EQ Bank promotions and offers

Check out the latest EQ Bank promotions and new account offers currently available.

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Chelsey Hurst

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EQ Bank

We’ve rounded up the latest and best EQ Bank promotions here, so you can easily compare new account offers and get the best deal for you. In the past, we’ve seen EQ Bank offer promotional interest rates—some of the most competitive on the Canadian market—for its personal bank accounts and registered savings accounts.

Check out a list of current EQ Bank promotions on offer and compare it with other Canadian bank offerings below.

All EQ Bank promotions on offer now

EQ Bank Personal Account

Earn 3.50% interest on your money for 12 months and 1.75% thereafter.

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EQ Bank RSP

2% match on new deposits (for a limited time)

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TD High Interest Savings Account

Earn up to $2000 in cash with certain deposits on new or existing accounts. Offer ends January 31, 2025. T&Cs apply.

EQ Bank TFSA

2% match on new deposits (for a limited time)

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EQ Bank FHSA

2% match on new deposits (for a limited time)

EQ Bank Joint Account

Earn 3.50% interest on your money.

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What is the EQ Bank promotion for its chequing account?

Get 1.75% interest on your balance plus 3.50% interest when you directly deposit your pay. To receive 3.50% for 12 months, you'll need to have at least $500/month of your pay directly deposited into a Personal Account or Joint Account. Conditions apply. Thereafter, you'll earn 1.75% on your balance.

How does the EQ Bank 2% match promotion work?

The EQ Bank 2% match offer allows you to earn up to 2.75% interest on a registered EQ Bank account—a TFSA, FHSA or RSP—and then earn an additional 2% in interest bonus payments.

The match bonus will be paid out in four 0.5% bonus payments over a full year. That means that, to qualify for the full 2% match bonus, you’ll need to keep your money in an EQ Bank registered account for a full year.

The match bonus will be calculated based on your account balance on these dates:

  • May 31, 2025
  • August 31, 2025
  • November 30, 2025
  • February 28, 2026

How to qualify for the EQ Bank promo interest rate

To earn the 2% Season Match EQ Bank promotional interest rate, you’ll need to deposit or transfer funds into your TFSA, FHSA or RSP during the promotional period between November 1, 2024 and February 28, 2025.

The match bonus is available to all new and existing account holders. However, for Québec residents, the promotional offer is only available for customers who open a new TFSA account with EQ Bank.

This particular EQ Bank promotion only applies to EQ Bank’s registered accounts but does not include registered GICs.

Does EQ Bank have a referral bonus?

Yes, if you sign up for a new EQ Bank account via a referral from an existing customer, you both earn a $20 referral bonus. But, to qualify for the EQ Bank referral bonus, you’ll have to deposit at least $100 into your new account within 30 days of opening it.

Once you’ve made that initial deposit, both you and the friend who referred you will receive $20 bonuses deposited into your EQ Bank accounts within five business days.

Keep in mind that you can only receive up to $500 in referral bonuses from EQ Bank, which means that, at a rate of $20 each, you’ll be rewarded for successfully referring up to 25 friends.

Is it worthwhile to switch to EQ Bank for a promotional offer?

Yes, it can definitely be worth switching to EQ Bank because of a promotional offer. Compared to any bank in Canada, EQ Bank consistently offers some of the highest interest rates—on both its chequing and savings accounts.

EQ Bank is also a very reputable bank. It’s Canada’s seventh largest bank by assets, and it services more than 488,000 customers. EQ Bank is a wholly owned subsidiary of EQB Inc., which trades on the Toronto Stock Exchange. The EQ Bank app has high user ratings of more than four out of five stars on both the Apple App Store and Google Play Store.

EQ Bank promotions vs. other Canadian bank offers on now

Although EQ Bank offers some of the best promotions in Canada, other banks and credit unions are offering competitive promotions now too. Compare these other bank promos with EQ Bank new account offers to see which is right for you:

BMO Performance Chequing Account

Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until March 3, 2025. Also earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.

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BMO Premium Plan Chequing Account

Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Premium Plan Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until March 3, 2025. Also earn a 4.75% bonus interest rate when you add a Savings Amplifier Account.

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BMO New to Canada Performance Chequing Account

Earn up to a $700 welcome bonus. Valid until January 31, 2025. Plus, enjoy no monthly plan fee banking for one year, and send unlimited BMO Global Money Transfers with no fee.

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Simplii No Fee Chequing Account

Earn $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends April 30, 2025.

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RBC Signature No Limit Banking Account

Get $450 when you open an RBC Signature No Limit Banking Account. Apply by February 10, 2025.

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RBC VIP Banking Account

Get $450 when you open an RBC VIP Banking Account. Apply by February 10, 2025.

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Scotiabank Preferred Package

Earn up to $800 with a Scotiabank Preferred package and an investment plan. Valid until March 1, 2025. Plus, earn up to 5.20% interest for 3 months on your MomentumPLUS Savings Account.

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National Bank The Total Chequing Account

Get $150 towards an eligible National Bank credit card you activate after opening a National Bank The Total Chequing Account.

National Bank Connected Account

Get $30 cashback when you get an eligible National Bank credit card you activate after opening a National Bank Connected Account.

BMO Performance Student Chequing Account

Earn a $125 cash bonus and up to 12 months of Domino’s Pizza (worth $95, one pizza per month) when you open a new BMO Student Chequing Account. Valid until February 28, 2025.

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KOHO Earn Interest

Earn up to 5.00% interest with a high interest savings account. Pick a KOHO plan and opt-in to Earn Interest.

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Simplii High Interest Savings Account

Earn 4.60% interest for 5 months on up to $1,000,000 in savings. Apply by February 28, 2025.

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FAQs about EQ Bank new account offers

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Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio

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