EQ Bank GIC review

Who EQ Bank is

EQ Bank is the direct-to-consumer arm of Equitable Bank, a federally regulated Schedule I bank that has been lending in Canada since the 1970s. There are no branches — everything runs through the app and website — which is exactly how EQ keeps its costs down and its rates up.

It has become the default "second bank" for a lot of Canadians: a high-interest savings account for day-to-day cash, plus GICs when they want to lock in a rate. For a saver who wants one tidy app instead of mailing paperwork to a deposit broker, that combination is the whole appeal.

The GIC rates and terms

EQ posts competitive non-redeemable GIC rates across 1- to 5-year terms. It rarely sits in the absolute top spot — a Manitoba credit union or Oaken usually edges it by a few hundredths of a percent — but it is reliably in the leading group, and far ahead of anything the big-five banks post.

The standout is the $100 minimum. Most issuers want $1,000 to open a GIC; EQ lets you start a rung with a hundred dollars, which makes it genuinely useful for a first GIC or a small ladder.

Safety and deposit insurance

GICs at EQ Bank are covered by CDIC through Equitable Bank — up to $100,000 per depositor, per insured category, covering principal and interest if the bank ever failed. That is the standard federal coverage every bank in our table carries.

If you are placing more than $100,000, you can stay fully insured by spreading across categories (individual, joint, TFSA, RRSP each count separately) or across institutions. Our CDIC guide walks through how to structure that.

Frequently asked questions