Institution profile · Domestic bank (Schedule I)
EQ Bank
ActiveEquitable BankCDIC
EQ Bank is the digital banking name of Equitable Bank, a Schedule I bank owned by EQB Inc. The group bought Concentra Bank in 2022 and PC Financial on July 1, 2026.
Profile facts checked October 30, 2026
At a glance
- Legal name
- Equitable Bank
- Type
- Domestic bank (Schedule I)
- Owner / parent
- EQB Inc. (TSX: EQB)
- Head office
- Toronto, ON
- Founded
- 1970 — Origins in The Equitable Trust Company, founded in 1970.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- Personal Account — $0 a year for the Everyday example
- Best posted savings rate
- 2.75% on $10,000 (30 Day Notice Savings Account)
- OBSI banking cases
- 24 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.eqbank.ca
Deposit protection
CDIC member under the EQ Bank name. Equitable Trust, Concentra Bank and President’s Choice Bank are separate CDIC members in the same group.
Names CDIC lists for these members: EQ Bank, Wyth Financial.
Our assessment: 86.4/100, #1 of 13 in our bank review
Strongest on everyday cost and savings rate. Trails on branch and ATM access. Cheapest account for everyday use: $0 a year. No branches; ATM fee refunds on the Personal Account.
Cost 100 · Access 40 · Savings rate 100 · App rating 88 · not scored: service. How the review works.
EQ Bank chequing accounts and what they cost
EQ Bank lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is Personal Account at $0 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| Personal Account | No monthly fee | Branch: 0 · self-serve: unlimited | $0 |
EQ Bank savings accounts and posted rates
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| 30 Day Notice Savings Account | 2.75% | No monthly fee |
| 10 Day Notice Savings Account | 2.35% | No monthly fee |
| High Interest Savings Account (HISA) | 1.9% | No monthly fee |
On the official lists
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| Equitable Bank | OSFI — Schedule I domestic bank | Yes |
| Equitable Trust | OSFI — trust company | Yes |
| Concentra Bank | OSFI — Schedule I domestic bank | Yes |
| Concentra Trust | OSFI — trust company | Yes |
Facts, with sources
- EQ Bank is a trade name of Equitable Bank, a wholly owned subsidiary of EQB Inc.Source: eqb.investorroom.com
- Equitable Bank acquired Concentra Bank and Concentra Trust on November 1, 2022.Source: eqb.investorroom.com
- EQB completed its acquisition of President’s Choice Bank (PC Financial) on July 1, 2026; PC Bank became a wholly owned subsidiary of Equitable Bank.Source: eqb.investorroom.com
- EQ Bank’s site lists a US Dollar Account among its accounts.Source: eqbank.ca
Your own pattern can change the order. Put your numbers into the true-cost finder to rank EQ Bank’s accounts against everyone else’s.
Complaints that reached the ombudsman
OBSI, the ombudsman for banking, opened 24 banking cases about Equitable Bank in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 22, and resolved 9 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
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