Educational Disclaimer: Maple Wealth Guide provides general financial education only. We do not offer financial, investment, tax, or legal advice. Nothing on this website should be considered a recommendation. Always consult a licensed professional for personalized guidance.
What Is EQ Bank?
EQ Bank is the digital banking arm of Equitable Bank, a federally regulated Canadian bank. As an online-only bank, it offers higher interest rates than traditional banks by avoiding branch costs.
Deposits are protected by CDIC up to $100,000 per category.
EQ Bank Products
Savings Plus Account
The flagship product—a high-interest savings account with:
- Competitive interest rate (check current rates)
- No monthly fees
- No minimum balance
- Unlimited free transactions
- Free Interac e-Transfers
TFSA Savings Account
High-interest TFSA for tax-free growth. Good for emergency funds or short-term savings you want to keep accessible.
GICs
EQ Bank offers competitive GIC rates for various terms. GICs provide guaranteed returns and principal protection—ideal for conservative portions of your portfolio.
Joint Accounts
Available for couples who want to manage money together.
Pros for Seniors
- Higher rates than Big Five banks
- No fees eating into your returns
- CDIC protection for peace of mind
- Simple, clean online interface
- Can set up multiple accounts for different goals
💡 Note: EQ Bank is excellent for your emergency fund or cash reserves. The high interest rate means your money works harder than in a traditional savings account.
Cons to Consider
- No physical branches
- No chequing account (though bill payments available)
- Customer support by phone/email only
- May feel less personal than traditional banking
How to Use EQ Bank in Retirement
- Keep 6-12 months expenses as emergency fund
- Park cash waiting to be invested
- Hold GICs as part of fixed income allocation
- Use TFSA for accessible, tax-free savings
EQ Bank works well alongside your investment accounts and traditional bank for day-to-day transactions.
Related Educational Guides
About Maple Wealth Guide
Maple Wealth Guide is an independent Canadian financial education website. Our team of educational writers researches and explains investment concepts, retirement-related topics, and personal finance information for Canadians aged 50 and over. We are not licensed financial advisors and do not provide personalized recommendations. All content is for educational purposes only.