EQ Bank review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
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.
Key facts
- Best for
- A fee-free Canadian account for everyday spending and travel use.
- Monthly fee
- CA$0↗
- Currency conversion fee
- 0%↗
- Free ATM withdrawals
- CA$0↗
- Card type
- Prepaid↗
- Cashback rate
- 0.5%↗
- Card network
- Mastercard↗
- Legal entity
- Equitable Bank↗
- Headquarters
- Canada↗
- Founded
- 1970↗
- Support channels
- Phone, Chat, Help-centre↗
- Features
- Travel
- Official website
- eqbank.ca
Savings
- Headline rate
- 2.75%↗
- Rate type
- Variable↗
- Minimum deposit
- CA$0↗
- Access terms
- 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↗
- Account kind
- Easy access↗
- Pricing model
- No monthly fee
Facts checked September 26, 2026, 6 sources
Pros and cons
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.
- Cashback of 0.5% on card spend for everyday use.
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 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.
How EQ Bank compares
9.4 vs 9.4
9.4 vs 9.0
9.4 vs 8.9
9.4 vs 9.4
9.4 vs 8.7
9.4 vs 9.2
9.4 vs 9.4
9.4 vs 8.7
9.4 vs 9.3
9.4 vs 8.9
9.4 vs 8.6
9.4 vs 9.2
9.4 vs 8.4
9.4 vs 8.5
9.4 vs 8.8Its monthly fee is €5 against CAD 0 here, and EQ Bank adds a variable rate of 2.75% on the balance.
9.4 vs 9.0
9.4 vs 8.6
9.4 vs 8.3
9.4 vs 9.5
9.4 vs 9.4
9.4 vs 9.4
9.4 vs 9.3
9.4 vs 9.3
9.4 vs 9.3
9.4 vs 9.3
9.4 vs 9.2
9.4 vs 9.2
9.4 vs 9.2
9.4 vs 9.1
9.4 vs 9.1
9.4 vs 9.1
9.4 vs 9.1
9.4 vs 9.0
9.4 vs 9.0
9.4 vs 9.0
9.4 vs 8.9
9.4 vs 8.8
9.4 vs 8.7
9.4 vs 8.5
9.4 vs 8.4
9.4 vs 8.0- 9.4 vs 8.0
Where EQ Bank is available
- Available
- Canada
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
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.
What interest rate does the balance earn?+
The headline rate is 2.75% and it is variable, so the figure can be revised by the bank rather than held for a term. The account kind is easy access, which keeps the money available for withdrawal while it earns the rate.
How do I take money out of the account?+
Withdrawals are free by Interac e-Transfer and EFT, with instant access to funds, and the EQ Bank Card works at Canadian ATMs. The free ATM allowance is CAD 0, ranking the brand at 44 on that measure, so the card is strongest on home cash.
Is there a minimum deposit to open the account?+
The minimum deposit is CAD 0, so an account can be opened and topped up in small amounts. The pricing model is no monthly fee and the account kind is easy access, which suits people who want a buffer account rather than a fixed term deposit.
What kind of card comes with the account?+
The card type is prepaid and the network is mastercard, so the balance held on the account is what funds the spend. It arrives as the EQ Bank Card, and the travel feature is aimed at travel use.
Is there any reward on spending with the card?+
Cashback of 0.5% applies on card spend, and the travel feature covers travel. The reward side is thin: the offer score is 2.2 against a cost score of 7.2, so the value sits in the fees.
Which market does the account serve?+
The account is run by Equitable Bank, and the brand is based in Canada, so it serves a single market. Anyone comparing from the UK or Europe is looking at a Canadian rate of 2.75% and a prepaid card.
Sources
- money.ca/banking/banking-reviews/eq-bank-review checked September 26, 2026
Backs: Cashback rate, Features, Card network
“offers 0.5% cash back on every purchase - EQ Bank card”
- eqbank.ca/rates checked September 26, 2026
Backs: Headline rate, Rate type
“Personal Account Base rate: 1.00% Bonus interest rate: 2.75% ( 1.00% base rate + 1.75% bonus interest)”
- eqbank.ca/about-us/about/company-overview checked September 26, 2026
Backs: Founded, Legal entity
“Since 1970, we have built thoughtful financial solutions that serve more than 4 million customers”
- eqbank.ca/about-us/help/contact-us checked September 26, 2026
Backs: Headquarters, Support channels
“Head Office EQ Bank Tower 2200-25 Ontario Street, Toronto, ON M5A 0Y9”
- eqbank.ca/personal-banking/payments/card checked September 26, 2026
Backs: Free ATM withdrawals, Card type, Currency conversion fee, Monthly fee
“No, we don't charge fees for ATM withdrawals in Canada”
- eqbank.ca/personal-banking/personal-account checked September 26, 2026
Backs: Access terms, Account kind, Minimum deposit, Pricing model
“You need instant access to your funds.”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Protection.