EQ Bank Referral Code: Get $20 for free

EQ Bank Comparison, Referral Code, and Review.

Use this referral link when you sign up for a $20 bonus after depositing $100: https://join.eqbank.ca/?code=ALEXANDER2561

We don't run ads, so please note that this post may contain affiliate links and referral codes.

If you bank with a big bank, your savings aren't even keeping up with inflation. Why is this the case? Most banks pay scant interest on your savings accounts that don't even keep pace with inflation. Most brick-and-mortar banks have deposit rates well below 1%.

Enter EQ Bank. A CDIC insured account that consistently offers deposit interest rates dozens of times higher than traditional banks. If you want to have quick access to your money without it locked away in a term-deposit but still want it to keep pace with inflation, EQ Bank is the perfect solution. They offer free Interac E-Transfers and now have registered savings accounts as well. There's lots to like about EQ Bank and if you use this referral code, you can get $20 after you deposit $100.

How does EQ Bank compare?

I opted for EQ Bank because they consistently keep their interest rates competitive. It's the no-fuss way to not worry about staying on top of fluctuating rates. EQ Bank has been my go-to place for keeping most of my liquid assets since I joined about 5 years ago. To take a look at some other options, here's a comparison chart that answers questions like EQ Bank vs Tangerine and EQ Bank vs Simplii.

EQ Bank Tangerine Neo Simplii
Debit Card No Yes Yes Yes
CDIC Yes Yes Yes Yes
Interac eTransfers Free Free Free Free
Signup bonus $20 (with referral) $25 (use code
$5 (with referral) $0
Deposit rate (Dec 2020) 2.30% 0.10% 1.55% 0.20%
Inactive fee $0 $10 (chequing) $0 $20
Fee disclosure Click here Click here Click here Click here

When you sign up here for the EQ Bank, you get $20 after you deposit $100. Happy saving!