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Our Review of EQ Bank Savings Plus Account

Banking Jun 25, 2020

Our EQ Bank Review


The EQ Bank Savings Plus Account has zero everyday banking fees and makes it easy to transfer your money in-and-out, with free transactions and a 2.00% everyday interest rate*. This is paired with an excellent mobile and web user experience. There is a reason it is our top pick for the Best High-Interest Savings Account in Canada.


EQ Bank Savings Plus Account
Overall
Interest Rate
Fees
Ease of Use

Interest Rate


The EQ Bank Savings Plus Account has one of the highest interest rates available in a savings account in Canada - 2.00%*. There are only a few options with a higher interest rate available, and the difference is negligible: the highest interest rate currently available 2.10% (Bridgewater Bank). This paired with zero everyday banking fees an exceptionally rare combination.


Fees


The EQ Bank Savings Plus Account comes with zero everyday banking fees with no minimum balance required. Interac e-Transfers®, paying bills and transferring money is all free with this account. That is hard to beat! EQ Bank also provides cheap international money transfers (powered by TransferWise). I use this feature often to easily send money to my USD Chequing Account without paying high exchange fees.


Ease of Use


The sign-up process for EQ Bank is pretty effortless. I personally just had to verify my identity by signing into two of my other bank accounts, but they provide other options for verifying including visiting a Canada Post outlet. After verifying my identity, I was ready to transfer money into the savings account.

There are two main options for transferring money in or out of the account: Electronic Funds Transfer (can take up to 5 days) or using Interac e-Transfers®. Of course, both of these options are free. The account also includes free unlimited bill payments.

Overall, both the mobile app and website experience are very refined and usable. You can easily create multiple savings accounts, and even set savings goals. Fingerprint login is supported, which makes using the app quick and easy.

Why did we not give the EQ Bank Savings Plus Account a 5-star rating for ease of use? Well, there is one minor detail that is important to mention: there is no debit card or ATM access. If you need access to cash, you will need to still have a chequing account at another bank. But this is a savings account after all, not a chequing account so we can't fault them too much for this (but it does allow free transactions and bill payments, so if anything it is close to being a complete chequing account too!)


Conclusion

Overall, the EQ Bank Savings Plus Account definitely deserves its spot as our top pick for Best High-Interest Savings Account. It comes with a great interest rate, no everyday banking fees, and a great user experience. If you are looking for a great place to store your emergency fund or just earn interest on some savings, this is it.


* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

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