Overview
The EQ Bank Savings Plus account earns 2.00% interest which is calculated daily on the total closing balance and is paid monthly.
EQ is a digital bank and as such, does not offer a debit card or direct ATM access to withdraw cash. If you want to access cash from your EQ Bank account, you will need to transfer funds to a different bank account via Interac e-Transfer or Electronic Funds Transfer.
Deposits at EQ Bank are covered by CDIC up to $100,000 per insured category, per depositor.
We have reviewed EQ Bank’s financial product offerings here.
Fees
The EQ Bank Savings Plus account has no fees associated with it. This means that Interac e-Transfers, Electronic Fund Transfers, bill payments, and EQ account to EQ account transfers are all free.
The account has no minimum balance required.