【October 31, 2026 update】 EQ’s Personal Account got a little better. The base rate was 1% and rose to 1.5% starting October 7, 2026. With a direct deposit set up, the total rate is unchanged at 2.75%.
| Account | Rates* |
|---|---|
| Personal Account, Joint Account and EQ Bank Card balance (base rate) | Past: 1.00%, New: 1.50% |
| Bonus Interest (for qualifying direct deposits) | Past: 1.75%, New: 1.25% |
| Personal Account, Joint Account and EQ Bank Card balance (with qualifying direct deposits) | No change: 2.75% |
By comparison, Wealthsimple Savings pays 2.5% outright, or 4% once the balance reaches $50,000, which looks better.
The blog’s Wealthsimple article includes this September 11, 2026 update:
EQ Bank is a digital/online bank familiar to many people living in Canada and has been considered by Forbes to be the best bank in Canada. It is a member of CDIC (the Canada Deposit Insurance Corporation), so deposits are insured for up to C$100,000 and can be held with confidence.
Digital banks like EQ share several characteristics: no hidden fees, relatively high deposit rates, no physical branches, and ATM solutions. Overall, it is worth opening a no-fee EQ account. The sections below introduce the EQ products and services most relevant to everyday users.
Welcome to EQ Bank: apply through the referral link to receive a $20 reward at the time of writing.
The blog also covers other common Canadian digital/online banks: Simplii, Tangerine, and Neo. For registered-account information, see the TFSA and FHSA guides.
Personal Account / Joint Account
In January 2024, the former Savings Plus Account was renamed Personal Account. That makes sense: Savings Plus already combined chequing and savings functions. The new name better matches what the account does and is less confusing.
The account has these features:
- No minimum balance and no monthly fee
- Unlimited deposits and withdrawals
2.5% interest; setting up Direct Deposit could provide 4.0% interestRates are constantly changing- Use the Bank Card at any ATM in Canada, with EQ covering the fees
A joint account can have up to three account holders.
Starting November 7, 2025, the Personal Account rate is 1.0%. Setting up more than $2,000 in monthly direct deposits brings the rate to 2.75%.
EQ Bank Card
This debit card is designed to work with the Personal Account but has several features of its own (⚠️ not available in Quebec):
- Free ATM withdrawals across Canada
- 0.5% cash back on purchases
- No foreign transaction fee
- No monthly fee or other hidden fees
- Mastercard network acceptance
Further reading: 🇨🇦 Canadian no-FX / no-foreign-transaction-fee credit cards
Notice Savings Account
【June 3, 2024 update】 EQ Bank introduced its Notice Savings Account (not available in Quebec).
When opening the account, you can choose either a 10-day or 30-day notice period, with different rates. Rates change frequently, so check EQ’s website for the latest rate if you are interested in this product.
TFSA Registered Account
The blog has a detailed TFSA guide: Canada TFSA account introduction.
This registered account can be opened with EQ. It also paid a 3% deposit rate Rates are constantly changing, and you can also purchase EQ’s own GIC products.
FHSA Registered Account
The blog has a detailed guide for this essential account for young people who have not bought a home: Canada FHSA first-home savings account guide.
RSP Registered Account
You can open it with EQ. It also paid a 3% deposit rate Rates are dynamically adjusted, and you can also purchase EQ’s own GIC products.
U.S. Dollar Account
- ⚠️ Not available to Quebec residents
It paid a 3.0% rateRates are dynamically adjusted- You can transfer funds in from a U.S.-dollar or Canadian-dollar account at another Canadian bank
- EQ describes its exchange rates as highly competitive
- The account is also protected by CDIC
GIC (Guaranteed Investment Certificates)
Over the past year or two, EQ’s GIC rates have led the Canadian market and deserve close attention. The overall trend is that interest rates are falling.
⚠️ EQ’s current GICs are all fixed-term products, not products that can be withdrawn at any time.
2025.12.20 GIC rates
| Term | Non-registered GIC rates | RSP/FHSA/TFSA GIC rates |
|---|---|---|
| 3 Month | 2.60% | 2.60% |
| 6 Month | 2.80% | 2.80% |
| 9 Month | 2.85% | 2.85% |
| 1 Year | 3.10% | 3.10% |
| 15 Month | 3.10% | 3.10% |
| 2 Year | 3.25% | 3.25% |
| 27 Month | 3.25% | 3.25% |
| 3 Year | 3.60% | 3.60% |
| 4 Year | 3.65% | 3.65% |
| 5 Year | 3.85% | 3.85% |
| 6 Year | 2.35% | 2.35% |
| 7 Year | 2.35% | 2.35% |
| 10 Year | 2.35% | 2.35% |
2025.01.30 GIC rates
| Term | Non-registered GIC rates | RSP/FHSA/TFSA GIC rates |
|---|---|---|
| 3 Month | 3.10% | 4.00% |
| 6 Month | 3.15% | 3.15% |
| 9 Month | 3.15% | 3.15% |
| 1 Year | 3.75% | 3.75% |
| 15 Month | 3.75% | 3.75% |
| 2 Year | 3.75% | 3.75% |
| 27 Month | 3.75% | 3.75% |
| 3 Year | 3.75% | 3.75% |
| 4 Year | 3.75% | 3.75% |
| 5 Year | 3.80% | 3.80% |
| 6 Year | 2.60% | 2.60% |
| 7 Year | 2.60% | 2.60% |
| 10 Year | 2.60% | 2.60% |
2024.06.03 GIC rates
| Term | Non-registered GIC rates | RSP/FHSA/TFSA GIC rates |
|---|---|---|
| 3 Month | 3.75% | 3.75% |
| 6 Month | 4.55% | 4.55% |
| 9 Month | 4.80% | 4.80% |
| 1 Year | 5.15% | 5.15% |
| 15 Month | 5.10% | 5.10% |
| 2 Year | 4.95% | 4.95% |
| 27 Month | 4.90% | 4.90% |
| 3 Year | 4.75% | 4.75% |
| 4 Year | 4.55% | 4.55% |
| 5 Year | 4.60% | 4.60% |
| 6 Year | 3.80% | 3.80% |
| 7 Year | 3.80% | 3.80% |
| 10 Year | 3.80% | 3.80% |
Common GIC questions
Can I redeem GICs before they mature?
Unfortunately not. Once the cancellation period has passed, your GIC is non-redeemable, and your funds are locked in.
How many GICs can I buy?
You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
What happens when my GIC matures?
Once your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
Is the interest earned from my GIC taxed?
Yes. Any interest you earn from your GIC investments will be included on your T5 tax slip.
T5 tax slips can be found by signing in to your account through the EQ Bank mobile app or online banking website.
Will I get a physical certificate for my GIC purchase?
No, but you can view your current and previous GIC purchases by signing in to your account.
Are GICs available in Quebec?
Yes, our GICs are available to Quebec customers (except for RSP GICs, which are not available).
Other Services and Products
- International money transfers
EQ describes the fees as low.
- Mortgage Marketplace
EQ describes it as offering the best rate that’s right for you.
Services Available in Quebec
- Personal / Joint
- TFSA Savings
- GICs
- Mortgage Marketplace
Historical Updates
【November 28, 2025 update】 EQ launched a cash bonus for deposits! See the official terms🔗
- Cash transfer window from another institution: November 27, 2025–March 2, 2026
- Required holding period: March 2–September 2, 2026
- RRSP, TFSA, and FHSA accounts qualify
- Less than $7,000 earns $100, less than $10,000 earns $150, and $10,000 or more earns $200
Do not transfer the money too early. The blog will remind you again in late February.
【December 20, 2025 update】 The 30 Day Notice Savings Account rate was adjusted. After an earlier update said it would fall to 2.50%, the rate was restored to 2.75%.
【October 31, 2025 update】 EQ emailed again to say that interest rates would be reduced, effective November 7:
| Account | Rates |
|---|---|
| Personal Account, Joint Account and EQ Bank Card balance (with qualifying direct deposits) | 3.00% => 2.75% |
| 30 Day Notice Savings Account | |
| 10 Day Notice Savings Account | 2.60% => 2.35% |
| U.S. Dollar Account | 2.75% => 2.50% |
【September 22, 2025 update】 EQ emailed that the rate for Personal and Joint Accounts with more than $2,000 in monthly direct deposits would fall from 3.3% to 3.0%, effective September 26.
Rate changes for other accounts, effective September 26, 2025:
| Account | Rate |
|---|---|
| Personal Account, Joint Account, and EQ Bank Card balance (base rate) | 1.25% => 1.00% |
| Personal Account, Joint Account and EQ Bank Card balance (with qualifying direct deposits) | 3.30% => 3.00% |
| FHSA, TFSA and RSP Savings Account | 1.75% => 1.50% |
| 30 Day Notice Savings Account | 3.00% => 2.75% |
| 10 Day Notice Savings Account | 2.85% => 2.60% |
| U.S. Dollar Account | 3.00% => 2.75% |
【August 26, 2025 update】 EQ emailed that the rate for Personal and Joint Accounts with more than $2,000 in monthly direct deposits would fall from 3.5% to 3.3%, while the Business Account rate would fall from 2.5% to 2.25%, effective August 28.
【April 28, 2025 update】 EQ emailed that the rate for Personal and Joint Accounts with more than $2,000 in monthly direct deposits would fall from 4.0% to 3.5%, effective May 2.
【March 13, 2025 update】 The Bank of Canada cut its benchmark rate by another 0.25% to 2.75% on March 12, and EQ Bank made a corresponding adjustment effective March 18:
| Account | Current rate | Rate beginning March 18, 2025 |
|---|---|---|
| Personal Account, Joint Account and EQ Bank Card balance (base rate) | 1.50% | 1.25% |
| FHSA, TFSA and RSP Savings Account | 2.00% | 1.75% |
| 10 Day Notice Savings Account | 3.00% | 2.85% |
| 30 Day Notice Savings Account | 3.05% | 2.00% |
The good news is that setting up Direct Deposit still provided a 4.00% deposit rate.
【January 30, 2025 update】 The Bank of Canada recently cut its benchmark rate by another 0.25% to 3.00%, and EQ Bank made a corresponding adjustment:
Most deposit rates fell. The one exception was the everyday savings rate, which rose to 4.00%—a bright spot.
| Account | Current rate⁎ | Rate beginning February 4, 2025 |
|---|---|---|
| Personal Account, Joint Account and EQ Bank Card balance (base rate) | 1.75% | 1.50% |
| Personal Account, Joint Account and EQ Bank Card balance (with qualifying direct deposits) | 3.50% | 4.00% |
| FHSA Savings Account | 2.50% | 2.00% |
【December 12, 2024 update】 The Bank of Canada cut its benchmark rate by another 0.5% to 3.25% yesterday, and EQ Bank made a corresponding adjustment:
| Account | Current rate⁎ | Rate beginning December 17, 2024⁎ |
|---|---|---|
| Personal Account, Joint Account and EQ Bank Card balance (base rate) | 2.00% | 1.75% |
| Personal Account, Joint Account and EQ Bank Card balance (with qualifying direct deposits) | 3.75% | 3.50% |
| FHSA Savings Account | 2.75% | 2.50% |
| RSP Savings Account, TFSA Savings Account | 2.50% | 2.00% |
【October 24, 2024 update】 The Bank of Canada cut its benchmark rate by another 0.5% to 3.75% yesterday, and EQ Bank made a corresponding adjustment:
| Account | Current rate | Rate beginning October 29, 2024 |
|---|---|---|
| Personal Account and Joint Account | 2.25%⁎ base rate | 2.00%⁎ base rate |
| Personal Account and Joint Account | 4.00%⁎⁎ with qualifying direct deposit | 3.75%⁎⁎ with qualifying direct deposit |
| Personal Account and Joint Account | 2.75%⁎⁎ legacy pre-authorized debits (PAD) Bonus Interest Rate | 2.50%⁎⁎ legacy pre-authorized debits (PAD) Bonus Interest Rate |
| U.S. Dollar Account | 2.75%⁎ | 2.75%⁎ |
| FHSA Savings Account | 2.75%⁎ | 2.75%⁎ |
| RSP Savings Account | 2.75%⁎ | 2.50%⁎ |
| TFSA Savings Account | 2.75%⁎ | 2.50%⁎ |
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