Is EQ Bank a big bank?
EQ Bank, Canada's seventh-largest bank, grew its adjusted net income last fiscal year by 11.2% while the big banks recorded between 0.7% growth and a 23% fall in earnings.
Founded over 50 years ago, Equitable manages more than $74.1B in assets and has grown to become the country's seventh largest independent Schedule I bank serving more than a quarter million Canadians by providing diversified personal and commercial banking services.
Is my money safe at EQ Bank? Even though it's an online institution, EQ Bank safeguards customers' savings the same way bigger banks do, by purchasing protection through Canada Deposit Insurance Corporation, or CDIC.
Winner: EQ Bank.
With its high interest rates on cash holdings (that are more than ten times what Tangerine offers) and no fees, EQ Bank is the clear champ. Interest is calculated daily on the total closing balance and paid monthly.
EQ Bank, Canada's seventh-largest bank, grew its adjusted net income last fiscal year by 11.2% while the big banks recorded between 0.7% growth and a 23% fall in earnings. EQ's non-interest expenses rose 15.5% while at the top three banks they rose over 20%.
When you make a deposit into your personal bank account with us, we will place a hold on your deposit to verify that the funds will be available from the account of the other financial institution. During that time, we may limit the amount you are allowed to withdraw in accordance with applicable laws.
| DOLLAR LIMIT MAXIMUMS | AMOUNT |
|---|---|
| Electronic Funds Transfers | $100,000 |
| Maximum Balance Held Per Customer | $200,000 (includes amounts held in TFSA Savings Account plus amounts held in TFSA GICs) |
Good news – with EQ Bank*, eligible deposits are automatically covered by the CDIC for up to $100,000 per coverage category. You never even have to lift a finger.
According to the hold policy at EQ Bank, we generally place a hold on funds deposited by cheque or Electronic Funds Transfer (EFT) for five business days, beginning after the date of deposit—meaning those funds actually become available by the sixth business day, when you include the date of deposit.
What are the downsides of EQ Bank?
- Slow bank-to-bank withdrawals. You may need to wait several business days to withdraw funds from your account via bank-to-bank transfer.
- Maximum balance for EQ Bank Personal Account. You can only hold up to $200,000 in an EQ Bank Personal Account ($500,000 for joint account holders).
- No physical locations.
Banks typically make money by accepting deposits from customers, and then providing loans to other customers and earning interest from those loans. EQ Bank uses the deposits from EQ Bank to furnish Equitable Bank's residential and commercial loans, and earn interest.
What do analysts say about Equitable Group Inc? Equitable Group Inc's analyst rating consensus is a Moderate Buy.
The EQ Bank Card has quite a few advantages compared to many debit cards: You don't have to maintain a minimum balance to avoid paying fees, which means you're in charge of when you use your money. You earn high interest on your card balance (just like in your EQ Bank Personal Account).
Plus, we reimburse any fees or surcharges charged by Canadian ATM providers within 10 business days. Order your free EQ Bank Card today. You can also use our mobile app and online banking website to easily deposit or transfer funds electronically between your bank accounts.
Our picks for the best online banks are SoFi Bank, Discover Bank, Ally Bank, Varo Bank, LendingClub, Upgrade, Alliant Credit Union, FNBO Direct, Zynlo Bank and Quorum Federal Credit Union. You may get a higher annual percentage yield (APY) compared to traditional banks when you choose an online-only bank.
With EQ Bank, you can withdraw up to $30,000 per transaction out of your account, or deposit up to $100,000 per transaction into your account.
Andrew Moor has served as Equitable's President and CEO since March 2007. Before joining Equitable, he was President and CEO of Invis Inc. from 2002-2007 and prior to that was President and Chief Financial Officer of SMED International Inc. Mr.
EQ Bank now offers free withdrawals from any ATM in Canada with the EQ Bank card, expanding its offering of high interest, everyday banking from a single account: No fees on everyday banking. Free withdrawals from any ATM in Canada with the EQ Bank Card. High interest on every dollar.
You can make electronic transactions through our mobile and online banking applications, or by telephone with the help of our Customer Care team. Our Customer Care call centre is capable of processing EFTs and bill payments but cannot initiate Interac e-Transfers, EQ to EQ Transfers and International Transfers.
Can I have multiple savings accounts with EQ Bank?
Let's face it, life can be expensive, so most of us are probably saving for multiple different things at once. Whether it's retirement, furniture, or your regular emergency fund, it's easy to open up to five separate accounts with EQ Bank.
Your EQ Bank Card is accepted everywhere Mastercard ® is accepted. No foreign transaction fees (subject to Mastercard Currency Conversion rate.)
No Foreign Transaction Fee
Another significant advantage for travelers is that there are no conversion fees on foreign currency expenses. Typically, most cards charge an additional 2.5-3% fee, but this is not the case with the EQ Bank card.
Equitable Bank is a federally regulated deposit taking institution and is authorized to accept deposits in all provinces and territories across Canada. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC).
EQ Bank GICs are a safe investment – they are eligible for CDIC coverage and have guaranteed rates. – They may be the ideal choice to form that solid foundation you're looking for, whether you want guaranteed returns with no fees, or you need to balance out your portfolio.
