EQ Bank · Banks
EQ Bank Business Account review
EQ Bank’s Business Account, from Equitable Bank, pays 2.25% interest on CAD balances with no monthly fee. It’s deliberately simple: there are no USD accounts or corporate cards, and it isn’t available for Quebec operations, so it works best as a place to earn interest on cash you don’t need day to day.
Who EQ Bank is best for
Businesses holding CAD cash reserves and owners wanting interest without monthly fees.
Businesses needing USD accounts or corporate cards and quebec businesses.
EQ Bank’s Business Account, from Equitable Bank, pays 2.25% interest on CAD balances with no monthly fee. It’s deliberately simple: there are no USD accounts or corporate cards, and it isn’t available for Quebec operations, so it works best as a place to earn interest on cash you don’t need day to day.
Fees, features and eligibility
| Interest on balances | 2.25% interest on CAD balances |
|---|---|
| Monthly fee | C$0 monthly |
| Account type | Licensed bank (Equitable Bank) |
| Currencies | CAD |
| Who can open it | Canadian businesses outside Quebec |
Source: EQ Bank published product information.
What stands out
Pros
- No monthly fee
- 2.25% interest on CAD
- Licensed bank
Cons
- CAD only
- No corporate cards
- Not available in Quebec
EQ Bank: common questions
How much interest does EQ Bank Business pay?
2.25% on CAD balances.
Does EQ Bank Business have a monthly fee?
No.
Does EQ Bank offer USD business accounts?
No. It’s CAD only.
Used EQ Bank? Help other businesses choose.
