EQ Bank Review: The Best Bank Account in Canada? (2026 Edition)

TLDR; EQ Bank offers some of the best interest rates in Canada (up to 2.75%*), zero monthly fees, and a prepaid card that saves you a fortune on foreign exchange fees. It’s not perfect—the app can be glitchy—but for saving money and traveling, it beats the Big 5 banks by a mile. Get a $20 Bonus When You Open an EQ Bank Account

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If you’re still banking with one of the “Big 5,” you are probably losing money every single month. I don’t mean you’re losing it in the stock market. I mean, you’re paying fees you don’t need to pay. You’re earning 0.01% interest on your savings. You’re getting ripped off on foreign exchange rates when you travel. It’s foolish. EQ Bank is an online-only bank that strips away the brick-and-mortar nonsense to offer higher rates and lower fees. It’s not a “traditional” bank. There are no branches. You can’t walk in and yell at a manager. But you also don’t pay $16.95 a month just to keep your money there. I’ve been using EQ Bank for years. Here is exactly how it stacks up in 2026.

Why I Dumped RBC for EQ Bank

I didn’t switch banks because I love filling out forms. I switched because I did the math, and I was furious. I used to bank with RBC. Here is what my monthly statement looked like:

• • Chequing Account: $14.95/month.

• • USD Account: $4.00/month.

• • Savings Interest: Approximately $0.00 (because the rates were insulting).

I was paying RBC nearly $230 a year just to hold my money. And for what? So I could stand in line at a branch? I moved to EQ Bank and my fees dropped to $0.

• • Chequing/Savings: $0/month.

• • USD Account: $0/month.

• • Interest: I actually earn money now.

That’s $230 back in my pocket every year, plus hundreds more in interest. It was a no-brainer.

The Main Draw: The Personal Account

Most banks make you choose between a “Chequing” account (low interest, high fees) and a “Savings” account (higher interest, transaction limits). EQ Bank combines them. They call it the Personal Account. Here are the specs that matter:

• • Interest Rate: You earn 1.00% base interest. If you set up a direct deposit (like your paycheque), that jumps to 2.75%*.

• • Fees: $0 monthly fees.

• • Transactions: Unlimited. Free Interac e-Transfers. Free bill payments.

This is simple. You don’t need to keep a minimum balance of $4,000 just to waive a fee. You can have $12 in there and it’s still free. Compared to the 0.05% you might get at TD or RBC, earning 2.75% is a massive difference. On $10,000, that’s the difference between earning $5 a year and $275 a year.

The EQ Bank Card: A Travel Essential

This is the feature I use the most. The EQ Bank Card is a prepaid Mastercard. It connects directly to your balance. Why do you need it? Foreign fees. When you use your regular TD or CIBC card in the US or Europe, they charge you a 2.5% “foreign transaction fee” on top of the exchange rate. It’s a hidden tax on your vacation. The EQ Bank Card charges 0% FX fees. You pay the Mastercard rate. That’s it. Plus, you get:

• • 0.5% Cash Back on all spending.

• • Free ATM Withdrawals in Canada. If an ATM charges you $3, EQ reimburses it.

I used this card on a trip to Japan recently. I withdrew cash from 7-Eleven ATMs and bought coffee with zero extra fees. It just works.

The “Notice” Savings Account

This is a newer product. It’s for money you don’t need right now. You agree to give EQ Bank “notice” before you withdraw your money. In exchange, they (usually) give you a higher rate.

• • 10-Day Notice: 2.35% interest

• • 30-Day Notice: 2.75% interest

My honest take: Right now, this doesn’t make much sense. If you set up direct deposit on your main Personal Account, you get 2.75% anyway. Why lock your money up for 30 days for the same rate? This account is only useful if you don’t have direct deposit but still want the higher 2.75% rate. Otherwise, skip it. RBC doesn’t even have a product like this. They just give you a GIC that locks your money away for a year.

The USD Account

If you get paid in USD or do a lot of cross-border business, this is solid.

• • Interest: 2.50% on US dollars.

• • Fees: $0 monthly fees.

Remember that RBC account I had? It cost me $4/month just to exist. EQ’s USD account is free and pays decent interest. The catch? You can’t spend directly from this account with the card. The EQ Card only pulls from your CAD balance. If you want to spend USD, you have to convert it or transfer it out. But for parking US cash? It’s unmatched.

EQ Bank vs. The Competition

You have options. Here is how EQ compares to the other big players in 2026.

Feature	EQ Bank	Wealthsimple Cash	Tangerine	RBC (Standard)
Interest Rate	2.75% (w/ Direct Deposit)	2.25% (Max tier)	0.10% (Promo rates vary)	0.05%
Monthly Fees	$0	$0	$0	~$4 – $16.95
FX Fees	0%	0%	2.5%	2.5%
ATM Fees	Free (Canada)	Free (reimbursable)	Free (Scotiabank ATMs)	Free (RBC only)

Wealthsimple is the biggest rival. Their app is slicker. Their investment integration is better. But strictly on interest rates? EQ Bank currently wins (2.75% vs 2.25%). Tangerine is great if you get a special promo offer (like 5% for 5 months). But once that promo ends, their rates drop to near zero. EQ is consistent. You don’t have to play games moving your money around every 6 months.

Real Talk: The Cons

I promised this would be an honest review. EQ Bank is not perfect. 1. The App Can Be Glitchy If you browse Reddit, you will see complaints. The app sometimes goes down during peak times. It’s not often, but it happens. One user on r/EQBank recently vented:

“I closed my account a few months ago… for an online only bank, I was expecting their app and online experience to be far better than it was.”

2. No Physical Cheques You cannot get a checkbook. If your landlord demands post-dated cheques, you are out of luck. 3. No Bank Drafts Need to buy a house or a car with a certified cheque? You can’t get a bank draft from EQ easily. You have to transfer the money to a “real” bank first.

Who Is This For?

You should switch to EQ Bank if:

• • You are tired of paying monthly banking fees (like my $14.95 RBC fee).

• • You travel and want to stop paying 2.5% FX fees.

• • You want a high interest rate without chasing temporary promo offers.

You should stick with a Big Bank if:

• • You deal with cash deposits often (you can’t deposit cash at EQ).

• • You need bank drafts or certified cheques regularly.

• • You need to talk to a human in a branch.

Pricing Summary

• • Monthly Fee: $0

• • e-Transfer Fee: $0

• • Overdraft Fee: Interest only (no flat fee)

• • NSF Fee: $0 (They just decline the transaction, they don't fine you)

FAQ

Is EQ Bank safe? Yes. They are a Schedule I Bank and a member of the CDIC. Your deposits are insured up to $100,000, just like at RBC or TD. Does the card affect my credit score? No. It’s a prepaid card. They don’t check your credit when you sign up, and it doesn’t build credit history. Can I use the card for online subscriptions? Yes. It functions exactly like a standard Mastercard for online purchases.

Summary

EQ Bank is boring in the best way possible. It works. It saves you money. It earns you interest. I keep my emergency fund here because 2.75% is decent for a liquid account. I use the card every time I cross the border. It’s not my only bank—I keep a free Simplii or Tangerine account for the rare times I need a bank draft—but it is my main hub for savings and spending. Stop letting the big banks eat your money. Get a $20 Bonus When You Open an EQ Bank Account Today