EQ Bank · Banks
EQ Bank Business Account review
EQ Bank’s Business Account pays 2.25% on every dollar with no monthly fee or minimum, from a licensed Canadian bank, and lets businesses lock surplus cash in Business GICs paying up to 3.50%. It’s CAD-only and not available in Quebec.
Who EQ Bank is best for
Sole proprietors and small corporations holding CAD and businesses that want GICs alongside an operating account.
Businesses needing USD accounts and businesses in Quebec (not available).
EQ Bank’s Business Account pays 2.25% on every dollar with no monthly fee or minimum, from a licensed Canadian bank, and lets businesses lock surplus cash in Business GICs paying up to 3.50%. It’s CAD-only and not available in Quebec.
Fees, features and eligibility
| Standard interest | 2.25% on all balances |
|---|---|
| Fees | C$0 a month |
| Currencies | CAD |
| Access to funds | Account withdrawals any time; GICs locked for their term |
| Deposit protection | CDIC protection on eligible deposits (licensed bank) |
| Eligibility | Sole proprietors and incorporated businesses outside Quebec |
Source: EQ Bank published product information.
What stands out
Pros
- 2.25% on every dollar, no minimum
- Business GICs from 2.50% to 3.50%
- Up to 10 sub-accounts for taxes, payroll and expenses
Cons
- CAD only
- Not available in Quebec
EQ Bank: common questions
What interest does the EQ Bank Business Account pay?
2.25% on all balances, with no minimum balance and no monthly fee.
Does EQ Bank offer business GICs?
Yes. Business GICs range from 2.50% for 3 months to 3.50% for 2 years.
Is EQ Bank’s business account available everywhere in Canada?
It’s available across Canada except Quebec.
Used EQ Bank? Help other businesses choose.
