EQ Bank Review: High-Interest Savings for Canadian Savers (2026)

Banking & Financial Products

EQ Bank Review: High-Interest Savings for Canadian Savers (2026)

Mar 20, 202622 min read

When it comes to earning the highest possible interest on your savings in Canada, EQ Bank consistently sits at or near the top of every comparison list. This digital-only bank has carved out a reputation as the go-to option for Canadians who want their money to work harder without paying fees for the privilege. But how does EQ Bank stack up for Canadians with bad credit? Can you access their products if your credit score is less than ideal?

In this comprehensive EQ Bank review for 2026, we will break down every product and service EQ Bank offers, examine accessibility for Canadians with lower credit scores, compare EQ Bank with its competitors, and help you determine whether this high-interest savings powerhouse belongs in your financial toolkit.

What Is EQ Bank? Company Background

EQ Bank is the digital banking arm of Equitable Bank, one of Canada’s largest independent banks. Equitable Bank was founded in 1970 and has grown to manage over $40 billion in assets. While Equitable Bank has traditionally focused on lending, particularly in the alternative mortgage space, the launch of EQ Bank in 2016 brought the bank into the everyday banking arena.

EQ Bank was created with a simple mission: offer Canadians a better way to save and bank. By operating entirely online without physical branches, EQ Bank can pass significant cost savings on to customers in the form of higher interest rates and lower fees. The strategy has worked — EQ Bank has attracted hundreds of thousands of customers and consistently ranks as one of the best high-interest savings options in Canada.

For Canadians with bad credit, EQ Bank is particularly noteworthy because it provides access to high-interest savings and GIC products without requiring a credit check. Your credit score does not affect the interest rate you earn or your ability to open an account.

EQ Bank Savings Plus Account Review

The EQ Bank Savings Plus Account is the bank’s flagship product and the main reason most customers sign up. It is a hybrid account that combines features of both savings and chequing accounts, offering high interest rates alongside everyday banking functionality.

Key Features of the Savings Plus Account

Since EQ Bank’s everyday savings rate is one of the highest in Canada, consider using it as your primary savings vehicle. Set up automatic transfers from your main chequing account on payday and let the daily interest calculations work in your favour. Even modest savings grow noticeably faster at 2.50% compared to the typical Big Five bank savings rate of 0.01% to 0.05%.

What sets the Savings Plus Account apart from traditional savings accounts is its hybrid functionality. You can pay bills directly from the account, send and receive Interac e-Transfers, and even set up direct deposit — features typically reserved for chequing accounts. However, the account does not come with a debit card or ABM access, which means you cannot use it to withdraw cash from an ATM or make point-of-sale purchases.

Interest Rate Comparison

To put EQ Bank’s interest rate into perspective, let us compare it with what the Big Five banks and other digital banks offer on their regular savings accounts.

The difference is staggering. If you have $10,000 in savings, you would earn approximately $250 per year at EQ Bank’s 2.50% rate. At a Big Five bank paying 0.01%, you would earn just $1. That is $249 left on the table every year by keeping your savings at a traditional bank. Over five years, that difference compounds to over $1,300.

Accessibility for Bad Credit

EQ Bank does not perform a credit check when you open a Savings Plus Account. This is one of the most important features for readers of Credit Resources. Your credit score, whether it is 300 or 850, has absolutely no impact on your ability to open an account, the interest rate you earn, or the features available to you.

The only requirements to open an EQ Bank account are that you must be a Canadian resident, at least 18 years old, and have a valid Social Insurance Number. If you meet these basic criteria, you can open an account regardless of your credit history.

EQ Bank GICs Review

EQ Bank offers some of the most competitive GIC (Guaranteed Investment Certificate) rates in Canada. Their GIC products are available in both registered (RRSP, TFSA) and non-registered accounts, making them versatile savings tools for Canadians at any credit level.

EQ Bank GIC Rates

Note: GIC rates are subject to change. Always verify current rates on EQ Bank’s website before investing.

EQ Bank offers both non-redeemable and cashable GICs. Non-redeemable GICs typically offer higher rates but lock your money in for the full term. Cashable GICs allow you to withdraw before maturity but usually pay a lower rate. If you are confident you will not need the money before the GIC matures, the non-redeemable option will earn you more. If you are uncertain, a cashable GIC provides flexibility at the cost of a slightly lower return.

Accessibility for Bad Credit

Just like the Savings Plus Account, EQ Bank GICs require no credit check. You are depositing your own money, not borrowing, so your credit score is irrelevant. Anyone with an EQ Bank account can purchase GICs, regardless of their credit history.

1. Open an EQ Bank Account

   If you do not already have one, open a free Savings Plus Account on EQ Bank’s website or through their mobile app. The process takes about 10 minutes.



2. Fund Your Account

   Transfer money from your existing bank account to your new EQ Bank account via electronic funds transfer (EFT) or direct deposit. Initial transfers typically take 1 to 3 business days.



3. Navigate to GIC Products

   Once your account is funded, log in and navigate to the GIC section. You will see all available GIC terms and their current rates.



4. Choose Your GIC Term and Type

   Select the GIC term that matches your savings timeline and choose between non-redeemable and cashable options. Consider your liquidity needs carefully before committing.



5. Select Your Account Type

   Decide whether to purchase the GIC in a non-registered account, TFSA, or RRSP. If you have TFSA contribution room available, using your TFSA means the interest earned will be completely tax-free.



6. Confirm and Purchase

   Review the details of your GIC purchase, including the term, rate, and maturity date. Confirm the purchase and your GIC will begin earning interest immediately.

EQ Bank Joint Accounts

One feature that sets EQ Bank apart from some of its digital banking competitors is the availability of joint accounts. Joint accounts allow two people to share ownership of an account, making them ideal for couples, family members, or anyone who needs to manage finances collaboratively.

EQ Bank offers joint versions of their Savings Plus Account, TFSA, and non-registered GICs. Both account holders have full access to the account and can make deposits, withdrawals, bill payments, and e-Transfers.

When you open a joint account at EQ Bank, both account holders have equal access and authority over the funds. This means either person can withdraw the entire balance without the other person’s permission. Only open joint accounts with someone you trust completely. Additionally, with joint CDIC coverage, each person’s share is insured separately, potentially doubling your total coverage on the account.

Joint Account and Bad Credit

EQ Bank does not perform credit checks for joint savings accounts. If one or both account holders have bad credit, this will not prevent the joint account from being opened. However, both account holders must meet the basic eligibility requirements (Canadian resident, 18 years or older, valid SIN).

EQ Bank US Dollar Account

EQ Bank offers a US Dollar Account that allows Canadians to hold, save, and manage US dollars. This is a valuable feature for Canadians who receive income in USD, shop at American retailers, travel to the United States frequently, or simply want to hold USD as a hedge against Canadian dollar fluctuations.

US Dollar Account Features

It is important to note that the Canada Deposit Insurance Corporation does not cover foreign currency deposits, including US dollars. This means your US Dollar Account at EQ Bank is not protected by CDIC insurance. While the risk of Equitable Bank failing is very low given its strong financial position, you should be aware that US dollar deposits do not carry the same government-backed protection as Canadian dollar deposits.

The US Dollar Account is another product that does not require a credit check, making it accessible for all Canadians regardless of credit history. If you have cross-border financial needs, this account can save you significant money on currency exchange fees compared to converting money at a traditional bank every time you need US dollars.

EQ Bank CDIC Coverage Explained

One of the most important considerations when choosing a bank is the safety of your deposits. EQ Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means your eligible deposits are protected by the federal government.

CDIC Coverage Categories at EQ Bank

Each category is insured separately, which means you could have up to $100,000 in each category at EQ Bank and all of it would be protected. For example, you could have $100,000 in your Savings Plus Account, $100,000 in your TFSA, $100,000 in your RRSP, and $100,000 in a joint account — all fully insured for a total of $400,000 in CDIC coverage at a single institution.

EQ Bank Registered Accounts (TFSA and RRSP)

EQ Bank offers both Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP), giving Canadians tax-advantaged ways to save and invest.

EQ Bank TFSA

The EQ Bank TFSA Savings Account earns the same high interest rate as the regular Savings Plus Account, but with the added benefit of completely tax-free growth. Any interest earned in your TFSA is not subject to income tax, making it an incredibly powerful savings tool.

For Canadians with bad credit who are focused on building an emergency fund or saving for future goals, a TFSA at EQ Bank is one of the smartest places to put your money. The combination of high interest rates and tax-free growth means your savings compound faster than in virtually any other type of account.

EQ Bank RRSP

EQ Bank’s RRSP offers GIC products within the registered account. Contributions to your RRSP are tax-deductible, which can reduce your taxable income for the year. The GIC rates within the RRSP are the same as those offered for non-registered GICs.

Neither the TFSA nor the RRSP requires a credit check to open. These registered accounts are accessible to all Canadians regardless of credit history.

EQ Bank vs. Competitors

How does EQ Bank compare with other popular banking options in Canada? Let us break down the key differences.

EQ Bank vs. Tangerine

EQ Bank wins on interest rates and GIC offerings, while Tangerine offers a more complete banking experience with credit cards, ABM access, and investment funds. Many savvy Canadians use both banks simultaneously — Tangerine for everyday banking and EQ Bank for maximizing savings interest.

EQ Bank vs. Simplii Financial

EQ Bank Mobile App and User Experience

EQ Bank’s mobile app provides a clean, modern interface that makes managing your finances straightforward. The app is available for both iOS and Android devices and has received generally positive reviews from users.

Key App Features

• Account overview with real-time balance and interest earned
• Bill payments to any Canadian payee
• Interac e-Transfer sending and receiving
• GIC purchase and management
• Currency exchange between CAD and USD accounts
• Transaction history and search
• Biometric login (fingerprint, facial recognition)
• Push notifications for transactions
• TFSA and RRSP account management

While the app is well-designed for savings management, it does lack some features that full-service banking apps offer. There is no mobile cheque deposit, no ABM locator (since EQ Bank does not have ABM access), and no spending categorization tools. If you are using EQ Bank primarily as a savings vehicle alongside another bank for everyday transactions, these limitations are unlikely to matter.

EQ Bank Customer Service

EQ Bank offers customer support through multiple channels. Phone support is available during extended hours, and the bank also provides email and secure messaging options. Social media support is available on Twitter/X.

Customer service reviews for EQ Bank are generally positive, though some customers have noted that wait times can be longer during promotional periods when new account openings spike. The bank has been responsive to feedback and has expanded its support team over the years.

For the fastest response, use the secure messaging feature within the EQ Bank app. For urgent matters, call 1-844-437-2265 during business hours. EQ Bank also maintains an active social media presence where you can get help, though you should never share account details publicly.

Security Features at EQ Bank

EQ Bank employs robust security measures to protect your accounts and personal information. As a federally regulated bank, EQ Bank must meet strict security standards set by the Office of the Superintendent of Financial Institutions (OSFI).

Security Measures

• Two-factor authentication for all account logins
• Biometric authentication (fingerprint, facial recognition)
• 256-bit encryption for all data transmission
• Automatic session timeout after periods of inactivity
• Real-time fraud monitoring and suspicious activity alerts
• Secure messaging for all communication with the bank
• Regular security audits and penetration testing

EQ Bank has not experienced any significant data breaches since its launch, which speaks to the strength of its security infrastructure. The bank takes a proactive approach to security, regularly updating its systems and protocols to protect against emerging threats.

Who Should Use EQ Bank?

EQ Bank is ideal for several types of Canadian banking customers:

• Savers who want the highest possible interest rate — EQ Bank consistently offers among the best everyday savings rates in Canada
• Canadians with bad credit who want to earn competitive returns without credit barriers
• GIC investors looking for competitive rates with low minimum investments
• People who need a US Dollar account for cross-border transactions or USD savings
• Couples who want joint accounts at a high-interest digital bank
• TFSA maximizers who want to earn the highest tax-free returns on their savings
• Multi-bank strategists who want to pair EQ Bank’s savings rates with another bank’s everyday banking features

EQ Bank for Canadians with Bad Credit: The Full Picture

Let us be completely transparent about what EQ Bank can and cannot offer Canadians with bad credit.

What You Can Access with Bad Credit

• Savings Plus Account with the full 2.50% interest rate
• All GIC products at the same rates as any other customer
• TFSA and RRSP accounts
• Joint accounts
• US Dollar Account
• All app and online banking features
• Interac e-Transfer and bill payments

What You Cannot Access (Regardless of Credit)

• Credit cards (EQ Bank does not offer credit cards to anyone)
• ABM access (EQ Bank does not have a debit card or ABM network)
• Mobile cheque deposit
• Physical branch access

The limitations of EQ Bank are not credit-related — they are limitations that apply to all customers regardless of credit history. In this sense, EQ Bank is one of the most egalitarian banks in Canada. Everyone gets the same products, the same rates, and the same experience.

Consider pairing EQ Bank with a no-fee chequing account at Tangerine or Simplii Financial. Use the chequing account for everyday transactions, debit purchases, and ABM withdrawals, while keeping your savings at EQ Bank to earn maximum interest. This two-bank strategy gives you the best of both worlds — everyday banking convenience and top-tier savings rates — all without any credit score requirements.

How to Open an EQ Bank Account

1. Visit EQBank.ca or Download the App

   Go to EQ Bank’s website or download the mobile app from the App Store or Google Play. Click on the option to open an account.



2. Provide Your Personal Information

   Enter your full legal name, date of birth, Social Insurance Number, current address, and contact details. The application takes approximately 10 minutes to complete.



3. Verify Your Identity

   EQ Bank will verify your identity electronically. In most cases, this is done instantly using information from your credit file (this is an identity verification check, not a credit inquiry that affects your score). Some applicants may need to provide additional documentation.



4. Set Up Security Features

   Create your login credentials, set up two-factor authentication, and configure your security questions. Enable biometric login for quick and secure access.



5. Fund Your Account

   Link an external bank account and initiate a transfer to your new EQ Bank account. The initial transfer typically takes 1 to 3 business days to complete. Once funds arrive, you immediately start earning interest.

EQ Bank Tips and Strategies

1. Use EQ Bank for Your Emergency Fund

An emergency fund is a critical component of financial health, and EQ Bank is the perfect place to keep it. The high interest rate means your emergency fund grows over time, and the Interac e-Transfer functionality means you can access the money quickly when you need it. Aim to save three to six months of essential expenses in your EQ Bank account.

2. Maximize Your TFSA at EQ Bank

If you have TFSA contribution room available, prioritize contributing to an EQ Bank TFSA before a non-registered account. The interest earned in your TFSA is completely tax-free, which means you keep every penny of the 2.50% return. Over time, this tax advantage compounds significantly.

3. Ladder Your GICs

As mentioned earlier, GIC laddering is a powerful strategy for maximizing returns while maintaining some liquidity. At EQ Bank, consider splitting your GIC investments across multiple terms so that a portion of your money matures every few months, giving you regular access to your funds while still earning competitive rates.

4. Set Up Automatic Transfers

Create a regular schedule of automatic transfers from your main chequing account to EQ Bank. By automating your savings, you remove the temptation to spend money that should be saved. Even small weekly transfers of $25 or $50 can add up significantly over time, especially at EQ Bank’s interest rates.

5. Monitor Rate Changes

EQ Bank’s savings rate is variable, which means it can change at any time. While EQ Bank has historically maintained competitive rates, it is worth monitoring their rate periodically to ensure you are still getting a good deal. Sign up for notifications from financial comparison sites that track Canadian savings rates.

Pros and Cons of EQ Bank

Pros

• One of the highest everyday savings rates in Canada
• No monthly fees or minimum balance requirements
• Competitive GIC rates with low minimums
• No credit check required for any product
• Joint accounts available
• US Dollar Account available
• CDIC insured deposits
• TFSA and RRSP available
• Free Interac e-Transfers and bill payments
• Clean, user-friendly mobile app

Cons

• No ABM or debit card access
• No credit cards offered
• No mobile cheque deposit
• No physical branches
• US Dollar deposits not covered by CDIC
• Cannot be used as a standalone primary bank (no debit card)
• No investment products beyond GICs
• Variable rate may decrease

Frequently Asked Questions About EQ Bank

Final Verdict: Is EQ Bank Worth It?

EQ Bank has earned its reputation as one of the best places to save money in Canada, and our review confirms that this reputation is well-deserved. The combination of high everyday savings rates, competitive GIC rates, no fees, and no credit barriers makes EQ Bank an outstanding choice for Canadians at every credit level.

For Canadians with bad credit specifically, EQ Bank represents a rare opportunity to access the same premium financial products as everyone else. There are no gatekeepers, no credit score requirements, and no tiered pricing based on your financial history. Everyone who opens an EQ Bank account gets the same high interest rate and the same quality of service.

The main limitation of EQ Bank — the lack of debit card and ABM access — is easily solved by pairing it with a free chequing account at another digital bank. This two-bank strategy costs nothing, takes minutes to set up, and ensures you have both everyday banking convenience and top-tier savings rates.

Whether you are starting from scratch with a new savings account, looking for the best GIC rates, or want to maximize your TFSA contributions, EQ Bank deserves a prominent place in your financial toolkit. We confidently recommend EQ Bank for Canadians of all credit levels who want to earn more on their savings without paying more in fees.

Disclaimer: This review is for informational purposes only and reflects our independent assessment based on publicly available information. Interest rates, fees, and product features are subject to change. Always verify current terms directly with EQ Bank before making financial decisions. Credit Resources may receive compensation if you apply for products through our links, but this does not influence our reviews or recommendations.