Looking for an EQ Bank referral code or want to know how the EQ Bank Refer a Friend program works? This post is for you.
Get a $30 bonus when you sign up using this EQ Bank referral link and an extra $150 for switching your payroll to EQ Bank. Plus you earn up to $500 for referring your friends and family to the online bank.
Note: The usual sign-up bonus is $20 but EQ Bank is offering a bonus of $30 for a limited time. (Promo has expired)
Keep reading to see how you can earn up to $400 in total bonus from another bank promotion.
EQ Bank Referral Bonus
The requirements needed to get your EQ bank $20 referral promo bonus are:
- Open a new EQ Bank Savings Plus account using a referral link. No promo code needed.
- Verify your account
- Deposit a minimum of $100 within 30 calendar days of activating your account.
- Receive EQ bank $20 referral welcome bonus
In addition, you can also earn extra cash of up to $500 by referring your family and friend to EQ Bank.
How the EQ Bank “Refer a Friend” Referral Program Works
The EQ Bank referral programs lets both the referrer and referees earn a bonus after successful account activations and account funding.
Here are the quick steps to get started with the program:
- Login to your EQ Bank online banking and copy your unique EQ bank referral link*
- Share the link with your friends and family
- Your friends open a new EQ Bank Savings Plus account using your referral link
- They make a deposit of at least $100 within 30 days of opening the account
- The bonus is paid to both parties by the next business day
Click on the “Refer a Friend” button on the top right corner of the screen to reveal your EQ Bank promo link.
Your referred friends will receive a welcome bonus of $20 from EQ Bank. However, the referrer can get a bonus of $20 to $40 depending on the number of people they have referred.
- First 3 clients referred: $20
- Next 4 clients referred: $30
- Next 8 clients referred: $40
The maximum bonus you can receive under the EQ Bank Refer a Friend program is $500. That means you will not receive a bonus for any other referrals you make after the 15th successful referral.
Note: Your friends must sign up using your EQ Bank referral link for both of you to get the bonus. Unfortunately, there’s no way to add the referral code afterwards if they don’t use your link.
EQ Bank $150 Sign-Up Bonus (Expired)
In addition to a competitive interest, EQ Bank was also offering new clients a welcome bonus of $150 if they opened a new EQ Bank account by April 17th and meet the conditions below:
- Set up at least one recurring payroll direct deposit of at least $100 to the new account
- Receive the first deposit within 60 days of account opening
- Continue this for 3 consecutive months
Once you fulfill these conditions, the $150 cash bonus will be deposited into your account.
Update: The EQ Bank $150 bonus has expired.
Checking the status of your EQ Bank Referrals
You can view the status of each of your referrals from your account dashboard. There are just 3 options and they are quite obvious:
In Progress: means your referral is yet to sign up OR the deposit requirement is yet to be satisfied
Completed: The account was opened, deposit requirement met and bonus deposited into the accounts
Expired: the new EQ Bank client did not deposit a minimum of $100 within 30 calendar days of opening the account.
Referring a Joint Account Client
EQ Bank offers a joint account in addition to its personal Savings Plus account. You’ll need to send the other party an invitation to open a joint account.
However, you’ll not receive a bonus if they’re new EQ Bank Clients and signed up using the joint account invitation link.
To receive the bonus, you’ll have to:
- Send them your referral link to open an EQ Bank Savings Plus Account
- Invite them to setup a joint account with you afterwards
In other words, you will only receive the EQ Bank referral bonus if your friends use your unique referral link.
About EQ Bank
EQ Bank is the online banking arm of Equitable Bank, a top 10 Schedule I bank with more than $36 billion in assets.
Since its launch in 2016, EQ Bank has continued to innovate with new products, great savings rate and quickly grown to be one of the best-known banks in the country.
In 2021, EQ Bank was named as Canada’s best bank in Forbes’ annual ranking of the World’s Best Banks.
EQ Bank Products
EQ Bank offers one of the best and most extensive products and services among the online banks in Canada.
Here are the main account types and services provided:
EQ Bank Savings Plus Account: is a high interest savings account. It is a hybrid account with features of a savings and chequing account.
Meaning you get a higher interest rate (currently 2.50%) on your funds, with the ability to make payments, settle bills and carry out everyday banking transactions with zero fees.
It is also available as a joint account.
EQ Bank US Dollar Account: is a USD-denominated account with the best savings rate in Canada. The account has a current rate of 2.00%, up to 20x what you would get from some of the big banks.
Check this EQ Bank US Dollar Account review for its features and how it stacks up against the competition.
EQ Bank GICs: are available as non-registered and registered accounts (TFSA or RRSP). They offer competitive rates and provide some of the best GIC rates in Canada.
This EQ Bank GIC review covers its rates, features and every other thing you need to know about the investment.
EQ Bank TFSA Savings Account: lets you earn decent interest on your savings while keeping it entirely tax-free. The account has a rate of 2.50%, one of the best TSFA rates in the country.
EQ Bank RSP Savings Account: is an account for those looking to grow their retirement account with no risk. The account also has a savings rate of 2.50% and comes with no monthly or quarterly fee.
Learn more about EQ Bank TFSA and RSP here.
International Money Transfer: is a payment transfer service offered through its partnership with Wise.
EQ Bank clients are able to make international remittance to more than 70 countries at a very competitive rate and price from within their online banking app.
Learn how to get your first transfer of up to $800 for free using this TransferWise promo code.
They’ve also partnered with Nesto to help you get the best Mortgage rates in Canada.
Other Sign-up Bonuses
If you’re looking to earn even more, here are some other bonuses and promotions you should try out.
Simplii: Get up to $400 when you open a new account at one of the best online banks in Canada. You also get a promotional interest rate of 5.25%.
Learn more: Simplii Refer a Friend Promo
Koho: $20 sign-up bonus after you make your first purchase with the free Koho Prepaid Card. You also earn some of the highest cash back rewards on purchases available in Canada.
Learn more: Koho Referral Code & Bonus
Wealthsimple Cash: $1 welcome bonus for new users of the free peer-to-peer payment app using the promo code “37QWMT”. Learn more about its offerings in this Wealthsimple Cash review.
Some FAQs: EQ Bank Referral Bonus
Your referred friends will get a bonus of $20 when they open a new EQ Bank Savings Plus Account. As the referrer, you also earn $20 to $40 per friend that sign up up to a limit of $500.
You can refer as many friends and families as you like. However, you’ll only be paid the EQ Bank referral bonus for the first 15 people that signed up using your unique link for a maximum bonus of $500.
The bonus will usually be paid by the next business day after your conditions have been met. That is, a minimum deposit of $100 deposited within 30 days of opening a new EQ Bank account.
EQ Bank has a referral program that gives you a sign-up bonus of $20 and lets you earn up to $500 for inviting 15 of your friends to the bank.
Conclusion
The EQ Bank Refer a Friend promotion is an attractive rewards program that lets you earn up to $520 in total bonus: $20 when you sign up and $500 for referring your friends.
The only con of the EQ Bank referral program is that you’re limited to only 15 referrals (12 with the current limited-time promotion) or a payout of $500. That is, you won’t be paid once you reach the threshold.
If you’re not an existing EQ Bank client, sign up and get a $20 bonus using this EQ Bank referral link. The promo code is alternatively applied.
EQ Bank Refer a Friend Program
Summary
EQ Bank Refer a Friend program lets you earn $20 as a new client and up to $500 for referring you friends to the bank.
