Updated September 28, 2026 · SumCue Editorial Team
Bank Norwegian vs EQ Bank
Bank Norwegian
EQ Bank
Higher score in this comparison
Where Bank Norwegian and EQ Bank differ
| Compare | Bank NorwegianReviewSee alternativesSee alternatives | EQ BankReviewSee alternativesSee alternatives |
|---|---|---|
| Annual fee | NOK 0 | Not confirmed |
| APR | 10.43% to 36.85% | Not confirmed |
| Currency conversion fee | Not confirmed | 0% |
| Rewards type | Cashback | Not confirmed |
| Rewards rate | 0.5% cashback | Not confirmed |
| Perks | Travel insurance, 45 days interest free | Not confirmed |
| Cashback rate | 0.5% | Not confirmed |
| Card kind | Credit | Not confirmed |
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Key differences
- EQ Bank scores higher overall: 9.4 vs 8.8.
- Founded is lower at EQ Bank: 1970 vs 2007.
- Bank Norwegian is available in 5 more countries.
- Support channels: only Bank Norwegian offers Email.
- Support channels: only EQ Bank offers Chat.
- Pricing model: only Bank Norwegian offers Monthly.
- Pricing model: only EQ Bank offers No monthly fee.
- Features: only Bank Norwegian offers Rewards.
- Features: only EQ Bank offers Travel.
Our verdict on each
Bank Norwegian
Bank Norwegian suits Norwegian adults who want saving, borrowing and a credit card handled in one place. The savings headline rate of 3.5% is the draw and the card pays cashback, but borrowing runs at 10.43% to 36.85% with an origination fee on top.
EQ Bank
EQ Bank suits Canadian savers who want everyday spending with no monthly charge: fees of CAD 0 a month and a variable rate of 2.75% on the balance. Support runs through phone, chat and help centre, and the account is easy access with instant access to funds.
Score breakdown
| Area | Bank Norwegian | EQ Bank |
|---|---|---|
| Cost | 8.9Savings run on a NOK 0 account fee and the card on a NOK 0 fee, while loans add 10.43% to 36.85%. | 9.4HigherRanked 1 on monthly fee at CAD 0, and the minimum deposit is CAD 0. |
| Offer | 8.9Higher | 8.8 |
| Trust | 8.7 | 9.6Higher |
How they place
| Ranking | Bank Norwegian | EQ Bank |
|---|---|---|
| Savings | 598 of 1492 | 142 of 1492 |
| Savings accounts | 397 of 658 | 101 of 658 |
| Credit and debit cards | 651 of 1594 | 174 of 1594 |
Every fact side by side
| Fact | Bank Norwegian | EQ Bank |
|---|---|---|
| Pricing model | Monthly | No monthly fee |
| Features | Rewards | Travel |
| Legal entity | NOBA Bank Group AB (publ) NUF | Equitable Bank |
| Headquarters | Norway | Canada |
| Founded | 2007 | 1970Lower |
| Support channels | Phone, Email, Help centre | Phone, Chat, Help centre |
Loans
| Fact | Bank Norwegian | EQ Bank |
|---|---|---|
| Loan amount | NOK 5,000 to NOK 600,000 | Not confirmed |
| Term | 12 to 60 months | Not confirmed |
| Arrangement fee | Etableringsgebyr kr 0 - kr 1 995 (tiered by loan amount) | Not confirmed |
| Credit check | Hard | Not confirmed |
| Funding time | 0-3 business days after the last document is received | Not confirmed |
| Representative example | Forbrukslån: nominal rate 12.99%, effective rate 15.15%, NOK 85,000 over 5 years, origination fee NOK 995; cost NOK 34,173, total NOK 119,173 | Not confirmed |
| Rate type | Variable | Variable |
| Lender type | Direct lender | Not confirmed |
| Free early repayment | Yes | Not confirmed |
| Eligibility | Age 20 or over, registered income, and no payment remarks or active collection cases | Not confirmed |
| Loan types | Personal, Debt consolidation, Credit line, Car | Not confirmed |
| Use cases | Home improvement | Not confirmed |
Savings
| Fact | Bank Norwegian | EQ Bank |
|---|---|---|
| Headline rate | 3.5%Higher | 2.75% |
| Minimum deposit | NOK 0 | CA$0 |
| Access terms | Unlimited fee-free withdrawals per calendar year; works as an ordinary payment account with direct debit and AvtaleGiro | Instant access to funds; withdraw by free Interac e-Transfer or EFT (up to $30,000 per transaction) and by EQ Bank Card at Canadian ATMs |
| Monthly fee | NOK 0 | CA$0 |
| Account kind | Easy access | Easy access |
Where each stands against the rest
| Fact | Bank Norwegian | EQ Bank | Median |
|---|---|---|---|
| Annual fee | NOK 0at the median | Not confirmed | NOK 0 |
| APR | 10.43% to 36.85%below the median | Not confirmed | 11.635 |
| Currency conversion fee | Not confirmed | 0%below the median | 1% |
| Cashback rate | 0.5%lowest quarter | Not confirmed | 1.5% |
Median across 486 listed providers.
Pros and cons
Bank Norwegian
Pros
- Savings run on a NOK 0 account fee with a NOK 0 minimum deposit, and withdrawals are free through the year
- The credit card pairs a NOK 0 annual fee with 0.5% cashback and travel insurance and 45 days interest free
- Loans can be repaid early without charge, and funding lands in 0-3 business days after the last document is received
Cons
- Borrowing carries 10.43% to 36.85% plus an Etableringsgebyr kr 0 - kr 1 995 (tiered by loan amount) that steps up with the amount borrowed
- Loans need a hard credit check, and payment remarks or active collection cases rule you out
EQ Bank
Pros
- No conversion fee on card spend abroad: 0%, ranked 1 on that measure.
- Free Interac e-Transfer and EFT withdrawals with instant access, plus card access at Canadian ATMs.
- Minimum deposit of CAD 0, so small balances can sit here without a charge.
Cons
- The 2.75% rate is variable rather than fixed, so the headline return can move.
- Free ATM withdrawals are tied to Canadian ATMs, with a free allowance of CAD 0.
- The card is prepaid and the account sits in Canada, so it serves a single market.
Who each suits
Bank Norwegian
Who it suits
- Norwegian adults who keep savings and a credit card with the same provider
- Anyone funding home improvement, a listed loan purpose, who can clear a credit check
- Savers who want easy access, since withdrawals are free and the account takes direct debit and AvtaleGiro
Who should look elsewhere
- bunq, if euro day to day banking in the euro area suits you better
- bunq Spain, if you would rather hold an account in Spain
- linxea, if you want life insurance rather than savings, loans and a card
EQ Bank
Who it suits
- Canadian residents who want an everyday account with no monthly charge.
- People spending abroad who want no conversion fee: 0% on the mastercard network.
- Travellers rewarded on spend: the travel feature comes with cashback of 0.5%.
Who should look elsewhere
- Skrill users chasing richer rewards: this card pays cashback of 0.5%.
- CrediMax Cardy EX prepaid Visa customers who need Visa: the network here is mastercard.
- JMMB Moneyline and JMMB Money Transfer prepaid card customers who need a card outside Canada: the account is based in Canada.
Country by country
| Country | Bank Norwegian | EQ Bank |
|---|---|---|
| Canada | No | Yes |
| Denmark | Yes | No |
| Finland | Yes | No |
| Germany | Yes | No |
| Norway | Yes | No |
| Spain | Yes | No |
| Sweden | Yes | No |
Questions about each
Bank Norwegian
What does it cost to keep savings here?+
The savings account has a NOK 0 monthly fee and a NOK 0 minimum deposit, so there is little to pay. Withdrawals are free and unlimited within the calendar year, and the account works as an ordinary payment account for direct debit and AvtaleGiro.
Is the credit card free to hold?+
The card has a NOK 0 annual fee, so there is no charge for keeping it in a wallet. Spending earns 0.5% cashback, and travel insurance and 45 days interest free come with it, covering travel insurance and an interest free window on new purchases.
EQ Bank
What does EQ Bank cost to hold each month?+
The monthly fee is CAD 0 on the account and on the card, and the pricing model is no monthly fee. The minimum deposit is CAD 0, so there is nothing to pay in and no standing charge to maintain a balance.
Is there a currency conversion fee on the card?+
The currency conversion fee is 0% on card transactions, which puts the brand at 1 on this measure among 258 brands. The card runs on the mastercard network, and the travel feature is aimed at travel spending.
Other options to compare
Bank Norwegian
EQ Bank