EQ Bank Current Interest Rates and Direct Deposit Requirements: A Practical Guide
Quick answer: EQ Bank rates depend on the account and, for the Personal Account, whether you meet the qualifying direct-deposit requirement. The base and bonus rates can change, so confirm the rate shown by EQ Bank before applying. For eligible new customers, the EQ Bank referral offer is $20 when you sign up through the referral link https://join.eqbank.ca?code=JERMAIN5956 and deposit least $100 within 30 days.
EQ Bank current interest rates at a glance
Rates and eligibility rules are variable and may change without notice.
EQ Bank Personal Account: 1.00% base interest, with a reported 1.75% bonus for a total of 2.75% when qualifying recurring direct deposits total at least $2,000 per month.
EQ Bank Notice Savings Account: reported rates range from 2.35% for a 10-day notice period to 2.75% for a 30-day notice period.
EQ Bank registered savings accounts, including TFSA, FHSA and RRSP savings: reported at 1.50%. Availability can depend on province and account eligibility.
EQ Bank GICs: reported examples include 3.70% for one year and 4.25% for five years; exact terms and rates change frequently.
What is the EQ Bank direct deposit requirement?
To receive the reported 2.75% Personal Account rate, qualifying recurring direct deposits must total at least $2,000 per month. Payroll, pension and some government-benefit deposits may qualify. A transfer that you initiate yourself from another bank generally is not the same as an employer or government direct deposit.
EQ Bank says interest is calculated daily on the closing balance and paid monthly. If you stop meeting the requirement, the bonus may no longer apply and the account can revert to the base rate. Check your account agreement for the exact qualification and timing rules.
How much difference can the bonus make?
On a $10,000 balance, 2.75% is approximately $275 of annual interest before tax, while 1.00% is approximately $100. The simple difference is about $175 per year before tax. Actual interest varies because balances and rates can change, and interest compounds according to the account terms.
EQ Bank referral offer
New users can use the EQ Bank referral link https://join.eqbank.ca?code=JERMAIN5956 to receive $20 when they sign up for an EQ Bank account and deposit at least $100 within 30 days. Confirm the offer terms and eligibility at sign-up because promotions can change.
Who may benefit from EQ Bank?
People who want a no-monthly-fee digital banking option and can meet the direct-deposit condition.
Savers who can accept a notice period in exchange for a potentially higher savings rate.
People comparing an everyday account with a GIC and who understand that GIC funds may be locked for the selected term.
Important limitations
Rates are variable and may change at any time.
Promotional offers have eligibility rules, deadlines and possible exclusions.
Registered-account availability and features may differ by province.
Compare after-tax returns, liquidity, deposit protection and fees—not just the headline rate.
Frequently asked questions
Is EQ Bank interest paid monthly?
EQ Bank reports that interest is calculated daily and paid monthly, but confirm the current account agreement.
Is the 2.75% rate guaranteed?
No. The reported total includes a bonus that depends on qualifying direct deposits, and both the rate and conditions may change.
Can I count a transfer from my other bank as direct deposit?
Usually not. A self-initiated transfer is generally different from an eligible payroll, pension or government deposit. Verify with EQ Bank before relying on it.
Bottom line
EQ Bank can be attractive when its rate, liquidity and fee structure fit your needs. The key practical question is whether you can maintain the qualifying direct deposit. Before opening an account, double-check the live rate, direct-deposit rules, CDIC eligibility and referral terms. Rates and prices are subject to change.
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