EQ Bank Interest Rates and Accounts in Canada

Structure of EQ Bank Interest Rates

EQ Bank structures its interest rates across different account types, with rates expressed as an annual percentage and subject to change without notice. For its core transactional and savings products, the interest is calculated daily on the total closing balance and paid monthly into the account. The Personal Account, Joint Account, and linked EQ Bank Card balance share a current base interest rate of 1.50 percent per annum. Customers can become eligible for a higher total interest rate of 2.75 percent per annum on these accounts by adding and maintaining qualifying recurring direct deposits of at least $2000 per month into a Personal or Joint Account. This bonus rate consists of the 1.50 percent base rate plus an additional 1.25 percent bonus interest, with specific terms and conditions applying to the offer. The bank also offers Notice Savings Accounts, which provide different interest rates in exchange for agreeing to a waiting period before making withdrawals. For the 10 Day Notice Savings Account, the interest rate is 2.35 percent, while the 30 Day Notice Savings Account offers a rate of 2.75 percent. These accounts represent a balance between earning potential and maintaining liquidity for planned expenses.

Detailed Account Types and Their Features

EQ Bank provides several account types designed for different savings goals and timelines. The primary everyday account is the Personal Account, which combines high interest with unlimited free transactions like Interac e-Transfers and has no monthly fee. This account is the gateway to most other EQ Bank services and is where interest from a linked EQ Bank Card is deposited. For medium-term savings with slightly higher returns, the Notice Savings Accounts require customers to provide advance notice for withdrawals. A survey conducted for EQ Bank in April 2024 found that 89 percent of Canadians are saving for short and mid-term goals like travel or home repairs, making these accounts a relevant tool. The bank also offers a full suite of registered accounts, including Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs), and First Home Savings Accounts (FHSAs), which can hold both cash savings and GICs. It is important to note that residents of the province of Quebec have a more limited product selection. Quebec residents cannot access the US Dollar Account, International Money Transfers, RRSP Cash Savings Accounts, RRSP GICs, FHSA Cash Savings Accounts, FHSA GICs, Business Accounts, Business US Dollar Accounts, Business GICs, or the EQ to EQ transfers feature.

EQ Bank offers savings accounts, TFSAs, RSPs, GICs and joint accounts. The bank's savings account is called the Personal Account. EQ Bank also offers a Notice Savings Account with 10 and 30 day notice periods. The bank provides a range of registered and non registered GIC options for different investment terms.

• Personal Account: A high-interest savings account with unlimited free Interac e-Transfers and no monthly fee.
• Joint Account: A shared version of the Personal Account.
• Notice Savings Accounts: Available with 10-day or 30-day notice periods for withdrawals.
• Tax-Free Savings Accounts (TFSAs): Registered accounts for holding cash savings or GICs.
• Registered Retirement Savings Plans (RRSPs): Registered accounts for retirement savings.
• First Home Savings Accounts (FHSAs): Registered accounts for first-time home buyers.
• Guaranteed Investment Certificates (GICs): Non-redeemable, fixed-term investments.
• EQ Bank Card: A card that reimburses all ATM fees across Canada, with interest paid into the linked Personal Account.

EQ Bank is a digital banking arm of Equitable Bank and operates entirely online. The bank states it is able to pay higher interest rates than other savings accounts because it does not have physical branches. Customers can access their accounts online and through the bank's mobile app. Customer support is available seven days a week from 8am to midnight Eastern Time.

Guaranteed Investment Certificate (GIC) Rates and Terms

EQ Bank offers non-redeemable, fixed-rate Guaranteed Investment Certificates (GICs) as a low-risk investment option. These GICs are available for non-registered investment or within registered plans like RRSPs, TFSAs, and FHSAs. The interest rates for GICs vary by term length, with longer terms generally offering higher rates. As of October 2026, example rates include 3.70 percent for a one-year non-registered GIC and 4.30 percent for a five-year registered GIC. GIC terms range from three months up to ten years, providing options for short, medium, and long-term savings goals. The method of interest calculation and payment depends on the specific term of the GIC. For terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For one-year terms, simple interest is calculated on a per annum basis and paid at maturity. For terms over one year, excluding 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually as simple interest or at maturity compounded annually. The 15 and 27 month GIC terms have interest calculated on a per annum basis, compounded annually, and paid solely at maturity. A key rule is that EQ Bank GICs are non-redeemable, meaning funds are locked in until the maturity date, although a purchase can be cancelled within one day for a refund of the principal deposit.

EQ Bank offers non redeemable GICs with terms from three months to 10 years. Specific term examples include 1 year, 15 months, 2 years, 27 months, 3 years, and 5 years. These GICs are available for short, medium, and long term savings goals. The GICs can be held in non registered accounts or within registered plans like RRSPs, TFSAs, and FHSAs.

• Short terms: 3 months, 6 months, 9 months.
• Mid-length terms: 1 year, 15 months, 2 years, 27 months, 3 years, 4 years.
• Long terms: 5 years, 6 years, 7 years, 10 years.

Selecting the appropriate term is crucial because the GICs are non-redeemable. This means you cannot access your funds before the maturity date without forfeiting interest, so the investment should align with when you expect to need the money. Interest payment frequency can also vary, with some longer-term GICs offering annual interest payouts while others compound interest until maturity. For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually, and paid solely at maturity, which is a distinct structure from other term lengths.

Rules for Deposits, Limits, and Insurance

EQ Bank enforces specific rules regarding deposit amounts, account limits, and insurance coverage for customer protection. The minimum deposit to open a GIC is $100, and the maximum investment per individual GIC is $100,000. A customer can hold a maximum of 20 active non-registered GICs at one time, while there is no limit on the number of registered GICs held. There is an overall limit of $500,000 that a customer can hold in GICs across all accounts. All deposits made with EQ Bank, including those in savings accounts and GICs, are eligible for insurance from the Canada Deposit Insurance Corporation (CDIC). Equitable Bank, the parent company of EQ Bank, is a member of CDIC. Deposits made under both the EQ Bank and Equitable Bank trade names are aggregately eligible for CDIC protection up to $100,000 per insured category, per depositor. This insurance provides a government-backed guarantee in the unlikely event of a bank failure. For accounts like the First Home Savings Account (FHSA), additional federal rules apply for qualifying withdrawals, such as requiring the account holder to be a first-time home buyer as defined by the Canada Revenue Agency.

To make a qualifying withdrawal from an FHSA for a home purchase, you must be a first time homebuyer who is a resident of Canada. You must have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal. You must intend to occupy the qualifying home as your principal place of residence within one year of buying or building it. You are considered a first time home buyer if, at any time in the calendar year before the withdrawal or the preceding four calendar years, you did not live in a qualifying home you owned.

• You must not have lived in a qualifying home that you owned (or your spouse owned) at any time in the calendar year before the account is opened.
• You must not have lived in such a home at any time in the preceding four calendar years.
• A qualifying home is a housing unit located in Canada, including single-family homes, townhouses, condominiums, and mobile homes.
• You must have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal.
• You must intend to occupy the home as your principal residence within one year of buying or building it.
• You must not have acquired the home more than 30 days before making the withdrawal.

The Home Buyers Plan is subject to certain conditions set by the Canada Revenue Agency. A qualifying home is a housing unit located in Canada, such as a single family home, townhouse, or condominium unit. The rules are designed to ensure the FHSA is used for its intended purpose of a first home purchase. Savers should refer to the Canada Revenue Agency for more information and detailed guidance on the rules.

Common Mistakes and Considerations for Canadian Savers

When using EQ Bank products, Canadians should be aware of common pitfalls to manage their savings effectively. A frequent mistake involves misunderstanding the conditions for earning the bonus interest rate on the Personal Account. The bonus rate of 2.75 percent is not automatic. It requires setting up and maintaining qualifying recurring direct deposits of at least $2000 per month, and failing to meet this condition results in earning only the base rate of 1.50 percent. Another consideration is the non-redeemable nature of EQ Bank GICs, which means investors cannot access their funds before maturity without penalty, making it crucial to select a term that aligns with one's financial timeline. Customers in Quebec must carefully review product availability, as several accounts and services are not offered in that province, which could affect financial planning. Additionally, while the Notice Savings Accounts offer higher rates than the base Personal Account rate, they require planning for withdrawals due to the 10 or 30 day notice period, which may not be suitable for immediate emergency fund access. It is also important to remember that all interest rates are per annum and can change at any time, so the posted rate at the time of account opening or investment is not guaranteed for the future beyond fixed-term products like GICs.

Interest is calculated daily on the total closing balance and paid monthly for the Personal Account, Joint Account, and EQ Bank Card. For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, interest is calculated on a per annum basis and paid either annually or at maturity.

• Personal/Joint Account & EQ Bank Card: Interest is calculated daily on the total closing balance and paid monthly.
• GICs under 1 year: Simple interest is calculated on a per diem basis and paid at maturity.
• 1-Year GICs: Simple interest is calculated on a per annum basis and paid at maturity.
• GICs over 1 year (excluding 15/27 month): Interest calculated on a per annum basis, paid either annually (simple) or at maturity (compounded annually).
• 15 and 27 Month GICs: Interest calculated on a per annum basis, compounded annually, and paid solely at maturity.

Understanding interest calculation methods helps savers project their earnings. For the EQ Bank Card, interest is paid into the linked Personal Account. For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. All interest rates are per annum and are subject to change without notice.

Historical Context and Digital Banking Model

EQ Bank operates as the digital banking arm of Equitable Bank, which is Canada's ninth largest Schedule I bank. Launched in 2016, EQ Bank was created as a low-cost digital alternative to traditional branch-based banking. Its online-only model allows it to operate with lower overhead costs, which the bank states enables it to offer higher interest rates on savings products compared to many traditional banks. The bank has attracted over $7 billion in customer deposits by focusing on competitive rates and minimal fees. EQ Bank provides customer support seven days a week from 8am to midnight Eastern Time through online channels and over the phone. The bank's product innovation includes launching what it describes as a first-of-its-kind Notice Savings Account in Canada in June 2024, designed to offer a balance between competitive interest earnings and flexible access for short to mid-term savings goals. This digital model and product focus have contributed to EQ Bank being rated on the Forbes World's Best Banks list for several consecutive years, specifically from 2021 onward.

A survey conducted by EQ Bank in April 2024 found that 89 percent of Canadians are saving towards short and mid term goals. Common savings goals include travel, home renovations, car purchases, and managing irregular income. The survey found that 60 percent of Canadians use traditional chequing accounts to save for these goals. However, only 19 percent of Canadians earn interest on money held in their chequing accounts.

• 89 percent of Canadians are saving towards short and mid-term goals.
• Top savings goals include travel (61 percent), home renovations/repairs (41 percent), and car purchase/repair (36 percent).
• 60 percent of Canadians use traditional chequing accounts to save for these goals.
• Only 19 percent of Canadians earn interest on money held in chequing accounts.
• 55 percent of Canadians contribute to a rainy day fund, with higher rates among those aged 18-54.
• 57 percent of Canadians prefer banks that offer higher interest due to loyalty or engagement.
• 25 percent prefer banks that offer the same interest rate to all customers.

The survey data showed a preference for banks that offer all customers the same interest rate opportunity. EQ Bank's Notice Savings Account offers equal access to rates without promotional gimmicks. The account is designed for savings goals like rainy day funds where withdrawals can be planned. The bank's mission is to drive change in Canadian banking by offering products that help customers reach their savings goals faster.

Comparison of Sample GIC Rates by Term

EQ Bank GIC rates are not static and differ based on the investment term and whether the GIC is held in a registered or non-registered plan. While rates are subject to change, examining a sample set of rates from a given point in time illustrates the general relationship between term length and rate. The following table presents a selection of EQ Bank GIC rates as published in October 2026, showing both non-registered and registered options for common terms. It is important to remember that these are example rates and the actual rate offered at the time of investment may be different. The rates shown are per annum and apply to non-redeemable GICs, which are eligible for CDIC insurance within applicable limits.

As shown in this example, rates typically increase with longer commitment periods, rewarding investors for locking in their funds for more time. In this specific snapshot, the rates for registered and non-registered GICs were identical for these terms, but that may not always be the case. Investors should always check the current rates on the EQ Bank website before making a decision, as they are the most accurate and up-to-date source. Furthermore, GIC rates can vary between financial institutions, so comparing offers from multiple banks, including digital banks like Tangerine and Simplii Financial, is a prudent step before investing a significant sum.

Frequently asked questions

Sources and further reading

1. Rates and Accounts eqbank.ca
2. The best EQ Bank savings accounts in Canada ratehub.ca
3. EQ Bank launches first-of-its-kind Notice Savings Account to ... eqb.investorroom.com
4. Best EQ Bank GIC Rates for October 2026 nerdwallet.com

This article explains how things work and is not financial, tax or legal advice. Rules, limits and rates change, so check the current figures with the Canada Revenue Agency, your province or your financial institution before you act.