Our Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

Compare The Best EQ Bank High Interest Savings Accounts 2024

Updated:

Fact Checked

EQ Bank offers some of the best high-interest savings accounts in Canada.

Its high-interest rate offerings cut across general savings deposits, tax-free savings accounts (TFSA), and retirement savings plans.

One advantage of the savings account at EQ Bank is its steady interest rate history. Unlike the short-lived promotional offers available at many banks, EQ Bank’s savings account interest rates are non-promotional.

This makes it easier for you to plan around your deposits and the interest income earned.

Below, I cover the top EQ Bank high-interest savings accounts in Canada, their features, pros, and cons. You can also use the interest rate calculator to estimate how much you could earn.

Compare EQ Bank Savings Accounts

EQ Bank offers several high-interest savings accounts (HISA), including:

  • Personal Account
  • TFSA Savings Account
  • RSP Savings Account
  • US Dollar Account
  • Joint Personal Account

You could also earn on your deposits by using a Guaranteed Investment Certificate (GIC).

Best EQ Bank HISA

The best EQ Bank general savings account is the EQ Bank Personal Account.

This hybrid account combines the features of savings and chequing accounts, making it a versatile online bank account that can grow your balance while limiting banking fees.

The Personal Account has no monthly fees and includes:

  • Free unlimited bill payments
  • Free Interac e-Transfers
  • Free Electronic Funds Transfers
  • Access to international money transfers
  • Mobile cheque deposits
  • No minimum balance
  • 2.50% interest rate (4.00% if you set up preauthorized payments or a direct deposit). Interest is calculated daily and paid out every month.

Con: The maximum amount you can deposit is $200,000.

Best EQ Bank Tax-Free Savings Account

When you save money in a tax-free savings account (TFSA), the income earned is not taxable.

For 2024, the TFSA contribution limit is $7,000. If you have contribution room from previous years, you can add them as well.

Canadians who have been eligible to open a TFSA since it was established in 2009 can contribute a total of $95,000 as of 2024.

The EQ Bank TFSA Savings Account pays a 3.00% interest rate and includes unlimited free transactions.

Best EQ Bank Retirement Savings Plan (RSP)

If you want to save money in a retirement savings plan you can access at any time, the EQ Bank RSP Account may work for you.

This account pays a 3.00% interest rate, and income earned is not taxed until you make a withdrawal.

You can set up regular automated contributions to your RSP, and your contributions are tax-deductible on your income tax return.

The RSP contribution limit for 2024 is 18% of your earned income in 2023, up to a maximum of $31,560.

Compare the best RRSP savings in Canada.

Best EQ Bank US Dollar Account

US Dollar savings accounts in Canada are notorious for paying little to nothing in interest.

The EQ Bank US Dollar Account changes that with a 3.00% interest rate on your deposit. In addition, you get:

  • No monthly account fees
  • International money transfers through Wise
  • Free USD to USD account transfers in Canada

To access this USD account, you will need to first open a regular EQ Bank Savings Plus Account.

Here are some other USD Savings options in Canada.

EQ Bank Joint Personal Account

You can open a joint savings account with EQ Bank with up to 3 other people. These can be friends or family members and each person gets access to all the benefits:

  • Free bill payments
  • Free Interac e-Transfers
  • Mobile cheque deposits
  • Up to 4.00% interest rate

The maximum deposit amount for a joint account is higher at $500,000.

EQ Bank Pros and Cons

The benefits of EQ Bank are:

  • Earn high-interest rates
  • Pay no monthly account fees
  • No minimum balance required
  • Unlimited free transactions
  • Easy online sign-up process
  • Savings account rates are not promotional
  • Eligible for CDIC deposit insurance
  • Good customer service

Some downsides to consider when you use EQ Bank:

  • Digital bank with no in-person support
  • Does not offer a debit card or cheques

Learn more about the bank in this EQ Bank review.

Compare The Best EQ Bank High Interest Savings Accounts

EQ Bank Interest Rate Calculator

You can calculate how much interest you will earn on your EQ Bank Savings Account using the compound interest calculator below:

EQ Bank Savings Plus Account vs. Chequing Account

The EQ Bank Personal Account can replace your chequing account at the big bank to an extent and help you save on those monthly banking fees (up to $260 per year).

You get unlimited free debit transactions, including bill payments, withdrawals, and Interac e-Transfers.

You can also set up direct deposit payments such as your payroll, government benefits, and pension.

That said, you may still need a traditional chequing account if you require physical cheques or regularly make cash withdrawals at an ATM.

A free chequing account that includes free personalized cheques and access to 3,400 free ATMs across Canada is the Simplii Chequing Account ($400 bonus). Learn more about it in this review.

EQ Bank vs. Alternatives

You can also enjoy high savings rates with some other online banks, including Simplii Financial and Neo Financial.

  • Simplii Financial

Simplii High-Interest Savings Account

simpliifinancialnewlogo3-img

5.90%* rate for 5 months

Unlimited debits and bill payments

Unlimited Interac e-Transfers

$400 cash bonus offer with a free chequing account

  • Neo Financial

Neo Money Account

neo logo

Unlimited 5% average cash back

No monthly fees + $20 bonus

1.00% non-promo interest rate paid on balance

Unlimited free transactions

Get a Mastercard for payments online and ATMs

Is EQ Bank Safe?

Yes, EQ Bank is a safe bank.

It is owned by Equitable Bank, one of the largest banks in Canada with more than $42 billion in deposits.

Also, your deposits at the bank are legible for coverage by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per insured category.

EQ Bank also offers a Mobile and Online Banking Security Guarantee.

EQ Bank Savings Account FAQs

Which is better for savings: EQ Bank or Tangerine?

EQ Bank has higher non-promotional savings interest rate than Tangerine.

How does EQ Bank savings account work?

You can easily open an EQ Bank savings account online, transfer in funds from your external bank account, and begin to earn interest.

What is the interest rate on the EQ Bank savings account?

The EQ Bank Personal Account currently pays a 2.50% to 4.00% interest rate.

Related:

Top Money Saving Offers this month

Earn up to 6% unlimited cash back on purchases + free $20 Signup Offer

Free cashback card with up to 6% instant unlimited cash back on purchases.*

$20 welcome bonus when you open an account and make your first purchase.

Unlimited transaction chequing features with Interac e-Transfers and bill payments.

Get 5.00% savings interest on your balance and a free budgeting app.

Get affordable life insurance in minutes & save up to 20% on premiums!

Compare life insurance across Canada's best insurance companies.

Save up to 20% on costs & get $10,000 in free coverage per child.

Terms range from 10 to 30 years, and a 10% discount for couples in the first year.

30-day grace period if you miss a payment & you can cancel anytime.

Get paid to shop online using Rakuten with $30 cash bonus

Get a $30 cash bonus after your first purchase of $30 or more.

Earn cashback on purchases at over 750 popular brands and retailers.

Up to 35% cashback discounts are available daily.

Redeem cash rewards earned by PayPal, cheque, or Amazon gift cards.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

Free financial education

Expert advice

Free resources

Detailed guides

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.