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EQ Bank

  1. Toronto
  2. Ontario Bank

Reviews, get directions and information for EQ Bank

EQ Bank

About

Banking, reimagined.

Description

Earn great interest without having to switch between a chequing and savings account. The EQ Bank Savings Plus Account lets you pay bills, transfer your money and track your savings to reach your financial goals faster.

EQ Bank is a trademark of Equitable Bank. Equitable Bank is a Schedule I Canadian bank and a member of the Canadian Deposit Insurance Corporation (CDIC).



"EQ Bank launched in 2016 and now has more than $7 billion in deposits and more than 290,000 customers. EQ Bank's feature product is the Savings Plus Account, which gives customers the ability to earn high interest along with the flexibility of a chequing account—and zero monthly fees. Other products include GICs, RSPs and TFSAs.EQ Bank was named the top Bank in Canada on the Forbes World's Best Banks 2022 and 2021 lists.All EQ Bank deposit products are eligible for CDIC deposit insurance.EQ Bank is a trade name of Equitable Bank. Equitable Bank is a member of CDIC.EQ Bank has more than 1,600 employees and is powered by Equitable Bank, which was founded in 1970. The CEO is Andrew Moor. EQB Inc trades on the TSX under $EQB."
Address: 30 St. Clair Avenue W., Suite 700, Toronto M4V3A1
Phone: 1-844-437-2265
Email: ac.knabqe@tcatnoc
State: ON
City: Toronto
Street Number: 30 St. Clair Avenue W., Suite 700
Zip Code: M4V3A1
categories: finance company, bank, financial service


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Reviews
Honestly, was tired of other big banks. Been using EQ bank for a few months now and it’s sincerely amazing. Couldn’t have picked a better bank. It’s all online yes, but so far I have not had any issues with this bank. Very happy of having done the switch, I hope other people you want to save money too can take a leap of faith and try them out. I often transfer money internationally and their new partnership with Wise formerly TransferWise is the bomb. Only wish we could transfer directly to internal Wise accounts, but maybe this will come in the future. Honestly, great job guys, I don’t understand the bad reviews, obviously very frustrated people. For myself, so far so good and I love the simple interface. Keep up the good work!
I opened a new EQ Bank account with the hope it would be an easy and cost effective way manage my money. One of the selling points was the tie-in with Wise to do international money transfers. When I attempted to do my first transfer through the EQ Bank app, I ran into a problem. It requires a postal code for the recipient ... the problem is, not all counties have a postal system, hence no postal codes. When I contacted EQ Bank, the attendant was unable to help me and seemed uninterested in trying to find a solution. His suggestion was to contact the Wise help desk. But the issue was, I am trying to enter the information into the EQ Bank app, not Wise. Another issue is the hold EQ Bank places on money you transfer into your EQ account from another Canadian bank. After linking my TD Bank account and making a transfer, I received a congratulatory email from EQ two days after making the transfer, that the transfer was good. However, I was unable to use my money for an additional 5 days because EQ Bank places 5 day holds on these transfers. I wasn't able to access my money for a full week. With all the extra fees the big banks are employing, I had hoped EQ Bank was my saviour ... instead it's a different frustration.
EDIT: They, moved it up to 2%. Quite happy, so I've updated my review and will continue increasing my banking with them. They had the best rate around when I joined a couple years ago. 2.45% They where fast to lower it during COVID and they've been slow to increase it. So, as a smart customer, I told them that if they failed to offer better interest rates, I'd go to someone else who does. I found someone else and am slowly winding down my activity at EQ Bank.
Been using EQ Bank’s HISA for the past 3 years and am very happy with the platform. The interest rates are great when compared to the big banks and the free EFTs and e-transfers make self-managing my money fairly easy. They recently integrated Wise International Money Transfers into their platform which has been very convenient to transfer money to the US way cheaper than wire transfer. My only complaint about EQ was once they updated their website and the website was unavailable for 24 hours - which is kind of nuts for an online bank. This was a couple years ago now and I haven’t had an issue since so I’m giving 5 stars.
Great interest rates, online banking, decent rates on TFSA..... yet absolutely not worth it. The website doesn't work properly, the app is the same, and transferring funds in and out of your accounts is a pain. Their customer service on the phone was helpful, she gets a 5 star.. EQ - is a 1 at best.
Favours US based entities It's a decent app, easy to use, some glitches here n there and covers a lot of the banking needs with consistent interest. It seems like management doesn't really provide inputs or look to proactively better a customers situation. I was trying to link a Canadian brokerage firm to the app as EFT, can't do it, but when I try with a US brokerage firm it works fine. Being a Canadian bank you'd think it would support other Canadian entities however seems not.
After more than a week, and multiple phone calls, my new savings account is still not verified and open. At least we know that it’s secure, when the real person can not open a new account, surely a stolen identity scam couldn’t open one either. So there is that. I’m done trying. Savings via interest is not going to change my life by enough to be left feeling like a pathetic loser any longer. Bank stock earns a decent dividend, and it’s closing in on a great entry pricing point for long term growth. The hell with the liquidity.
Brilliant concept, exemplar customer service and paying interest on the money I have in their account with NO fees? What's there better than this? I'm very surprised by the low rating they have, and I'm assuming that comes from people expecting a virtual bank to do what traditional banks do. I'm very happy they don't. ; Hope they stay in business for years to come - especially now that they also have a card which makes them more self-sufficient: I recommend them to my friends and colleagues. Thank you, thank you, thank you! For investing in your Customer Service most traditional banks are nearly inaccessible on the phone, for investing in your online platform, and for investing in diversifying the financial instruments. It was a learning experience, but totally worth it. Big difference since 2017, when I joined. : I only deal with a traditional bank, for my business account. Leaving Tangerine, and keeping the funds for my every day expenses and short term savings with EQ. Bravo!!
Since EQ offers a pretty good interest rate on TFSA savings accounts, I decided to sign up. The initial process of creating accounts was smooth, however I've been unable to link my external accounts. Their app doesn't work and when using the website I get different error messages for different accounts I am trying to link. This renders my EQ accounts useless. I regret signing up as it's been a frustrating waste of time. EQ is a digital bank, yet their digital tools don't work - ridiculous!
I truly don't understand the negative reviews. I have been using EQ for a couple of years and have ZERO issues with the app, the website, e transfers or bill payments. The new debit card - that earns interest AND pays cash back - will be my new travel companion for sure! I rave about EQ all the time - no regrets here.
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