EQ Bank
Digital arm of Equitable Bank.
- Who holds it
- The company itself — it holds a full banking licence — Trade name of Equitable Bank, Schedule I chartered bank (OSFI, Canada); CDIC member.
- The ledger
- The bank’s own core ledger.
- If it fails
- A covered-deposit payout through the local scheme, up to its limit.
Derived from EQ Bank’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| HQ | Toronto, CA |
| Founded | 2016 |
| Custody | Custodial |
| Regulation type | Licensed bank |
| License detail | Trade name of Equitable Bank, Schedule I chartered bank (OSFI, Canada); CDIC member |
| Card | MC · Prepaid |
| Cashback | 0.5% |
| Yield | ~4% everyday interest |
| Stablecoins | No |
| KYC | Yes |
| Active regions | North America |
| Countries | Canada |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @EQBank ↗
Common questions about EQ Bank
What is EQ Bank?
EQ Bank is a fiat neobank, headquartered in Toronto, CA and founded in 2016. Your money is held custodially, so EQ Bank or its partner bank holds the balance and you hold a claim on it. It is regulated as a licensed bank (Trade name of Equitable Bank, Schedule I chartered bank (OSFI, Canada); CDIC member).
Does EQ Bank have a card, and where can you use it?
It issues a Mastercard prepaid card. It is available in North America.
Does EQ Bank require KYC?
Yes. EQ Bank requires identity verification (KYC) to open an account, as a licensed bank.
What does EQ Bank cost?
From the verified fields: cashback 0.5%; yield ~4% everyday interest. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with EQ Bank before relying on them.
Peers
Chime · Wise · Varo · Current · SoFi · Ally Bank
EQ Bank appears in
Neobanks that hold their own banking license (132) · Neobanks available in North America (126) · Neobanks that issue a Mastercard (150) · Neobanks in Canada (6)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.