Find my card

EQ Bank Personal Account Review

EQ Bank Personal Account

Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

Equitable Bank (EQ Bank)High-Interest Chequing/Savings

EQ Bank Personal Account

Our take: the best ongoing rate among accounts we track and it doubles as a chequing account — free bill payments, e-Transfers and a debit card, with the rate stepping up to 2.75% on direct deposit.

#1 Best savings

Welcome bonusNone right now.At a glance$0 monthly fees, $0 minimum balance
Open an account on EQ Bank’s site →

  • Goes straight to EQ Bank
  • No cost to you
  • Our review

The EQ Bank Personal Account blends a no-fee chequing account with high-interest savings, paying interest on every dollar from day one while still offering unlimited free e-Transfers and bill payments. The catch is that the more competitive interest rate is reserved for account holders who set up a qualifying payroll or pension direct deposit — without one, the base rate is meaningfully lower, so it’s worth confirming the current tiers directly before opening an account.

3.5out of 5

MoneyMint rating

#2 of 13 savings accounts · How we rate

Regular rate
10/10
Promotional rate
0/10
Fees and minimums
10/10
Access and liquidity
10/10
Cash bonus
0/10

$231

interest on $10,000 over a year at this account’s effective rate. Compare savings rates →

At a Glance

Monthly Fee

$0no monthly fee, no minimum-balance fee

Account Type

Hybrid Chequing/Savingsfully digital, no physical branches

Base Interest Rate

1.00%published base rate without direct deposit (checked on eqbank.ca, September 25, 2026)

Bonus Interest Rate

2.75%with —,000+ a month in qualifying recurring direct deposits (1.00% base plus a 1.75% bonus)

Minimum Balance

$0no minimum required to open, avoid fees, or earn the base rate

CDIC Insurance

Up to $100,000per eligible account

e-Transfer Limits

$5,000 / 24 hrs$10,000/week, $20,000/month sending; receiving free up to $25,000/transaction

Welcome Bonus

None right now

Note: EQ Bank’s rates page and Personal Account page both list a 1.00% base rate and 2.75% with qualifying direct deposits of $2,000+ a month (checked September 25, 2026). Rates can change without notice.

Pros & Cons

Pros

  • No monthly fees, no minimum balance
  • Unlimited free transactions — e-Transfers, bill payments, EFTs
  • CDIC insurance up to $100,000 per eligible account
  • Interest calculated daily and paid monthly on the full balance from day one
  • Fully digital web and app access with instant fund availability
  • EQ Bank Card offers cash back on purchases and no foreign exchange fees on card purchases
  • Up to 8 personal EQ Bank accounts, with up to 10 external accounts linked

Cons

  • No physical branches or in-person service
  • Cannot deposit cash directly; no paper cheques and no bank drafts
  • No overdraft protection
  • No proprietary ATM network — relies on a fee-rebate model whose exact terms need confirmation
  • The EQ Bank Card functions more like a preloaded/prepaid card than a traditional linked debit card
  • Joint accounts are limited to 4 co-holders; maximum of 8 personal accounts per customer
  • The bonus interest rate requires a $2,000+/month qualifying direct deposit, and current rates should be reconfirmed directly with EQ Bank given conflicting figures across their own pages

Who It’s For

Best For

  • Savers who want a no-fee account that also pays interest on every dollar
  • People comfortable with a fully digital bank and no cash deposits
  • Households that can set up a qualifying direct deposit to unlock the bonus rate

Not For

  • Anyone who wants cash deposit capability or paper cheques
  • Customers who need overdraft protection
  • Anyone who needs more than 8 personal accounts or more than 4 joint co-holders
InstitutionEquitable Bank (EQ Bank)
Monthly Fee$0
Base Interest Rate1.00%*
Minimum Balance$0

Open an account on EQ Bank’s site →

This link goes directly to EQ Bank’s official page. MoneyMint doesn’t currently have a paid partnership for this account, so this isn’t a monetized recommendation. *EQ Bank’s own pages showed conflicting rate figures — verify current rates before relying on this number.

+ Compare all bank accounts

Not Sure? Three Accounts People Compare It With

All savings accounts →

RBC High Interest eSavings Account

RBC High Interest eSavings Account

Pick this instead if you want a higher promotional rate (4.6%).

Fee $0Promo 4.6%

Read review

Simplii Financial High Interest Savings Account

Simplii Financial High Interest Savings Account

Pick this instead if you want a higher promotional rate (4.6%).

Fee $0Promo 4.6%

Read review

Neo Financial Neo Money Chequing Account

Neo Financial Neo Money Chequing Account

Pick this instead if you need a chequing account alongside this one.

Fee $0Rate 0.1%

Read review

EQ Bank Personal Account

No monthly fee · up to 2.75% with direct deposit

Open an account on EQ Bank’s site →Compare all accounts

J

Jen, founder of MoneyMint

Reviewed by Jen. Every figure on this page was checked against EQ Bank’s official page on August 15, 2026. Key figures were re-checked on September 25, 2026.

Saving inside a registered account? EQ Bank also offers a TFSA and an RRSP savings account; see our EQ Bank TFSA review and EQ Bank RRSP Savings Account review.

This is general information, not personalized financial advice — consider your own banking needs and consult a professional for decisions specific to your situation. Fees, rates, and offers are set by EQ Bank and can change without notice; always confirm current terms on the issuer’s official page before applying.

Frequently Asked Questions

Does the EQ Bank Personal Account charge a monthly fee?

The EQ Bank Personal Account has a monthly fee of $0 — no monthly fee, no minimum-balance fee.

What interest rate does the EQ Bank Personal Account offer?

EQ Bank pays a 1.00% base rate on the Personal Account. With qualifying recurring direct deposits of at least $2,000 a month, you earn 2.75% (the 1.00% base plus a 1.75% bonus) on the Personal Account, Joint Account and EQ Bank Card balance. Both rates were checked on eqbank.ca on September 25, 2026, and can change without notice.

Is there a minimum balance required for the EQ Bank Personal Account?

$0 — no minimum balance required to open the account, avoid fees, or earn the base interest rate.

How many free transactions does the EQ Bank Personal Account include?

Unlimited free bill payments, EFTs, and Interac e-Transfers. e-Transfer send limits: $5,000/24 hours, $10,000/week, $20,000/month; receiving is free up to $25,000/transaction. EQ-to-EQ transfers are free up to $30,000/day and $250,000/month. No proprietary EQ Bank branches or ATMs — free withdrawals work through a fee-rebate model via the EQ Bank Card, though the exact rebate cap wasn’t fully confirmed in research and should be checked against EQ Bank’s card fees page. Mobile cheque deposit is free, up to $100,000 per cheque.

Does the EQ Bank Personal Account have a welcome bonus or promotional offer?

No. EQ Bank doesn’t currently offer a welcome bonus or promotional offer on the Personal Account. A prior 2% registered-account match promo for TFSA/FHSA/RRSP accounts ended February 28, 2025 and is no longer active.