EQ Bank Savings Plus Account Review: Your Digital Banking Solution

Gone are the days of tiny interest rates of 0.1% or lower. With the online banking revolution, more and more banks are ditching traditional brick and mortar locations to go solely digital.

Not only does it make the entire banking experience simple and convenient, but it also means better financial products for consumers. EQ Bank is leading the charge in offering premium products and service for Canadians. One of the most exciting personal banking products that EQ Bank currently offers is the high-interest EQ Bank Savings Plus Account.

EQ Bank can offer an impressive interest rate for all of its customers by cutting costs without sacrificing the quality of service you’ll receive. In our thorough EQ Bank Savings Plus Account review, we’ll go over important information about rates, fees, and benefits to help you decide if opening an account is right for your financial situation.

About EQ Bank

Founded in 2016, EQ Bank has quickly risen to become one of the top banks in all of Canada. Abandoning brick and mortar branches, EQ Bank operates entirely online, making it easy for consumers to manage money and get assistance when they need it. You can manage your money online 24/7 through the mobile application or website.

EQ Bank focuses on superior customer service, competitive rates, and a wide range of financial products to choose from. When you sign up for a free account, you’ll get one of the highest interest rates in Canada, great tools and resources to help you save money, and exceptional support from a live team of financial experts.

Equitable Bank

EQ Bank is a trademark of Equitable Bank and the ninth largest Schedule I bank in Canada. Currently, EQ Bank manages over $27 billion in assets, and Equitable Bank has been in operation since 2016.

Interesting Fact: While some consumers may be wary of a new financial institution when it comes to banking, we can assure you that your assets are secure under the umbrella of Equitable Bank and the newly formed EQ Bank. Equitable Bank employs more than 650 employees, all of which are experts in their field. From the support team to financial managers, Equitable Bank ensures superior service and quality for all of its customers.

Features and Benefits

The EQ Bank Savings Plus Account has an impressive lineup of premium features and benefits that are included with your account at no additional costs.

First and foremost, there are zero monthly everyday banking fees for having your account. Many major banking institutions charge monthly maintenance fees, starting anywhere from $5 to $15 or more per month.

Why pay a monthly maintenance fee when you don’t have to? While some banks will waive your fee every month when you meet certain requirements, such as a minimum balance or minimum direct deposit amounts per month, EQ Bank charges zero monthly everyday banking fees without making you jump through hoops.

That also means that you don’t have to have a minimum balance in your account to get started. You can deposit as little as $1 in your account to open an EQ Bank Savings Plus Account, making it incredibly easy to get started.

Good to Know: These are just a few of the many fantastic features that everyone with an EQ Bank Savings Plus Account will get.  You can check out a full list of features here.

Free Features You’ll Love

EQ Bank loves when things are free, and you’ll get plenty of free features and benefits when you open your EQ Bank Plus Savings account.

• There are no transaction limits, making all of your day-to-day transactions completely free.
• You’ll also get free EQ Bank to EQ Bank transfers, which means instantaneous transfer of funds from your account to another EQ Bank Savings Plus Account.
• Where most banks charge a fee to simply send money to someone else at another bank, EQ Bank allows you to send up to five free Interac e-Transfers® per month.
• Finally, you’ll get unlimited bill payments and free electronic funds transfers included with your EQ Bank Savings Plus Account, making this account one of the most generous on the market.

The Financial Tools You Need

Not only will you get a high-interest earnings account with tons of incredible features when you sign up for the EQ Bank Savings Plus Account, but you’ll also get some great financial tools that you can use to help you reach your financial goals.

• When you access your EQ Bank dashboard, you can create specific savings goals and milestones.
• Whether the goals are aggressive or small, you’ll be given the tools and resources to save more than you ever have before.
• The tool integrates with your EQ Bank Savings Plus Account, making it simple to set up goals and get started.
• You’ll also get personalized recommendations on how you can increase your savings contributions and meet your goals even faster.

In addition to setting goals for your savings, you can open four additional sub-accounts. Assign a goal to each sub-account to make saving even easier.

Good to Know: You can review your savings and get a nice visual of your progress right through the dashboard. You can take advantage of the knowledge base found on the site for tips and tricks to managing your finances and reaching your goals. You can watch videos, read articles, and get regular industry updates through The Exchange, EQ Bank’s comprehensive financial resource database.

Interest Rates

The average interest rate on a savings account isn’t very impressive, often at 0.1% or even less. At the time of this writing, EQ Bank’s interest rate is a massive 2.00%* on all balances.

Whether you have $1 in your account or $100,000 in your account, you’re getting the same great rate on your balance. Even better, interest is calculated daily and paid monthly, meaning you earn even more via interest on your balance.

Changing Interest Rates

Interest rates can change frequently depending on market tendencies and trends, but typically any change will result in a higher interest rate rather than a lower one. At 2.00% everyday interest rate*, an EQ Bank Savings Plus Account is a great way to securely grow your money over time.

Pro Tip: If you need a secure, stable way to grow your money over time, an EQ BankSavings Plus Account may be a good investment option for small incremental growth, especially if your finances can’t tolerate volatility. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC), so your money at EQ Bank is eligible for deposit insurance.

Why Are Interest Rates So High?

If average savings account rates are so low, how can EQ Bank offer such a high rate? By shifting their business to an entirely online model, EQ Bank dramatically reduced overhead costs and recurring expenses. Running branches is expensive, and those expenses cut into your interest earnings.

Good to Know: By eliminating brick and mortar branches, streamlining banking processes and products, and creating a fully-online banking environment, EQ Bank was able to cut operational costs and pass those savings onto consumers.

Many consumers who bank in traditional brick and mortar branches rarely enter the branch, if they ever do at all. It doesn’t make sense to reduce your interest earnings because of retail costs and overhead when you may not ever step foot in a branch. Whether you’re looking for a better interest rate or superior customer service, you’re going to get both when you open an account with EQ Bank.

Send Money with TransferWise

TransferWise is a revolutionary money transfer service that reduces fees and allows you to send money virtually anywhere in the world. TransferWise integrates seamlessly with your EQ Bank Savings Plus Account, allowing you to quickly send money to your TransferWise account and then to its final destination. Rather than a direct transfer into a foreign bank, which often ends up costing you a lot in fees, service charges, and exchange rate differences, TranferWise transfers money differently.

What Happens When You Transfer Money?

When you transfer money into your TransferWise account, it is sent to the Canadian TransferWise hub. Then, the amount you intend to send is sent to the recipient from the local TransferWise hub to their bank account in their local currency.

Good to Know: Rather than transferring money internationally and exchanging it through the global banking system, your transaction is done in two local transfers, saving you money in fees. All exchange rates are real-time as well, meaning there’s no loss on delayed transfers. Most global transfers are completed within 24 hours as well, which is much faster than the typical 5-7 business days you’d get going through a traditional transfer service.

Customer Support

Just because the entire banking process is online doesn’t mean that EQ Bank doesn’t offer world-class support. You can access live support whenever you need it right from the mobile app or website. Live customer service representatives are available from 8 AM to midnight in Eastern Standard Time. You can contact a live representative over the phone whether you’re in North America or not. Additionally, you can live chat with an agent through the app or desktop site.

Good to Know: If you don’t need an immediate resolution or don’t have time to call or chat with EQ Bank, you can always send the team an email and they’ll get back with you in just a few business days. Finally, you can also send direct mail correspondence, and you can find the mailing address right from the support page.

Our Verdict

Simply put, EQ Bank is changing the way that Canadians bank. It’s often not convenient to make an appointment or stop by a local branch for your everyday banking needs, and with EQ Bank, you won’t have to. Using a streamlined, fully-online banking process, you can take care of all of your banking needs right from your phone or desktop. Get live support, manage your finances, or send money anywhere in the world with just a few clicks. What really sets EQ Bank apart is the incredibly high-interest rate and the ability to set clear saving goals right on your account.

With interest rates currently at 2.00%*, you can make your money work harder for you just by transferring your funds to an EQ Bank Savings Plus Account. As you can see, an EQ Bank Savings Plus Account really has a lot to offer, and we’re excited to see what EQ Bank has in store for the future. If you’re looking for a savings account that maximizes your earnings, provides great free features, and is supported by exceptional customer service representatives, the EQ Bank Savings Plus Account is just what you need.

We hope our EQ Bank Savings Plus Account review has given you the information that you need to get started with this incredible high-interest savings account option.

Want us to review another online bank to see if they’re right for you? Let us know in the comments below!