EQ Bank Review: Flexible High-Yield Savings Accounts For Canadians

Wouldn't it be great to have a checking account's flexibility with the high interest rates of a savings account? It seems banks always offer us one or the other, but never both. That isn’t the case with EQ Bank.

It has a high-yield savings product that acts like a checking account. You get to pay bills and withdraw money when you want, all while earning a high rate of interest. That may all sound too good to be true, but it’s definitely a reality.

Unfortunately, those of us in the U.S. won’t be able to benefit. EQ Bank is a Canadian bank and requires that its account holders maintain Canadian residence. But if you live in Canada and have a Social Insurance Number, you’ll be able to take advantage of this unique product.

EQ Bank offers two main products — guaranteed investment certificates (GIC) and a high-interest savings account that can be used like a checking account. It’s also a no-fee bank.

EQ Bank's Savings Plus Account allows you to withdraw funds and pay bills just like you would with a checking account. But unlike most checking accounts, you’ll also earn a 1.50%* APY. There’s no monthly fee or minimum balance. Interest is calculated on a daily basis and is paid out monthly.

In addition to free account transfers, you also get free Interac e-Transfers®. Bill payments also do not cost anything. While the account does not include a debit card, you can transfer money for free to an external account that does have a debit card.

With EQ Bank’s mobile app, you can deposit checks on the go. Note that overdraft protection is not available. The maximum bill payment is $25,000 per payment. The maximum Savings Plus Account Balance is $200,000.

With all of EQ Bank's certificates, interest is paid at maturity. Compare EQ Bank's Guaranteed Investment Certificate rates with today's top CD rates.

You can visit EQ Bank's website to open an account. You’ll need to meet the following requirements:

• Canadian resident
• Have a Social Insurance Number (SIN)
• Meet your province’s age of majority

For Canadian residents, there's a lot to love about EQ Bank. It's created a unique product that provides the flexibility of a checking account with the interest rate of a savings account. Additionally, EQ Bank’s TransferWise service is a cost-efficient way to move money internationally.

However, if you live outside of Canada, you won't be able to open an EQ Bank account. If you don't meet EQ Bank's eligibility requirements, there are still plenty of free checking and high-yield savings accounts to choose from. Or you may be able to get access to both at one of the top online banks.