EQ Bank Review
Comprehensive review and analysis of EQ Bank's digital banking services
Quick Facts
- Founded
- 2016
- Head Office
- Canada
- Active Customers
- 250,000+
- Total Funding
- Equitable Bank subsidiary
- Employees
- 300+
- App Store Rating
- 4.6/5
Pros & Cons
Pros
- High interest rates
- No monthly fees
- International transfers
- Investment options
- Joint accounts
- Strong security
Cons
- No physical branches
- No debit card
- Limited credit products
- Canada-only availability
Supported Countries
- Canada
Fees
- Account Maintenance Free
- International Transfers Competitive rates
- Interac e-Transfers Free
- Bill Payments Free
- Investment Platform No management fees
Overview
EQ Bank has revolutionized digital banking in Canada since 2016 with its high-interest savings accounts and innovative financial solutions. As part of Equitable Bank, it combines digital convenience with traditional banking stability.
Key Features
Banking Services
- High-interest savings
- GICs
- Joint accounts
- Bill payments
- e-Transfers
- International transfers
Investment Features
- High-interest GICs
- TFSA accounts
- RSP accounts
- Investment options
- Rate alerts
- Portfolio tracking
International Services
- Global transfers
- Competitive rates
- Multiple currencies
- Transfer tracking
- Rate monitoring
- International payments
Additional Services
- Financial planning
- Rate comparison
- Savings goals
- Budget tools
- Security features
- Account management
Security Features
- Bank-grade encryption
- Two-factor authentication
- Transaction monitoring
- Fraud detection
- Device management
- Secure login
Customer Support
- Phone support
- Email assistance
- Help center
- Educational resources
- FAQ section
- Online guides
Verdict
EQ Bank excels in providing high-interest digital banking services with a focus on savings and investments. Their combination of competitive rates and modern features makes them particularly valuable for users seeking to maximize their savings returns.
While the platform lacks some traditional banking features like debit cards and physical branches, it offers excellent functionality for savings and investments. The main limitations are the Canada-only availability and limited credit products, but for Canadian users seeking high-interest savings and digital banking convenience, EQ Bank provides an outstanding solution.