EQ Bank Review: A Smart Way to Save and Earn in Canada
- Referral Raptor
- Jul 12
- 3 min read
If you’re looking for a better way to save money and grow it faster, EQ Bank is one of the best online banks in Canada. It’s trusted, easy to use, and gives higher interest rates than most big banks. Plus, right now you can get a $20 bonus when you sign up for EQ bank using this referral link: https://join.eqbank.ca?code=JERMAIN5956 and deposit at least $100 Canadian within 30 days.
What is EQ Bank?
EQ Bank is the online banking arm of Equitable Bank, which has been around since 1970. Because EQ Bank is online only, it saves money by not having branches. That means it can pass those savings to customers in the form of better interest rates and no monthly fees.
Why People Like EQ Bank
Here are the top reasons why EQ Bank is a popular choice:
It Pays You High Interest: Most big banks in Canada give you less than 1 percent interest on your savings. EQ Bank usually offers around 2.5 percent or higher. Right now it's offering up to 3.5 percent interest during promotional periods. This high rate means your money grows faster, even if you just leave it in your account.
No Monthly Fees: There are no fees to open or keep your account. You don’t have to worry about paying just to use your own money.
Free Interac e-Transfers: You can send money to friends or family for free using Interac e-Transfers. Some banks charge for this, but not EQ Bank.
Free Bill Payments and Transfers: You can pay your bills or move money between accounts without paying any extra.
CDIC Protection: Your money is safe. EQ Bank is a part of Equitable Bank, which is insured by the Canada Deposit Insurance Corporation (CDIC). That means up to $100,000 of your money is protected.
Easy to Use App: Their mobile app and website are simple to use. You can check your balance, transfer money, and pay bills in just a few taps.
What Accounts Does EQ Bank Offer?
The most popular product is the EQ Bank Personal Account, which acts like a savings account and a chequing account in one. You earn high interest like a savings account, but you can also pay bills, send e-Transfers, and more like a chequing account.
They also offer:
US Dollar Account: Earn interest on US dollars.
TFSA Savings Account: Grow your savings tax-free.
RSP Savings Account: Save for retirement with tax benefits.
GICs (Guaranteed Investment Certificates): Lock in your money for a set time and earn even higher interest.
There is One Downside
No bank is perfect. The downside to EQ Bank is that it's an online only bank. There is no physical branch you can go to. If you absolutely must speak to someone in person, EQ bank wouldn't be a good choice for you. But if you're okay doing your banking online or on the app, the zero monthly fees and high interest they pay more than make up for the lack of a physical location.
How to Get a $20 Sign Up Bonus from EQ Bank
Getting your $20 sign-up bonus is simple:
Use this referral link: https://join.eqbank.ca?code=JERMAIN5956
Open a new EQ Bank account.
Deposit at least $100 within the first 30 days.
Once you do that, the $20 will be automatically added to your EQ bank account.
Final Thoughts
EQ Bank is one of the top online banks in Canada. It gives high interest, no monthly fees, and lots of helpful features. It’s great for saving money, paying bills, and sending money to others. While it doesn’t offer a physical location, the benefits make it a great choice.
If you want to grow your money faster and earn a free $20 bonus, now is a great time to try EQ Bank. Just use this link to get started:https://join.eqbank.ca?code=JERMAIN5956
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