranked by FinlyWealth.
You can, but it depends on what you want from your bank. EQ Bank works well for those who do not need branch access. If you are comfortable banking online and spending through the EQ Bank Card, then the bank could be the right fit.