RSP Savings Account Give your retirement savings a 2.00%^* boost

The RSP Savings Account is not currently available in Quebec.

Open an RSP

an illustration of a staircase with increasingly large flags bearing dollar signs and sparkly stars at the top

What is an RSP?

Investment options

Eligibility

How to open an RSP

What is an RSP?

An RSP (Retirement Savings Plan) is a registered investment account, designed to help you save for retirement.

Contributions and investment growth are both tax-deferred, meaning you can reduce your taxable income now, grow your savings, and only pay tax when you withdraw at retirement.

Your two high-interest, no-fee options to grow your RSP.

Earn 2.00%^* on your cash savings

Enjoy tax-deferred growth while growing your savings with a solid return.

Open an RSP

RSP GICs

Lock in a guaranteed return with a GIC (Guaranteed Investment Certificate) in your RSP.

View GIC rates

More than just a retirement fund. Using your RSP.

Retirement

Build a nest egg for a comfortable retirement.

Buy your first home

Withdraw up to $60k for a first home down payment.

Learn more about the Home Buyers’ Plan.

Return to school

Finance full-time training or education with up to $20k.

Learn more about the Lifelong Learning Plan.

RSP by the numbers

$31,560 2024 annual limit. Any unused room can be carried forward.

$60,000 Maximum amount you can withdraw for a first home down payment.

18% Percentage of last year’s income you can contribute, if lower than the annual limit.

Is our RSP Savings Account right for you?

It’s right for you if:

You’re looking to save for retirement.
You’ve reached the age of majority in the province in which you reside.
You plan on contributing to your RSP to reduce your taxable income, while your investments grow on a tax-deferred basis.
You understand the maximum you can contribute each year as set by the Canadian government, which depends on your income.
You’re looking for an account that’s eligible for CDIC protection.^†
You're looking for a completely digital banking experience.

It’s not right for you if:

You don’t have available contribution room.
You expect to access these funds for emergencies or more immediate savings goals.
You’re turning 71 this year, as you can only hold and contribute to an RSP until the year you turn 71.
You’re a Quebec resident.

Open your RSP online

Log in or become an EQ Bank customer in a few clicks.
Head to Products, scroll to RSP and open an account.
Fund your account and immediately start earning 2.00% interest^* on every dollar.

Open an RSP

How do RSPs compare to TFSAs?
Account Details	RSP	TFSA
If you’re saving for…	Retirement	Vacation, emergency fund, etc.
2024 tax year contribution deadline	March 3, 2025	December 31, 2024
2024 tax year contribution limit	Get limit info	$7,000²
Are contributions tax-deductible?	Yes	No
Are withdrawals taxed?	Yes	No
	Open an RSP	Explore TFSA

Common questions answered

What are the benefits of an RSP?

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.

Who can open an EQ Bank RSP?

How do I determine my RSP contribution limit?

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.

Who can contribute to an EQ Bank 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:

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

Can I set up recurring automatic contributions to an RSP?

Are RSPs available in Quebec?

Visit our FAQ for more details about our RSPs.

Footnotes

Footnote *: Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice.

^{Return to footnote * referrer}
Footnote †: Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor.

^{Return to footnote † referrer}
Footnote 1: The Promotion is open to Eligible Customers who deposit New Deposits into their Registered Account(s) from November 1, 2024, at 12:01 a.m. ET to February 28, 2025, at 11:59 p.m. ET (the “Promotional Period”) and hold such New Deposits in their Registered Account(s) for one year, starting March 1, 2025 (the “Hold Period”). EQ Bank will pay a cash bonus equivalent to 2% of the value the New Deposits (the “Match Bonus”) on a quarterly basis at a rate of 0.5% per Hold Period quarter. New Deposits held in GICs within Registered Accounts will not be eligible for the Match Bonus. Promotion may be changed, cancelled or extended at any time. Conditions apply. Please review the EQ Bank Registered Season Match Promotion Terms and Conditions for details.

^{Return to footnote 1 referrer}
Footnote 2: Annual limit based on legislation as of January 1, 2024. Limits are subject to change year to year.

^{Return to footnote 2 referrer}
Footnote: EQ Bank does not offer the following products in the province of Quebec: US Dollar Account, International Money Transfers, RSP Savings Accounts, RSP GICs, FHSA Savings Account, FHSA GICs, Business Account, and Business GICs. Additionally, the EQ to EQ transfers feature is not available in Quebec.

^{Return to footnote referrer}

RSP Savings Account Give your retirement savings a 2.00%^* boost

What is an RSP?