Why I’d Choose EQ Bank for Everyday Banking and GICs

The reason EQ Bank makes sense to me

Money I use every day does not necessarily have to sit in an account earning nothing.

Everyday money

Personal Account

$0 everyday banking fees, no minimum balance, free Interac e-Transfers and bill payments, while the balance earns interest.

Flexible savings

Notice Savings

For money I can plan ahead to withdraw, EQ offers 10-day and 30-day notice options.

Fixed savings

GICs

Multiple short- and long-term options, a $100 minimum and no GIC fees.

Protection

CDIC eligibility

Eligible deposits are held through Equitable Bank, a CDIC member, subject to CDIC rules and limits.

1. Everyday banking that also pays interest

EQ’s Personal Account currently has a 1.00% base rate. Customers who maintain qualifying recurring direct deposits totalling at least $2,000 per month can currently earn 2.75% on eligible Personal Account, Joint Account and EQ Bank Card balances.

I would not assume that rate lasts forever—EQ explicitly says rates are subject to change. But the structure is what interests me: the account is designed to perform everyday chequing functions while still paying interest.

Feature	Current EQ structure	Typical traditional chequing model	Why it matters to me
Everyday banking fee	$0	May charge a monthly fee unless conditions are met	Simple and competitive.
Minimum balance	None	Some accounts use a minimum balance to waive fees	No balance required just to avoid a fee.
Interac e-Transfers	Unlimited & free	Varies by account package	Covers an important everyday need.
Interest on everyday cash	1.00% base currently	Many chequing accounts pay little or no interest	Idle day-to-day cash can still earn something.
Qualifying direct-deposit rate	2.75% currently with qualifying $2,000/month deposits	Promotional or bundled savings rates vary	Attractive if my payroll naturally meets the requirement.

The traditional-chequing column is a general comparison, not a claim about every Canadian bank account.

2. The GIC lineup is a real reason I’d keep EQ on my shortlist

EQ’s current GIC table, effective June 11, 2026, ranges across short and long terms. Its published rates include 3.30% for 1 year, 3.55% for 2 years, 3.65% for 3 years, 3.75% for 4 years and 4.00% for 5 years. EQ also lists 3-, 6-, 9-, 15- and 27-month terms.

Term	Rate checked Aug. 2026	How I’d think about it
3 months	2.50%	Short commitment.
1 year	3.30%	A straightforward fixed one-year option.
2 years	3.55%	Higher rate for accepting a longer lock.
3 years	3.65%	Longer-term guaranteed return.
4 years	3.75%	Useful only if I am comfortable locking the money away.
5 years	4.00%	The highest rate in EQ’s current 1–5 year table.

These are dated rates, not permanent promises. EQ says GICs are non-redeemable and rates can change. Always check EQ’s current rate page before purchasing.

3. I like thinking of EQ as three buckets

Money	Possible EQ product	Why
I use it every day	Personal Account	Immediate access + everyday transactions + interest.
I can plan withdrawals	Notice Savings	Potentially stronger savings rate in exchange for notice.
I know I will not need it	GIC	Lock in a known return for a fixed term.

What I would think about before moving everything

EQ is digital-first, so someone who relies heavily on traditional branch service may prefer a large bank. Its GICs are non-redeemable, so I would never put emergency money into one simply because the rate looks attractive. Some EQ products and features also have availability differences in Quebec.

My conclusionThe referral offer is a nice entry point, but the stronger case for EQ is the combination of no-fee everyday banking, interest-bearing cash and a broad GIC menu. I would judge it as a place to organize different cash time horizons—not merely as another signup bonus.

Rates and product facts checked against EQ Bank’s Personal Account, savings and GIC rate pages in August 2026.