EQ Bank

Jared Sandler

— 3 min read
EQ Bank
Get up to speed on one of Canada's fastest growing banks in this 3-minute read. Enjoy.

What it is

A digital bank started in 2016 focused on no-fee and high interest bank accounts for Canadians.

Let's go deeper ↓

The problem it solves

Problem

Still using the bank account your parents opened for you in middle school? Paying $9 a month and earning peanuts?

Solution

EQ Bank offers Canadians an alternative: no fees and better interest rates.

Zoom in

Here are some notable stats, accolades, and news you should know:

Vitals

  • Part of Equitable Bank
  • Founded in 2016
  • 540,000+ customers
  • $9 billion+ in deposits (To put it in perspective: that’s more than Aritzia’s market cap)

Did you know?

  • Recently opened two new office spaces:
  • Named a Brand of the Year in 2024
  • Metrics are up and to the right:
Source: EQB Fact Sheet Q2 2025: https://eqb.investorroom.com/download/Q2_2025-Investor_Fact_Sheet.pdf

My take

EQ Bank has grown fast – in customers, deposits, brand, and office footprint.

Looking at the graph above – in less than a decade, they’ve 20x’d their customer base and 9x’d their deposits. Huge growth.

And that new downtown tower? It’s not to make room for a few extra hires. It’s a bet on the next chapter; an investment in the next stage of growth – one I think they can get to. Here’s why:

  1. They’re addressing a paint point.

    People are tired of bank fees and earning next to nothing in interest.

    EQ Bank offers the opposite – and that’s enough to get people to consider switching.
  2. They’re still small.

    With just over half a million customers in a country of 40 million, they’ve barely scratched the surface.

    There's a major amount of the market left to capture.

That said, cracking the Big Six’s 90% market share won’t be easy. Bank accounts are sticky and switching isn't common – ahem, that savings account from grade 8 still kicking around?

But so far, EQ Bank has made it work – with nearly a decade of success to back it up.

Bottom line

This is a company that’s growing significantly in the banking space and worth a closer look.

👋 Hey, thank you for reading!

If you'd like to get in touch, please reach out on LinkedIn.

Read more

EQ Bank isn't the only fast-growing company in Canada
↳ Learn about the country's most exciting airline: Porter Airlines

Get company analyses delivered directly to your inbox: Subscribe

Read more