Is EQ the same as Equitable Bank?
EQ Bank is powered by Equitable Bank, Canada's Challenger Bank™.
Based in Toronto, EQ Bank is a trade name of Equitable Bank. Equitable Bank is a federally regulated Schedule I bank with over 1,150 employees across Canada.
- Account offerings may feel limited for some customers.
- No true debit card; the EQ Bank Card must be loaded by transferring money from your Personal Account, which may not be convenient.
- Online-only banking, with no physical branches, may not be right for everyone.
Yes. Equitable Bank, which owns the trademark EQ Bank, is insured by the Canada Deposit Insurance Corporation (CDIC). Any assets in EQ Bank are aggregately eligible for protection up to $100,000 per insured category, per depositor.
We're a trade name of Equitable Bank, a federally regulated financial institution. That means your funds are eligible for deposit insurance coverage.
You can withdraw money loaded on your card for free from any ATM in Canada. We don't charge any fees for any ATM withdrawals in Canada. Plus, we reimburse any fees or surcharges charged by Canadian ATM providers within 10 business days.
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.
(TSX: EQB and EQB. PR. C), is proud to announce that it has signed a long-term lease agreement at 25 Ontario Street in Toronto, Ontario, an office development owned by First Gulf Corporation and the Healthcare of Ontario Pension Plan (HOOPP). The bank will occupy more than 175,000 square feet across eight floors.
How safe is Equitable Bank?
Since its inception in 1967, the CDIC has handled 43 bank failures or closures and not a single Canadian has lost a single dollar of CDIC protected deposits. Learn more about the CDIC here. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC).
Equitable Bank offers mortgage financing for: Purchases, Refinances, and large loans. We provide flexibility in our credit and product guidelines to assist your clients in their home ownership dreams.
Equitable Group Inc's analyst rating consensus is a Strong Buy. This is based on the ratings of 8 Wall Streets Analysts.
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.
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).
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.
Founded over 50 years ago, Equitable manages more than $67.9B 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.
EQ Bank is a Canadian financial institution that operates entirely online. Powered by Equitable Bank, this digital bank launched in 2016 and, so far, has more than $8 billion in deposits.
Here at EQ Bank, we keep it simple with our hybrid Savings Plus Account that does away with the hassle of shuffling money between chequing and savings, while offering a pretty sweet interest rate.
Your EQ Bank personal account charges no monthly fees, gives you unlimited transactions, including e-transfers, bill payments, and electronic funds transfers without requiring a minimum balance. For anyone wondering if EQ Bank is safe, know that they're backed with CDIC deposit insurance of up to $100,000.
Can I have multiple savings accounts with EQ Bank?
Whether it's retirement, furniture, or your regular emergency fund, it's easy to open up to five separate accounts with EQ Bank. Plus, you have the freedom to gear up and down as necessary.
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.
EQ Bank does not have physical locations, deposits and withdrawals are made by linking your EQ account to another external bank account. EQ Bank doesn't offer its own ATMs, but you can use your EQ Bank Card to withdraw cash from any ATM in Canada, and EQ will refund any fees charged.
For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice. For the Personal Account, Joint Account and EQ Bank Card, the current base interest rate is 2.50% (the “Base Rate”).
Interest begins to accrue on every dollar the day your account becomes active. Interest is calculated daily on the total closing balance and at the rates per annum, as offered. Interest is paid monthly.
