EQ Bank is a Canadian digital bank that operates as part of Equitable Bank. It is designed to provide customers with an innovative banking experience through its mobile app and online platform. With no physical branches, EQ Bank offers higher interest rates on savings accounts compared to traditional banks. It aims to simplify banking by offering no everyday banking fees, mobile cheque deposits, unlimited free Interac e-Transfers®, and international money transfers via a partnership with TransferWise.
Customers can manage their accounts entirely online, making it convenient for those who prefer digital banking. EQ Bank also provides a seamless integration with various budgeting tools and financial apps, enhancing user experience through technology. The Bank is committed to ensuring security and offers features like two-factor authentication to protect customers' accounts. EQ Bank's Savings Plus Account is well-recognized for its high-interest rates and flexibility, acting as both a savings and chequing account, providing an efficient way to manage money in today's digital age.
EQ Bank is currently available for residents of the following countries:
Canada
24/7 availability- anytime, anywhere
No matter where you are, at home or abroad, you can access your EQ Bank account via the app, check your account balance, control your savings, get customer support, make payments and even freeze your debit card if needed. In addition, get real-time notifications every time you make a transaction, so there won’t be any surprises at the end of the month. No need to make appointments, stand in line and lose working hours to manage your finances.
Get approved fast
Opening an account with EQ Bank is simple, with no lengthy paperwork. Just download the app, prove your identity, top up your account and you’re ready to go. EQ Bank doesn’t require a copy of your credit history to approve your account, meaning you can open an account and get approved in minutes.
Lower fees
Another main reason to use EQ Bank is the low (or no!) fees. EQ Bank has no physical branches, therefore they can offer lower fees than traditional banks – especially when it comes to ATM withdrawals, money exchange/transfer and payments abroad. For example, EQ Bank offers zero fees on all transactions, including purchases made overseas!
Makes traveling easier
EQ Bank = borderless banking. Low/no exchange rates and low/no ATM withdrawal fees worldwide make traveling a whole lot easier (and cheaper) than with traditional banks- especially in the eurozone. And for added safety, freeze or unfreeze your debit card while you travel, directly in the app.
Go paperless
One of the frustrating things about traditional banks is the amount of documents, contracts and letters that are sent to your mailbox. With EQ Bank everything you need is in the app and all communications are sent to your app or your email. Gone are the days of rummaging through piles of paper around your house – and protecting the environment is the cherry on top.
