Written by Laura Mackenzie — Canadian Banking & Savings Contributor
Content independently verified against current offer terms — Last verified May 1, 2026 · Next review August 2026
Quick Answer
EQ Bank does not have a public referral code — it uses a referral link.
New customers who open an EQ Bank Personal Account using a referral link and deposit $100 or more receive a $20 CAD bonus. No code is required — the bonus is tracked automatically through the referral link. Verified May 2026.
What Is EQ Bank?
EQ Bank is the digital banking arm of Equitable Bank, one of Canada’s Schedule I banks. Unlike traditional banks, EQ Bank operates entirely online with no physical branches — which allows it to offer consistently higher savings rates and zero monthly fees. It’s best known for its high-interest Personal Account and GICs.
Deposits at EQ Bank are eligible for CDIC protection up to $100,000 per depositor category, making it as safe as any major Canadian bank.
EQ Bank Referral Bonus Details
How to Claim the EQ Bank Referral Bonus
- Get a referral link from an existing EQ Bank customer (or find one at our referral codes page)
- Click the referral link — this is required, entering a code manually does not work
- Open an EQ Bank Personal Account with your SIN and banking details
- Deposit $100 or more from an external Canadian bank account
- Complete a qualifying transaction (e-Transfer or bill payment)
- Your $20 bonus is credited within approximately 30 days
Do You Qualify? Exact Eligibility Requirements
New EQ Bank client only
You must not currently hold an active EQ Bank Personal Account. Existing EQ Bank customers who close and reopen are generally not eligible for the referral bonus.
Open via a referral link — not a code
EQ Bank uses link-based referrals. The bonus is tracked automatically when you open your account through an existing customer's referral link. Navigating directly to eqbank.ca without the link will not qualify you.
Minimum deposit of $100 CAD
Fund your new EQ Bank Personal Account with at least $100 from an external Canadian bank account. The deposit must be a genuine external transfer — not a transfer from another EQ Bank product.
Complete a qualifying transaction
You must complete at least one qualifying transaction (an Interac e-Transfer sent or a bill payment) after funding the account. This is in addition to the deposit.
Common disqualifiers
- Opening the account by navigating directly to EQ Bank's website (link not used)
- Existing EQ Bank Personal Account holders
- Deposits from another EQ Bank account (e.g., GIC or savings) to the Personal Account
- Deposits below the $100 minimum threshold
EQ Bank vs Simplii vs Tangerine
| Feature | EQ Bank | Simplii Financial | Tangerine |
|---|---|---|---|
| Referral Bonus | Up to $20 | $400 | Up to $50 |
| Monthly Fee | $0 | $0 | $0 |
| CDIC Insured | ✓ | ✓ | ✓ |
| Parent Bank | Equitable Bank | CIBC | Scotiabank |
| Best For | High-interest savings | Everyday banking | Banking switchers |
Open an EQ Bank account and earn up to $20
Open EQ Bank Account →Use a referral link from an existing customer to qualify for the bonus
Key Facts — EQ Bank
- Referral link: opens via referral link (no code string)
- New customer bonus: $20 CAD deposited directly into your account
- Minimum deposit: $100 CAD
- Eligible account: EQ Bank Personal Account (savings)
- EQ Bank is CDIC-insured through Equitable Bank
- No monthly fees, no minimum balance after bonus requirement met
- Available to Canadian residents (most provinces)
- Bonus paid within 30 days of qualifying deposit
Frequently Asked Questions
How do I get the EQ Bank referral bonus?
Open an EQ Bank Personal Account using a referral link from an existing EQ Bank customer. Fund your account with at least $100 and complete a qualifying transaction. The $20 bonus is credited within 30 days.
Is EQ Bank CDIC insured?
Yes. EQ Bank is a division of Equitable Bank, a Schedule I Canadian bank. All eligible deposits are protected by CDIC up to $100,000 per depositor category.
What is the minimum deposit for the EQ Bank bonus?
EQ Bank typically requires a minimum deposit of $100 to qualify. Check the current terms at sign-up as requirements may vary by promotion period.
Can I use EQ Bank as my primary bank?
Yes. EQ Bank offers a no-fee Personal Account with a Visa debit card, free Interac e-Transfers, and one of Canada’s best savings rates. Many Canadians use it as their primary or secondary account.
How does EQ Bank compare to Simplii Financial?
EQ Bank offers higher savings rates but a smaller referral bonus ($20 vs $400). Simplii Financial, a CIBC division, offers a larger signup bonus for new chequing accounts with direct deposit. For savings, EQ Bank wins; for the bigger bonus, Simplii wins.
How long does the EQ Bank referral bonus take to arrive?
The $20 bonus is typically credited to your EQ Bank Personal Account within 30 days of completing both the qualifying deposit and a qualifying transaction. EQ Bank does not send a notification — check your account balance directly.
Can I have both an EQ Bank Personal Account and a GIC?
Yes. EQ Bank offers both its Personal Account (chequing/savings hybrid) and GICs independently. Opening a GIC does not count toward the referral bonus requirement — you must open and fund the Personal Account specifically.
Is EQ Bank a real bank or just an app?
EQ Bank is the digital banking brand of Equitable Bank, a Schedule I Canadian chartered bank regulated by OSFI. It is not an app-only fintech — it is backed by a federally regulated institution with full CDIC deposit protection up to $100,000 per depositor category.
What is EQ Bank's savings interest rate?
EQ Bank consistently offers one of Canada's highest savings rates — typically 2.5%–4.0% depending on the current rate environment. The rate applies to balances in the Personal Account and is reviewed regularly. Check eqbank.ca for the current rate.
Can I use EQ Bank for everyday spending?
Yes. The EQ Bank Personal Account comes with a Visa debit card accepted everywhere Visa is accepted in Canada, free Interac e-Transfers, free bill payments, and no monthly fees or minimum balance requirements.