Institution profile · Domestic bank (Schedule I)
EQ Bank
ActiveEquitable BankCDIC
EQ Bank is the digital banking name of Equitable Bank, a Schedule I bank owned by EQB Inc. The group bought Concentra Bank in 2022 and PC Financial on July 1, 2026.
Profile facts checked October 30, 2026
Mitey files the EQ Bank index card: cheapest everyday account $0 a year.
Is EQ Bank a good bank for everyday banking?
EQ Bank’s cheapest chequing account open to anyone, Personal Account, costs $0 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), as cheap as any account in Canada for that usage. It scores 86.4/100, #1 of 13, in our bank review. Eligible deposits are CDIC-insured to $100,000 per category.
At a glance
- Legal name
- Equitable Bank
- Type
- Domestic bank (Schedule I)
- Owner / parent
- EQB Inc. (TSX: EQB)
- Head office
- Toronto, ON
- Founded
- 1970 — Origins in The Equitable Trust Company, founded in 1970.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- Personal Account — $0 a year for the Everyday example
- Best posted savings rate
- 3% on $10,000 (30 Day Notice Savings Account)
- OBSI banking cases
- 24 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.eqbank.ca
Is my money safe at EQ Bank?
CDIC member under the EQ Bank name. Equitable Trust, Concentra Bank and President’s Choice Bank are separate CDIC members in the same group.
Names CDIC lists for these members: EQ Bank, Wyth Financial.
Our assessment: 86.4/100, #1 of 13 in our bank review
Strongest on everyday cost and savings rate. Trails on branch and ATM access. Cheapest account for everyday use: $0 a year. No branches; ATM fee refunds on the Personal Account.
Cost 100 · Access 40 · Savings rate 100 · App rating 88 · not scored: service. How the review works.
What do EQ Bank’s chequing accounts cost?
EQ Bank lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is Personal Account at $0 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| Personal Account | No monthly fee | Branch: 0 · self-serve: unlimited | $0 |
What would EQ Bank cost a typical household?
The cheapest EQ Bank account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at EQ Bank | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | Personal Account | $0 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | Personal Account | $0 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | Personal Account | $0 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | no account can serve it | — | Basic Bank Account Scotiabank | $134 |
Worked example — Personal Account (EQ Bank), Everyday profile
| Monthly fee × 12 | $0 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $0 |
| Paper statements × 12 | $0 |
| Fees a year | $0 |
What savings rates does EQ Bank pay?
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| 30 Day Notice Savings Account | 3% | No monthly fee |
| 10 Day Notice Savings Account | 2.5% | No monthly fee |
| High Interest Savings Account (HISA) | 2.15% | No monthly fee |
Is EQ Bank on the official lists?
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| Equitable Bank | OSFI — Schedule I domestic bank | Yes |
| Equitable Trust | OSFI — trust company | Yes |
| Concentra Bank | OSFI — Schedule I domestic bank | Yes |
| Concentra Trust | OSFI — trust company | Yes |
What else should you know about EQ Bank?
- EQ Bank is a trade name of Equitable Bank, a wholly owned subsidiary of EQB Inc.Source: eqb.investorroom.com
- Equitable Bank acquired Concentra Bank and Concentra Trust on November 1, 2022.Source: eqb.investorroom.com
- EQB completed its acquisition of President’s Choice Bank (PC Financial) on July 1, 2026; PC Bank became a wholly owned subsidiary of Equitable Bank.Source: eqb.investorroom.com
- EQ Bank’s site lists a US Dollar Account among its accounts.Source: eqbank.ca
Your own pattern can change the order. Put your numbers into the true-cost finder to rank EQ Bank’s accounts against everyone else’s.
How many EQ Bank complaints reached the ombudsman?
OBSI, the ombudsman for banking, opened 24 banking cases about Equitable Bank in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 22, and resolved 9 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.