Compare The Best EQ Bank High Interest Savings Accounts 2022

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by Enoch Omololu

Updated

Advertiser Disclosure

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:

  • Savings Plus Account
  • TFSA Savings Account
  • RSP Savings Account
  • US Dollar Account
  • Joint Savings Plus 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 Savings Plus 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 Savings Plus 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
  • 1.65% interest rate

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 2022, the TFSA contribution limit is $6,000. 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 $81,500 as of 2022.

The EQ Bank TFSA Savings Account pays a 1.65% 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 1.65% 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 2022 is 18% of your earned income in 2021 up to a maximum of $29,210.

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 1.25% 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 Savings 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
  • 1.65% 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 Savings Plus 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 ($350 bonus). Learn more about it in this review.

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 Savings Plus Account currently pays a 1.65% interest rate.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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