Tired of your bank taking more than it gives? EQ Bank just flipped the script with 4% interest

A real return for everyday banking

Most people use their bank accounts for regular transactions — paying bills, buying groceries, managing subscriptions. But traditional banks don’t reward this behaviour. You get the convenience of daily banking, but your money earns virtually zero interest.

EQ Bank disrupts this old business model. The EQ Bank Personal Account works like a chequing account — with free Interac e-transfers, no monthly fees and the ability to pay or set up automatic bill payments — plus it pays interest on every dollar deposited into the account.

At a base rate of 1.25%, it’s already ahead of most competitors. But if you set up your paycheque to land directly in the account, EQ boosts that interest rate to 4%. That’s a serious incentive to centralize your daily banking with them.

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Best home for your paycheque

Payroll direct deposit is how most people get paid — and with EQ Bank, it’s more than just a convenient way to get your money faster. It's a financial strategy.

When your pay hits your EQ Bank account, that 4% interest starts working for you immediately. Unlike other banks where your pay sits dormant unless you actively move it to a savings account, EQ Bank starts paying you interest immediately. There’s no need to shuffle funds back and forth between chequing and savings. It all earns interest, all the time.

And since there are no minimum balance requirements, no fees and unlimited transactions, you don’t lose anything by using it as your main account.

Smarter emergency fund

Financial advisors often say you should keep an emergency fund equivalent to three to six months of your regular expenses. The problem? Most people park that cash in accounts that earn next to nothing, shrinking its real-world value over time due to inflation.

With EQ Bank, your emergency fund works harder. You get liquidity (easy access to your money) and high interest, all in one place. And if your emergency fund is also where your paycheque lands, you’re getting the full 4%. That means your rainy-day money grows — even while it waits.

And since EQ Bank is CDIC insured (up to $100,000 per eligible account), your emergency stash is safe too.

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EQ Bank high interest: No gimmicks, just value

Other banks advertise teaser rates that vanish after a few months. EQ Bank’s structure is straightforward: 1.25% daily, plus 2.75% with direct deposit. There’s no fine print about holding your money hostage in a locked-in savings account or jumping through hoops to earn your rate.

It's a rare case of a financial product being exactly what it says it is.

Just be sure you are comfortable with EQ Bank’s hold periods

Since EQ Bank is a digital-only bank — there are no brick and mortar locations, which helps to keep costs down — there are a few terms and conditions to be aware of when using their Personal Account as your day-to-day bank account.

For instance, while all deposits will appear in your bank account balance immediately, you cannot withdraw, transfer or pay bills with held funds until the hold period expires.

• Electronic Funds Transfer (EFT): Funds are held for up to five business days after the date of deposit.
• Cheques: For deposited cheques with amounts up to $1,500, the hold period is five business days. For amounts over $1,500, the first $1,500 is held up to five business days, while the remaining amount is held for up to eight business days.

EQ Bank: Withdrawal methods and limits

Once funds are available, you can withdraw larger sums using the following methods:

• Electronic Funds Transfer (EFT): Transfer up to $30,000 per transaction to your linked external bank accounts. Funds typically take 2 to 3 business days to arrive.
• EQ Bank Card (ATM Withdrawals): Withdraw up to $500 per transaction, with a daily maximum of $500. EQ Bank reimburses any ATM fees within 10 business days.
• Interac e-Transfer: Send up to $3,000 per day. Funds are usually available within 30 minutes and are not subject to holds, making this method ideal for smaller, immediate withdrawals.

Who should use EQ Bank accounts

If you:

• Get paid by direct deposit
• Want your money to earn interest daily
• Hate bank fees
• Use one account for both spending and saving
• Need quick access to an emergency fund

…then this account just works.

Bottom Line

At a time when banks are giving less, EQ Bank is giving more. It’s rewarding everyday behaviour — paying you 4% just for using your account as the hub of your financial life.

Whether living paycheque to paycheque or building up savings, this is one of the best deals on the market. If your money isn’t earning where it’s sitting, it’s time to move it to an EQ Bank account.