EQ Bank

EQ Bank is a Canadian digital bank, a trade name of Equitable Bank, that offers a Business Account with no monthly fee and no minimum balance. It is meant for registered sole proprietors and active corporations in Canada.

Services and fees The account includes bill payments, EFT and subaccounts for separating cash reserves. EFT, bill pay and mobile cheque deposit are free. Each month 50 outgoing and 100 incoming Interac e-Transfers are free, and further transfers cost CAD 0.50 each.

Eligibility Applicants must be Canadian residents with a permanent Canadian address and a Canadian mobile number. A corporate applicant must own more than 25% and be a signing officer and director. The service is not offered in Quebec, nor to trusts, partnerships, charities, nonprofits, unregistered sole proprietors or business-owned businesses.

Documents and protection Corporations provide registration, director information and a CRA Program Account Number, which must match registry filings. Deposits are CDIC-insured up to CAD 100,000 per depositor per insured category, and balances under both names aggregate.