2026 Review
EQ Bank Personal Account Review (2026)
Is EQ Bank worth it in 2026? We break down rates, fees, features, and who this account is really best for.
Quick Answer
EQ Bank Personal Account is currently offering 3.00% with no monthly fees. It's best for Canadians who want a simple, no-fuss account with a strong rate and full CDIC insurance.
Current EQ Bank Rates
Regular Rate
3.00%
No monthly fees, unlimited transactions
Open EQ Bank Account →✓ Pros
- ✓No monthly fees or minimum balance
- ✓CDIC-insured deposits
- ✓Unlimited Interac e-Transfers
- ✓Competitive rate vs Big Six banks
✗ Cons
- ✗Online/app only — no physical branches
- ✗Variable rate can change anytime
- ✗May require separate account for bill payments
Who Is EQ Bank Best For?
EQ Bank Personal Accountis a strong choice if you're looking to:
- Park an emergency fund at a higher rate than a big bank
- Save for a short-term goal (vacation, down payment, car)
- Hold cash inside a TFSA or RRSP with competitive returns
FAQ
Is EQ Bank safe?
Yes. EQ Bank is a CDIC-member institution (or holds deposits at CDIC-member banks). Your deposits are insured up to $100,000 per category per institution.
Is the EQ Bank rate guaranteed?
No — HISA rates are variable and can change at any time. Only GICs lock in a rate. If you need a guaranteed rate, compare our GIC options.
Can I hold EQ Bank inside a TFSA?
Check EQ Bank's current account offerings — many digital banks offer registered account options (TFSA, RRSP, FHSA). Holding a HISA inside a TFSA shelters the interest from income tax.
This is not financial advice. We may earn a commission at no cost to you through affiliate links. Rates are for informational purposes and subject to change. Verify directly with EQ Bank before opening an account.