If you’re looking for a high-interest savings account, you may have heard of EQ Bank. EQ Bank is an online-only bank that offers savings accounts with some of the best interest rates in Canada. In this post, we’ll take a comprehensive look at EQ Bank and their interest rates, to help you determine if they’re the right choice for you.

What is EQ Bank?

EQ Bank is an online-only bank that was founded in 2016 by Equitable Bank, one of Canada’s largest independent banks. EQ Bank offers a variety of financial products, including savings accounts, chequing accounts, and mortgages. Unlike traditional banks, EQ Bank operates entirely online, which allows them to offer higher interest rates and lower fees.

Interest Rates

One of the key selling points of EQ Bank is their high-interest savings accounts. As of February 12, 2023, EQ Bank offers a savings account with an interest rate of 2.50% annually. This is a great rate compared to other savings accounts offered by traditional banks, which often have interest rates that are significantly lower.

It’s important to note that EQ Bank’s interest rate is subject to change, and may fluctuate over time. However, EQ Bank has a history of offering some of the highest interest rates in Canada, which makes them an attractive option for anyone looking to grow their savings.

If you use this link, you can even get a $20.00 bonus for signing up with EQ Bank once you fund the account with at least $100.00!

Ease of Use

Another advantage of EQ Bank is how easy it is to use. Setting up an account is quick and easy, and can be done entirely online. Once you have an account, you can manage it through the EQ Bank app or online banking portal. This makes it convenient to deposit money, transfer funds, and monitor your account activity.

Security

EQ Bank is fully FDIC insured, which means that your deposits are protected up to $250,000 per account. They also use state-of-the-art security measures to protect your personal and financial information, so you can feel confident that your money is safe.

Fees

One of the best things about EQ Bank is that they don’t charge any monthly fees. This means that you can keep more of your money and grow your savings faster. They also don’t charge any fees for account transfers, which makes it easy to switch from another bank if you decide to do so.

Conclusion

EQ Bank is a great option for anyone looking for a high-interest savings account. With an interest rate of 2.50% annually, EQ Bank offers one of the best rates in Canada. Their online-only model makes it convenient to use, and their lack of fees means that you can keep more of your money. If you’re looking for a savings account that can help you grow your savings faster, EQ Bank is definitely worth considering.