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EQ Bank review: is it trustworthy?

This EQ Bank review article provides you with the information you need to help you decide if this digital banking company is a good choice for you! Check it out!

EQ Bank: smarter way to bank! 

Check out the EQ Bank review. Source: EQ Bank.
Check out the EQ Bank review. Source: EQ Bank.

EQ Bank was launched in 2016 as the first-born digital bank in Canada, and you’ll learn all about it in this review!

The bank is powered by Equitable Bank, a member of CDIC. Also, it has earned some prizes as one of the most top banks in the world. And it features high-interest rates with no monthly fees or minimum balances.

Plus, you can access an Education Center to drive you in a successful direction. So, keep reading to find out more about it!

Financial products offeredAccounts: Savings and Join Savings, TSFA, US Dollar account;
Investments: GICs, RSP, TSFA;
International Money Transfers;
Mortgage
FeesNone
Minimum balanceNone for accounts. For some investments, it requires a little minimum deposit to start investing.
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How to start banking with EQ Bank?

Check out how to start banking with EQ Bank to get high earnings on savings!

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How to start banking with EQ Bank?

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How is banking with EQ Bank?

Online banking institutions are increasing in popularity. They offer agility, convenience, free-fee accounts, and investments with high-interest rates.

EQ is leading this change in the market and society. It offers savings accounts, investments, international money transfers, and mortgages.

The section of savings accounts features traditional, joint ones, TFSA, and US Dollar accounts. Firstly, the traditional ones offer a 1.25% interest rate with no monthly fees or minimum balance.

Secondly, the Joint Savings accounts let you earn 1.25% interest with a shared banking experience. 

Thirdly, the TSFA gives you a 1.25% interest with tax-free, zero fees, and no minimums, too.

On the other hand, the US Dollar provides 1.00% interest on every dollar, with no fees.

Also, this online bank provides different types of investments like GICs and retirement savings so that you can watch your money grow while planning your future. 

Another financial service featured by EQ and powered by Wise is international money transfers, with lower fees, better rates, and faster than similar services.

Furthermore, as an EQ Bank customer, you get access to a Mortgage Marketplace with exclusive rates offered by Equitable Bank.

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EQ Bank experience: accounts, investments, and more!

See what are the benefits of EQ Bank. Source: Canva.
See what are the benefits of EQ Bank. Source: Canva.

If you are searching for great rates for your savings and zero fees and bureaucracy, you have come to the right place. Today, we are talking about an excellent digital banking experience featured by EQ Bank.

Whether you are starting planning your retirement, investing in GICs, or opening a joint savings account with someone that matters to you, this online financial institution has it all!

So, check the list of pros and cons right below to decide if it fulfills your needs and goals.

Pros

  • EQ Bank offers different types of savings accounts with high-interest earnings, as well as high-interest rates for GICs;
  • It doesn’t charge monthly and transactions fees;
  • It provides you with an excellent platform, education center, and great customer service;
  • Plus, it doesn’t require minimum balances. 

Cons

  • It doesn’t offer chequing accounts and debit cards.

Pre-approved credit cards for low credit score available now

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Why should I choose EQ Bank?

EQ Bank offers one of the highest interest rates in Canada for savings and GICs. It doesn’t charge fees, and it provides free transactions. So, if you search for a digital banking experience that helps you grow your money at low costs, this bank is an option for you!

How to start banking with EQ Bank?

This bank is all about high earnings and low costs. What are you waiting for to open an account and start banking with it? Then, check out our next post!

Pessoa usando celular com app EQ Bank

How to start banking with EQ Bank?

Check out how to start banking with EQ Bank to get high earnings on savings!

Keep Reading
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How to start banking with EQ Bank?

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About the author  /  Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by  /  Aline Barbosa

Senior Editor

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Advertiser Disclosure

We are an independent, objective, advertising-supported content publisher website. In order to support our ability to provide free content to our users, the recommendations that appear on our site might be from companies from which we receive affiliate compensation. Such compensation may impact how, where and in which order offers appear on our site. Other factors such as our own proprietary algorithms and first party data may also affect how and where products/offers are placed. We do not include all currently available financial or credit offers in the market in our website.

Editorial Note

Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included within the post. That said, the compensation we receive from our affiliate partners does not influence the recommendations or advice our team of writers provides in our articles or otherwise impact any of the content on this website. While we work hard to provide accurate and up to date information that we believe our users will find relevant, we cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

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