Published 02/22/2024 Updated 02/10/2026 | BeCred

EQ Bank Account

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The EQ Bank Personal Account is redefining everyday banking in Canada. With no monthly fees, high interest on your entire balance, and built-in bill payments, Interac e-Transfers, and mobile cheque deposits, it combines the best of a chequing and savings account — all in one. If you’re tired of low interest and hidden fees, EQ Bank offers a smarter, digital-first alternative.

HOW TO APPLY

EQ Bank is the digital banking platform of Equitable Bank, a federally regulated Schedule I Canadian bank. The EQ Personal Account provides high interest on all your funds, without the need to transfer between chequing and savings. It’s ideal for Canadians who want a single, powerful account that pays you more.

Advantages

  • Competitive interest rate on the entire balance, not just promotional or tiered.
  • Zero monthly fees and no minimum balance.
  • Unlimited free e-Transfers and bill payments.
  • Integrated digital features (mobile cheque deposit, app-based transfers).
  • Free international transfers through Wise with transparent rates.
  • Backed by Equitable Bank, a federally regulated Schedule I bank.

Why Choose EQ Bank?

Unlike traditional banks that separate chequing and savings or offer low interest on everyday accounts, EQ Bank lets you earn more on every dollar, every day. With zero monthly fees, fast digital tools, and transparent service, it’s a modern solution built around how Canadians actually manage money.

Conclusion

The EQ Bank Personal Account is designed for Canadians who want a single, straightforward account that maximizes both convenience and earnings. By merging chequing and savings into one, it eliminates the need to constantly move funds to benefit from higher interest. Compared to traditional banks, EQ Bank stands out for its zero fees, competitive interest, and digital-first approach.

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It is especially well-suited for tech-savvy individuals, those frustrated with hidden charges, and anyone looking for a reliable everyday account with higher returns. For people who prefer face-to-face service or need frequent cash transactions, a hybrid setup with another bank might still be useful. Overall, EQ Bank offers one of the most cost-effective and rewarding personal accounts in Canada.

HOW TO APPLY

Credit card approval in Canada typically depends on your credit score, income, existing debts, and credit history. Lenders review your financial profile to determine whether you qualify and what credit limit they can offer.

Many basic credit cards can be approved with a score around 600 or higher. Premium cards may require a stronger score, often above 700. Some secured credit cards are available for people with little or no credit history.

Yes. Many Canadian banks offer special credit card programs for newcomers who may not yet have a Canadian credit history. These programs often include starter credit limits to help build credit over time.

You can build your credit score by paying your balance on time every month, keeping your credit utilization low, and avoiding missed payments. Responsible use over time helps strengthen your credit profile.

Paying the minimum keeps your account in good standing, but interest will continue to accumulate on the remaining balance. Over time this can increase the total amount you pay for your purchases.

Some credit cards charge annual fees in exchange for rewards, travel benefits, or higher credit limits. However, many Canadian banks also offer no-fee credit cards with basic features and cashback options.

CREDIT CARD

Discover the PC Financial Mastercard

Earn PC Optimum™ points on everyday purchases like groceries and fuel. Apply for the PC Financial Mastercard and start earning rewards wherever you shop.

APPLY NOW * You will remain on the current website

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