EQ Bank Promotions Dec 2022: $500 Referrals + $150 Sign up Bonus

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Looking for a new online bank in Canada? EQ Bank may be the perfect choice for you! They offer high-interest rates on their savings products, as well as great offers through the EQ Bank promotions like the $150 cash bonus for switching your payroll to the bank. 

When you sign up for EQ Bank Savings Plus account with this referral promotion link, you get $20 welcome bonus when you deposit $100 within 30 days, $150 cash bonus after you receive a payroll deposit for 3 consecutive months. Also, get up to $500 when you refer your friends.

In this blog post, we will cover all the current EQ offers for new and existing clients, how they work and how much money you can earn. We will also provide an overview of the EQ Bank Savings Plus account, one of the best high-interest saving accounts in Canada.

So, if you are interested in learning more about EQ Bank Promotions, keep reading!


EQ Bank Promotions

Like some of the other top financial institutions in Canada, EQ Bank rewards their clients with promotional offers when they sign up for a new account or perform certain activities.

Currently, there are two EQ Bank promotions that new clients can take advantage of. The first promotion is the $150 cash bonus, and the second is the $500 Referral Bonus through the EQ Bank refer-a-friend program.

EQ Bank $150 Cash Bonus

The $150 cash bonus was available to new EQ Bank clients who sign up for a Savings Plus account and set up at least one payroll direct deposit. 

However, the EQ Bank $150 cash bonus expired on July 27, 2022. This means the offer is no longer available.

These were the terms and conditions required to get EQ Bank $20 sign-up + $150 referral bonus:

  • Sign up individual EQ Bank Savings Plus account during the offer period
  • Set up one or more payroll deposits to the new account  (minimum of $100 per month)
  • Receive the first payroll deposit within 60 days of opening the account
  • Continue for at least 3 consecutive months
  • Receive your $150 welcome promo bonus.

Once you have completed all the steps, the $150 bonus will be deposited into your Savings Plus account.

EQ Bank $500 Referral Bonus

The second promotion that both new and existing clients can take advantage of is the EQ Bank refer-a-friend program. Through this program, you can earn a total bonus of $500 for referring your friends or family to EQ Bank.

As a new client, you can also get a sign-up bonus of $20 when you sign-up using an EQ Bank referral link like this one. Once you have your account, simply copy your unique referral link from your profile and start sharing it with friends to earn up to $500!

To qualify, they simply have to open a new Savings Plus account and fund the account with at least $100 within 30 days of activating their account. You’ll need to refer 15 people to get the $500, but you start earning the bonuses with the very first person you refer to EQ Bank.

Learn more about the EQ Bank refer-a-friend offer through the linked post.


EQ Bank Savings Plus Account

The EQ Bank Savings Plus is arguably the best high-interest savings account in Canada. It offers a competitive interest rate of 1.65%, with no minimum balance required and no monthly fees. 

Unlike other online banks that offer promotional rates that last for a limited time, the EQ Bank Savings Plus interest rate is a base rate that stays competitive. This makes it a great account to grow your savings over the long term.

In addition, the account is a hybrid of a chequing and savings account so you get bill payments, payroll deposits, free Interac e-transfers, and many more.

But note that the EQ Bank Savings Plus account has a limit of $200,000 or $500,000 for joint accounts.

Check my full EQ Bank Savings Plus Review to learn more about the account and how it compares to other HISAs in Canada.


EQ Bank Promotions Pros and Cons

The EQ Bank Promotions are a great way to earn some extra cash, whether you are a new or existing client.

The $150 sign-up bonus is one of the best offers currently available for new clients who open a high-interest savings account. And with the EQ Bank refer-a-friend program, you get to earn up to $500 for referring 15 people to the bank.

So overall,  the EQ Bank Promotions are a great way to earn some extra cash. However, there are a few drawbacks of the EQ Bank promotions. 

First, the $150 sign-up bonus was only available for new clients who opened an account by June 15, 2022 and it is not clear if the offer will be extended. 

Second, the refer-a-friend reward is capped and stops after your 15th referral. So if you are looking to earn a lot of referral bonuses, EQ Bank promotions might not be the best option.


EQ Bank Products

Though the EQ Bank Savings Plus account is its most popular product, EQ Bank also offers a number of competitive products and services to its clients.

EQ Bank GICs

The GIC offering from EQ Bank currently offers one of the best GIC rates in Canada for those looking to lock-in their funds for a set period of time. 

EQ Bank currently offers GIC terms of up to 10 years, with very competitive rates on both registered and non-registered GICs.

Learn more: EQ Bank GICs Review

EQ Bank USD Account

Looking to earn some decent interest on your USD fund, then the EQ Bank USD account has you covered with a competitive rate of 1.40%.

Learn more: EQ Bank USD Account Review

International Money Transfer

EQ Bank has partnered with Wise to make sending international transfers simple, affordable and convenient.

You can initiate a foreign transfer from within your EQ Bank online profile and the whole process can be completed in a matter of minutes.

Learn more: Wise Promo Code


Is EQ Bank Safe?

EQ Bank is a division of Equitable Bank, which is a Schedule I Canadian bank and a CDIC-member. This means that your deposits with EQ Bank are CDIC insured up to $100,000 per account type. 

In addition, all of the personal information you provide to EQ Bank is protected using the highest levels of online security and encryption and meets the industry-standard requirements. 

So overall, EQ Bank is a safe and secure online bank for Canadians.


Other Banks Promotions

From fintech apps like KOHO to online banks like Simplii, there are several other banks and financial institutions that offer promotions to new and existing clients. 

Here are a few of the other bank promotions currently available in Canada:

  • KOHO: $20 Sign-up Bonus + Up to $1,000 Referral reward
  • Simplii: Up to 400 in cash bonus + 5.00% promotional interest
  • Wealthsimple: Up to $50 bonus depending on the product you choose
  • Tangerine: $400 bonus and 4.25% promo rate

Check this post for other best bank account promotions in Canada.


Some FAQs – EQ Bank Promotions

How much can I earn as bonuses from EQ Bank?

You can earn up to $500 through the refer-a-friend promotion and $150 for a limited time when you switch your payroll to EQ Bank

What is the best EQ Bank referral code?

EQ Bank does not have a referral code and you don’t need one to earn the cash bonus. Simply click on a referral link or share it with your friends to earn the cash bonuses.

How do I set up a payroll deposit on EQ Bank?

Login to your EQ Bank account and click on “My Accounts” > “Direct Deposits” > “Generate Void cheque.” Next, download the EQ Bank void cheque and send it to your employer or give them a printed copy.

What is the limit for EQ Bank Savings Plus account?

The EQ Bank savings account has a limit of $200,000 for individuals. Joint account holders can save up to $500,000.


Bottom line – EQ Bank Promotions

EQ Bank is a great online bank for those who are looking for a high-interest savings account and competitive GIC rates. Even without the promotions, EQ Bank compares very favourably with other online banks in Canada. So if you are looking for a new bank, EQ Bank is definitely worth considering.

Do you have an EQ Bank account? What do you think of it? Let us know in the comments below.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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