EQ Bank - A free online bank in Canada
EQ Bank is a digital banking platform offered by Equitable Bank, Canada's seventh-largest bank, with over 50 years of experience in the Canadian market.
If you have never heard of them, don’t be concerned: They are a member of CDIC and deposits made are eligible for CDIC protection up to $100,000, per insured category.
Key features of EQ Bank:
- Free account forever
- Earn interest on your entire balance
- Earn more interest if you direct deposit your pay
- Free withdrawals from any ATM in Canada
- No monthly or minimum balance needed
- Online cheque deposit via the App.
- Free Interac e-Transfers
With the free EQ Bank Card:
- Reloadable Mastercard with 0.5% cash back on purchases
- Zero FX fees when spending abroad.
Disclaimer: I will receive a commission if you are using the above affiliate link. This makes it possible to support all Work and Travellers on the Working Holiday Canada adventure. Thanks a lot for the support.
Where is the catch?
Everything is entirely digital, so:
- You can’t walk into a branch for help.
- Cash deposits are not supported, which can be limiting if you handle cash regularly.
- The EQ Bank Card is a prepaid Mastercard, not a credit card. It doesn’t build credit history.
You can open a bank account as a newcomer. However, in order to open an online bank account you need to prove Canadian residency. This means you can only apply after you swapped the foreign drivers licence into a Canadian drivers licence.