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EQ Bank Personal Account

As of October 22, 2026, the EQ Bank Personal Account pays 1.50% base interest, and up to 2.75% if you qualify.

CDIC insuredRates verified October 22, 2026

Calculate your EQ Bank interest

$
Time horizon

Conditions: Base rate 1.50%; bonus 2.75% with recurring direct deposit of $2,000+/month

Promo rate
2.75%
then 1.50%
Interest earned
+$278.49
Balance $10,278.49
vs. big-bank average (0.33%):+$245.99
Compounding schedule:Calculated daily, paid monthly
Get this rate at EQ Bank

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Key account terms

Canada's popular high-interest account with no fees, effectively combining chequing and savings into one.

Monthly fee
$0
Minimum deposit
$0
Transactions
Unlimited
Transfer speed
Instant/1 Day

Pros and considerations

What we like

  • Consistently high non-promo rates
  • No monthly fees
  • Unlimited free transactions
  • Great mobile app

Watch out for

  • No physical branches
  • No debit card (uses prepaid Mastercard)
  • Mobile cheque deposit only

Frequently Asked Questions

Everything you need to know about EQ Bank's savings rates, terms, and account features.

Is EQ Bank safe?

Yes, EQ Bank is a trademark of Equitable Bank, a federally regulated Schedule I bank and CDIC member.

Is there a minimum balance?

No, you earn interest on every dollar from the first cent.

How is interest calculated and paid on the EQ Bank Personal Account?

Interest is calculated daily based on your account's closing balance and deposited directly into your balance on the final business day of each month, compounding your yield monthly.

Can I withdraw my money from EQ Bank at any time?

Yes. Unlike a GIC (Guaranteed Investment Certificate) which locks in funds for a predetermined duration, this high-interest savings account offers complete liquidity. You can transfer money out at any time without penalty or loss of earned base interest.

How is interest earned at EQ Bank taxed in Canada?

In non-registered accounts, interest earned is treated as regular taxable income by the Canada Revenue Agency (CRA). EQ Bank will issue a T5 tax slip if your annual interest exceeds $50 (or upon request for lower amounts). If held inside a TFSA, interest is 100% tax-free.

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