Account (CA)
How to start banking with EQ Bank?
EQ Bank offers one of the highest interest rates for savings and investments with no monthly or transactions fees. So you can watch your money grow without paying a lot for it! Learn how to open an account!
EQ Bank: high-interest rates with no fees!
EQ Bank is a digital financial institution powered by Equitable Bank, a CDIC Member. It offers savings and US Dollar accounts, investments, International Money Transfers services, and access to a mortgage marketplace.
The best of all is that you don’t need to worry about monthly or transaction fees. The only thing that is high here is the interest rate you earn by banking with EQ.
Also, it provides you with an education center and excellent customer service, so you won’t feel unattended or left out when needed.
So, learn how to open an account or to get started with investing your money right away!
Apply for the account
Access the bank website and click on Join Now. But before beginning your application, note that you must be a Canadian resident, meet your province’s age of majority, and have your Social Insurance Number.
Also, you should know that EQ Bank is not available in Quebec.
Then, enter your email address and create a password.
It will do a soft credit check, which means that it won’t harm your credit.
Then, fill in the forms and documents needed, with personal and contact information.
You will be redirected to another website
By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
Apply for the investments
To apply for investments like GICs, you need to open an account at EQ Bank. So, before funding and investing, access the website and follow the steps described above.
EQ Bank vs. Scotia Bank
Both banks are great options for Canadians. However, Scotia Bank features more financial products and services.
On the other hand, EQ Bank charges no fees.
Check out the comparison table below to decide which is the best for you!
EQ Bank of Montreal | Scotia Bank | |
Financial products and services offered | Accounts: Savings and Join Savings, TSFA, US Dollar account; Investments: GICs, RSP, TSFA; International Money Transfers; Mortgage | Accounts: chequing, savings, Senior, Student, Newcomers; Credit cards; Mortgages; Loans and Lines of credit; Investments; Insurance; Customized banking solutions for Indigenous peoples, Senior, Newcomers, Hockey unites communities, Students, and more |
Fees | None | It charges monthly fees for accounts and annual fees for credit cards |
Minimum balance | None for accounts. For some investments, it requires a little minimum deposit to start investing. | It requires a minimum balance for some types of accounts so the fees are waived, as terms and conditions apply |
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About the author / Aline Augusto
Reviewed by / Aline Barbosa
Senior Editor
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