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EQ Bank Savings Plus Account Info & Reviews

Financial Products > Savings Accounts > EQ Bank Savings Plus Account
Detailed information, reviews and ratings for the EQ Bank Savings Plus Account.
Useful when comparison shopping for a new canadian savings account.

Information about the EQ Bank Savings Plus Account

Product NameEQ Bank Savings Plus Account
Available InCanada (All Provinces except Québec)
Offered ByEquitable Bank
Product PageEQ Bank Savings Plus Account
Interest Rate2.3 %  Interest Rate Increased from 2 % to 2.3 % on May 4, 2017

Chart of historical values for the EQ Bank Daily Rate
  • 1 Year
  • 3 Years
  • 5 Years
  • 10 Years
  • All Data
Minimum Balance$0
Withdrawal Fee$0
Other FeesInterac e-Transfer: $1.50 each (first 5 transfers per month are free)
Fund TransfersWithdrawals:
Interac e-Transfer
Online Bill Payments
Electronic Funds Transfer (EFT) to a bank account at another financial institution.

Deposits:
Electronic Funds Transfer (EFT) from a bank account at another financial institution.
Deposit InsuranceCDIC
Editor's ReviewThe EQ Bank Savings Plus Account from Equitable Bank is the latest online High-Interest Savings Account to hit the Canadian market. As with most other high-interest savings accounts, it allows for electronic funds transfers to and from the account to a linked account at another Canadian financial institution. Since the only way to get money into the account is from another linked account somewhere else and that a cheque is required to open the account, it cannot replace your primary chequing account. It will therefore be necessary for you to maintain a chequing account elsewhere in order to fund (and open) this account.

Where it differs from other online high-interest savings accounts is that it does offer two additional ways of withdrawing money from the account: online bill payments (just as with your chequing account at your regular bank) and Interac e-transfers. This is a welcome addition since it means that you can leave your money in the account and earning a high rate of interest for as long as possible before spending it. For example, you could do your shopping using a credit card and then pay the balance off directly from the EQ Bank Savings Plus Account using the online bill payment option. That way you would continue to earn interest on your money until the day that your credit card bill is due (which could be a few weeks after the date of your actual purchase).

We should clarify however that it not possible to withdraw cash from the account (as the bank has no ATMs and there is no bank card provided), to write cheques or to pay for purchases directly from the account using a debit card. As a workaround to the absence of a debit card with this account, consider paying for your purchases using a credit card. That way you can earn points on your credit card, pay the credit card balance directly from your EQ Bank account using the online bill payment option and earn interest on your cash until the due date on your credit card statement. Talk about a win-win situation.

Overall we feel that the EQ Bank Savings Plus Account offers a welcome addition to the Canadian online high-interest rate savings account marketplace considering that we have seen many of these online high-interset bank account offerings disappear in recent years. It currently offers a competitive interest rate, has a clean and simple interface and provides additional options for withdrawing money. Since it is, moreover, insured by the Canada Deposit Insurance Corporation, your money is safe and backed by the federal government.
Please Note: This database is intended to help you explore your options when looking for a financial product. Product features and information can change faster than we can update our database and we cannot guarantee the accuracy of the information in the above table.
Always visit the financial institutions product page and carefully review the information there before making a final decision.

Customer Ratings for the EQ Bank Savings Plus Account

Overall:2.2
Customer Service:3
Cost/Rates/Value:1.5
Convenience:3
Features:1

Reviews and Comments for the EQ Bank Savings Plus Account

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 Reviews & Comments about the EQ Bank Savings Plus Account
MW on December 11, 2018
Do the right thing EQ, step up to number one again!!
MW on September 21, 2018Overall Rating: 2.5
Time to increase rate to become # 1 again!!
Customer Service: 3  Cost/Rates/Value: 2  
George on March 11, 2017
EQ Bank is great! Sure they're no longer offering the 3% rate. But 2% ain't bad and is still higher than any other savings account in Canada. Plus that's even higher than what you can get by locking into a 5-year GIC at most places.
MW on September 17, 2016Overall Rating: 2
Well the other shoe has dropped and as soon as the % hits a limit, I am out of here with my funds!!!
Cost/Rates/Value: 2  
DF on August 20, 2016
I like EQ Bank.

The great interest rate (2.25%) beats even GICs without locking in my money. A fantastic feature; however,I rarely need to retrieve money from my deposit. Still, I like that flex option because I never know when some cash might be needed for an emergency.


MW on June 23, 2016Overall Rating: 1.5
Waiting for other shoe to fall!
Customer Service: 2  Cost/Rates/Value: 1  Convenience: 2  Features: 1  
MW on April 19, 2016Overall Rating: 1
Buggers.. barely 4 months into 2016 and the % is being reduced!!
Cost/Rates/Value: 1  
wylieblue on March 4, 2016Overall Rating: 4
Transferred funds from Tangerine to EQ. So far everything is OK. Tangerine is giving 0.8% on savings, but pushed it to 2% for 6 months for me. However when I inquired about matching EQ 3%, they were not interested. Will see where and when EQ rate changes, no doubt it will!!!
Customer Service: 4  Convenience: 4  
Eric on February 6, 2016
I'm sure that this 3 percent deal from EQ Bank is indeed too good to be true. I bet that this account goes down to 1.5% in three months from now. In that sense it will be no different from those many savings sales that Tangerine et al. have from time to time. But then again, what do we have to lose by moving our money there for a few months while the deal lasts? It's insured by CDIC so even if they go bankrupt, we should get our money back quickly. And it only takes a few minutes to sign up. That being said, I signed up for my EQ Bank Savings Plus account a week ago and my account has yet to be opened. They did finally cash my initial deposit cheque today, but still no savings account opened. They must be really backed up with all of the new account opening, as their website alludes to. Once my account is opened, I will transfer my money in. Then when the interest rate drops to below what I can get elsewhere, my money will promptly flow out to greener pastures.
MW on February 5, 2016
Considering moving across. However the old saying comes to mind. "If it seems to good to be true". Any takers?

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