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EQ Bank Personal Account review

A high everyday rate with no monthly fee and no minimum balance, the default pick for parking cash in Canada.

By SCFinance Data Team · edited by SCFinance Editorial TeamUpdated Aug 11, 2026 Fact checkedEditorial integrity

The bottom line

A high everyday rate with no monthly fee and no minimum balance, the default pick for parking cash in Canada.

SCFinance score4.8
EB

EQ Bank Personal Account

Interest rate
3.50%
Monthly fee
$0
Minimum to open
$0

Pros

  • ✓ No monthly fee or minimum balance
  • ✓ Free Interac e-Transfers
  • ✓ CDIC insured
  • ✓ Rate applies to every dollar

Cons

  • ✕ No physical branches
  • ✕ No ATM card on the base account

Details

Monthly fee
$0
Minimum balance
None
e-Transfers
Free, unlimited

What you get

  • No monthly fees and no minimum balance
  • Unlimited free Interac e-Transfers
  • CDIC insured up to $100,000

Compare to alternatives

Wealthsimple Cash

SCFinance score4.6
W
Read review

Interest rate

2.75% (up to 4.00% at higher tiers)

Monthly fee

$0

Minimum to open

$0

Bonus for new depositsCash bonus when you fund a new account. Terms apply.

Details
Monthly fee
$0
Card
Included prepaid card
What you get
  • Spending and saving in one balance
  • Rate increases with total assets
Our take

A chequing-savings hybrid with a competitive rate that climbs as you bring over more assets.

Read our full review

Tangerine Savings Account

SCFinance score4.3
T
Read review

Interest rate

0.70% (promo rates for new clients)

Monthly fee

$0

Minimum to open

$0

Promotional rate for new clientsElevated rate for the first months on new deposits.

Details
Monthly fee
$0
ATM network
Scotiabank
What you get
  • No monthly fees
  • Access to Scotiabank ATMs
Our take

A long-running online bank whose base rate is modest but whose new-client promo rates are among the most aggressive.

Read our full review

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