This Fee-Free Bank Account Is Helping Canadians Save More Money & Here’s How

Are you still using your very first bank account? If you answer "yes," you have something in common with the 71% of young people in Canada who told EQ Bank in their latest survey conducted by Angus Reid Forum that they haven't yet switched to a better deal on everyday banking.

Whether it's the one your parents opened for you as a kid, one you opened for yourself, or your only option when you became a Canadian resident, staying with your OG account "just because" is like still using your first cell phone. It may get the job done, but things have come a long way since then.

For example, EQ Bank offers a bank account that acts like an everyday chequing account but earns like savings and pays you 3.50%* interest. Even better, their EQ Bank Card reimburses you for all ATM fees in Canada and gives you cash back on every purchase. Their commitment is to help you make more with less take — and it shows.

EQ Bank is challenging Canadians to expect more from their chequing accounts. Canadians have gotten so used to not earning interest on their everyday accounts that barely half (52%) of people surveyed know what they earn. If your banking experience has you thinking minimum balances, ATM fees, and monthly fees are normal, it's time to shop around for a better deal.

How do I change bank accounts in Canada?

If you're ready to switch to an everyday bank account that's more make and less take, you can easily do so by signing up at EQ Bank's website. Once you have your new account information, set up direct deposit on your pay so you can earn that sweet 3.50%* interest right away

The next step is to note any pre-authorized payments or automated bills on your OG account if you want to pay these out of your new account instead. You can look up your transaction history at the relevant bank’s website. Next, update your details with those billers, which you can usually do online on their websites.

Prioritize bills or repayments to ensure you catch everything that might impact your credit score, but don’t forget to do a quick scan for automatic payments like subscriptions, streaming services and memberships attached to your existing chequing account. Write down a quick list of providers and update your details with them (or cancel).

Then, you can phone your bank and request they close your OG chequing account if your new account suits all of your needs and you’d prefer just one. Depending on your bank, they may want you to go into a branch, or they'll do it right there. That's all.

Canadians have been using bank accounts that do nothing but take for too long. Not only are there better alternatives out there, but switching bank accounts is easier than you think. Check out EQ Bank and start making more today.

To learn more about EQ Bank, visit their website and follow them on Instagram, Facebook, X and YouTube.

This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice. Rates are correct at the time of publication and are subject to change. For up-to-date rates, please consult EQ Bank.

* *Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice. For the Personal Account, Joint Account and EQ Bank Card, the current base interest rate is 1.75% (the “Base Rate”). Customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account are eligible to earn a bonus interest rate of 3.50% (the Base Rate plus an additional 1.75%) for the eligible accounts (the Personal Account, Joint Account, and the EQ Bank Card balance). Conditions apply. Please review the EQ Bank Bonus Interest Offer Terms and Conditions for details.

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