Canadian High-Yield Digital Bank · Rome
EQ Bank Review 2026
Challenger banking that challenges everything
No monthly fees · $20 CAD for you + $20 for friends
What is EQ Bank?
EQ Bank is Canada's leading digital challenger bank, operated by Equitable Bank — one of Canada's top 10 largest banks. Uniquely, EQ Bank combines a savings account with everyday spending features — you earn high interest on your everyday balance with no monthly fees, free unlimited transactions and free Interac e-Transfers. EQ Bank also offers GICs, USD accounts, and a Mastercard prepaid card.
What EQ Bank Offers
High Interest on Everyday Balance
EQ Bank pays a competitive interest rate on your everyday account balance — not just a locked savings account. Your money earns more without any effort.
Free Unlimited Transactions
No per-transaction fees. Send, receive and pay bills as many times as you want — no charges for Interac e-Transfers or bill payments.
EQ Bank Card (Prepaid Mastercard)
Spend your EQ Bank balance anywhere Mastercard is accepted. No foreign transaction fees and the card is linked directly to your interest-earning account.
USD Account
Hold and convert US dollars at competitive rates. Ideal for Canadians who receive USD payments or travel to the US frequently.
GICs (Guaranteed Investment Certificates)
Lock in competitive fixed rates with EQ Bank GICs — CDIC insured and available from 3 months to 5 years.
Equitable Bank Backed
EQ Bank is the digital brand of Equitable Bank, one of Canada's top 10 banks. Deposits are CDIC insured up to $100,000 per category.
EQ Bank Pros & Cons
Our honest assessment for Rome users
✓Pros
- ✓Competitive interest on everyday balance — not just locked savings
- ✓Zero monthly fees, zero transaction fees, free Interac e-Transfers
- ✓No-fee prepaid Mastercard with no foreign transaction fees
- ✓USD account with competitive exchange rates
- ✓Backed by Equitable Bank — CDIC insured
–Cons
- –Canada only — not available outside Canada
- –No physical branches — fully digital
- –No credit cards, mortgages or loans directly (separate Equitable products)
Ready to Get Started with EQ Bank?
Join thousands of Rome residents already using EQ Bank
Open a Free EQ Bank Account →No monthly fees · $20 CAD for you + $20 for friends
Frequently Asked Questions
EQ Bank — answers for Rome users
Risk Warning: EQ Bank is the digital banking brand of Equitable Bank, a Schedule I chartered Canadian bank. Eligible deposits are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor per category.
Affiliate Disclosure: Rome Digital Bank may earn a commission when you open an account or complete a transaction via links on this page. This does not affect our editorial assessments — we only partner with services we believe are genuinely valuable for our users.