SHERIDAN, WYOMING – April 14, 2026 – EQ Bank, a trade name of Equitable Bank, is positioning itself as a compelling alternative to Canada's traditional banks by pairing high-interest everyday accounts with zero everyday banking fees and a broad range of savings and investment products. The bank has now surpassed 600,000 customers and claims interest rates up to seven times higher than those available at Canada's Big Five banks. With no monthly fees, no minimum balance requirements, and accounts eligible for CDIC deposit protection, the fully digital bank targets cost-conscious Canadians who want their money to earn more without paying for the privilege. Accounts can be opened entirely online in a few minutes.
Everyday Banking and How the Rates Work
The Personal Account sits at the centre of EQ Bank's offer, combining chequing-style functionality with high-interest earnings and no everyday banking fees. Customers who set up a qualifying recurring direct deposit of at least $2,000 per month earn a 2.75% interest rate on their balance; without that condition, the base rate is 1.00%. A Joint Account supporting up to four holders is available under the same terms. For those managing US dollars, the US Dollar Account earns 2.50% interest with easy transfer features and what the bank describes as competitive exchange rates.
Savings, GICs, and Registered Accounts
EQ Bank's Notice Savings Account also pays 2.75% interest but requires 30 days' advance notice for withdrawals—a condition that supports one of the stronger everyday savings rates in Canada. For investors, Guaranteed Investment Certificates offer fixed returns across multiple terms: 2.50% for three months, 2.75% for six months, 3.30% for one year, and 3.40% for 15 months. Registered accounts cover the full range of longer-term goals: a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), and First Home Savings Account (FHSA) each currently earn 1.50% interest. New customers can also earn up to $200 when they contribute to a registered savings account.
Why It Matters
Traditional Canadian banks typically charge monthly fees ranging from a few dollars to over $30, while paying minimal interest on everyday account balances. EQ Bank's fee-free structure and above-average rates represent a tangible financial difference for savers who maintain regular balances or make consistent contributions. CDIC deposit protection, covering eligible deposits up to $100,000 per insured category per depositor, gives the bank a safety profile comparable to the major institutions it is competing against. The bank also notes that its rates—unlike some competitor promotions—are not reserved for new customers only.
Practical Extras Worth Knowing
Beyond savings and investment accounts, EQ Bank offers a reloadable prepaid Mastercard—the EQ Bank Card—that pays cash back on purchases and reimburses up to five ATM withdrawals per month at Canadian machines (up to $5 each). International money transfers are available with no exchange rate markup, a service the bank says can be up to five times cheaper than comparable transfers at major banks. Several products, including the US Dollar Account, FHSA GICs, and International Money Transfers, are not currently available to residents of Quebec. Customer support operates seven days a week for all account holders. EQ Bank's combination of no-fee everyday banking, competitive savings rates, and a full suite of registered investment accounts makes it a straightforward option for Canadians looking to cut banking costs and put idle cash to work.