Name: EQ Bank

Products: Personal and commercial banking

Headquartered In: Toronto, Ontario

Where to Buy: Online

Website: eqbank.ca

Canadian Owned: Publicly traded on TSX

EQ Bank, an online-only bank, was launched in 2016. It is part of Equitable Bank, which is one of the largest independent Schedule I banks in Canada. EQ Bank offers a good range of products for personal banking customers, including personal accounts, high-interest savings accounts and investments options. However, their business banking offering is limited to one business account.

With no overheads of physical branches, EQ Bank is able to offer its customers competitive interest rates and no-fee banking. One downside of EQ Bank is that they do not offer an actual debit or credit card. Instead, customers are offered the EQ Bank Card, which is a prepaid bank card that needs to be topped up from your bank account to spend. The upside of the card is that it can help you keep on top of your spending since you can only use what you got.