EQ Bank outperforms traditional banks like RBC and BMO on fees and interest but lacks physical branches and full-service products.
Comparison Table
| Feature | EQ Bank | RBC/BMO (Big 5) |
|---|---|---|
| Monthly Fees | $0 | $4-30 (waivable) |
| Chequing Interest | 4-5% promo | 0.01-0.05% |
| e-Transfers | Unlimited free | 3-50 free, then $1.25 |
| ATMs | Worldwide reimbursements | Extensive network, out-of-network fees |
| Branches | None | 1,200+ across Canada |
| Products | Savings, GICs, TFSA/RRSP | Full: loans, investments, RESPs |
| App Rating | 4.8/5 (top digital) | 4.5/5 (robust but slower) |
Fees and Rates
EQ eliminates everyday banking costs—no NSF, dormancy, or paper statement fees—while paying high interest on balances (e.g., 4% Personal Account). RBC/BMO charge for premiums but offer rebates via bundles; their savings rates lag at 1-2% max. EQ suits savers parking service business funds; Big 5 better for fee-heavy payrolls.
Accessibility
EQ's app handles deposits, transfers, and budgeting 24/7 with Interac/CDIC security. No cash deposits force external links (e.g., Simplii). RBC/BMO provide branches for cheques, cash, and in-person advice—key for newcomers or complex loans—but lines frustrate digital users.
Product Range
EQ focuses on high-yield savings (Personal, TFSA at 2.75%+), GICs, and debit cards with 0.5% cashback. Limited loans/no chequing/RESPs. RBC/BMO cover mortgages, lines of credit, wealth management, and business accounts—ideal for full financial needs but with cross-sell pressure.
Customer Service
EQ relies on chat/email (responsive, 4.8 stars); no phone queues but delays on disputes. Big 5 offer 24/7 phone/branch support yet face complaints on holds and upselling. EQ wins for self-service pros; traditional suits hand-holding.
Best Choice
Switch to EQ as primary savings (pair with Tangerine chequing) for $300+ yearly gains. Keep RBC/BMO for cash access or investments. Digital-first like EQ aligns with remote Nairobi managers handling CAD inflows efficiently
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