EQ Bank Card

Checking and savings accounts serve different purposes: the checking account is the everyday money hub for deposits and frequent withdrawals, while the savings account is where money sits and grows. The EQ Bank Savings Plus account and the new EQ Bank Card aim to combine the best of both worlds by offering high interest, low fees, and easy access to funds, plus some credit card style perks like cash back.

Overview: EQ Bank and the Savings Plus Account

EQ Bank launched in 2016 as the digital arm of Equitable Bank, which has operated since 1970. Equitable Bank is a Schedule I Canadian bank and a member of the Canada Deposit Insurance Corporation. The Savings Plus account is a high interest savings account that also includes unlimited transactions bill payments and Interac e-Transfers no monthly fees, and no minimum balance requirements.

In short, Savings Plus is designed to offer the growth of a savings account with several conveniences typically found in a checking account. The EQ Bank Card builds on that by adding instant, in-person access to funds and everyday spending benefits.

What the EQ Bank Card Is

The EQ Bank Card is a prepaid reloadable Mastercard linked to the Savings Plus account. It functions similarly to a prepaid debit card: users transfer funds from their Savings Plus account onto the card and then spend from that preloaded balance. Key features include:

• Free withdrawals at any ATM in Canada, including other banks’ ATMs (third-party ATM fees may be charged but are reimbursed automatically).
• Cash back on everyday purchases, paid monthly.
• High interest is earned on the card balance up until money is spent; interest earned is automatically deposited back into the Savings Plus account.
• No monthly card fees and free card replacement.
• Works anywhere Mastercard is accepted, in Canada and internationally.

Specifications and Limits

• ATM withdrawal maximum: $500 per day.
• Card spending limit: up to $5,000 per day or per transaction.
• Maximum prepaid balance on card at any time: $10,000 (can be reloaded as money is spent).
• Accepted worldwide where Mastercard is accepted. EQ Bank does not charge foreign transaction fees, but Mastercard’s currency conversion rate applies to international purchases.
• Cash back is credited monthly. See the EQ Bank Card Agreement for full terms on earning cash back.

Fees and Deposit Protection

There are no monthly account or card fees for Savings Plus or the EQ Bank Card. The card itself is free to order and free to replace. While EQ Bank does not control other banks’ ATM surcharge fees, it will automatically reimburse third-party ATM fees charged in Canada within 10 business days.

The Savings Plus account and funds on the EQ Bank Card are eligible for CDIC insurance through Equitable Bank, which protects eligible deposits up to $100,000 in the unlikely event of a bank failure.

Security and Support

• Users can lock or unlock the card instantly using the app or online, or by contacting EQ Bank support.
• Mastercard’s zero liability policy provides protection for unauthorized transactions.
• Free replacement cards are available if the card is lost or stolen.

Pros

• Combines high interest savings with everyday access: interest earns while funds sit on the card and in the account.
• No monthly fees and no minimum balance requirement.
• Unlimited transactions including bill payments and Interac e-Transfers.
• Free ATM withdrawals in Canada with automatic reimbursement for third-party ATM surcharges.
• Cash back on everyday purchases an uncommon perk for a prepaid debit-style card.
• CDIC deposit protection through Equitable Bank.

Cons and Limitations

• Card operates on a prepaid model, requiring an extra step to load funds prior to spending (though loading is instant and fast).
• Daily ATM and card spending limits may be restrictive for some cash-heavy users or high-value transactions.
• Mastercard currency conversion rates apply for international purchases; while EQ Bank does not charge additional foreign transaction fees, exchange rates can vary.
• EQ Bank Card availability is not yet nationwide: the card is not available in Quebec at this time, though the Savings Plus account is available there.

Final Recommendation

The EQ Bank Savings Plus account combined with the EQ Bank Card offers a compelling, modern alternative to holding separate checking and savings accounts. It brings together high interest, no monthly fees, unlimited transactions, free ATM access in Canada with automatic reimbursement, and cash back on everyday spending. The prepaid model introduces one small extra step when loading funds, but the benefits—instant transfers, interest while funds sit on the card, and simple digital controls make this a strong choice for anyone seeking a straightforward, low-cost everyday banking solution.