EQ Bank Personal Account

Overview

The EQ Bank Personal Account combines transaction and savings features. It earns a base rate, with a higher ongoing rate available when qualifying direct deposits meet the provider's monthly threshold.

EQ's optional payment card is a prepaid Mastercard rather than a traditional debit card. Mobile cheque deposits are supported, but cheque writing and bank drafts are not.

EQ charges no Canadian ATM withdrawal fee and reimburses operator surcharges up to $5 per withdrawal, five times per month. That capped Canadian reimbursement differs from an unlimited worldwide reimbursement policy. Joint accounts can include the primary holder and up to three other people.

EQ does not currently send or receive wire transfers. Its international transfer service is powered by Wise and is separate from wire-transfer support.

Features and access

Monthly fees and transactions

Monthly fee: $0The normal recurring monthly fee is $0.
Monthly transactions: UnlimitedUnlimited supported everyday transactions, including bill payments and electronic transfers.

Transfers

Monthly Interac e-Transfers: UnlimitedNo fee to send or receive; dollar limits apply.

Card and payments

Payment card: YesOptional free reloadable prepaid Mastercard, not a conventional debit card.

Cash and branch access

Cash deposits: NoEQ Bank explicitly says the Personal Account is not suitable for customers who need to deposit physical cash.
Cash withdrawals: ATMs worldwideThe optional EQ Bank prepaid Mastercard can withdraw physical cash worldwide without an EQ provider fee. In Canada, EQ reimburses up to $5 of an operator surcharge per withdrawal, at most five times monthly; foreign operator charges are not covered by that published reimbursement.
Branch access: NoEQ Bank operates as a digital bank without retail branches.

Cheques and ownership

Cheque writing: NoEQ Bank does not offer cheque writing or bank drafts for the Personal Account.
Cheque deposits: YesMobile cheque deposit is free and supports eligible cheques up to the published per-cheque limit.
Joint account: YesA joint account can include the primary holder and up to three other people.

Interest

Interest rate: 1%–2.75%The base annual rate can receive a bonus after at least $2,000 in qualifying monthly direct deposits; calculated daily and paid monthly.

Deposit protection

Eligible deposits are held by Equitable Bank, a CDIC member, and aggregate with other eligible Equitable Bank deposits in the same insurance category.