Banking · Retail bank
EQ Bank: the Canadian digital bank of Equitable Bank
Trade name of Equitable Bank, a Schedule I Canadian bank and CDIC member, for online savings and chequing accounts. Reserved for residents of Canada, including to keep the account open.
Please note
Characteristics
- Family
- Retail bank
- Regulator
- BSIF / OSFI
- Regulator country
- Canada
- Deposit guarantee
- Yes
- Remote opening
- Yes
- Currencies
- CAD · USD
- Services
- Current account · Savings · Payment card
- Accepted residencies
- Canada
- Refused residencies
- Not provided
- Home country
- Canada
Canadian residence, the age of majority in the province and a Social Insurance Number are required; online registration requires a Canadian mobile number. All account holders must remain residents of Canada to keep their account; use while travelling remains possible.
Entities and regulatory status
| Entity | Jurisdiction | Status | Regulator | Protection of funds |
|---|---|---|---|---|
| Equitable Bankholds the accountEQ Bank is a trade name of Equitable Bank, a federally regulated Schedule I bank and CDIC member, according to the official website. OSFI oversight is inferred from its status as a federal bank; the OSFI entry and the EQB Inc. group entry were not consulted. | Canada | Banks with their own licence | BSIF / OSFI | SADC / CDIC |
Who can open or keep an account
| Country of residence | Case | Status | Conditions |
|---|---|---|---|
| Canada | Opening | Accepted | Resident of Canada, age of majority in the province, Social Insurance Number; Canadian mobile number for online registration.eqbank.ca |
| Any residence (general rule) | Opening | Refused | Non-residents cannot open an account.eqbank.ca |
| Canada | Keeping after a move | Refused | All account holders must be residents of Canada to keep their account; travelling does not prevent this, but moving abroad does.eqbank.ca |
A country missing from this table is neither accepted nor refused: the information is not published.
Published figures
- Account feeNot provided
- Brokerage feeNot provided
- Deposit guarantee ceilingup to CA$100,000eqbank.ca · Verified on Nov 2, 2026
- Entry ticketNot provided
Which entity, which status
EQ Bank is a trade name of Equitable Bank, a member of the Canada Deposit Insurance Corporation (information on deposit insurance). The help centre describes Equitable Bank as a federally regulated Schedule I bank (EQ Bank help centre): it holds its own banking licence.
Equitable Bank's entry in OSFI's list of banks was not consulted.
Who can open an account
You must be a resident of Canada, have reached the age of majority in your province and have a Social Insurance Number; online registration requires a Canadian mobile number. Non-residents cannot open an account.
A decisive point for anyone leaving: EQ Bank requires all account holders to remain residents of Canada to keep their account. The account can accommodate travel, not expatriation.
Account, card and currencies
Savings account and chequing account in Canadian dollars, with a US dollar offering and a card.
Rates, fees and limits: not included, as no dated fee document was read.
Protection of funds
The CDIC covers eligible deposits payable in Canada up to up to CA$100,0001 per insured category and per depositor.
The eligibility of US dollar deposits and investment certificates is not specified on the page read; the CDIC is the reference point.
Points to check
- Canadian residence, a condition for both opening and keeping the account.
- The insurance category of each product and the currency of the deposit.
- Any other accounts held at Equitable Bank, which are added together for the CDIC limit.
Sources and verification dates
- 1.
Deposit guarantee ceiling : CA$100,000
« up to $100,000, per insured category, per depositor »
Equitable Bank, « Deposit Insurance Information »Verified on Nov 2, 2026Verified source