The EQ Bank Personal Account combines transaction and savings features. It earns a base rate, with a higher ongoing rate available when qualifying direct deposits meet the provider's monthly threshold.
EQ's optional payment card is a prepaid Mastercard rather than a traditional debit card. Mobile cheque deposits are supported, but cheque writing and bank drafts are not.
EQ charges no Canadian ATM withdrawal fee and reimburses operator surcharges up to $5 per withdrawal, five times per month. That capped Canadian reimbursement differs from an unlimited worldwide reimbursement policy. Joint accounts can include the primary holder and up to three other people.
EQ does not currently send or receive wire transfers. Its international transfer service is powered by Wise and is separate from wire-transfer support.
Features and access
Monthly cost and transactions
Normal monthly fee
$0The normal recurring monthly fee is $0.
Transactions
UnlimitedUnlimited supported everyday transactions, including bill payments and electronic transfers.
Transfers
Interac e-Transfers
UnlimitedNo fee to send or receive; dollar limits apply.
Card and payments
Payment card
YesOptional free reloadable prepaid Mastercard, not a conventional debit card.
ATM and branch access
ATM access
YesEQ charges no Canadian withdrawal fee and reimburses up to $5 of an operator surcharge per withdrawal, at most five times monthly. An equivalent foreign-ATM reimbursement was not verified.
Branch access
NoEQ Bank operates as a digital bank without retail branches.
Cheques and ownership
Cheque support
YesMobile cheque deposit is supported; cheque writing and bank drafts are not offered.
Joint account
YesA joint account can include the primary holder and up to three other people.
Interest
Interest rate
1%–2.75%The base annual rate can receive a bonus after at least $2,000 in qualifying monthly direct deposits; calculated daily and paid monthly.
Deposit protection
Eligible deposits are held by Equitable Bank, a CDIC member, and aggregate with other eligible Equitable Bank deposits in the same insurance category.
