Saturday, February 22

EQ Bank raised their interest rate to 2.45%

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If you don’t already have an EQ Bank Savings Plus account, now is the time to get one.

EQ Bank has raised its interest rate and is now offering 2.45%* everyday interest rate on the EQ Bank Savings Plus Account. This is one of the highest interest rates available on savings accounts in Canada. Furthermore, the EQ Bank Savings Plus Account has no everyday banking fees, no minimum balance requirements, and unlimited Interac e-Transfers®.

To take advantage of this awesome offer, all you need to do is open an EQ Bank Savings Plus Account

EQ Bank Savings Plus Account

What is the EQ Bank Savings Plus Account?

The EQ Bank Savings Plus Account is a savings account that functions like a chequing account. You can do most of your everyday banking with EQ Bank. In addition to the high-interest rate and no everyday banking fees, EQ Bank also offers unlimited bill payments and free day-to-day transactions. 

You can pay any bill that lets you set up online bill pay or will accept an Interac e-Transfers®. This means most expenses from student loan payments, credit cards, utility bills, and even rent can probably be paid from your EQ Bank account!

We have a full EQ Bank Review you can check out here!

Are there any downsides?

EQ Bank currently does not offer Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), or Registered Education Savings Plans (RESP). They also don’t provide a debit card, so you need to conduct all your transactions online.

However, the EQ Bank Savings Plus Account 2.45%* everyday interest rate makes EQ Bank a must have for short and long-term savings goals. I use my account for my Emergency Fund and car savings, as well as paying bills like rent!

How long will the 2.45%* everyday interest rate last?

While this rate is subject to change, it’s not a promotional rate. I’ve had my account with EQ Bank for more than 2 years and I was previously earning a solid 2.30%. Now I’m earning even more!

The Bank of Canada is continuing to raise interest rates, so I’m optimistic this great rate will be here for awhile. 

EQ Bank Savings Plus Account

Who is EQ Bank?

EQ Bank is an online bank offering highly competitive interest rates on savings and GICs. The EQ Bank Savings Plus account now boasts a 2.45%* everyday interest rate. Equitable Bank is a member of CDIC, which means your deposits with Equitable Bank and EQ Bank are eligible for deposit insurance from the CDIC.

EQ Bank is a trademark of Equitable Bank. Equitable Bank has been around since 1970 and has over 800 employees with $32 billion under management. From this, you can tell that EQ Bank isn’t quite as “new” as they appear! With over four decades in the Canadian finance industry, Equitable Bank is an experienced player, even if EQ Bank is new.

*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

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Money After Graduation Inc. is a financial literacy website dedicated to helping Millennials and Gen Z pay off debt, invest in the stock market, and afford the life they want!

6 Comments

  1. David Schroeder on

    Hi Bridget, love your work, quick note about the downsides of EQ, you mention they do not have TFSA accounts available. I have my emergency account in a TFSA with EQ in a savings account getting 2.45%. I’m not sure if this is fairly new or not, I only opened this a month or two ago. Hope this helps! Thanks, David.

    • Hi David, EQ Bank only offers one type of account — the Savings Plus Account — and it is not a TFSA. Therefore the account you have with EQ Bank cannot be a TFSA. If you need confirmation please contact them directly! If you are looking for a TFSA, Tangerine or Wealthsimple are great options =)

      • Hey Bridget!

        Thank you for all the work that you do on your blog. I appreciate all the content and all the learning I am experiencing!

        I opened accounts with Equitable Bank after learning about them through your blog and have been enjoying the savings ever since! YAY!

        I recently heard about the B2B Savings account. It is offering 3.3% (up to $500,000.00). I am thinking of asking Equitable Bank if they can match it before I switch over.

        Your thoughts?

          • Hey Bridget:

            Further to the comment I left on February 8, I wanted to let you know that I noticed that B2B Bank (a division of Laurentian Bank) will be dropping the 3.30% interest rate that they were offering to 2.80% as of March 1. It seems that the too good to be true 3.30% was indeed too good to be true!

            Makes me wonder how long they will be offering the 2.80% for……

            I think I will be leaving my money with EQ Bank where I feel confident that their 2.45% rate will not change in the near future.

            I did contact EQ Bank about matching the 3.30% interest rate, but they replied that they would not as they do not match what they felt was a promotional offer. They were right!

          • haha! Well that is that I guess. I have been with EQ Bank for ~3 years and the rate has always been constant (and in fact has gone up!!) so definitely not promotional. IMO 2.80% isn’t worth moving money for unless you’re moving tens or hundreds of thousands of dollars, especially if like you said it might go down too!!!