Does EQ Bank have branches?
As a completely online banking service, EQ Bank has no branch locations and also does not provide debit cards, credit cards, or cheques to its consumers.
How much money can I have in EQ Bank?
Savings Plus Account Fees & Features
| Dollar Limit Maximums | Amount |
|---|---|
| Inbound Interac e-Transfer® e-Transfer | $25,000 per transaction |
| EQ to EQ Transfers Daily Maximum | $30,000 |
| EQ to EQ Transfers Weekly Maximum | $100,000 |
| EQ to EQ Transfers Monthly Maximum | $250,000 |
Who owns EQ Bank in Canada?
Equitable Group Inc.
Canada’s Challenger Bank™ Equitable Bank manages over $40 billion in assets and is a wholly-owned subsidiary of Equitable Group Inc. It was founded in 1970 as The Equitable Trust Company and has become Canada’s eighth largest Schedule I bank.
What is the catch with EQ Bank?
If you’re wondering what the catch is – there is no catch. EQ Bank makes money by taking your cash and lending it out to others at a higher interest rate.
Is EQ Bank trustworthy?
People may be worried that EQ Bank is not safe because it is 100% online. However, rest assured, your money is safe. All your Canadian dollar deposits made to EQ Bank (up to $100,000) are protected automatically with deposit insurance.
Can you withdraw cash from EQ Bank?
EQ Bank is a digital bank. While we don’t offer a debit card or direct ATM access to withdraw cash, our mobile app and online banking website make it easy to deposit or transfer funds electronically between bank accounts.
Is EQ Bank TFSA good?
EQ Bank recently introduced its Tax-Free Savings Account (TFSA) and offers some of the best rates in Canada right now. Given that savings rates are at the lowest we have seen in years, the 1.25%* interest rate on EQ Bank’s TFSA is a good deal. And, it’s not only on savings.
How does EQ Bank make money?
Even though EQ Bank gives you an above-average interest rate, they make their money by lending out your deposits to other people at a higher interest rate. This is standard practice for any bank, but since EQ Bank is a digital bank, they have less overhead compared to traditional banks.
Are EQ banks safe?
EQ Bank, like the big banks, is safe since their parent company Equitable Bank is a CDIC (Canada Deposit Insurance Corporation) member. Deposits are CDIC insured up to $100,000 per account. In case of a bankruptcy, clients of EQ Bank will get back their deposits and interest earned up to $100,000 per account.
Is it safe to link bank account to EQ Bank?
We’re committed to keeping your personal information safe, and we make it a priority to provide a secure banking experience. Our commitment to security extends to our partnership with Flinks. We hope you’re feeling better about linking to your existing bank account as part of the EQ Bank account application process.