EQ Bank promotions and offers

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 the list of current EQ Bank promotions on offer, and compare with some other Canadian bank offerings, below.

All EQ Bank promotions on offer now

EQ Bank Personal Account

★★★★★

Earn 3.75% interest on your money for 12 months, and 2.00% thereafter.

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• Account details

  Monthly fee	$0
  Interest rate	3.75%
  Transactions	unlimited
  Interac e-transfers	$0
  Non-network ATM in Canada	N/A
  Highlights	Unlimited transactions

EQ Bank RSP

1% match on new deposits (for a limited time)

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• Account details

  Interest rate	2.5%
  Minimum balance	$0
  Monthly fee	$0
  Transactions	N/A

EQ Bank TFSA

1% match on new deposits (for a limited time)

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• Account details

  Interest rate	2.5%
  Minimum balance	$0
  Monthly fee	$0
  Transactions	unlimited

EQ Bank FHSA

1% match on new deposits (for a limited time)

• Account details

  Interest rate	2.75%
  Minimum balance	N/A
  Monthly fee	N/A
  Transactions	N/A

EQ Bank Joint Account

Earn 3.75% interest on your money.

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• Account details

  Interest rate	2%
  Minimum balance	$0
  Monthly fee	$0
  Transactions	$0

What is the EQ Bank promotion on its chequing account?

Get 2.00% interest on everyday banking, plus get 1.75% interest when you direct deposit your pay. To receive the 3.75% rate for 12 months, you'll need to set up $500/month or more in direct deposit of your pay to a Personal Account or Joint Account. Conditions apply. Thereafter, you'll earn 2.00% on your balance.

How does the EQ Bank 1 Percent Match promotion work?

The EQ Bank 1 Percent 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 1% in interest bonus payments.

The match bonus will be paid out in four 0.25% bonus payments over a full year. That means, that in order to qualify for the full 1% match bonus, you’ll need to keep your money in the 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 1 Percent 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 to 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 any registered GICs.

Does EQ Bank have a referral bonus?

Yes, if you sign up for a new EQ Bank account from a referral sent by an existing EQ Bank customer, you both earn a $20 referral bonus. But in order 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 the account.

Once you’ve made that initial deposit, both you and the friend who referred you, will receive the $20 bonus as deposits in 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 switching to EQ Bank for a promotional offer worth it?

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

EQ Bank is also a very reputable bank. It is Canada’s seventh largest bank by assets and 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 above four stars out of 5 on both the Apple App and Google Play stores.

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 a $600 cash bonus. Earn $400 when you open a new BMO Performance Chequing Account and $150 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. Plus, earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.

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• Account details

  Monthly fee	$17.95
  Waiver	The monthly account fee is waived if you maintain a minimum monthly balance of at least $4,000.
  Interest rate	0%
  Transactions	unlimited
  Interac e-transfers	$0
  Non-network ATM in Canada	$2
  Highlights	monthly fee is waived for members of the Canadian Defence Community

BMO Premium Plan Chequing Account

★★★★★

Get up to a $600 cash bonus. Earn $400 when you open a new BMO Premium Plan Chequing Account and $150 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. Plus, earn a 4.75% bonus interest rate when you add a Savings Amplifier Account.

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• Account details

  Monthly fee	$30.95
  Waiver	Monthly account fee waived if you keep a balance of at least $6,000 in your account each month.
  Interest rate	0%
  Transactions	unlimited
  Interac e-transfers	$0
  Non-network ATM in Canada	$0
  Highlights	free overdraft protection

BMO New to Canada Performance Chequing Account

★★★★★

Earn up to a $600 welcome bonus. Valid until March 3, 2025. Plus, enjoy no monthly plan fee banking for one year, and get a $100 Walmart Canada eGift card with the BMO NewStart Program.

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• Account details

  Monthly fee	$16.95
  Waiver	No fee for first year. Monthly account fee waived with min. $4,000 balance.
  Interest rate	0%
  Transactions	unlimited
  Interac e-transfers	$0
  Non-network ATM in Canada	N/A

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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• Account details

  Monthly fee	$16.95
  Waiver	Through RBC's Multi Rebate program, pair this account with other eligible RBC accounts and save up to $11.95 per month. Only pay $10.95/month for this account with 2 other eligible RBC products.
  Transactions	unlimited
  Interac e-transfers	$0
  Non-network ATM in Canada	$2
  Highlights	5 free cross-border debits per month ($1.00 each afterwards)

RBC VIP Banking Account

★★★★★

Get $450 when you open an RBC VIP Banking Account. Apply by February 10, 2024.

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• Account details

  Monthly fee	$30
  Waiver	Through RBC’s Multi Product Rebate program, pair this account with 2 other eligible RBC accounts and get cashback for some or all of your monthly fees – for example, only pay $19.95/month for this account.
  Transactions	unlimited
  Interac e-transfers	$0
  Non-network ATM in Canada	$0
  Highlights	free cross-border debit transactions, free RBC VIP Style personalized cheques and up to 2 additional Canadian dollar accounts and 1 U.S. dollar account

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 5.45% interest for 3 months on your MomentumPLUS Savings Account.

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• Account details

  Monthly fee	$16.95
  Waiver	The monthly account fee will be waived if you have at least $4,000 in your account at all times.
  Interest rate	0%
  Transactions	unlimited
  Interac e-transfers	$0
  Non-network ATM in Canada	$2
  Highlights	Unlimited debit transactions & Interac e-Transfer transactions Fee waived on one non-Scotiabank ABM withdrawal per month in Canada First year annual fee waiver (up to $139) on select credit cards Get $1.99 international money transfers with Scotia International Money Transfer Get up to a $139 annual fee waiver each year on select credit cards Preferred rates on select GICs Choice of SCENE or Scotia Rewards points programs

Coast Capital Free Chequing, Free Debit, and More Account

★★★★★

Get $150 when you open an use a Free Chequing, Free Debit and More Account. Conditions apply. Apply by November 28, 2024.

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• Account details

  Monthly fee	$0
  Interest rate	0%
  Transactions	unlimited
  Interac e-transfers	$1.50
  Non-network ATM in Canada	$10

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.

• Account details

  Monthly fee	$28.95
  Waiver	The monthly fee on this account is waived if you maintain a balance of $6,000 or higher.
  Transactions	unlimited
  Interac e-transfers	$0
  Non-network ATM in Canada	$0

National Bank Connected Account

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

• Account details

  Monthly fee	$15.95
  Waiver	if you're aged 24–59 and your balance is less than $4,500, a $15.95 monthly fee applies
  Interest rate	0%
  Transactions	unlimited
  Interac e-transfers	$0
  Non-network ATM in Canada	$2

BMO Performance Student Chequing Account

★★★★★

Earn a $100 cash bonus and enjoy six 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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• Account details

  Monthly fee	$0
  Waiver	No monthly Plan fees while you’re in school and for up to one year after you graduate.
  Interest rate	0%
  Transactions	unlimited
  Interac e-transfers	$0
  Non-network ATM in Canada	$2

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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• Account details

  Interest rate	0.5% – 3.5%
  Minimum balance	$0
  Monthly fee	$0
  Transactions	$0
  Highlights	up to 2% cash back on groceries, transportation, food and drinks

Frequently asked questions about EQ Bank new account offers

• Does EQ Bank have a welcome offer?

  Yes, EQ Bank has a welcome offer where you can get a higher interest rate on its Personal account when you sign up. Earn 3.75% interest for 12 months when you complete select actions.

• What is EQ Bank promotional interest rate?

  EQ Bank is offering a promotional interest rate of an additional 1% on select registered accounts. You can also get a EQ Bank interest rate offer of 3.75% for 12 months when you sign up for the Personal chequing account and set up certain auto deposits.