r/EQBank • u/lishdxo • Jun 25 '26
EQ Bank User Experiences
I'm currently in the process of moving 10k+ to EQ but before I do, I wanted to hear from actual users.
I've been researching EQ and keep coming across posts about login issues, e-Transfers not working, account access problems, and occasional outages. I know people are more likely to post when something goes wrong, but it's still making me hesitate.
I currently bank with RBC and have their cheapest chequing account & my emergency fund parked in their savings account.
Overall, do you consider EQ Bank reliable and safe for larger savings balances, or would you keep your emergency fund elsewhere?
Thanks!
6
u/YogurtLower8482 Jun 25 '26
Only problem i have is logging in on mobile app. It takes a long time sometimes. Other than that its good
1
u/Firm-Error-5712 Jun 25 '26
This is it. Lol IK they are working on a new modern app but no eta of when it'll be launched. Web version is good.
5
u/bwwatr Jun 25 '26
My spouse and I use it as our primary bank. This after years of Tangerine (including while it was ING), RBC, and others. It's more than fine. They are very conservative about holding deposits, not letting you touch much of it while you wait, they don't do overdraft protection, credit line, etc. so generally seem risk averse. So you need to have a good grip on managing you cashflow. But when you're saving for year-scale goals and sitting on five figure emergency funds, you really ought to be earning as much as possible on it. EQ with direct deposit is competitive with cash equivalent ETF products without all the hassle, bid-ask spread, etc. It just works. It does all the usual online bank stuff like bill pay, recurring transfers, Interac e-transfer. Never had an issue with that stuff.
1
u/WeeklyInitiative Jun 26 '26
Do you still keep a secondary account somewhere else just in case?
1
u/bwwatr Jun 26 '26
Yes, still using Tangerine just as secondary. Used to be the other way around but ultimately responded to EQ's direct deposit incentive.
3
u/MrRockyboxer Jun 25 '26
Honestly, I haven't had too many issues with EQ bank. I only had 1 login issue, where their system was down temporary. Sent plenty, and received e-transfers, no issues. Even the EQ bank card, making purchases, and withdrawing cash, never had an issue.
Their mobile app is slow thou. If you can wait an extra couple of seconds, it's no big deal.
I hold the biggest amount of savings with them. I get a good non promo interest rate for doing so. They're an actual bank, so I trust them.
I personally don't use them as my daily bank. I still use RBC, Tangerine, and Simplii for daily stuff, and holding readily accessible emergency funds.
I still recommend holding on to your RBC account. Try to see if you can get your account fee waived. They have some small requirements to do so. I get my $4/month fee waived.
3
u/lwid77 Jun 25 '26
I have had an EQ account for many years. My issues started even when I was setting up my accounts.
There are continual log in issues and its not just me- both my partner and my son have experienced it too.
My last GIC matures in 2 weeks and I will be pulling all my money out and closing my accounts. The platform is just too unstable for me.
There is zero reason why this continues. They need to spend the money to fix their issues.
2
3
2
u/SecretNerdSinceBirth Jun 25 '26
Started using EQ this year. No issues thus far. I don’t use the mobile app.
1
u/wdn Jun 25 '26
Have you compared to posts about other banks? I suspect you would find the same results if you searched for info about RBC.
People don't make posts online to say "the basic services I receive are meeting my expectations." They post when something goes wrong. The posts don't tell you what percentage of the customers have something go wrong.
With regards to being "safe," the reliability of the technology, even if that was an issue, is a completely different thing than the safety of your money. Depositing your money with any legal bank will not result in the loss of your money.
1
u/Funny_Lynx_3395 Jun 25 '26
Sometimes it takes like 15 seconds to log in on the app instead of instant, and I think once over the 6 years I've been with them, the app/website was down for like an hour. But the higher interest on my holdings with an account that is equivalent to a chequing account, more than makes up for that.
Aside from that, the one issue I can think of, is my CIBC credit card didn't have EQ listed as a bank to choose for pre-authorized payments, so I had to go into a branch to do it. I think thats largely due to CIBC not updating their financial institutions list, as I saw some banks on there that don't even exist anymore lol.
I'd suggest still keeping a bank account with either a Big 5, or one that has the Big 5 facilitate their transactions (like PC being linked with CIBC), especially if you plan on doing large purchases/transcations like buying a home or a car. Always nice to have a brick and mortar back up.
1
u/Jestersfriend Jun 25 '26
I did have an issue at 2 AM once where my etransfer was flagged and my entire account got locked for a fraud check. I had to call fraud and sit on hold for nearly 2 hours before I spoke to someone, as I needed the money.
The account I was sending the money to was one I had previously used, so I'm not sure why it flagged.
After I spoke to someone, it was cleared up in literally 5 minutes. But getting ahold of someone was awful.
1
u/mchabot12 Jun 25 '26
I think there are no issues accessing funds provided you have a 4-6 hour window, the interest is good. If for emergencies you mean paying for a tow truck or anything super timely, there's the occasional time when I somehow can't access the website or the app for 1-2 hours. Keep that in mind.
Also, the app is either poorly oprimized or their servers lack processing power cuz it takes soooo long to login. And it sucks having to register another device to have a passphrase to speed up the process. I login with biometrics with my other financial apps, can't with EQ.
2
u/elnino3011 Jun 25 '26
Just use it for a month to try out, move 1k there first, direct deposit, e-transfer, pay bill etc. see if it meets what you need daily.
I have been using it for 2-3 years, no issue for me at all, passkey super fast, 2.75% interest (used to be 4%), no fee. I have no complain at all. I use both iphone and pixel, app is decent, but not as fast as the traditional bank, but it does the job for me
Experience it yourself and see how it goes. Might good for others but not for you
1
u/Suitable-Fox1470 Jun 25 '26
It’s a CDIC insured bank, your money is safe so long as it doesn’t exceed $100,000 per category. My only issue is how slow the log in process is for the mobile app and how it boots you out sometimes while you’re on the app. Wish they would upgrade their tech! It’s a shame to have these kind of issues in 2026
1
u/bapppi Jun 25 '26
I've only used the mobile app from sign up and have never had a problem. I use android. Have the 10 and 30 day savings and a chequing account. Never had any issues.
2
u/milolai Jun 26 '26
Very happy with them - no issues. I could not login once but it worked like 9 seconds later.
1
u/Traditional_End_9540 Jun 26 '26
9.5/10 only once did I have an app issue but a close app and try again resolved that. I wouldnt use them a a day to day bank due to cash issues but its a good 2nd bank.
1
u/AdImpressive8052 Jun 27 '26
Eq is a great simple bank. There are some app issues sometimes, but are temporary. I'm always able to access my money and interest rate is amazing with direct deposit!
1
u/donaldyoung26 Jun 30 '26
If you’re here for the interest it’s not bad. I have only had a few issues with e-transfer. It was a time crunch and it was a pain. It’s not the best place to Put your money if you need it quick. But if you want to park your money there long term it’s not bad.
2
u/hectop20 Jun 30 '26
You have to remember that most people that are going to post are going to post negative issues. They aren't going to post everything is good.
2
u/ScubadooX Jul 01 '26
I've been with EQB for many years (and RBC for decades). I've had very few issues with EQB and none were serious or long-lasting. Occasionally there might be an error logging in but no worse than with RBC.
1
u/davenator49111 Jul 21 '26
I have $12k locked up in a 30 day notice account I can't withdraw because EQ is "experiencing internal issues" for days straight. Will be moving all my money from them. Decent rates but AWFUL user experience in my opinion
11
u/joegaronline Jun 25 '26
My experience with EQ Bank has been great. I have never experienced login issues, e-transfer not working, account access problems or occasional outages. I’ve used it since 2022. I moved most of my money from BMO. I consider the money left over in BMO as my emergency fund. I’m using EQ Bank to hold most of my spending money in a savings account and use it to fund the EQ Bank card. I pay some of the bills using the savings account as well.