EQ Bank is one of the best online banks in Canada for high interest savings account rates.
When you open a new account, you could also qualify for an EQ Bank promotion that pays a $150 cash bonus (offer expired).
The eligibility requirement for this bonus is straightforward – just add a payroll direct deposit to your EQ Bank Personal Account (formerly Savings Plus Account).
Read on to learn how the EQ Bank promotion works, how to earn referral bonuses worth up to $500, and whether your money is safe.
EQ Bank Promotion
The current EQ Bank promotion is valued at $150.
While many banks offer promotional interest rates for very short periods, EQ Bank’s savings interest rates are non-promotional.
It does not use ‘teaser’ rates to lure you in. Instead, EQ Bank clients get competitively high-interest rates all year round.
In addition to its 3.00% interest rate, you can earn a cash bonus for a limited time.
How To Get EQ Bank’s $150 Sign Up Bonus
Follow these steps to get a $150 bonus:
- Open a new EQ Bank account here (Personal Account)
- Switch an eligible payroll direct deposit to your EQ Bank account
- Receive a direct deposit to your account within 60 days of opening it
- Maintain the direct deposits for at least 3 consecutive months
- Receive a $150 bonus after the third month
Switching your payroll deposits to EQ Bank is straightforward.
Go to your account and select “My accounts.”
Click on “Direct Deposit” and then “Generate void cheque.”
Print or download the EQ Bank void cheque and share this with your employer so they can pay your wages to your new account.
EQ Bank Savings Plus Account Benefits
The EQ Bank Savings Plus Account will help you save on banking fees.
Account holders get free and unlimited debits, bill payments, and Interac e-Transfers.
There are no monthly fees or minimum balance requirements, and you can deposit cheques using the EQ Bank mobile app.
Also, your deposits are insured by the Canada Deposit Insurance Corporation for up to $100,000.
Learn more in this EQ Bank review.
EQ Bank Interest Rates
For the EQ Bank Savings Account, the current interest rate is 4.00% (if you set up a direct deposit). For tax-free savings accounts (TFSA) and retirement savings plans (RSP), you earn 3.00%.
For Guaranteed Investment Certificates (GICs), the rates for EQ Bank are:
- 1 year: 5.35%
- 2 years: 5.00%
- 3 years: 4.80%
- 4 years: 4.55%
- 5 years: 4.45%
These rates are calculated annually, and the GICs are non-redeemable.
EQ Bank Referral Bonus ($500)
EQ Bank clients can earn up to $500 via its refer-a-friend program.
Here’s how the EQ Bank referral program works:
- Share your EQ Bank referral link with friends
- They sign up and deposit at least $500 into their account within 30 days of opening the account
- You earn $20 for the first 3 referrals, $30 for the next four referrals, and $40 for all other referrals until a maximum of $500 has been earned
- Each person you refer gets a $20 bonus when they have funded their account
Is EQ Bank Safe?
Yes, EQ Bank is safe. It is owned by Equitable Bank, a Schedule I bank with more than $63 billion in assets.
Equitable Bank is a CDIC member, which means your EQ Bank account is eligible for deposit protection up to specified limits.
The bank also uses industry-standard encryption, 2FA, and other security features to protect your account.
Other EQ Bank Products
In addition to registered and non-registered savings accounts, you can also use EQ Bank for:
- Investments (GICs)
- International money transfers
- Mortgages
- US Dollar accounts
EQ Bank does not offer credit cards or a traditional chequing account.
EQ Bank Promotion FAQs
No, EQ Bank customers can share their unique referral links with others. There is no referral code.
The EQ Bank sign up bonus of $150 is paid after the third month of payroll direct deposits.
You can deposit up to $200,000 in your EQ Bank Savings Plus Account.
You can withdraw cash from your EQ Bank account using Interac e-Transfer or Electronic Funds Transfer.
EQ Bank is better with a higher non-promotional savings interest rate. If you need access to index funds or personal loans, Tangerine offers them, while EQ Bank doesn’t.
Is EQ Bank trustworthy? Yes, EQ Bank is trustworthy. It is one of the best online banks in Canada.
It is a digital bank which means you can’t walk into a branch for in-person support.
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