EQ Bank Review

As a digital-only bank, EQ Bank has steadily gained traction in the Canadian banking landscape. With a mission to provide customers with a seamless banking experience, EQ Bank offers innovative products and services that cater to the needs of modern customers. In this review, we will take an in-depth look at the bank’s offerings, customer service, and overall performance.

1. Account Offerings

EQ Bank offers a variety of accounts to cater to different needs. Their flagship account, the EQ Bank Savings Plus Account, provides customers with an impressive interest rate, currently at 1.25% (subject to change). This account stands out among its competitors due to its lack of monthly fees, unlimited transactions, and no minimum balance requirement. The bank also supports joint accounts, allowing customers to share account benefits with a partner or family member.

In addition to the Savings Plus Account, EQ Bank offers GICs (Guaranteed Investment Certificates) with competitive interest rates and varying terms from 3 months to 10 years. These GICs can be an excellent investment option for those looking for a low-risk way to grow their savings.

2. Online Banking Experience

EQ Bank’s online platform is designed to be user-friendly and intuitive, allowing customers to access their accounts and perform transactions with ease. The platform offers features like bill payments, Interac e-Transfers, mobile cheque deposits, and account transfers. The bank’s mobile app, available on both iOS and Android, has a sleek design that ensures smooth navigation and quick access to essential banking services.

3. International Money Transfers

One of the most appealing aspects of EQ Bank is its partnership with Wise (formerly TransferWise) for international money transfers. This partnership allows customers to send money abroad at real exchange rates and with low, transparent fees. The process is quick and straightforward, making it an excellent option for those who frequently send money internationally.

4. Customer Service

EQ Bank prides itself on its customer-centric approach, and this is evident in its commitment to providing excellent customer service. Customers can reach the bank through phone, email, or live chat, ensuring that help is readily available when needed. The bank’s customer support team is knowledgeable and friendly, providing efficient assistance in addressing concerns or answering questions.

5. Security

As a digital-only bank, EQ Bank takes security very seriously. The bank employs robust security measures, including two-factor authentication, encryption, and secure session management, to ensure that customers’ personal and financial information is protected. Additionally, EQ Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means customers’ deposits are insured up to $100,000.

6. Areas for Improvement

While EQ Bank offers a competitive suite of financial products, it lacks some services that traditional banks provide. Currently, the bank does not offer credit cards, mortgages, or business accounts. Additionally, being a digital-only bank means that customers cannot visit a physical branch for in-person assistance. However, the bank’s exceptional customer service compensates for the lack of physical branches.

7. Overall Assessment

EQ Bank has made a significant impact in the Canadian banking industry by offering a customer-focused approach and a range of competitive financial products. Their high-interest savings account and partnership with Wise for international money transfers are particularly noteworthy. While EQ Bank may not be suitable for those seeking comprehensive banking services, it excels in providing a seamless, user-friendly banking experience for those who prioritize convenience and competitive interest rates.

In summary, EQ Bank is an excellent choice for customers seeking a digital bank with innovative products and exceptional customer service. Its commitment to delivering a superior banking experience while maintaining strong security measures makes it a strong contender in the ever-evolving world of online banking.