Yes—deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, as outlined in CDIC’s "Protecting Your Deposits". For example, you’re covered for up to $100,000 combined across your individual Personal Account, GICs, US Dollar Account, and any deposits in your name that you have with Equitable Bank. Eligible deposits in your joint account are insured separately.

EQ Bank is a trade name of Equitable Bank. Equitable Bank is a member of the CDIC.

For our Canadian dollar savings account products, we hold funds deposited by cheque or Electronic Funds Transfer (EFT) for five business days, beginning after the date of deposit. This means that funds held will actually become available by the sixth business day.

For example, if you make a deposit on a Monday, you can access the funds on the following Tuesday.

Although the deposit is reflected immediately in your account balance, you won’t be able to withdraw or transfer your funds until the hold period has passed. However, during the hold period, you still earn interest on the deposit amount. For more details, check out our Hold Funds Policy.

For our US Dollar Account, although the deposit will be reflected in your account balance immediately, your ability to access the entire amount of your deposit will be restricted until the hold period has expired. This means that you won’t be able to transfer funds that are being held. Subject to certain exceptions, the normal length of time we will hold funds on your account is five business days after the date of deposit. There may be circumstances where the hold period is extended. For more details, check out US Dollar Account Fees and Features.

No, your funds are available as soon as they’re deposited.

EQ Bank offers Canadians a digital banking experience. We launched officially in January 2016 with a commitment to help Canadians get the most out of their money.

Based in Toronto, EQ Bank is a trade name of Equitable Bank. Equitable Bank is a federally regulated Schedule I bank with over 1,800 employees across Canada.

Equitable Bank, Canada’s Challenger Bank™, is the country’s seventh largest independent Schedule I bank. EQ Bank is the digital arm of Equitable Bank. You can learn more by visiting www.equitablebank.ca.

Good question! Banks typically make money by accepting deposits from customers, and then providing loans to other customers and earning interest from those loans. We use the deposits from EQ Bank to fund Equitable Bank’s residential and commercial loans, and earn interest.

As a branchless bank, we’re able to reduce our operating costs, and pass on those savings to you in the form of a great everyday interest rate on the Personal Account.

We’re always looking for good people! Check out our latest job postings.

It’s really easy! You can open an account by visiting www.eqbank.ca and applying online.

Each EQ Bank customer must:

• Be a Canadian resident
• Meet their province’s age of majority (18 or 19 years old, depending on where you live)
• Have a Social Insurance Number

Note: to sign up online, a Canadian mobile phone number is required.

As part of our online identity verification process, we do a “soft” credit check—meaning your credit score won’t be affected and won’t be visible to other third parties who view your credit report.

The Income Tax Act requires all banks to obtain your Social Insurance Number when you open an account that earns interest (this includes the Personal Account and GICs). Banks are required to report the interest you earn each year to the Canada Revenue Agency.

We don’t officially support access to your Personal Account through Mint.

Yes, we currently offer the Business Account to existing EQ Bank Customers. If you're not an EQ Bank customer, join our waitlist to be notified when it becomes available. 

You can continue to access your existing account while travelling outside of Canada. However, all EQ Bank account holders must be Canadian residents in order to maintain their account.

Online identity verification ensures it’s you opening an account with us, not someone else using your information. We use a selfie photo to check that your face matches your photo ID. Your photos are deleted once you’re verified.

We are required by law to verify the identity of account applicants. Checking photo ID also protects you and your account against fraudulent activity.

Any photos submitted during the online identity verification process are securely deleted once your identity has been verified.

To ensure the safety of your account, EQ Bank uses 2-Step Verification to verify your identity. We use your mobile device to confirm it’s really you, not someone else using your information.

If we’re unable to verify your identity through TransUnion (a credit reporting agency) or through our online identity verification, you can do so by visiting Canada Post. Similar to showing your government-issued photo ID at a bank branch, we’ve partnered with Canada Post to make verifying your identity as quick and convenient as possible. Find the participating Canada Post outlet that’s closest to you.

You’ll need to bring:

• 1 piece of government-issued photo ID
• 1 proof of address document (if your photo ID doesn’t have your current address)
• Your Canada Post DSS number (see What is my Canada Post DSS number and why is it important?)

If we’re unable to verify your identity through TransUnion (a credit reporting agency) or through our online identity verification, you can do so by visiting Canada Post and providing your DSS number. A DSS number (or barcode) is given to Canada Post, so they can validate your identity based on the information in your application on our behalf. Your Canada Post DSS number will be emailed to you, but if you can’t find it, feel free to call our Customer Care team.

After 60 days, your Canada Post DSS number expires. If you want to proceed with your application after 60 days, you’ll need to contact our Customer Care team to get a new DSS number.

An Online Consumer Disclosure is a detailed report of all the information on your credit file, and serves as a way for you to check the data as reported to TransUnion. The information you provide in your EQ Bank application must be an exact match to what is on your TransUnion credit file.

Good news: we have both! We offer a US Dollar Account, along with cheap, fast, and easy-to-use international money transfers. You can learn more about them here.

Please note: our US Dollar Account and International Money Transfers are not currently available in Quebec; our team is working to make them available soon.

We offer a high-interest savings account (Personal Account), high-interest joint savings account (Joint Account), TFSA Savings Account, RSP Savings Account, FHSA Savings Account, GICs (guaranteed investment certificates), Notice Savings Account, Business Account, International Money Transfers and US Dollar Account.

Please note: the US Dollar Account, RSP Savings Account, FHSA Savings Account and International Money Transfers are not currently available in Quebec.

From students to seniors, everyone is welcome! We offer the same banking products to all.

That said, we do have a few basic requirements—all EQ Bank customers must:

• Be a Canadian resident
• Meet their province’s age of majority (18 or 19 years old, depending on where you live)
• Have a Social Insurance Number

Unfortunately, not at the moment. All EQ Bank customers must be Canadian residents in order to open and maintain an account.

As part of our online identity verification process, we conduct a “soft” credit check, which doesn’t affect your personal credit score. Your credit score is not considered when opening an EQ Bank account.

We do, and thanks for wanting to tell others about us! To share your referral link, sign in and click on "Refer a friend."

Sign in to EQ Bank and, from the dashboard, click on your savings accounts. Each account has a unique nine-digit number associated with it.

It’s easy! Simply sign in to your account using the EQ Bank mobile app. In the bottom right corner, click on “Deposit.” Enter the dollar value of the cheque in the “Amount” field, then select the account you wish to deposit the funds into. Take a photo of both the front and back of the cheque, then click “Deposit.”

We’re all about zero monthly banking fees! We don’t charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees. After all, your money is your money.

 Check out the full list of fees we don’t charge:

Personal Account

TFSA Savings Account

RSP Savings Account

US Dollar Account

To add a new biller via web browser, sign into your account and from the “Bills” tab, select “Manage billers.” Click “Add a new biller” and enter the biller’s name. Search for your biller and select the associated name. Enter your account number and tap “Add” to confirm.

To edit or update a biller using the mobile app, sign into your account, tap the hamburger menu at the top right corner, and select “Billers.” Tap “Add a new biller” and enter the biller’s name. Search for your biller and select the associated name. Enter your account number and tap “Add” to confirm.

To edit or update a biller via web browser, sign into your account and from the “Bills” tab, select “Manage billers.” Once you’ve found the biller you’d like to edit, select “Delete,” and re-add your biller with the updated information.

To edit or update a biller using the mobile app, sign into your account, tap the hamburger menu at the top right corner, and select “Billers.” Search for the biller, select “edit, ” and tap the trash icon. Re-add your biller with the updated information.

Using the EQ Bank mobile app, sign in to your account, then click on the navigation menu in the top right corner. Click on “Direct deposits and payments,” then “Download PDF/void cheque”.

Using a web browser, sign in to online banking. Under “My accounts,” click on “Direct deposit,” then “Download PDF”.

Once you’ve generated this void cheque, you can give it to the company that is providing the payment.

You can use your EQ Bank Card⁴ to access your money for free from any ATM in Canada. We don’t charge any fees for any ATM withdrawals in Canada. Plus, we reimburse any fees or surcharges charged by Canadian ATM providers within 10 business days. Order your free EQ Bank Card today. 

You can also use our mobile app and online banking website to easily deposit or transfer funds electronically between your bank accounts. By sending funds to your linked account(s) through Interac e-Transfer or Electronic Funds Transfer (EFT), you move your cash to wherever you want it. 

Using the EQ Bank mobile app, sign in to your account. The current interest rate will be visible on your dashboard.

To view the current rate without signing in, click the links below:

• Personal Account
• TFSA Savings Account
• RSP Savings Account
• US Dollar Account

To unlock your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) for support.

You can download the EQ Bank mobile app for iOS here.

You can download the EQ Bank mobile app for Android here.

As Google no longer provides regular security updates for Android 9 and below, the EQ Bank app supports Android 10 and above.

Email One-Time Passcodes (OTP)

• Depending on your network connection and email service provider, some OTPs may take a few minutes to be delivered. Try to refresh your email app.
• If you are retrieving your email on a mobile device, ensure that:
  • You have adequate internet connection
  • Airplane mode is not enabled
  • “Do Not Disturb” is not enabled
  • Battery saver mode is not enabled. This may prevent emails and notifications from being delivered.
• If you are checking your emails on a mobile device, try to check them on a desktop computer as well.
• Search for eqbank_noreply@eqbank.ca within your search bar to see if the OTP email was delivered.
• Check your junk/spam inbox.

Add eqbank_noreply@eqbank.ca to your safe senders’ list through your email service provider. Once you whitelist our email address, try to request another OTP. Here are some examples on how to add EQ Bank to your safe senders’ list:

Gmail
1. Locate the “Contacts” icon under Applications in your Gmail.
2. After selecting the “Contacts” icon, click on “Create Contact” and fill in the details accordingly. Add eqbank_noreply@eqbank.ca as the email address.
3. Click “Save” to complete the process.

Microsoft Hotmail/Outlook/Live
1. Select “Options” in the upper right corner of your email provider.
2. Click on “Safe and Blocked Senders”.
3. Click on the “Safe Senders” link and enter eqbank_noreply@eqbank.ca to whitelist.
4. Click “Add” to complete the process.

Yahoo
1. Click the address book icon under the Yahoo! Mail logo.
2. Click “New Contact” and add eqbank_noreply@eqbank.ca to whitelist.
3. Click “Save” to complete the process.

Other email service providers: The steps vary from different email service providers. Please search “How to add an email to my safe senders list” on your email provider’s website.

If you continue to encounter issues with OTPs not being delivered, please call us at 1-844-437-2265, 7 days a week, 8 AM to midnight (Eastern Time).

SMS One-Time Passcode (OTP)

• SMS OTPs will be sent from “372265”.
• On your mobile device, ensure that:
  • You have adequate internet connection
  • Airplane mode is not enabled
  • “Do not Disturb” is not enabled
  • Battery saver mode is not enabled. This may prevent emails and notifications from being delivered.
• If you continue to encounter issues with OTPs not being delivered, please call us at 1-844-437-2265, Monday to Friday, 8 AM to midnight (Eastern Time).

To reset your password, click on “Forgot password” from the EQ Bank sign-in page. If you’ve made too many failed attempts with an incorrect password, you’ll eventually be locked out.

To unlock your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).

Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “Profile,” then “Edit.”

Using a web browser, sign in to online banking. Under “Profile,” click on “Profile,” then “Edit.”

Using the EQ Bank mobile app, sign into your account, and click the navigation menu in the top right corner. Under “Manage my account,” click  “Profile,” then “Edit.”

Using a web browser, sign into online banking. Under “Profile,” click “Profile,” then “Edit.”

If you’re moving to Quebec from another province, please note you’ll have to contact our Customer Care team at 1-844-437-2265 (844-4EQ-BANK). If you hold a US Dollar Account, RSP Savings Account, or RSP GICs, you’ll be required to close these accounts. In addition, the International Money Transfer service and EQ to EQ Transfers will no longer be available.

Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “View documents,” then “View statements.”

Using a web browser, sign in to online banking. Under “My accounts,” click on “Bank statements.”

Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “Profile,” then “Edit.”

Using a web browser, sign in to online banking. Under “Profile,” click on “Profile,” then “Edit.”

Your EQ Bank account will be a unique nine-digit number. You can also generate a void cheque by signing in to the EQ Bank mobile app or online banking.

T5 tax slips can be found by signing in to your account through the EQ Bank mobile app or online banking website. Once you’re signed in, navigate to the “My accounts” tab, and click on “Tax documents.”

Your T5 tax slip will be available for download as a PDF file by no later than February 28 of every year.

To report an issue with your T5 tax slip, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.

There are three ways to deposit funds into your EQ Bank account:

• via Interac e-Transfer^®
• via Electronic Funds Transfer (EFT) through your linked accounts
• via Mobile Cheque Deposit through the EQ Bank mobile app

Interac e-Transfer^®:

You can instantly deposit funds by sending an Interac e-Transfer^® to yourself, using your other bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.

Note: While it’s free to send or receive Interac e-Transfers^® with EQ Bank, your other bank may charge a fee for sending them. Banks also tend to set daily limits on how much money you can send through Interac e-Transfer^®, so it’s best to use this method for smaller amounts (generally $5,000 or less).

Electronic Funds Transfer (EFT):

Using either the EQ Bank mobile app or through online banking, you can deposit up to $100,000 per transaction from your linked account to your EQ Bank account. You can make multiple transactions per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.

Mobile Cheque Deposit:

Using the EQ Bank mobile app, you can deposit up to $100,000 per cheque. You can deposit multiple cheques per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.

Generally, we hold funds deposited by cheque or Electronic Funds Transfer (EFT) for five business days, beginning after the date of deposit. This means that funds held will actually become available by the sixth business day, when you include the date of deposit. For example, if you make a deposit on a Monday, you can access the funds on the following Tuesday.

Although the deposit will be reflected in your account balance immediately, you will not be able to withdraw or transfer the funds until the hold period has passed. During the hold period, you continue to earn interest on the deposit amount. For more information, please to refer to our Hold Funds Policy. To view the dollar limits of other transaction types, click here.

There are three ways to withdraw funds from your EQ Bank account: 

• Via ATM withdrawals using an EQ Bank Card 
• Via Interac e-Transfer 
• Via Electronic Funds Transfer (EFT) to your linked accounts 

EQ Bank Card:

You can withdraw money loaded on your card for free from any ATM in Canada. We don’t charge any fees for any ATM withdrawals in Canada. Plus, we reimburse any fees or surcharges charged by Canadian ATM providers within 10 business days. Learn more about the EQ Bank Card⁴.

Interac e-Transfer^®:

You can instantly withdraw funds by sending a free Interac e-Transfer^® to yourself, from your EQ Bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.

Note: Banks may set daily limits on how much money you can receive through Interac e-Transfer^®, so it’s best to use this method for smaller amounts.

Electronic Funds Transfer (EFT):

Using the EQ Bank mobile app or through online banking, you can transfer up to $30,000 per transaction from your EQ Bank account to your linked bank accounts. You can make multiple transactions per day. Funds will take two to three business days to appear in your linked bank account.

Your funds will take two to three business days to appear in your linked bank account.

Using the EQ Bank mobile app, sign in to your account, then click on “Bills” along the bottom of the screen, then “Pay Bills.’

Using a web browser, sign in to online banking. From the Dashboard, click “Pay a bill.”

You can cancel a payment up until one business day prior to the date of payment.

To cancel a payment via web browser, sign in to your account, click “Bills” in the top navigation menu, and select "Pending payments," where you can delete a pending payment or recurring transaction. 

To cancel using the mobile app, sign in to your account, click “Bills” in the bottom navigation menu, and select “Upcoming bills.” From here, you can delete a pending or recurring transaction.

Using a web browser, sign in to online banking. From the Dashboard, click on the applicable savings account. You can download a CSV file containing your account transactions by clicking on the download icon (to the left of the printer icon).

Yes, you can. Sign in to your PayPal account, click "Wallet," select "Link a bank," then scroll to click "Search for other banks." Since EQ Bank/Equitable Bank is not currently listed, you’ll need to click "Enter your bank details" to enter the following information:

Bank Transit Number: 80002

Institution Number: 623

Add your account number to link your PayPal and EQ Bank accounts.

Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “Externally linked account,” then “Link another account.”

Using a web browser, sign in to online banking. Under “Transfers,’ click on “Linked accounts,” then “Link another bank account.”

Note: you can only link Canadian Savings and Chequing Accounts from a Canadian Financial Institution and US Dollar Accounts from a Canadian Financial Institution to your EQ Bank portfolio. Business Accounts, US Dollar Accounts from American Financial Institutions, or any other types of accounts will not be accepted.

To delete a linked account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.

To delete or close your savings account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.

To delete or close your savings account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.

Should an account holder pass away, next of kin or the executor can email estates@eqbank.ca or call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK). If possible, please have the date of death, and lawyer or trustee details available, and we’ll do everything we can to help.

Please mail original or notarized copies of estate documentation to our head office at:

EQ Bank - Digital Banking - Estates Department
30 St. Clair Avenue West, Suite 700,
Toronto, ON
M4V 3A1

You only need to provide documents once, as they’ll be shared with applicable departments, as required. Please note submitted documents will not be returned to you.

By law, we are required to validate your identity to confirm the instructions of the deceased. We hope you understand that our process of verifying an executor's identity is one of the ways we ensure that we abide by our clients' final instructions.

You can download an Identification Verification Form here.

This form allows us to validate the correct mailing address to send the cheque, ensuring there are no issues with its delivery following an account closure.

You can download a Direction and Indemnity Form here.

You’ll need to provide us with the following:

• An original or notarial copy of a death certificate
• The notarial copy of the will
• Direction and Indemnity Form
• Identification Verification Form

You may also need to provide further documentation, depending on the type of account(s) held by the deceased.

When you have a notarial will, then court order document/probate will not be required.

You don’t! You’re able to keep a $0 balance in your account, should you choose to.

Your account will be considered dormant, if there has been no activity for a 24-month period. If your account is dormant and has no balance, it will be closed without notice. If your account is dormant and the balance is greater than $0, we will email you a Dormant Account Notice. EQ Bank does not charge dormant account fees. For more information on dormant accounts, please review our Personal Account Agreement under the section titled “Dormant Accounts.”

You can link up to 10 other external accounts to your EQ Bank account.

EQ to EQ Transfers let you instantly send money to another EQ Bank customer for free. You can send up to $30,000 per day (as opposed to a maximum of $5,000 per day for Interac e-Transfers^®). Funds sent through this method are not subject to holds, and funds are immediately available for use.

To send an EQ to EQ Transfer:

Using the EQ Bank mobile app, sign in to your account. Click on “Transfer” along the bottom of the screen, and then “Transfer to EQ Connection.”

Using a web browser, sign in to online banking. Under “Transfers,” click on “Transfer to EQ Connections.”

Unfortunately, we’re not able to offer wire transfers at the moment.

You can open up to eight personal EQ Bank accounts (including Personal Account(s), Joint Account(s), Notice Savings Account(s), and a US Dollar Account). In addition, you can open one TFSA Savings Account and one RSP Savings Account.

Using a web browser, sign in to online banking. Under “Transfers,” click on “Pending transfers.” Under “Recurring transactions,” click “Delete” on your selected transaction.

You can cancel a transfer up until one business day prior to the date of the transfer.

To cancel a transfer via web browser, sign in to your account, click "Transfers" in the top navigation menu, and select "Pending transfers," where you can view pending transactions and delete them.  

To cancel using the mobile app, sign in and scroll down to “Upcoming Transactions,” where you can view and delete pending transactions.

Interac e-Transfer^® is a fast, easy, and secure way to send and receive money electronically—from anywhere at any time!

With Interac e-Transfer^®, you can send money to anyone with a Canadian mobile phone number, or an e-mail address, and a Canadian-dollar bank account at a Canadian financial institution.

It’s really easy!

From your desktop:

• Sign into your account
• Select “Transfers” from the top navigation menu and then select “Interac e-Transfer^®” (alternatively, you can select “Interac e-Transfer^®” from the quick actions menu on your dashboard)
• Fill in your transfer details and click “Review”
• Review your details and select “Send money”

From the mobile app:

• Sign into your account
• Tap “Transfer” from the bottom navigation menu and then select “Send Interac e-Transfer”
• Fill in your transfer details and click “Review”
• Review transfer details and select “Send money”

That’s it! From the “Transfer activity” page, you can see the status of your transfer.

For any Interac e-Transfer^® under $250, the transfer is sent instantly.

If you’ve established a transfer history with a recipient (even one transfer), any amount (within your account limits) is sent instantly.

Otherwise, it can take up to 30 minutes for the recipient to receive the Interac e-Transfer^® notification.

If you haven’t received your Interac e-Transfer^®, confirm you’re using the correct email address or phone number. Check for spelling, symbols, and other common mistakes.

Depending on the sender’s financial institution, a transfer may be canceled after it is sent. Please check your account to ensure the funds have been deposited.

When someone sends you an Interac e-Transfer^®, you’ll receive an email or text notification to let you know a transfer has been sent to you.

Click the link in the notification and select EQ Bank as your financial institution.

Once you sign into your account, you’ll be taken to the “Receive money” screen.

Make sure the “Deposit” toggle is selected, answer the security question, select the deposit account, and click “Deposit money.”

If you have Autodeposit enabled, the transfer will deposit automatically into your account.

Depending on the sender’s financial institution, a transfer may be canceled after it is sent. Please check your account to ensure the funds have been deposited.

Nope! It is 100% free to send or receive an Interac e-Transfer^®. There’s also no charge to cancel past unaccepted transfers.

You can send an Interac e-Transfer^® from your Personal Account and your Joint Account.

From your desktop:

• Sign into your account
• Select “Transfers” from the top navigation menu and then select “Interac e-Transfer^®” (alternatively, you can select “Interac e-Transfer^®” from the quick actions menu on your dashboard)
• Select “Transfer activity” from the side menu to view your Interac e-Transfer^® activity
• Click the arrow to the right of the transfer amount to select the transfer you’d like to cancel
• Click “Cancel transfer” and follow the prompts

From the mobile app:

• Sign into your account
• Select “Transfer” from the bottom navigation menu and then select “Send Interac e-Transfer”
• Tap “Transfer activity” from the floating button at the bottom of the screen to view your Interac e-Transfer^® activity
• Tap the transfer row to select the transfer you’d like to cancel
• Tap “Cancel transfer” and follow the prompts

You can’t cancel an Interac e-Transfer^® after it’s been accepted.

From your desktop:

• Sign into your account
• Select “Transfers” from the top navigation menu and then select “Interac e-Transfer^®” (alternatively, you can select “Interac e-Transfer^®” from the quick actions menu on your dashboard)
• Click “Transfer activity” from the side menu to view your Interac e-Transfer^® activity

From the mobile app:

• Sign into your account
• Select “Transfer” from the bottom navigation menu and then select “Send Interac e-Transfer”
• Tap “Transfer activity” from the floating button at the bottom of the screen to view your Interac e-Transfer^® activity

From there, you can filter transfers by date or status.

An Interac e-Transfer^® expires 30 days after it’s sent and can’t be deposited by the recipient after that time.

If a transfer is expired or declined, you’ll receive an email from Interac from which you can redeposit the money back into your account: Simply click the EQ Bank logo in the email, sign into your account, and click “Redeposit money.”

From your EQ Bank account, you can send:

• Up to $5,000 per 24-hour period
• Up to $10,000 per 7-day period
• Up to $20,000 per 30-day period

When receiving funds via Interac e-Transfer^® to your EQ Bank account, you can receive:

• Up to $25,000 per transaction

To view the dollar limits associated with your account, click here.

No, not at this time; however, if you receive a money request, you can fulfill it with EQ Bank:

• Click the link in the request money notification
• Select EQ Bank as the financial institution
• Sign into your account, and follow the prompts in the “Fulfill request for money” screen

Unfortunately, not at the moment.

Autodeposit is an Interac e-Transfer^® feature that makes depositing funds even easier.

When you sign up for Autodeposit, funds sent to you via Interac e-Transfer^® are deposited automatically into your EQ Bank account—without the sign-in hassle of passwords or security questions.

Depending on the sender’s financial institution, a transfer may be canceled after it is sent. Please check your account to ensure the funds have been deposited.

From your desktop:

• Sign into your account
• Select “Transfers” from the top navigation menu and then select “Interac e-Transfer^®” (alternatively, you can select “Interac e-Transfer^®” from the quick actions menu on your dashboard)
• Click “Register Autodeposit” from the side menu
• Enter your email address or mobile number and select the account for funds to be deposited
• You’ll receive an email or text message from Interac^®:
  • For email, select the “Complete registration” option to verify and complete your Autodeposit set-up
  • For text message, visit the link in the text message to access the “Complete registration” option
• Once registration is complete, your status will change from “Pending” to “Active”

Using the mobile app:

• Sign into your account
• Select “Transfer” from the bottom navigation menu and then select “Send Interac e-Transfer”
• Tap “Register Autodeposit” from the floating button at the bottom of the screen
• Enter your email address or mobile number and select the account for funds to be deposited
• You’ll receive an email or text message from Interac:
  • For email, select the “Complete registration” option to verify and complete your Autodeposit set-up
  • For text message, visit the link in the text message to access the “Complete registration” option
• Once registration is complete, your status will change from “Pending” to “Active”

You can unregister at any time.

No, you can’t be registered for Autodeposit at multiple financial institutions with the same email address or mobile number.

If you’re registered at a financial institution other than EQ Bank, you can sign up for Autodeposit through EQ Bank, which will automatically replace your existing registration—you do not need to delete it yourself.

Once your registration with EQ Bank is complete, funds sent to that email address or mobile number will be deposited into your EQ Bank account.

To update the account that your funds are deposited into, select the “Edit” link beside an active Autodeposit registration.

To change an email address or mobile number, please delete the registration and set up a new one.

You can refer friends and family who aren’t currently EQ Bank customers, and haven’t already started the account sign-up process. 

Sign in to your EQ Bank account and click on “Refer a friend” to find your unique referral link. Share this link with a friend.

Note: In order to qualify for a referral bonus, the recipient of the referral must use your unique link to open their EQ Bank account and deposit at least $100 within 30 days of opening their account.

The more friends you refer, the more you can earn-up to a lifetime limit of $500!

The new customer will also receive a $20 referral bonus upon funding their account. For more details, view our full Terms and Conditions.

If your friend or family member is not yet an EQ Bank customer, they can sign up for an EQ Bank account using your unique referral link. Once they’ve opened their account, you can send them an invite to create a joint account.

Unfortunately, if the customer signed up using the link from a joint account invitation, they won’t qualify as a referral.

No, in order to qualify for the “Refer a Friend” program, your friend must have signed up using your unique referral link, and deposited a minimum of $100 into their account within 30 days.

If you’re already a customer, you can sign in to your EQ Bank account and click on “Refer a friend” to find your unique referral link. You’ll need to send your unique link to friends, who then must use that link to open their EQ Bank account—and make a deposit of at least $100 within 30 days, in order to qualify for the referral bonus. Once the person you referred has funded their account, the bonus will be credited to your account, typically within 3 to 5 business days.

If you’re a new customer, please ensure you sign up through the correct referral link in order to qualify for the referral bonus. You must deposit a minimum of $100 into your account within 30 days, and the bonus will be credited to your account, typically within 3 to 5 business days.

Your referral bonus will be paid after the qualifying deposit has been completed. It will be deposited directly into your account, typically within 3 to 5 business days.

Your unique referral link doesn’t expire. However, in order for both individuals to receive the referral bonus, the new customer must make a deposit of at least $100 within the first 30 days of opening their account.

You can only accept one referral offer by signing up through that person’s unique referral link.

Your referral bonus will be paid after the qualifying deposit has been completed. It will be deposited directly into your account, typically within 3 to 5 business days.

As the referrer, you can view the status of your sent invitations from your account dashboard:

In progress means the person you referred has yet to open an EQ Bank account or complete the $100 minimum deposit.

Completed means the referral was successful and the referral bonus has been credited.

Expired means the person you referred signed up for an EQ Bank account, but did not complete the $100 minimum deposit within 30 days.

Unfortunately, no. The referral bonus is only applicable for accounts opened using a unique referral link.

For more details, view our full Terms and Conditions.

No, you don’t. In order to accept an invitation from a friend, simply click on the unique link in the invitation. Once opened, check the browser bar—you should be able to see your friend’s name in the URL.

A Tax-Free Savings Account (TFSA) is a registered investment or savings account that allows for tax-free gains.

A TFSA can be used for any savings goal and withdrawals can be made at any time during the year, tax-free.

The amount of money that can be contributed to a TFSA is limited each year. 

Your EQ Bank TFSA can hold your investments as cash in the TFSA Savings Account and TFSA GICs.

Any EQ Bank customer who has reached the age of majority in their province of residence, and who has a valid Social Insurance Number (SIN) can open an EQ Bank TFSA.

Exceptions:

• Non-Canadian residents
• Customers with temporary SINs

If you’re not yet an EQ Bank customer, you’ll need to open a Personal Account first by visiting www.eqbank.ca and applying online.

Once you’ve successfully opened your Personal Account, follow the steps below to open your EQ Bank TFSA.

For existing customers using a web browser:

• Sign in and click “Products”
• Select “Open a TFSA Plan”
• Review details and submit your application

Using the mobile app:

• Sign in and tap the hamburger menu at the top right of your screen
• Select “Open a new account/plan”
• Tap “Open a TFSA Plan”
• Review details and submit your application

That’s it!

The annual TFSA dollar limit for the year 2024 is $7000, for all TFSAs held in your name across all financial institutions.

The TFSA annual contribution room limit will be indexed to inflation and rounded to the nearest $500. Investment income earned by, and changes in the value of your TFSA investments will not affect your TFSA contribution room for current or future years.

In general, TFSA contribution room is made up of the total of all of the following:

• Your TFSA dollar limit
• Any unused TFSA contribution room from previous years
• Any withdrawals made from the TFSA in the previous year

An individual will not accumulate TFSA contribution room for any year during which the individual is a non-resident of Canada throughout the entire year.

The TFSA dollar limit is not prorated in the year when an individual does any of one of the following:

• Turns 18 years of age
• Dies
• Becomes a resident or a non-resident of Canada

In general, the table below outlines your TFSA contribution limits for all TFSAs held in your name across all financial institutions.

TFSA contribution limits for all TFSAs held in your name across all financial institutions

Contributions to a TFSA are not deductible for income tax purposes.

Any amount contributed as well as any income earned in the account (for example, interest earned in an EQ Bank TFSA Savings Account or TFSA GIC) is generally tax-free, even when it is withdrawn.

If you withdraw from your TFSA, you don’t lose your contribution room. You can recontribute amounts you’ve withdrawn on or after January 1 of the following year or years, and your contribution room carries forward indefinitely.

TFSAs are accessible to anyone, so long as they meet the eligibility requirements—but there are no minimum or maximum income levels. Every eligible person accumulates contribution room annually, starting from 2009.

Assuming you were at least 18 years old in 2009, yes. As of 2022, for example, the TFSA cumulative limit (if you've never contributed) is $81,500. This number grows every year, subject to the annual TFSA contribution limit set by the federal government.

If you exceed your TFSA contribution limit for the year, the Canada Revenue Agency will charge a tax on the excess at 1% per month. The tax is calculated based on the highest excess amount for the month and, unlike RSPs, there’s no $2,000 grace amount.

You’re responsible for tracking your contribution amounts each year. Keep your eyes on your TFSAs across all institutions, so you don’t accidentally over-contribute!

Thank the government for putting the TF in TFSA. So in other words, no. Withdrawals are completely tax-free, and your contribution limits reset every January 1.

No, we believe you should be able to move your money without penalties.

Should you wish to close your EQ Bank TFSA, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).

Unfortunately, no, we don’t reimburse the transfer fees charged by other financial institutions.

No need! Contributions aren’t tax-deductible, and withdrawals are tax-free. In addition, the interest earned within your TFSA is—you guessed it—tax-free.

Whether through your desktop or EQ Bank mobile app, you can deposit funds directly from your Personal Account by following the steps below.

Using a web browser:

• Sign in and from your TFSA dashboard, click “Add money”
• Select the account you want the funds to come from
• Select your TFSA Savings Account as the destination
• Select an amount, deposit date, and frequency, and click “Next”
• Review your details and click “Submit”

Using the mobile app:

• Sign in and from your dashboard, scroll to select “TFSA Plan”
• From the TFSA Plan dashboard, select “TFSA Savings Account”
• From the bottom right hamburger menu, select “Add money”
• Select the account you want the funds to come from
• Select your TFSA Savings Account as the destination
• Select an amount, deposit date, and frequency, and click “Next”
• Review your details and tap “Submit”

Smart tip: If you have money deposited in a TFSA elsewhere and want to move some of that money to an EQ Bank TFSA Savings Account, a good time to make the withdrawal is as late in the year as possible, essentially late December.

TFSA withdrawals are added back to your TFSA contribution room, but only in January 1 of the following calendar year.

If you want to transfer TFSA money between financial institutions at any other time during the calendar year without affecting your contribution room, you’ll have to fill out paperwork and likely pay a transfer fee. There’s also the added inconvenience of waiting for the actual transfer to take place.

However, when you withdraw money late in December, you reduce the number of days your money sits outside of the TFSA—which means you can re-contribute that amount (plus the next year’s additional contribution room) only a few days later once the next calendar year has arrived. And you can do this manoeuvre yourself without the hassle of paperwork, fees, and long transfer times.

You can transfer an existing TFSA from another institution to EQ Bank by following the steps below.

Using a web browser:

• Sign in and click on “My Accounts” in the top navigation; select EQ Bank TFSA
• Select “Transfer TFSA from other bank”

• Select “Let’s get started”
• Provide and confirm transfer details
• Upload a signed transfer form (this step can be completed at a later stage)

Using the mobile app:

• Sign in and scroll to select “TFSA Plan”
• Select “TFSA Savings Account”
• From the bottom right hamburger menu, select “Transfer TFSA from other bank”
• Review and tap “Let’s get started”
• Provide transfer details
• Upload a signed transfer form (this step can be completed at a later stage)

Note your transfer form can also be mailed or faxed.

Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.

Your other financial institution may charge a fee for transferring your TFSA to EQ Bank.

You can check the status of your request from your account dashboard.

Once received, your status will be updated and can be viewed from your account dashboard. Upon receipt, it could take up to 3 days before your status is updated.

Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.

If you have more than one TFSA, you can transfer funds between them. This won’t affect your TFSA contribution room — as long as the transfer between the TFSA accounts is completed directly by your financial institution on your behalf. 

If you withdraw money yourself from one TFSA and contribute that amount to another TFSA, it will be considered a separate contribution – not a transfer, and it may have tax consequences. That separate contribution will reduce, and may even exceed, your TFSA contribution room for the year. If you over-contribute, you’ll have to pay a penalty to the Canada Revenue Agency.

You can learn more about the details and rules concerning TFSA transfers by visiting the Canada Revenue Agency website. 

Yes, this is a great way to ensure you make the most of your contribution limit.

Follow the same steps as for making a deposit. When prompted, choose the desired frequency of your recurring payment.

You can easily change or cancel recurring transfers from your desktop or mobile app.

One TFSA Savings Account per customer.

Your plan can hold up $200,000 in funds, combining your EQ Bank TFSA Savings Account and your TFSA GICs. Be sure to keep track of your contribution limit.

Visit our Fees & Features page for more details.

Using the EQ Bank mobile app or through online banking, you can withdraw funds from your TFSA and move it to your:

• Personal Account
• Joint Account
• Linked accounts via Electronic Funds Transfer (EFT)

Note you can only perform current-dated withdrawals from your TFSA, and cannot set up recurring withdrawals.

Once you’ve opened a TFSA Savings Account, you can purchase a TFSA GIC.

Once your TFSA GIC reaches the maturity date, the funds and interest earned will be deposited in your EQ Bank TFSA Savings Account.

You’ll receive an email or SMS alert notifying you of the TFSA GIC maturity. You can then choose to use the funds to purchase another EQ Bank TFSA GIC or keep the money in your TFSA Savings Account.

There are no limits on how many EQ Bank TFSA GICs you can buy, but the total funds held across your TFSA Savings Account and TFSA GICs cannot exceed $200,000. Keep an eye on your contribution limits, so you’re not penalized for over-contributing.

No, there are no tax implications in this scenario. Also, purchasing a TFSA GIC using the funds held within a TFSA Savings Account does not affect your contributions to your TFSA.

Yes, your TFSA can remain open after moving to Quebec from another Canadian province or territory.

Consult a legal advisor, such as a notary, for guidance on designating or changing beneficiaries’ designation in accordance with Quebec legislation.

RSP is an acronym for Retirement Savings Plan. It can refer to any number of financial products designed to help you save for retirement.

An RRSP, which stands for Registered Retirement Savings Plan, is a type of RSP with specific tax advantages:

• Contributions can be deducted from your income
• Earnings on savings held within an RRSP aren’t taxed until you withdraw funds

While an RSP can refer to many types of accounts, an RRSP refers to one type of account specifically.

An RRSP is probably the best known RSP, which is why you’ll sometimes hear the terms used interchangeably.

Your EQ Bank RSP becomes registered once you add money to your account—which means you get the tax advantages of an RRSP.

Any money you contribute to an RSP is tax-deductible, meaning the amount you contribute can be deducted from your income, which means you pay less in income taxes. In addition, the income you earn within your RSP is tax-deferred.

You will have to pay income taxes when you withdraw from your RSP.

Typically, you’ll withdraw funds from an RSP in retirement, when you’ll likely be in a lower tax bracket, as opposed to withdrawing during your peak earning years.

The EQ Bank RSP offers two types of investment products: RSP Savings Account and RSP GIC.

When you open and deposit funds into an RSP Savings Account, you can then choose to buy an RSP GIC. Once your RSP GIC reaches maturity, your principal and earned interest will be deposited back into your RSP Savings Account.

An EQ Bank customer who has reached the age of majority in their province of residence, and who has a valid Social Insurance Number (SIN) can open an EQ Bank RSP.

Exceptions:

• Customers turning 71 in the year of application
• Non-Canadian residents
• Quebec residents
• Customers with temporary SINs

If you’re not yet an EQ Bank customer, you’ll need to open a Personal Account first by visiting www.eqbank.ca and applying online.

Once you’ve successfully opened your Personal Account, follow the steps below to open your EQ Bank RSP.

For existing customers using a web browser:

• Sign in and click “Products”
• Select “Open a RSP Plan”
• Review details and submit your application

Using the mobile app:

• Sign in and tap the hamburger menu at the top right of your screen;
• Select “Open a new account/plan”
• Tap “Open a RSP Plan”
• Review details and submit your application

It’s that simple.

You can transfer an existing RSP from another institution to EQ Bank by following the steps below.

Using a web browser:

• Sign in and click on “My Accounts” in the top navigation; select EQ Bank RSP
• Select “Transfer RSP from other bank”
• Select “Let’s get started”
• Provide and confirm transfer details
• Upload a signed transfer form (this step can be completed at a later stage)

Using the mobile app:

• Sign in and scroll to select “RSP Plan”
• Select “Transfer RSP from other bank”
• Select “Let’s get started”
• Provide and confirm transfer details
• Upload a signed transfer form (this step can be completed at a later stage)

Note your transfer form can also be mailed or faxed.

Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.

You can check the status of your request from your account dashboard.

No problem. You can submit your signed transfer form by following the steps below.

Using a web browser:

• Sign in and select “RSP Plan”
• Select “RSP Savings Account,” then “Check RSP transfer status”
• Select the correct transfer
• Select “Submit signed transfer form”
  • You can download the form again or submit your signed form
• Click “Upload signed transfer form”

Using the mobile app:

• Sign in and scroll to select “RSP Plan”
• Select “RSP Savings Account,” then “Check RSP transfer status”
• Select the correct transfer
• Select “Submit signed transfer form”
  • You can download the form again or submit your signed form
• Tap “Upload signed transfer form”

Note your transfer form can also be mailed or faxed.

Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.

You can track the status your request from your account dashboard.

Once received, your status will be updated and can be viewed from your account dashboard. Upon receipt, it could take up to 3 days before your status is updated.

Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.

There are multiple steps involved in transferring your TFSA or RSP from another financial institution. The processing period begins from the moment your complete and accurate form has been received. If you sent your form by mail, additional time needs to be added to the defined period.

Here are the steps:

1. Your completed form is received
2. An internal review is done to make sure the form was filled correctly
3. The form is transferred via Fax to your designated financial institution
4. Your financial institution processes your request
5. Your financial institution issues a cheque that is sent via mail
6. The mailed cheque is received, time stamped and directed to the relevant department
7. The cheque is deposited into your account

Note: we are currently experiencing a high volume of requests, and are working to process each request as quickly as we can.

Once you’ve opened an RSP Savings Account, you can purchase an RSP GIC.

Once your RSP GIC reaches the maturity date, the funds and interest earned will be deposited in your RSP Savings Account.

You’ll receive an email or SMS alert notifying you of the RSP GIC maturity. From there, you can use the funds to purchase another RSP GIC or keep the money in your RSP Savings Account.

If you haven’t already contributed to an RSP at another financial institution, generally speaking, your allowable RSP contribution for the current year is the lowest amount of the following:

• 18% of your earned income from the previous tax year. For most people, earned income for RSP purposes is the amount in Box 14 of their T4 slips. Earning income also includes self-employed net income, CPP/QPP disability payments and net rental income, OR
• The maximum annual contribution limit for the taxation year MINUS any company-sponsored pension plan contributions (defined as PA, or short for “pension adjustment” on your T4 slip. A PA represents the value of any pension benefits accruing from participation in a registered pension plan or deferred profit-sharing plan)

Contribution limits are set by the Government of Canada. You can check your specific contribution limit by visiting My Account for Individuals on the Canada Revenue Agency (CRA) website. 

You’re responsible for tracking your contribution amounts each year across all financial institutions in which you hold an RSP.

If you exceed your RSP contribution limit for the year, the Canada Revenue Agency is lenient up to an excess of $2,000 (though, it won’t be tax-deductible). Any greater than $2,000, though, and the CRA will impose a tax of 1% per month.

You’re responsible for tracking your contribution amounts each year, across all financial institutions in which you hold an RSP.

Anyone who has earned income, has a Social Insurance Number (SIN), has attained the age of majority in their province, and has filed a tax return can contribute to an EQ Bank RSP up until December 31 of the year they turn 71.

Once you turn 71, your EQ Bank RSP proceeds can either be:

1. Withdrawn from the Plan
2. Transferred to a Registered Retirement Income Fund (RRIF) with another institution.  

RSPs are intended to provide a source of income in retirement, so you’re penalized with significant withholding taxes by the Canada Revenue Agency, if you withdraw the funds before you retire.

While the money you contribute to the RSP is technically yours, your bank will take between 10% and 30% in withholding tax right off the top and turn it over to the government—the more you withdraw, the higher the percentage. Once that money is withdrawn, you’ve permanently lost that contribution room in your account.

There are a few exceptions—such as the Home Buyers Plan (HBP) and Lifelong Learning Plan (LLP)—which allow you to borrow a certain amount from your RSP tax-free to help pay for your first home or cost of full-time post-secondary education. In these cases, you essentially borrow money from yourself and you have to pay back the sum within a set amount of time.

Should you wish to withdraw funds from your EQ Bank RSP for any reason, please contact the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) and a Customer Care Agent will be happy to assist you.

Three possible withdrawals from your EQ Bank RSP:

• For an RSP withdrawal from your EQ Bank RSP in accordance with the Home Buyers’ Plan, please print the form, fill it out with a wet signature, and submit CRA form T1036 accordingly to EQ Bank: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1036.html
• For an RSP withdrawal from your EQ Bank RSP in accordance with the Lifelong Learning Plan, please print the form, fill it out with a wet signature, and submit CRA form RC96 accordingly to EQ Bank: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc96.html
• For a taxable RSP withdrawal from your EQ Bank RSP, please call the EQ Bank Customer Care team for assistance.

Once you’ve kickstarted the process with a Customer Care Agent, you have the option to either submit the dedicated form to our EQ Bank office in Toronto via email, mail, or fax. Upon receipt of the form at our Toronto office, we will begin processing it. The withdrawal process will be completed within 3 business days after we receive the form. The funds withdrawn will be deposited into your EQ Bank Personal Account or Joint Account, as per your request.

The form can be emailed to: registered@eqbank.ca

Use the subject line: EQ Bank - Digital Banking: (Your RSP Plan Number)

OR

The form can be mailed to: EQ Bank Digital Banking Attn: Registered Products

Equitable Bank Tower

30 St. Clair Ave. West, Suite 700

Toronto, ON, M4V 3A1

OR

The form can be faxed to: 416-515-7001 Toll-free fax: 1-866-407-5859

Use the subject line: EQ Bank - Digital Banking: (Your RSP Plan Number)

The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your RSP to buy or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back the withdrawn funds within a 15-year period.

Should you wish to withdraw funds from your EQ Bank RSP under the Home Buyers’ Plan, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).

The Lifelong Learning Plan (LLP) is a program that allows you to withdraw up to $10,000 in a calendar year from your RSP to finance full-time training or education for you, your spouse, or common-law partner.

As long as you meet the LLP conditions every year, you can withdraw from your RSP until January of the fourth calendar year, after the year you made your first LLP withdrawal. You cannot withdraw more than $20,000 in total.

Should you wish to withdraw funds from your EQ Bank RSP under the Lifelong Learning Plan, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).

An RSP must mature by the end of the year in which the annuitant turns 71 years of age.

For an EQ Bank RSP Plan, we will contact customers in January of the year they turn 71 to confirm what they wish to do with the proceeds. Options are:

• Withdraw from the plan,
• Transfer to a Registered Retirement Income Fund (RRIF) with an issuing institution

If you’re moving to Quebec from another Canadian province or territory, you will need to transfer all funds from your RSP Savings Account to another RSP account held at another financial institution and close your EQ Bank RSP Account. Withdrawing funds from your RSP to a Personal Account may have tax consequences.

To close your RSP, contact our Customer Care team to complete your address change, and they can assist you with any further questions.

If your RSP plan holds GICs, your GICs will be forced to maturity and the principal only will be deposited into your RSP account.

A beneficiary is someone who gets your stuff (in this case, your money) when you die. When you open an RSP, you can designate one or more beneficiaries who will receive the proceeds upon your death.

The benefit of naming a beneficiary is that they won’t need to pay tax on the value of the RSP after you pass away.

Naming a beneficiary has other benefits as well, such as adding clarity around who receives the financial proceeds, so you can avoid any confusion (after all, you won’t be around to clear things up).

It also reduces the amount of time before the beneficiary can access the funds, and gives you control over who receives the money, and what percentage of your account should be allocated to them.

Note the EQ Bank RSP is not available in Quebec.

You can designate up to five beneficiaries, and choose the percentage that should be allocated to them upon your death.

In the event the percentage entitlement(s) for your beneficiaries do not add up to 100%, the remaining portion will be paid to your estate.

To designate a beneficiary, you’ll need to sign in to your EQ Bank account and download the beneficiary designation form.

Note: Beneficiary designations are not available in Quebec. Quebec residents should consult their legal advisors, such as a notary, for guidance on designating or changing beneficiaries designation in accordance with Quebec legislation.

If you open an account in a province other than Quebec, the designation of beneficiary is applicable.

To designate a beneficiary, you’ll need to sign in and download the beneficiary designation form for your EQ Bank RSP.

You’ll need to mail or fax it back to EQ Bank with the following information:

• Legal first and last name
• Date of birth
• Social Insurance Number (SIN)
• Mailing address
• Relationship to the account holder

EQ Bank RSP is not available in Quebec.

Beneficiary designations are not available in Quebec. Quebec residents should consult their legal advisors, such as a notary, for guidance on designating or changing beneficiaries’ designation in accordance with Quebec legislation.

Once your RSP GIC reaches the maturity date, the funds and interest earned will be deposited in your RSP Savings Account.

You’ll receive an email or SMS alert notifying you of the RSP GIC maturity. You can use the funds to purchase another RSP GIC or keep the money in your RSP Savings Account.

Tax slips, such as the RSP Contribution Receipt or T4RSP, can be downloaded as PDFs by signing in to your account through the EQ Bank mobile app or web browser.

You can find the dates of when these documents will be available for download here.

Actual or deemed withdrawals from an RSP will be reported on a T4RSP slip. You won’t be issued a T4RSP slip, unless you’ve made withdrawals from your EQ Bank RSP.

EQ Bank will issue two contribution receipts, which will allow you to claim the appropriate deductions to your taxable income:  

1. Your 2023 contribution receipt, which states the contributions made in the last 10 months of 2023
2. Your 2024 contribution receipt, which states the contributions made for the first 60 days of 2024

You can always access the archive of your past tax documents by signing in to your EQ Bank account. New documents will be added as they become available.

No, we believe you should be able to move your money without penalties.

Should you wish to close your EQ Bank RSP, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).

Unfortunately, no, we don’t reimburse the transfer fees charged by other financial institutions.

An EQ Bank RSP can hold up to $1 million, combining your RSP Savings Account and your RSP GICs. Be sure to keep track of your contribution limit.

Visit our Fees & Features page for more details.

You can hold one EQ Bank RSP account.

You can hold multiple GICs, as long as you stay within the plan limit of $1 million.

Whether through your desktop or EQ Bank mobile app, you can make RSP contributions directly from your Personal Account by following the steps below.

Using a web browser:

• Sign in and from your RSP dashboard, click “Add money”
• Select the account you want the funds to come from
• Select your RSP Savings Account as the destination
• Select an amount, deposit date, and frequency, and click “Next”
• Review your details and click “Submit”

Using the mobile app:

• Sign in and from your dashboard, scroll to select “RSP Plan”
• From the RSP Plan dashboard, select “RSP Savings Account”
• From the bottom right expendable menu, select “Add money”
• Select the account you want the funds to come from
• Select your RSP Savings Account as the destination
• Select an amount, deposit date, and frequency, and click “Next”
• Review your details and tap “Submit”

Yes! This is a great way to keep on top of your contributions.

Follow the same steps for making an RSP contribution. When prompted, choose the desired frequency of your recurring payment.

You can easily change the frequency or cancel your recurring transfers from your desktop or mobile app.

We do not offer a spousal RSP at this time.

No, RRSP GICs do not get taxed when they mature. RRSP funds can only be taxed when you make an RRSP withdrawal.

RRSP withholding tax is charged when you withdraw funds from your RRSP before retirement. The current rate of RRSP withholding tax is 10% for withdrawals up to $5,000, 20% for withdrawals between $5,001 and $15,000, and 30% for withdrawals over $15,000.

These withholding tax rates are only estimates. The actual tax required to be paid will depend on the marginal tax rate that will apply based on the aggregate taxable income received for the taxation year from all sources including the RSP withdrawal. 

A joint account is a bank account in the name of two or more people. When you open a joint account with EQ Bank, you and your account co-holder(s) share all the same great features and benefits of our individual Personal Account. Joint account holders have equal control, and can view transactions, pay bills, make deposits, and withdraw funds from the joint account.

To learn more about powers of attorney and joint accounts, click here.

Joint accounts are designed for people who know each other well. Make sure you trust who you’re joining up with, since you will all have full access to the account and the funds that are in it.

Some things to think about:

• An account co-holder can withdraw all funds from the joint account without your permission
• Account co-holders can view your account transactions
• In the case of a marital breakdown of one of the account co-holders, the account could be considered a matrimonial asset and divided accordingly

If you need further details, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat

Yes! You can share your joint account with three other co-holders, for a total of four account holders.

All co-holders can make deposits, pay bills, and withdraw funds—and all co-holders can view account activity.

If you already have an EQ Bank account, adding a joint account takes minutes. If you’re not yet a customer, opening an account is really easy, and can be done by visiting www.eqbank.ca and applying online.

For current customers, we recommend keeping your existing individual Personal Account and opening a net new joint account, but you can convert your existing account into a joint account.

To open a new joint account:

• Sign in to online banking using a web browser
• Click “Products” at the top of your screen
• Under “Personal Account,” click “Open account,” and select the joint option
• State how you intend to use the account, assign it a nickname, and click “Next”
• Invite up to three co-holders
  • If a co-holder is an existing EQ Bank customer, use the email address associated with their EQ Bank account
  • Once your invitation is sent, your co-holder(s) will need to accept the invitation before the joint account process is complete
• Review your invitation details and click “Submit”

That’s it! From your account details page, you can see which invites are pending and which have been accepted.

To convert an existing individual Personal Account to a joint account:

• Sign in to online banking
• Select the account you wish to convert
• Click “More options” in the upper right corner
• Select “Convert to joint account”
• State how you intend to use the account, assign it a nickname, and click “Next”
• Invite up to three co-holders
  • If a co-holder is an existing EQ Bank customer, use the email address associated with their EQ Bank account
  • Once your invitation is sent, your co-holder(s) will need to accept the invitation before the joint account process is complete
• Review your invitation details and click “Submit”

From your account details page, you can see which invites are pending and which have been accepted. Your account will automatically convert to a joint account once a co-holder has accepted your invitation.

Unfortunately not. All joint account holders must be Canadian residents.

You can invite anyone you want—roommates, best friends, romantic partners, even your mom and dad—as long as they’re a Canadian resident and have reached the age of majority in their province.

If you invite someone who is not an EQ Bank customer, they’ll need to sign up in order to accept your invitation. The good news is the invite explains the simple three-step process to become a joint account co-holder.

Or they can open an account by visiting www.eqbank.ca and applying online. Either way, to accept your invite, they must sign up with the email address you provided in your invitation.

To check the status of an invitation, sign in to your EQ Bank account, and select the account from which you sent the invite. From the "Account co-holders" section, you can view the status of your invitations.

An “Active” status means the co-holder has successfully accepted your invitation. A “Pending” status means the co-holder has not yet accepted your invitation. A “Failed” status means the co-holder has failed to answer the security question correctly. If you want to continue the joint account process with this co-holder, you’ll need to resend your invitation.

First, check to see you have the correct email address. Sign in to your EQ Bank account and select the joint account from which you sent the invite. You can resend an invitation from the “Account co-holders” section.

Your co-holder’s invitation is valid for a period of two weeks.

If the invitation has expired, simply sign in to your EQ Bank account and select the joint account from which you sent the invite. You can resend an invitation from the “Account co-holders” section.

Absolutely! In addition to your main account, you can open up to seven other accounts, for a total of eight accounts. These can be all individual, all joint, or a mixture of both.

If you’re already a customer, we recommend keeping your existing individual Personal Account and opening a new joint account.

If you do wish to convert your existing individual account into a joint account, you can do so by signing in, selecting the account you wish to convert, choosing “More options” in the top right corner, and then following the easy steps to add co-holder(s). Your account will automatically convert to a joint account once a co-holder has accepted your invitation.

A T5 tax slip will be issued in the name of the primary account holder and generated no later than February 28 of every year. All account co-holders can get a copy of the T5 tax slip.

Great question! As an individual customer with a joint account, you can have a maximum balance of up to $500,000 sum total across all your accounts.

Eligible joint deposits are protected for up to $100,000 per set of co-holders, not per co-holder. Eligible joint deposits are insured separately from individual Personal Account deposits.

So, for example, you would be provided coverage for up to $100,000 in each of the following scenarios:

• Your Personal Account
• Your joint account with a spouse
• Your joint account with your parents

You can read more about this on the CDIC website.

The person who initiates the joint account is referred to as the primary account holder. We don’t currently offer the option to change the primary account holder.

According to the Canada Revenue Agency (CRA), you must report your share of interest from a joint account based on how much you contributed to it.

A T5 tax slip will be issued to the primary account holder of the joint account and will be made available as a downloadable PDF by no later than February 28 of each year.

Please note that in the case of individual Personal Accounts converted to joint accounts, interest earned for the month of conversion will be included in the joint T5 tax slip issued to the primary account holder.

Learn more about reporting interest on your tax return here.

Yes, individually held Personal Accounts and Joint Accounts have separate tax slips. If you have multiple individually held Personal Accounts, you will receive one T5 and/or one RL-3 tax slip that will reflect the combined interest earned on those accounts. Joint account T5 and RL-3 tax slips will be separately created based on the address of the primary coholders and the number of different groups of co-holders.

In line with CRA and Revenu Québec requirements, the T5 and RL-3 tax slips are issued in the name of the primary account holder, which means they only include the Social Insurance Number of that individual. RL-3 slips will only be generated if the address of the primary account holder is in Quebec.

However, tax slips will contain a maximum of two names (the primary and one secondary holder).

Sign in to your account and go to your joint account details page. From the “Account co-holders” section, you’ll see a “Primary” label beside the primary account holder’s name.

Interest earned during the months in which you were an individual Personal Account holder will be indicated on your individual T5 and RL-3 tax slip.

The interest earned on your joint account will be indicated in a separate joint T5 and RL-3 tax slip.

Please note that interest earned during the month in which you converted your account will be indicated on the joint T5 and RL-3 tax slip—which will be issued to the primary account holder.

Unfortunately, we can’t remove an account holder from a joint account, but we can close the account for you. To close your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat and we’ll help you out.

In order to close a joint account, the account must have a zero balance. Please have one of the account holders call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat and we’ll help you out.

No, they don’t. One account holder can close the joint account, as long as the account has a zero balance. To close your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat and we’ll help you out.

If, however, the joint account is your only account with EQ Bank, we’ll reach out to you to confirm you wish to close it, as doing so will terminate your relationship with EQ Bank.

Should a joint account holder pass away, please immediately call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK). We’ll do everything we can to help.

To help you to shop across more than 2,000 mortgage products offered by Canadian lenders, we’ve partnered with nesto, a digital mortgage agency (also referred to as a mortgage brokerage) to ensure you get the best rates in the market.

You’ll begin the process by going through a simple, easy-to-use digital application that will help you see the different mortgage options you have. An unbiased nesto mortgage advisor will then get to know your unique needs and guide you to the product that best suits you.

If you’re just starting your home purchase journey, you can get a pre-qualification and/or pre-approval. 

If you’re further down in the process, looking to refinance or have a mortgage coming up for renewal, the mortgage advisor can help identify the right product for your needs, and submit your application to the right lender(s).

At EQ Bank we are on a mission to simplify traditional industries, like banking. We know that finding the right mortgage is much harder than it should be right now. We partnered with a mortgage brokerage to simplify your mortgage shopping journey – getting you access to all the right tools and the unbiased professional advice you deserve when making such a large purchase. An easy-to-use platform and innovative algorithm analyzes the entire mortgage landscape and recommends the best product for you in seconds.

This is just another way we ensure EQ Bank customers get the most value without all the banking nonsense.  

If you’re looking to get a new mortgage, renew your mortgage, or want to refinance, then Mortgage Marketplace is here to help.

Yep! The digital application and/or mortgage advisor can help you figure out the size of the mortgage you can afford when looking to buy a home.

Nope, it’s completely free!

Equitable Bank has been offering mortgage products for over 50 years.  EQ Bank is a trademark of Equitable Bank. 

Given all that experience, we know a mortgage is never one size fits all, and offer this service so that you find the best product, even if it’s not with us.

If it turns out an Equitable Bank mortgage is right for you, we'll discount the rate—so you get the absolute best rate possible.

Full transparency: EQ Bank is a trademark of Equitable Bank. Equitable Bank offers mortgage products, and we feel that an Equitable Bank mortgage could be the right fit for you.

In fact, we’re so confident that we’re directing you to an unbiased third party brokerage to stack up our mortgage against the competition.

We save costs by being branchless, but we can transfer those cost savings to you through reduced rates on our mortgage.

That said, if our mortgage isn’t right for you, no sweat. We still believe your road to home ownership should be simple, fast, and low cost.

As an existing mortgage customer with Equitable Bank, we can help you directly with your mortgage renewal. Please contact us directly at 1-888-334-3313 or email renewals@eqbank.ca.

Rather than just shopping with one bank at a time, you’ll have a smart, dynamic algorithm that scans across over 2,000 mortgage products to get you the best rate. We’ve partnered with a mortgage brokerage that has established relationships with lenders to ensure EQ Bank customers get low, negotiated rates from the very beginning. With just one application and one credit check, you’ll get the best rates in Canada.

At EQ Bank, we save costs by being branchless, and we transfer those cost savings to you through reduced rates on our mortgage. Through our Mortgage Marketplace, if our product ends up being the right fit for you, we’ll ensure you get the lowest rates possible.

Yes, the Mortgage Marketplace and access to exclusive rates on an Equitable Bank mortgage are available to all of our EQ Bank customers. So if you're interested in exclusive rates, you can join EQ Bank by signing up online in minutes. Sign up now

We don’t believe in the nonsense of high markups, and that’s why we offer a low-markup, highly competitive exchange rate in the Canadian banking market. Exchange rates are constantly fluctuating, but you can access our live US dollar exchange rate by signing in to your account.

To access our current rate, please visit the EQ Bank US Dollar Account page.

Our US Dollar Account allows you to transfer funds in a number of ways:

• You can transfer funds from a linked external account (from a Canadian Financial Institution—in CAD or USD) to your EQ Bank US Dollar Account. When you transfer funds in CAD, the transaction will first appear in CAD in your Personal Account, and then it will be automatically deposited into your USD account in US dollars. It will appear as 2 steps in your account, but will only require one step on your end; convenient, right? Note: our hold period will apply (click here for more information on US Dollar Account holds).
• If you would like to move funds from your Personal Account to your EQ Bank US Dollar Account, you can do so by making a transfer that will convert the funds from Canadian dollars to US dollars.
• If you would like to move funds from your EQ Bank US Dollar Account to your Personal Account, you can do so by making a transfer that will convert the funds from US dollars to Canadian dollars.
• You can also transfer funds between your EQ Bank US Dollar Account and a US dollar account held in the United States or another country, by utilizing our International Money Transfer service, powered by Wise.

Talk about a lot of options to fit your needs!

• You can transfer funds as follows: to and from your externally linked CDN or USD bank accounts held at a Canadian financial institution, to and from your Personal Account, or you can also send US dollars to a US dollar bank account held in another country using our International Money Transfer service, powered by Wise.

Note: When you deposit funds with us by Electronic Funds Transfer (EFT), we will place a hold on your deposit to verify that the funds will be available from the account of the other financial institution (click here for more information on US Dollar Account holds).

Unfortunately, you cannot use our remote cheque deposit feature to deposit funds into the EQ Bank US Dollar Account.

We do not offer a Joint US Dollar Account at this time.

We do not offer US Dollar GICs at this time.

Great news, you can send US dollars abroad using our International Money Transfer service, powered by Wise.

From your desktop:

• Once you are logged into your account, select the “Send money internationally” button on the dashboard
• Fill in the transfer details, and choose your US Dollar Account as the account you’d like to transfer from
• Note: If you don’t already have a Wise account, you’ill have to sign up during the International Money Transfer process. Don’t worry—it’s really fast and easy!

From the mobile app:

• Once you’re logged into your account, select “Transfer” at the bottom of the screen
• Fill in the transfer details and choose your US Dollar Account as the account you’d like to transfer from
• Note: If you don’t already have a Wise account, you’ll have to sign up during the International Money Transfer process. Don’t worry – it’s really fast and easy!

Each customer can have one EQ Bank US Dollar Account.

We’re glad you asked, because it’s really easy!

From your desktop:

• Once you’re logged into your account, select “Move money between accounts” on the dashboard
• Follow the prompts on the page to move funds from your Personal Account (From) into your US Dollar Account (To)
• When you enter the amount you wish to transfer, the conversion calculation will happen in real time
• Click “Review” to ensure everything looks good and press “Submit” to complete the transfer (Note: You’ll have 2 minutes to complete the transfer before the exchange rate refreshes)

From the mobile app:

• Once you’re logged into your account, select “Transfer” at the bottom of the screen and then choose “Transfer between accounts” from the menu of options
• Follow the prompts on the page to move funds from your Personal Account (From) into your US Dollar Account (To)
• When you enter the amount you wish to transfer, the conversion calculation will happen in real time
• Click “Review” to ensure everything looks good and press “Transfer funds” to complete the transfer (Note: You’ll have 2 minutes to complete the transfer before the exchange rate refreshes)

We do! A conversion rate calculator is built into the online banking experience, so you can see the real time conversion of your funds from CAD to USD (and vice versa).

Your EQ Bank US Dollar Account and Personal Account can hold a maximum combined balance that is equivalent to $200,000 CAD or $500,000 CAD for Joint Account holders. View all account limits here.

Good news, CDIC coverage does apply to foreign currencies, including US dollars! Here’s how it works: eligible deposits must be payable in Canada. Your deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, as outlined in CDIC’s "Protecting Your Deposits." For example, you’re covered for up to $100,000 combined across your individual Personal Account, EQ Bank GICs, EQ Bank US Dollar Account and any deposits in your name that you have with Equitable Bank.

You can read more about this on the CDIC website.

Unfortunately, it isn’t possible to set up recurring transfers with your EQ Bank US Dollar Account.

Yes! To transfer funds from your EQ Bank US Dollar Account to a USD account in another country, use our International Money Transfer service, powered by Wise.

EQ Bank offers a low-markup, highly competitive exchange rate in the Canadian banking market, which applies to every dollar you exchange, regardless of the size of the transfer.

Yes, a T5 Tax Slip will be issued! The T5 Tax Slip will be available for download as a PDF file by no later than February 28^th of each year, and it will be calculated in Canadian dollars.

Unfortunately, it isn’t possible to send Interac e-Transfers® from your EQ Bank US Dollar Account.

If you’re moving to Quebec from another Canadian province or territory, you’ll need to transfer all funds from your US Dollar Account to your Personal Account or an externally linked account, and close your US Dollar Account.

To complete your address change, contact our Customer Care team, and they can assist you with any further questions.

In the meantime, our team is working hard to make our US Dollar Account available in Quebec as soon as possible!

Wise is a service that offers a cheap, fast way to send money around the world. Wise was founded in 2011, is registered with multiple financial authorities around the globe, and has served over 6 million people in 71 countries. Wise Canada Inc. is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB) with registration number M15193392. They also hold a MSB licence with the Authorité des Marchés Financiers (AMF) under licence number 902804.

EQ Bank and Wise have formed a partnership that allows customers to send cheap and fast international money transfers directly from their EQ Bank Account, through online banking or the mobile app.

International money transfers sent using the Personal Account are powered by Wise, which uses HTTPS encryption and two-factor authentication to protect all transactions and make sure all communications are secure.

The real exchange rate is the mid-point between the BUY and SELL rates on the global currency markets and it constantly fluctuates. It’s the rate you’ll find on Reuters, Google, Yahoo! Finance, etc. and it’s also the rate you’ll get when you send your international money transfer via Wise.

You can access our calculator here to see the current exchange rate as well as the transaction charge.

You will need to open a Wise account in order to send an international money transfer, but the good news is you can do it from the convenience of EQ Bank’s online banking site or mobile app. Simply select “Send International Transfer,” and you’ll automatically be redirected to the Wise login page—where you can also open a new account. Once that’s done you’ll be redirected back to EQ Bank to complete your international money transfer!

EQ Bank powered by Wise converts money using the real exchange rate and charges a conversion fee based on the amount you’re sending and the currency you’ve selected. You can view the conversion fee before sending an international money transfer through your EQ Bank account, or you can click here to calculate the conversion fee based on the currencies selected.

Unfortunately, you cannot cancel an international money transfer once the transaction has been submitted, but you will have an opportunity to review the transaction details prior to clicking the “Submit” button.

Unfortunately, you cannot recall or cancel an international money transfer once you’ve reviewed the transaction details and clicked the “Submit” button.

You can view the status of your international money transfer on the International Transfer dashboard. To do so, simply click “Transfers” and choose “Send International Transfer.” This screen will contain your transaction history, and will show your previous transactions as “Pending,” “Completed,” or “Bounce back” (which appears in the case of an error that results in the money being refunded into your account in its entirety).

The exact time period of an international money transfer depends on multiple factors, including the destination country, the time of day the transfer is sent, and security checks. Some recipients may receive their funds within 24 hours, and all recipients should receive their funds within 3 business days.

Great news—it doesn’t take longer to process an international money transfer if it’s your first one!

It may take a few more minutes to complete your first transaction as you’ll need to link your account to Wise and fill out new recipient details, but once you click “Submit” on your transaction, funds should be received within 3 business days.

The recipient does not require a Wise account to access their funds, as they will receive the money directly in the bank account that was specified in the transaction.

Unfortunately, the recipient cannot track the progress of the international money transfer, but you can check the status of the transaction on your international transfer dashboard, and let the recipient know they should receive it within 3 business days.

1. Check the status of your international money transfer. If the transfer has a status of “Pending,” it’s still on its way to the recipient.
2. If the transfer shows a status of “Completed,” the money has been delivered but it may not yet be available in the recipient’s account. It can take some banks up to 1 additional business day to process and release the money.
3. If the delay has exceeded the anticipated period of 3 business days, you can check the Wise ID (listed along with the other transaction details in the transaction history) and call the EQ Bank Customer Care team for assistance.
4. If the status of the transaction appears as “bounce back,” the funds did not reach the recipient, and the money will be refunded into your account in its entirety. Note: these funds will not earn interest during the period they are not in your Personal Account.

If you are sending money from abroad to Canada through Wise, you can select to deposit the funds into your EQ Bank CAD account.

You will not be able to send an international money transfer without the recipient’s bank details. In order to send the transfer, you’ll need to add a new recipient and fill in the banking details in the mandatory fields.

Typos or mistakes in recipient details are one of the main reasons for requesting a transfer cancellation, but once a transfer is submitted, it’s not possible to cancel it. To prevent this from happening, please look over all the recipient information on the “Review Details” screen before clicking “Submit”!

If you do realize you’ve entered in something incorrectly, you can:

• Get in touch with our EQ Bank Customer Care team
• Wait for the money to bounce back

If you’ve entered in the wrong amount, the payment will not bounce back. In this case, get in touch with the recipient so they can tell their bank to reject the payment or return the money to you.

If you’ve entered in the wrong account number and the transfer is sent to the wrong account, neither EQ Bank nor Wise has the ability to get involved in disputes between senders and recipients, so it’s important to check the account information on the “Review Details” screen before clicking “Submit.”

Yes, there are maximum amount limits for sending international money transfers.

The maximum amount limit per transaction is $9,500 CAD for all currencies, excluding: 

• Columbian Pesos (CPO): $2900 USD (or CAD equivalent) 
• Bangladeshi taka (BDT): 495,000 BDT (or CAD equivalent)
• Indonesian rupiah (IDR): 2,000,000 IDR (or CAD equivalent)
• South Korean won (KRW): 950,000 KRW (or CAD equivalent)
• Sri Lankan Rupee (LKR): 980,000 LKR (or CAD equivalent)
• Tanzanian shilling (TZS): 9,500,000 TZS (or CAD equivalent)
• Ugandan shilling (UGX): 19,000,000 UGX (or CAD equivalent) 
  

The maximum amount limit per 24-hour period is $9,500 CAD.  

The only maximum amount limit per month is for Nepalese Rupees (NPR), which is 1,000,000 NPR (or CAD equivalent).

Our International Money Transfer service is not currently available in Quebec. Once you update your address, you’ll no longer be able to view our International Money Transfer functions in the mobile app or via online banking.

Our team is working hard to make International Money Transfers available in Quebec as soon as possible!

You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.

Once your GIC reaches the maturity date, the funds will be placed in your Personal Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.

Should an account holder pass away, next of kin should call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK). If possible, please have the date of death, and lawyer or trustee details available, and we’ll do everything we can to help.

You may cancel your purchase of an EQ Bank GIC within one day after the Effective Date without penalty and you will be entitled to a refund of all principal invested. You will not receive a payment of interest. Please sign into Online or Mobile Banking to cancel your purchase of a GIC within the time period prescribed. Once the cancellation period has passed, your GIC is non-redeemable and your funds are locked in. For more information, please refer to the EQ Bank GIC Agreement.

Unfortunately not. Once the cancellation period has passed, your GIC is non-redeemable, and your funds are locked in. For more information, please refer to the EQ Bank GIC Agreement.

Yes. Any interest you earn from your GIC investments will be included on your T5 tax slip in the applicable tax year.

No, but you can view your current and previous GIC purchases by signing in to your account.

Registered GICs earn tax-free or tax-deferred interest (depending on if it’s a TFSA or RSP GIC). Earnings on non-registered GICs are taxable at your marginal tax rate.

As GICs are only issued in single name, when a GIC is purchased from a joint account, the T5 for interest earned will be issued in the name of the person that initiated the purchase.

We’re committed to meeting all industry standards, and we take the safeguarding of your account very seriously. That’s why we constantly monitor—and make enhancements to—our security features. For additional details, consult our EQ Bank Mobile and Online Banking Security Guarantee.

We do a lot of work behind the scenes to keep your personal information safe. Check out our Privacy Agreement for more details.

As soon as possible, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.

You earn interest on your card’s total balance. Your earnings are then deposited monthly into your linked Personal Account. Interest is calculated daily on the total closing balance of your card and at the rates per annum, as offered. The interest rate for your card will always be the same as your Personal Account interest rate.

You can use your card anywhere Mastercard^® prepaid is accepted, both within Canada and internationally.

You can use your card anywhere Mastercard^® prepaid is accepted internationally. Foreign currency transactions will be subject to Mastercard Currency Conversion rate.

And don’t worry about foreign transaction fees—EQ Bank doesn’t charge them.

You can use your card anywhere Mastercard^® prepaid is accepted, both within Canada and internationally. There are, however, some countries and geographical regions where you can’t use your EQ Bank Card to make purchases, such as:

• Iran
• North Korea
• Russia
• Sudan
• Syria
• Ukraine
• Cuba

These restrictions are decided based on economic and trade sanctions imposed by regulatory bodies and otherwise.

Be sure to check back in from time to time, as the list of countries is subject to change.

We may block transactions that we can identify as internet gambling or other cash-like transactions, as well as the following:

• Crypto/security transactions
• Government-owned lotteries (incl. Canada)
• Money transfer
• MasterCard MoneySend (intracountry, intercountry and card funding/loading)
• Quasi cash (customer financial institution and merchant)
• Horse/dog racing 

If your card is ever lost or stolen, we make it easy to lock it in the EQ Bank mobile app, via online banking or by calling 1-844-437-2265 (1-416-551-3449 outside of North America). Plus, you're protected under the Mastercard Zero Liability policy.

The money on your EQ Bank Card is eligible for CDIC insurance, just like your EQ Bank Personal Account.

Your linked account is the Personal Account or Joint Account you use to move money to and from your EQ Bank Card. The Personal Account and the Joint Account are the only types of accounts that can be linked to a card.

Great news—you won’t be charged any monthly fees, foreign transaction fees¹, or hidden fees. Want more fee details? View the full breakdown.

No, EQ Bank Cards are limited to one per person.

You can add funds to your EQ Bank Card Funds by transferring money from your linked Personal Account

Funds added to the EQ Bank Card from your EQ Bank Personal Account are available instantly. 

No, we don’t charge any fees for ATM withdrawals in Canada. Plus, we reimburse any out-of-network fees or surcharges from other providers in Canada within 10 business days.

You can spend up to $10,000 per day^‡ and $10,000 per transaction.

Your card balance can be up to a maximum of $10,000 at any time.

You can take out up to $500 a day^‡. ATM providers may also set their own withdrawal limits, which may be lower than our limits.

You can make unlimited transactions totaling up to $10,000 in spending a day^‡.

You can order the EQ Bank Card through the EQ Bank mobile app or online banking.

There are no fees to order or replace a card.

For changes to the name on your card, please call us at 1-844-437-2265.

Your card must be mailed to the residential address associated with your Personal Account.

Your card will be mailed to your residential address on file. You should receive it within 5-10 business days. If your card doesn’t arrive or you have an issue with your delivery, please call 1-844-437-2265.

The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that protects eligible deposits up to $100,000 per insured category, per depositor, in the unlikely event of bank failure.

To learn more, see the CDIC’s Protecting Your Deposits brochure.

You earn 0.50% cash back^* on purchases you make with the card. Your earnings are then deposited monthly onto your card. Fees, ATM withdrawals, cash advances, and any credits do not earn cash back. Refunds will reduce cash back earned.

Once your card has arrived in the mail, you can start activation in the EQ Bank mobile app or online banking. You’ll need to enter your card details, verify your identity, and create a PIN to get started. Once done, you’ll link your card to one of your EQ Bank Personal Accounts and transfer money to your card. To ensure your EQ Bank card is activated, simply make your first purchase (online or in-person) or ATM transaction within Canada.

If you have questions or need a hand, please contact us at 1-844-437-2265.

EQ Bank doesn’t store any PIN information. We also obscure your PIN’s digits as you type to ensure they aren’t visible.

We verify your identity to ensure it’s really you activating your card, not someone else using your information. Please confirm the phone number and email address in your EQ Bank profile are correct before getting started.

The last four digits of the card and expiry date are required to ensure that you’ve received the correct card.

Try to choose a truly random set of numbers or four digits that have some unique meaning to you. Avoid standard PINs like 1234, 0000, or your birth year.

Once your EQ Bank Card is activated, your PIN can be used for online transactions. For your first in-store purchase, however, you'll need to do a chip-and-PIN transaction to sync it with your physical card.

You can change your PIN via the EQ Bank mobile app or mobile banking at any time. Once you’ve set your new PIN online, you’ll need to use it in-store or at an ATM to activate it on your EQ Bank Card.

If your card is missing or you suspect it's been stolen, lock your card on the EQ Bank mobile app, via online banking or by calling the number below.

If you suspect or know that your card, card details or PIN have been lost or stolen, you must immediately notify us by calling the number below. We'll get a replacement card sent to you within 5-10 business days.

Contact us at: 1-844-437-2265 or 1-416-551-3449 (outside North America). 

If you don’t recognize the merchant associated with the transaction, lock your card on your EQ Bank mobile app or via online banking or by calling the number below and speak with Customer Care to dispute it.

If you recognize the merchant, contact them first to see if there’s a solution. If the merchant is unable or unwilling to assist, please call the number below to dispute it with Customer Care.

Contact us at: 1-844-437-2265 or 1-416-551-3449 (outside North America). 

The EQ Bank Card is a prepaid reloadable card that gives you access to your Personal Account or Joint Account funds, earns high interest on your card balance until you spend it, and gives you cash back when you do.

The EQ Bank Card is a prepaid card that lets you do things that a debit card does—like access cash and spend your money online and in-store. We also reimburse any ATM fees you are charged in Canada.

The EQ Bank Card will never charge you a fee or interest, and funds on the card don’t expire. The physical card will expire after four years. We'll send you a replacement card close to the expiry date and automatically transfer the card balance to the new card.

Here are some positive differences between an EQ Bank Card and a credit card:

• It’s good for budgeting – you’re spending your own money
• There’s no risk of racking up debt or paying interest
• There are no annual fees or foreign transaction fees¹
• There’s no line of credit, so will not impact your credit score

The EQ Bank Card has quite a few advantages compared to many debit cards:

• You don’t have to maintain a minimum balance to avoid paying fees, which means you’re in charge of when you use your money.
• You earn high interest on your card balance (just like in your EQ Bank Personal Account). That’s not something you can say about most debit cards and chequing accounts.
• You earn cash back^* on all of your purchases, which is definitely a step up compared to debit cards.
• Free withdrawals from any ATM in Canada (we reimburse any fees).

As an alternative to using your physical card, you can add your card’s payment information to your phone’s mobile wallet app—such as Apple Pay or Google Pay—to make contactless payments.

Yes, mobile wallets are safe. Your data is encrypted and your card details cannot be seen by anyone. In addition, before making a mobile payment, you must authenticate it via passcode, fingerprint, or facial recognition.

If your phone is lost or stolen, you must contact EQ Bank immediately at the number below. You should also lock your card through the mobile app, via online banking, or by calling the number below. You may also need to notify your mobile wallet provider.

Contact us at: 1-844-437-2265 or 1-416-551-3449 (outside North America).

With autoload, your EQ Bank Card can automatically load money when your available balance drops below a set amount after a purchase or withdrawal. It can be paused, cancelled, or reactivated whenever you like!

Navigate to your card dashboard in online banking and select “Set up autoload”.

Navigate to your card dashboard in online banking and select “Card management”. Scroll to the autoload card and select “Manage”.

When you set up autoload for the first time, you will be automatically enrolled into autoload Alerts.

You can opt out of these alerts by navigating to your card alert preferences page.

An autoload transaction may not have occurred if:

• Your linked account did not have a sufficient balance.
• You exceeded your daily load limit ($10,000).
• You have paused autoload.
• Your card is marked lost/stolen.
• Your card is locked.

If your autoload transaction is not processed, you will receive an “autoload failed” alert.

If your linked account does not have sufficient funds, an autoload transaction will not occur.

The autoload minimum balance amount relies on your card’s available (spendable) balance. This balance reflects your total loaded balance minus the amount of your pending transactions.

No! There are no fees associated with autoload.

Yes, you can set a custom threshold amount. When your balance falls below this amount, autoload will automatically top up your card.

Yes, the maximum amount that can be autoloaded in a single transaction is $1,000.

Autoload transactions are processed instantly, so your funds should be available immediately after the transaction is completed.

No, notifications are sent after an autoload transaction has occurred. However, you can check your autoload settings to know when it's set to activate.

The autoload feature is operational only with Personal Accounts or Joint Accounts that are linked to the EQ Bank Card.

Autoload is secure and uses the same safety measures as your online banking.

Autoload triggers are based on balance, not dates. For scheduled transfers, use the regular transfer feature.

You can manage your alert preferences in the card alert preferences page.

Currently, the autoload feature is activated for Personal Accounts or Joint Accounts that are linked to the EQ Bank Card, but it is not available for linking to business accounts.

If you suspect fraudulent activity on your card, contact our Customer Care team immediately to report the issue and receive support.

 In the event of fraudulent activity, your card will be cancelled, and our Customer Care team will issue you a new EQ Bank Card. Your new card should arrive in 5 to 10 business days. For more information, please refer to the EQ Bank Card Agreement.

With the current Home Buyers' Plan, you can withdraw up to $60,000 from your RSP to buy a home. You must then pay back the funds to your RSP (Retirement Savings Plan) over a period of 15 years.

Unlike the Home Buyers’ Plan, with an FHSA the funds do not need to be paid back.

The Home Buyers’ Plan allows you to withdraw from your RSP to buy or build a qualifying home for yourself or a related person with a disability.

Currently, the HBP withdrawal limit is $60,000. Unlike the HBP, you won’t need to pay back the funds with the FHSA, and there’s no withdrawal amount limit. Qualifying withdrawals* are tax free.

Did you know that you can combine the FHSA and the HBP? You can maximize both programs and put up to $100,000 (plus any investment growth in the FHSA) toward a down payment. Convenient, right?

*To make a “qualifying withdrawal”, you must be a first-time homebuyer who is a resident of Canada, have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal, and intend to occupy the qualifying home as your principal place of residence within one year of buying or building it. You must not have acquired the qualifying home more than 30 days before making the withdrawal.

You will be considered to be a "first-time home buyer” for the purposes of a qualifying withdrawal if, at any time in the calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned.

A "qualifying home" is defined as a housing unit located in Canada. This includes existing homes and those being constructed, such as single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings, but does not include a share that only provides you with a right to tenancy in the housing unit.

Yes, you can. You can make both an FHSA withdrawal (up to a $40,000 contribution + your capital growth in the account) and an HBP withdrawal ($60,000 maximum) for the same qualifying home purchase.

Funds withdrawn from your FHSA that are not used to purchase a qualifying home are subject to withholding taxes and the amount withdrawn will be added to your taxable income for that year. Also, your FHSA contribution room will not be re-instated.

Alternatively, the balance in your FHSA not used to purchase a qualifying home could be transferred to your EQ Bank RSP on a non-taxable transfer basis, subject to applicable rules.

Transfers from your FHSA to your RSP do not impact your available RSP contribution room.

The funds transferred to an RSP will be taxed upon withdrawal.

To make a qualifying withdrawal*, you must be a first-time homebuyer and a resident of Canada at the time of the withdrawal for the acquisition of your qualifying home.

A "qualifying home" is defined as a housing unit located in Canada. It also includes a share of the capital stock of a cooperative housing corporation, where the holder of the share is entitled to an equity interest in a housing unit located in Canada.

You must have a written agreement to buy or build a qualifying home located in Canada where the acquisition or construction completion date is before October 1 of the year following the year of withdrawal.

You must also intend to occupy the qualifying home as your principal place of residence within one year of buying or building it.

In accordance with the CRA, a qualifying withdrawal from your FHSA means that the following requirements are met:

• You are required to fill out RC725 Request to Make a Qualifying Withdrawal from your FHSA
• You are required to be a first-time home buyer. You will be considered to be a first-time home buyer for the purposes of opening an FHSA if, at any time in the calendar year before the account is opened or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either (i) you owned or jointly owned; or (ii) your spouse or common-law partner (at the time the account is opened) owned or jointly owned
• You are required to have a written agreement to buy or build a qualifying home with the acquisition or construction completion date of the qualifying home before October 1 of the year following the date of the withdrawal
• You are required to not have acquired the qualifying home more than 30 days before making the withdrawal
• You are required to be a resident of Canada from the time that you make your first qualifying withdrawal from one of your FHSAs until the earlier of the acquisition of the qualifying home, or the date of your death
• You are required to occupy or intend to occupy the qualifying home as your principal place of residence within one year after buying or building it

*To make a “qualifying withdrawal”, you must be a first-time homebuyer who is a resident of Canada, have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal, and intend to occupy the qualifying home as your principal place of residence within one year of buying or building it. You must not have acquired the qualifying home more than 30 days before making the withdrawal.

You will be considered to be a "first-time home buyer” for the purposes of a qualifying withdrawal if, at any time in the calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned.

A "qualifying home" is defined as a housing unit located in Canada. This includes existing homes and those being constructed, such as single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings, but does not include a share that only provides you with a right to tenancy in the housing unit.

Please call the Customer Care Centre at 1-844-437-2265 and we will help you make your withdrawal! Our Customer Care agents are available from 8 AM to midnight, Eastern Time, 7 days a week.

An FHSA is not a replacement for an RSP or TFSA, but a complementary plan.

This new account type is specifically designed for aspiring EQ Bank first-time home buyers. It works together with the other accounts to provide you with:

1. More contribution room
2. More tax savings
3. More opportunities for investment growth
4. Tax-free qualifying withdrawals
5. Another great interest rate

An FHSA takes the best features of the other accounts to give you a new and better way to save for your first home.

There are many advantages to saving in the First Home Savings Account.

You can:

1. Save up to $40,000 for your first qualifying home
2. Contribute tax-free for up to 15 years
3. Carry forward unused contribution room (up to $8,000) and un-deducted contributions
4. Reduce your tax bill
5. Pay zero taxes on any investment earnings

You can hold one FHSA Savings Account and FHSA Guaranteed Investment Certificates (GICs). FHSA GICs are a safe and reliable investment to grow your savings.

The account can stay open for:

1. A maximum of 15 years, or

2. Until the end of the year you turn 71, or

3. The end of the year following the year in which you make a qualifying withdrawal from an FHSA for the first home purchase, whichever comes first.

Annual contributions are capped at $8,000 up to a $40,000 maximum contribution limit.

Individuals may claim an income tax deduction for FHSA contributions made in the calendar year or in a previous year, to the extent not previously deducted.

A maximum of $8,000 unused contribution room will carry forward to the following year.

An EQ Bank customer who has reached the age of majority in their province of residence, and who has a valid permanent Social Insurance Number (SIN) can open an EQ Bank FHSA. You must also be a first-time home buyer to open an EQ Bank FHSA (see the EQ Bank FHSA Savings Account Agreement for more details).

Exceptions:

• Customers turning 71 in the year of application
• Non-Canadian residents
• Quebec residents
  

If you’re not yet an EQ Bank customer, you’ll need to open a Personal Account first by visiting www.eqbank.ca and applying online.

Once you’ve successfully opened your Personal Account, follow the steps below to open your EQ Bank FHSA.

For existing customers using a web browser:

• Sign in and click “Products”
• Select “Open an FHSA Plan”
• Review details and submit your application

Using the mobile app:

• Sign in and tap the hamburger menu at the top right of your screen;
• Select “Open a new account/plan”
• Tap “Open an FHSA Plan”
• Review details and submit your application

It’s that simple.

Please note that you must be a first-time home buyer to open an FHSA. You will be considered to be a first-time home buyer if you did not, at any time in the current calendar year before the account is opened or at any time in the preceding four calendar years, live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either: (i) you owned or jointly owned; or (ii) your spouse or common-law partner (at the time the account is opened) owned or jointly owned.

A transfer from one of your FHSAs or RSPs from another financial institution to your EQ Bank FHSA can be made without any immediate tax consequences if it is a direct transfer in.

To complete a direct transfer into your EQ Bank FHSA from your FHSAs or RSPs from another financial institution, you must fill out a transfer form through EQ Bank.

If you make a direct transfer into your EQ Bank FHSA from your FHSAs or RSPs from another financial institution, the transfer will not reduce your unused FHSA participation room.

Generally, you can transfer property from your RSPs to your FHSAs without any immediate tax consequences, as long as it is a direct transfer and does not exceed your unused FHSA participation room at the time of the transfer.

You can transfer from an RSP to your EQ Bank FHSA through the “Transfer from RSP or FHSA” link on your EQ Bank FHSA dashboard.

You will be allowed to transfer property from your FHSA to your RSP without any immediate tax consequences, as long as it is a direct transfer and you do not have an excess FHSA balance.

Generally, an amount that is transferred directly from your FHSA to your RSP will not impact your unused RSP deduction room or your unused FHSA participation room.

To complete a direct transfer from your FHSA to your RSP, please call the Customer Care Center at 1-888-437-2265 and we will be glad to help!

You will be allowed to transfer property from your EQ Bank FHSA to another financial institution’s FHSA, RSP or RRIF without any immediate tax consequences, as long as it is a direct transfer out.

To complete a direct transfer out from your EQ Bank FHSA to another financial institution’s FHSA, RSP or RRIF, please contact the other financial institution.

No problem. You can submit your signed transfer form by following the steps below.

Using a web browser:

• Sign in and select “FHSA Plan”
• Select “FHSA Savings Account,” then “Check FHSA transfer status”
• Select the correct transfer
• Select “Submit signed transfer form”
• You can download the form again or submit your signed form
• Click “Upload signed transfer form”

Using the mobile app:

• Sign in and scroll to select “FHSA Plan”
• Select “FHSA Savings Account,” then “Check FHSA transfer status”
• Select the correct transfer
• Select “Submit signed transfer form”
• You can download the form again or submit your signed form
• Tap “Upload signed transfer form”

Note your transfer form can also be  mailed or faxed.

Keep in mind the transfer process can take up to 6-8 weeks depending on the time it takes for us to receive all necessary documentation. It also depends on how quickly your other financial institution initiates the transfer.

You can track the status of your request from your account dashboard.

Once received, your status will be updated and can be viewed from your account dashboard. Upon receipt, it could take up to 3 days before your status is updated.

Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.

There are multiple steps involved in transferring your FHSA from another financial institution. The processing period begins from the moment your complete and accurate form has been received. If you sent your form by mail, additional time needs to be added to the defined period.

Here are the steps:

1. Your completed form is received
2. An internal review is done to make sure the form was filled correctly
3. The form is transferred via fax to your designated financial institution
4. Your financial institution processes your request
5. Your financial institution issues a cheque that is sent via mail
6. The mailed cheque is received, time stamped and directed to the relevant department
7. The cheque is deposited into your account

Once you’ve opened an FHSA Savings Account, you can purchase an FHSA GIC.

Once your FHSA GIC reaches its maturity date, the funds and interest earned will be deposited in your FHSA Savings Account.

You’ll receive an email or SMS alert notifying you of the FHSA GIC maturity. From there, you can use the funds to purchase another FHSA GIC or keep the money in your FHSA Savings Account.

If you haven’t already contributed to an FHSA at another financial institution, your allowable FHSA contribution for the current year of 2024 is generally $8,000.

You’re responsible for tracking your contribution amounts each year across all financial institutions in which you hold an FHSA.

You can carry forward your unused FHSA participation room at the end of the year, up to a maximum of $8,000, to use in the following year. This amount is referred to as your FHSA carryforward. Any FHSA carryforward will be included in the calculation of your FHSA participation room for the year.

If you exceed your FHSA contribution limit for the year, the Canada Revenue Agency (CRA) will impose a tax of 1% per month. You’re responsible for tracking your contribution amounts each year, across all financial institutions in which you hold an FHSA.

In order to avoid unintended tax consequences, you should close your FHSA before your maximum participation period ends. Your maximum participation period ends on December 31 of the year in which the earliest of the following events occurs: (a) the 15th anniversary of opening your first FHSA; or (b) you turn 71 years of age; or (c) the year following your first qualifying withdrawal from your FHSA.

You can designate one successor and up to five beneficiaries and choose the percentage that should be allocated to them upon your death on your EQ Bank FHSA and TFSA.

In the event the percentage entitlement(s) for your beneficiaries does not add up to 100%, the remaining portion will be paid to your estate.

To designate a beneficiary, you’ll need to sign-in to your EQ Bank account and download the beneficiary designation form.

Note: Beneficiary designations and the EQ Bank FHSA is not available in Quebec.

If you open an account in a province other than Quebec, the designate designation of beneficiary is applicable.

For successor and/or beneficiary terms and conditions, please refer to the FHSA or TFSA designation form.

To designate a successor and/or a beneficiary, you’ll need to sign in and download the beneficiary designation form for your EQ Bank FHSA.

You’ll need to  mail or fax it back to EQ Bank with the following information:

• Legal first and last name
• Date of birth
• Social Insurance Number (SIN)
• Mailing address
• Relationship to the account holder

When your EQ Bank FHSA GIC reaches maturity, it will be deposited back into your FHSA Savings Account.

Contributions that you make to your first home savings accounts (FHSAs) are generally deductible on your income tax and benefit return. It is important to note that transfers from your registered retirement saving plans (RSPs) to your FHSAs are not deductible.

The contribution period for your FHSAs is a calendar year (January to December).

There is no minimum number of days that contributions you make to your FHSAs need to stay in your FHSAs before you can deduct them on your income tax and benefit return.

Contributions you make to your FHSAs during the first 60 days of the year cannot be deducted from your income tax and benefit return for the previous year, unlike contributions to an RSP.

Via web and mobile app, no later than February 28^th of the following calendar year.

Tax slips, such as the FHSA Contribution Receipt, can be downloaded as PDFs by signing into your account through the EQ Bank mobile app or web browser.

There is no fee to transfer your EQ Bank FHSA to another financial institution.

EQ Bank will not reimburse the transfer fee charged by the other financial institution.

You can hold one FHSA account at EQ Bank, but keep in mind that your contribution room is shared across all FHSAs that you hold with other financial institutions.

You can hold multiple GICs, as long as you keep track of your contributions.

Whether through your desktop or EQ Bank mobile app, you can make FHSA contributions directly from your Personal Account by following the steps below.

Using a web browser:

• Sign in and from your FHSA dashboard, click “Add money”
• Select the account you want the funds to come from
• Select your FHSA Savings Account as the destination
• Select an amount and deposit date, and click “Next”
• Review your details and click “Submit”

Using the mobile app:

• Sign in and from your dashboard, scroll to select “FHSA Plan”
• From the FHSA Plan dashboard, select “FHSA Savings Account”
• From the bottom right expendable menu, select “Add money”
• Select the account you want the funds to come from
• Select your FHSA Savings Account as the destination
• Select an amount, and deposit date, and click “Next”
• Review your details and tap “Submit”

No, you are not permitted to participate directly in your spouse's or common-law partner's FHSA. Your spouse or common-law partner is the only person who can participate in their own FHSA. Only the holder of the FHSA can claim the FHSA contributions as a tax deduction on their income tax and benefit return.

When the FHSA GIC matures it is not taxed and the matured funds are returned to the FHSA.

If you make a qualifying withdrawal*, you don’t pay tax on it. However, if you make a non-qualifying (taxable) withdrawal, you will pay income tax on the principal and the growth.

In accordance with the CRA, a qualifying withdrawal from your FHSA means that the following requirements are met: 

• You are required to fill out RC725 Request to Make a Qualifying Withdrawal from your FHSA
• You are required to be a first-time home buyer
• You are required to have a written agreement to buy or build a qualifying home with the acquisition or construction completion date of the qualifying home before October 1 of the year following the date of the withdrawal
• You are required to not have acquired the qualifying home more than 30 days before making the withdrawal
• You are required to be a resident of Canada from the time that you make your first qualifying withdrawal from one of your FHSAs until the earlier of the acquisition of the qualifying home, or the date of your death
• You are required to occupy or intend to occupy the qualifying home as your principal place of residence within one year after buying or building it

*To make a “qualifying withdrawal”, you must be a first-time homebuyer who is a resident of Canada, have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal, and intend to occupy the qualifying home as your principal place of residence within one year of buying or building it. You must not have acquired the qualifying home more than 30 days before making the withdrawal.

You will be considered to be a "first-time home buyer” for the purposes of a qualifying withdrawal if, at any time in the calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned.

A "qualifying home" is defined as a housing unit located in Canada. This includes existing homes and those being constructed, such as single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings, but does not include a share that only provides you with a right to tenancy in the housing unit.

Your plan can hold up to $200,000 in funds. Be sure to keep track of your contribution limit.

Visit our Fees & Features page for more details.

Up to a maximum of $500,000. Keep an eye on your contribution limits, so you’re not penalized for over-contributing.

Tax slips can be found by signing in to your account through the EQ Bank mobile app or online banking website. Once you’re signed in on desktop, navigate to the “My accounts” tab, and click on “Tax documents.” On the mobile app, click the navigation menu in the top right corner and select “Tax documents” under “Documents.”

You can visit our Tax Slips Schedule of Availability page to view when each tax document will become available.

You can visit our Tax Slips Schedule of Availability page to view which tax documents will be issued and their expected availability.

T5 slips will include interest earned on Personal Accounts, Notice Savings Accounts, non-registered GICs, and US Dollar Accounts converted to Canadian dollars. For the EQ Bank Card, interest will be included in the T5 for the Personal Account/Joint Account that the interest was paid into

Any interest earned in December 2023 but paid in January 2024 will be included in the 2023 T5.

February 29, 2024 is the final date for RRSP contributions to be eligible for the 2023 tax year.

RRSP withholding tax is charged when you withdraw funds from your RRSP before retirement. The current rate of RRSP withholding tax is 10% for withdrawals up to $5,000, 20% for withdrawals between $5,001 and $15,000, and 30% for withdrawals over $15,000.

These withholding tax rates are only estimates. The actual tax required to be paid will depend on the marginal tax rate that will apply based on the aggregate taxable income received for the taxation year from all sources including the RSP withdrawal. 

• February 29, 2024: The final date for RRSP contributions to be eligible for the 2023 tax year
• April 30, 2024: Deadline to file your 2023 taxes
• June 15, 2024: Deadline to file your 2023 taxes if you or your spouse or common-law partner are self-employed

Depending on the term of your non-registered GIC, the interest you earn will be reported on your T5 accordingly:

• 3-month GIC: The interest that accrues during the 3-month term is reported on your T5 slip for that year.
• 6-month GIC: The interest that accrues during the 6-month term is reported on your T5 slip for that year.
• 9-month GIC: The interest that accrues during the 9-month term is reported on your T5 slip for that year.
• 1-year GIC: The interest that accrues in the first year (12 months) of the term is reported on your T5 slip for that year.
• 15-month GIC: The interest that accrues in the first year (12 months) of the term is reported on your T5 slip for that year.
• The remaining interest that accrues in the last 3 months of the term is reported on your T5 slip for the next year.
• 2-year GIC*: The interest that accrues in the first year (12 months) of the term is reported on your T5 slip for that year.
• The interest that accrues in the second year (next 12 months) of the term is reported on your T5 slip for the next year.
• 27-month GIC: The interest that accrues in the first year (12 months) of the term is reported on your T5 slip for that year. The interest that accrues in the second year (next 12 months) of the term is reported on your T5 slip for the next year. The remaining interest that accrues in the last 3 months of the term is reported on your T5 slip for the following year.
  
• *3-year GIC to 10-year GIC tax reporting follow the same format as the 2-year GIC.

These are general guidelines. The actual dates and amounts depend on your GIC terms and purchase date.

For further details, please call Customer Care at 1-844-437-2265—we’d be happy to assist you.

If you have made a contribution to or withdrawal from your FHSA in 2023, EQ Bank will provide you with a single T4FHSA tax slip that combines information for both types of activities. Unlike RSPs, you will not receive separate contribution receipts.

Please note that it’s your responsibility to monitor all activities in your EQ Bank FHSA and keep track of your total contribution room

To report an issue with your T5 or RL-3 tax slip, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.

We only report the total contributions that you make to the CRA. It is your responsibility to keep track of your TFSA contribution room with the CRA.

Yes, individually held Personal Accounts and Joint Accounts have separate tax slips. If you have multiple individually held Personal Accounts, you will receive one T5 and/or one RL-3 tax slip that will reflect the combined interest earned on those accounts. Joint account T5 and RL-3 tax slips will be separately created based on the address of the primary coholders and the number of different groups of co-holders.

Yes, we submit tax information to the CRA and Revenu Québec each year.

If you set up direct deposit for your pay of $2,000/month or more, you will start earning 3.75% interest within the first two weeks of the month following your first qualifying transaction. You will earn 3.75% as long as you continue to meet the qualification threshold.

For more information, please see the Bonus Interest Offer Terms and Conditions.

If qualifying transactions are detected by the last day of the month, your 3.75% interest rate will take effect within the first two weeks of the following month. You will earn 3.75% as long as you continue to meet the qualification threshold.

Yes! 3.75% interest is available to all new and existing eligible customers, assuming you meet the qualification threshold each month.

You will receive a confirmation email within 1 business day of the 3.75% interest rate being applied to your account(s). You will also see your effective interest rate on your Personal Account dashboard. 

Most payroll direct deposits are eligible for this offer but there may be some cases where your deposits are set up with a transaction code (CPA code) that is not recognizable as a payroll direct deposit.

If you are unsure about which CPA code your payroll deposits currently fall under, you can confirm this information by contacting the bank where you’re currently receiving deposits.

Below is a list of all eligible transaction codes that will qualify you for 3.75%:

Yes! You will still qualify if you have a total of at least $2,000 via direct deposit for your pay, even if it’s across multiple sub accounts. 

Yes! As long as you direct deposit your pay of at least $2,000 a month, you will earn 3.75% interest.

Eligible customers who continue to meet the criteria of setting up $500/month or more in recurring pre-authorized debits will continue to earn 2.50% interest* for 12 consecutive months (including any prior months you earned 2.50%*). If you stop your recurring pre-authorized debits at any point during the bonus fulfillment period, you will no longer qualify to receive 2.50% interest*.

If you would like to earn 3.75% interest^*, you must set up qualifying recurring direct deposits of at least $2,000/month.

If qualifying direct deposits are less than $2,000 by the last day of the month, your interest rate will revert to the base rate of 2.00% within the first two weeks of the following month.

For more details, visit our full terms and conditions page.

From your EQ Bank mobile app:

• Sign in and tap the navigation menu in the top right corner
• Select “Direct deposits & payments”
• Select “Download PDF/void cheque”
  

From your web browser:

• Sign in and hover your mouse over “My accounts”
• Select “Direct deposit” in the dropdown menu
• Click “Download PDF”

 Once you’ve generated a void cheque, you can give it to whomever provides your payment and that’s it!

No, your funds are available as soon as they’re deposited.

A Notice Savings Account and a High-Interest Savings Account (HISA) are both account types where you can deposit money towards your savings and earn interest on your account balance. With both accounts, you can withdraw your funds as needed – unlike a GIC where your funds are locked into a term.

The main difference is that with a Notice Savings Account, you must provide advance notice before withdrawing. In exchange for the advance notice requirement, Notice Savings Accounts often come with very attractive interest rates. The more notice you’re able to give, the higher the rate, like with the two notice options of the EQ Bank Notice Savings Account.

When you open the EQ Bank Notice Savings Account, choose a notice period that best suits your needs from the two available options. The notice period determines the number of days that your funds will be held in your Notice Savings Account after making a withdrawal.

You can make unlimited withdrawals from your Notice Savings Account by transferring your funds to an externally linked account, Personal Account, or Joint Account. The funds will be available in the account you select after your notice period ends.

Yes! The money you request to withdraw after the notice period will stay in your Notice Savings Account until the notice period ends. That means you’ll earn interest on any funds set for withdrawal until they’re transferred. 

Like most savings accounts, the interest rate on our account can be subject to change. If we change the rate, we’ll let you know by emailing you.

Yes! You can cancel any withdrawals from your Notice Savings Account with no penalty or fees up until the day of the transfer. 

The interest rate for a Notice Savings Account can vary, and it depends on whether you have a 10 Day Notice Savings Account or a 30 Day Notice Savings Account. We strive to offer competitive rates, and we encourage you to visit the Notice Savings Account page or reach out to our Customer Care team via live chat for the most up-to-date rates.

We understand the importance of managing your savings efficiently, which is why you’re allowed to have one 10 Day Notice Savings Account and one 30 Day Notice Savings Account.

Your Notice Savings Account allows you to make various transactions, including deposits and withdrawals, to manage your funds as needed.

Depositing funds into your Notice Savings Account is straightforward. You can transfer funds instantly from a Personal or Joint Account, or from linked external accounts with a 5-business-day hold.

To withdraw funds from your Notice Savings Account, navigate to Transfers > Transfer between accounts, and complete the transfer. Your withdrawal will be in a pending state until the notice period you selected when the account was opened (10 days or 30 days) is completed. After 10 or 30 days (on 11th and 31st day), your funds will be available.

If the withdrawn funds are being deposited to an externally linked account, there will be an additional processing period of 2-3 business days.

At this time, we do not offer a Joint Notice Savings Account option. We understand this may be an important feature to customers, and we’re always looking to improve our services.

You cannot purchase GICs with your Notice Savings Account. Nevertheless, both the Personal and Joint Accounts provide access to a variety of GIC options, featuring competitive rates and flexible terms. For more information on GIC purchases, please refer to GICs | EQ Bank.

International money transfers are not available from the Notice Savings Account.

The process of transferring funds is designed to be seamless. Whether you’re using your desktop or mobile app, simply select the transfer option, choose the accounts, review, and submit. Your transfer will be instant, and your funds will begin earning interest right away.

For customers who joined EQ Bank on or after February 21, 2016, the maximum combined balance for your EQ Bank Notice Savings Account, US Dollar Account, and Personal Account is $200,000 CAD, or $500,000 CAD for Joint Account holders. We have a full list of account limits available, and our Customer Care team can provide further details if needed.

Yes, your deposits are protected up to $100,000 per insured category, per depositor, under the CDIC’s “Protecting Your Deposits” guidelines. It’s part of our commitment to your financial security.

Absolutely, you have the flexibility to cancel a withdrawal before the notice period has ended. You can easily do this from your Notice Savings Account’s pending transactions. If you need assistance, our Customer Care team is here to help.

Yes, you will receive a T5 Tax Slip for the interest earned, which will be available for download by no later than February 28 of that calendar year. It’s part of our effort to ensure your tax preparation is as smooth as possible.

It’s not possible to send or receive an Interac e-Transfer^® to or from the Notice Savings Account.

If you’re relocating to Quebec, you’ll need to transfer all funds to your Personal Account or an externally linked account and close your Notice Savings Account. Our Customer Care team is ready to assist you with this transition and answer any further questions you may have via live chat.

These features are not available with the Notice Savings Account. Nevertheless, both the Personal and Joint Accounts encompass all these features, making them valuable additions to your EQ Bank account portfolio. The convenience offered by having both savings and checking functionalities in one account simplifies banking, providing a seamless one-stop banking experience.

Closing your Notice Savings Account is a simple process. Reach out to us via live chat, and a Customer Care agent will guide you through the account closure process with care and attention.

It is important to note that the mandatory withdrawal notice period is required to close your account. The notice period will be dependent on the specific terms of your account, 10 days for the 10-day Notice Savings Account and 30 days for the 30-day Notice Savings Account. Additionally, please allow an extra 3-5 business days for the closure process to be completed.

It’s really easy! You can open an account by visiting the Business Account page and applying online.

All EQ Bank customers must:

• Be a Canadian resident
• Meet their province’s age of majority (18 or 19 years old, depending on where you live)
• Have a Social Insurance Number (optional for incorporated businesses)
• Have authority and power to bind the business with respect to opening the account
• Have an existing EQ Bank Personal Account
  • Hang tight, the Business Account will be available to non-EQ-Bank customers soon.

Note: to sign up online, a Canadian mobile phone number is required (the mobile app is currently only available for iOS, but we’re working on making it available for Android soon).

This account is a great option for sole proprietors (i.e. gig workers, freelancers, professionals) and small business owners.

Small business owners fall into two categories:

• Sole proprietor (unregistered and registered)
• Corporation
  • Must be active corporation
  • You must be both a signing officer and a director

Note: Only one individual per business may open account(s). Business Account is currently not available for Quebec residents and businesses, Trusts, Partnerships, or if your business is owned by another business.

Because of how our systems are set up, in order for us to administer your EQ Bank Business Account, or any other EQ Bank products, we ask that you first open an EQ Bank Personal Account.  There are no fees or costs attached to the opening of the EQ Bank Personal Account. Although you may wish to use your Personal Account, you are not required to do so.  If you do use the Personal Account, the terms and conditions that you will be provided with apply.

• Incorporated businesses:
  • Business registration information
  • Director/shareholder information

We may also require you to upload two forms of Government ID to validate your identity.

Note: Please ensure to use your most up-to-date business registry information—what you enter when signing up will need to match what's in the business registry.

• It depends on where you do business, most provinces do not require a business registration if you operate a business under your own legal name (please check registration requirements where you operate)
• Corporations – require business registration number

Many other banks charge high and unpredictable fees—our account does not. Plus, it comes with a lot of benefits that are usually not seen elsewhere, including fully digital sign-up, no monthly fees, unlimited transactions¹, no minimum balance requirements, and high interest. It’s also a great way for you to separate your business transactions from your personal, which saves you time and makes for easier tax reporting, bookkeeping, and financial planning.

As part of the Beta launch, the Business Account is only available to existing Personal Account holders, which is great news if you already have a Personal Account! The process is simple and requires standard information about your business. You’ll also be able to transfer funds between your personal and business accounts.

Note: if you already have a Personal Account, you will need to use the same email address you used for that account to open your Business Account. Then you’ll be able to access both your personal and business accounts under one login.

Unfortunately, our Business Account does not offer foreign exchange or USD accounts at this time.

We offer a high-interest account (Business Account) and GICs (guaranteed investment certificates).

Note: these products are not currently available in Quebec.

EQ Bank is a trade name of Equitable Bank. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, and provided such deposits are payable in Canada, as outlined in CDIC’s “Protecting your Deposits”.

For clarity, deposits made by sole proprietorships are protected. They are not considered separate and distinct from the sole proprietor (the individual). Eligible deposits under sole proprietorships are combined with those of the sole proprietor.

There are three ways to deposit funds into your Business Account:

• via Interac e-Transfer^®
• via Electronic Funds Transfer (EFT) through your externally linked accounts
• via transfer from your Personal Account
  

Interac e-Transfer^®:

You can instantly deposit funds to yourself using your other bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.

Note: While it’s free to send or receive Interac e-Transfers^® with EQ Bank, your other bank may charge a fee for sending them. Banks also tend to set daily limits on how much money you can send through Interac e-Transfer^®, so it’s best to use this method for smaller amounts (generally $5,000 or less).

Electronic Funds Transfer (EFT):

Using online banking, you can deposit up to $100,000 per transaction from your externally linked account to your EQ Bank account. You can make multiple transactions per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.

Note: You can link to any external business account that is available in the ‘link external account’ list. If there are slight differences in the account names between the banks, it may take a few business days to complete validation before you can conduct EFTs from EQ.

From your EQ Bank Business Account, you can send:

• Up to $6,000 per Interac e-Transfer^®
• Up to $10,000 per 24-hour period
• Up to $10,000 per 7-day period
• Up to $20,000 per 30-day period

 When receiving funds via Interac e-Transfer^® to your EQ Bank Business Account, you can receive:

• Up to $25,000 per transaction

 To view the dollar limits associated with your Business Account, visit the Business Account Fees & Features page.

Once both accounts have been successfully opened under the same email, you will be able to transfer money between the two accounts seamlessly. Select the profile you wish to transfer "from" and start an 'Internal Transfer'. Then select the other account to transfer "to" and submit.

Sign in to EQ Bank and, from the dashboard, click on your business account. Each account has a unique nine-digit number associated with it.

Unfortunately, our Business Account does not offer a mobile cheque deposit feature at this time.

You can access your account using the mobile app for iOS—and we’re working on making it available for Android soon.

If you are a registered business, please make sure you have updated your information with your applicable registry agency. You will then need to contact our Support team to confirm the updates and depending on the changes, additional validation might be required with our third-party vendors. 

Please contact our Support team to close your account – you will be required to move the funds out first.

You can open an account for up to 12 businesses – each business can have up to 10 Business Accounts and 20 Business GICs.

You can buy up to 20 GICs per business. Each GIC purchase must be for at least $100. The per GIC investment limit is $100,000. Aggregate GIC investment limit of $2,000,000 per business.

Once your GIC reaches the maturity date, the funds will be placed in your Business Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.

Unfortunately not. Once the cancellation period has passed, your GIC is non-redeemable, and your funds are locked in. For more information, please refer to the  EQ Bank GIC Agreement.

Yes. Any interest you earn from your GIC investments will be included on your T5 tax slip in the applicable tax year.

No, but you can view your current and previous GIC purchases by signing in to your Business account.

Business GICs are not currently available in Quebec.

The 1% match^* is available for the TFSA Savings Account, the RSP Savings Account, and the FHSA Savings Account.

To qualify for the 1% match^*, you can add funds between November 1, 2024, and February 28, 2025.

Yes, each of your registered accounts will continue to earn the interest rate associated with the account, along with the 1% match^*.

New funds deposited into the TFSA Savings Account, FHSA Savings Account, or RSP Savings Account are all eligible for the 1% match^*. If you’d made contributions into more than one account during the offer period, the bonus for each account will be paid into the respective account.

Note: make sure to track your contribution allowance so you don’t exceed the limits.

The bonus will be paid into the registered account where you added funds (it isn’t possible to redirect payments to a different account). For tax purposes, the bonus will not count towards the contribution room of the account.

Great news—you won’t be charged any fees for participating in this promotion. It’s accessible to everyone, no matter your income, as there is no minimum balance requirement (example: any contributions made during the promotional period, whether in the amount of $1 or $10,000, will qualify for the promotion).

The bonus won’t count towards your contribution allowance, but you are responsible for tracking your own contribution room.

We don’t believe in barriers, so you won’t have to opt in or register to take advantage of this offer. In fact, all you have to do to qualify is deposit funds into any of the eligible accounts between November 1, 2024, and February 28, 2025.

The 1% bonus^* earnings follow the same withdrawal rules as your account contributions. TFSA withdrawals are tax-free, whereas RSP and FHSA withdrawals will be taxed unless they qualify for programs like The Homebuyer’s Plan (HBP), Lifelong Learning Plan (LLP) under the RSP, or a qualifying withdrawal under the FHSA. See the government resources below for more detailed information:

FHSA: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/withdrawals-transfers-out-your-fhsas.html

TFSA: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/making-replacing-withdrawals-a-tfsa.html

RSP: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/making-withdrawals.html