For a limited time, you can also get a $150 cash bonus when you open an account and set up a direct deposit to your new EQ Bank account, such as your payroll.
Read on to learn about EQ Bank’s referral program, product offerings, current rates, pros and cons, and more.
EQ Bank $150 Promotion *expired*
When you open a new EQ Bank Savings Plus Account by July 13, 2022, you get a $150 cash bonus if you meet the eligibility requirements:
- Open an account here
- Set up at least one eligible recurring payroll direct deposit to your account that is at least $100 per deposit
- Initiate the first deposit within 60 days of account opening
- Have the recurring payroll deposit continue for at least 3 months
The $150 cash bonus is deposited in your account after you have met the conditions above. Please note that the offer is not available in Quebec.
EQ Bank Promotions
New EQ Bank clients can also get an additional $30 cash bonus when they sign up using a valid referral link.
Here’s how it works:
- Open a new EQ Bank Savings Plus account, TFSA, or RRSP savings account using a valid referral link
- Deposit $100 or more into your account within 30 days of opening it
- Your $30 cash bonus is credited to your account within one business day
While EQ Bank’s referral program typically pays $20 for new sign-ups, the bonus has been increased to $30 for a limited time.
You can easily set up a direct deposit or transfer funds from other financial institutions with only a few clicks to fund your new account.
EQ Bank Refer-A-Friend Bonus (Up to $500)
You get paid when you refer your friends and family to open an EQ Bank account.
In all, you can earn up to $500 maximum as follows:
Visit the “Refer a friend” section of your account to copy your unique EQ Bank referral link.
Share your link with friends via email or on social media, e.g. Twitter and Facebook.
When they open an account and fund it with at least $100 within 30 days, you both earn a cash bonus.
Your friend (referral) gets $30 while you earn as follows:
- $30 for your first eligible referrals
- $40 for the next 4 eligible referrals
- $50 for any other eligible referral up to the maximum $500 cap
Note that an eligible referral is one that completes their $100 minimum deposit within 30 days of opening an account.
Also, a referral code is not required. Your referral only needs to click on the link you send them when opening their account.
Lastly, you should only invite someone who doesn’t have an existing account.
What is EQ Bank?
EQ Bank is a subsidiary of Equitable Bank. It was established in 2016 and has more than $7 billion in deposits.
This online bank offers some of the best high-interest savings accounts and GIC rates in Canada.
Below is a list of the financial products offered by EQ Bank:
- EQ Bank Savings Plus Account
- EQ Bank TFSA Savings Account
- EQ Bank RSP Savings Account
- EQ Bank US Dollar Account
EQ Bank Savings Plus Account
The EQ Bank Savings Plus Account offers up to 250x the interest you get at other banks.
Unlike a traditional savings account, this hybrid savings account supports free bill payments, Interac e-Transfers®, and mobile cheque deposits.
Here’s what it offers:
- 2.50% interest rate on every dollar
- Free and unlimited debit transactions, including bill payments, Interac e-Transfers®, and electronic fund transfers
- No monthly fees
- CDIC deposit insurance
- Free mobile cheque deposits
- Supports joint accounts
EQ Bank TFSA Savings Account
Want to earn tax-free returns on your savings? You can use an EQ Bank TFSA.
The annual TFSA limit for 2023 is $6,500, and if you have been accumulating a TFSA contribution room since its inception in 2009, you have up to an $88,000 contribution room.
EQ Bank’s TFSA account has no monthly fees, and you earn 3.00% interest (tax-free).
This account also supports unlimited withdrawals without incurring fees.
EQ Bank RSP Savings Account
Save for retirement using a Retirement Savings Plan (RSP) and defer taxes until you start withdrawing money in retirement.
An EQ Bank RSP account pays 3.00% interest on every dollar and has no monthly fees.
EQ Bank US Dollar Account
USD accounts that pay interest are very rare these days.
That said, the EQ Bank US Dollar Account pays a 2.00% interest rate on every dollar. This is very competitive compared to the 0.01-0.25% rates offered elsewhere.
This account also has no monthly fees, and you can pair it up with Wise Money Transfer to send money abroad for cheap.
EQ Bank GICs
You can invest your money for 3-month to 10-year terms using an EQ Bank Guaranteed Investment Certificate (GIC).
These are offered for registered and non-registered accounts with interest rates up to 5.00% as of March 5, 2023.
Pros of EQ Bank
EQ Bank ranks as one of the best digital banks in Canada.
It offers clients these benefits:
- Access to $0 monthly fee banking
- High-interest rates
- Free and unlimited transactions
- Access to multiple savings products
- Versatile and user-friendly web and mobile interface and app
- CDIC protection
- No minimum account balance requirements
- Excellent customer service
Cons of EQ Bank
EQ Bank does not yet offer a credit card.
Also, it’s an online-only bank, and you can’t walk into a branch office. That said, its customer support is available by phone and live chat from 8am to midnight ET 7 days a week.
Lastly, some EQ Bank products are not available in Quebec.
Is EQ Bank Safe?
EQ Bank is owned by Equitable Bank, a Schedule I bank that has been around for over 50 years.
Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC), and this means your deposits at EQ Bank are protected up to $100,000 if it becomes insolvent.
Get more details about the bank in our detailed review.
EQ Bank Referral FAQs
Does EQ Bank have a referral program?
Yes, EQ Bank has a referral program (refer-a-friend) that pays you up to $50 per referral.
How much is EQ Bank’s referral bonus?
When you sign up for a new EQ Bank savings account using a valid EQ Bank referral link, you get a $20 to $30 cash bonus, depending on the current offer.
How do I refer a friend to EQ Bank?
Simply copy your EQ Bank referral link from your dashboard and email it to friends and family. You can also share the link on your social media platforms.
Is EQ Bank trustworthy?
Yes, EQ Bank is a trustworthy online bank with more than $7 billion in deposits.
Related: Simplii Financial Promotions.
