Access to banks is essential to almost everyone. Not to mention, we need bank accounts for our salary, savings, emergency funds, investment accounts, borrowing money (loans), mortgages, and other business and financial services.
On average, we have checking or savings accounts and own a plastic card (bank card) to have access to depositing money in or withdrawing money out from an ATM or use the debit card to purchase items.
It must be remembered, just like any businesses, banks need to make money. In fact, It is a very simple business concept. Banks acquire funds deposited by their clients or account holders either as cash for savings accounts, check deposits, salaries from businesses and their employers for their employees.
While mainstream banks hold your money in checking or savings accounts, generally they pay zero or minimal interest. Furthermore, the same money is then made available to be borrowed as loans to individuals and businesses. Eventually, banks and financial institutions then add interest to the borrowed capital. Quite a very simple business concept, right?
Traditionally, many established small and big banks require account holders to maintain monthly minimum balance or monthly fee for the benefit of owning a bank card, checking and savings account.
Shouldn’t the bank rewards it’s clients by giving better returns on their money? Unfortunately, the simple answer is NO!
However, with the advancement of technology and in a highly competitive market, a few online banks are able to deliver free banking services to their customers with NO strings attached. Is there any catch? For the most part – there is none. You just need to shop around.
What am I looking for in a checking and savings account?
- $0 monthly fees
- No minimum balance
- Unlimited free transactions which includes debits, transfers, and bill payments
- Easy access to free ATM
- Free email and Interac e-transfers
- Excellent customer service either by phone, email and chat
- Mobile app and user-friendly website for online banking
- Mobile cheque deposits
- Free electronic statement
- Pays interest on account balance
EQB Bank is the only Canadian bank that can deliver all these perks with no strings attached. Finally, it even get’s better as they are now issuing their customers a bank card with more excellent features:
- Free Withdrawals from any ATM in Canada
- Earn 2.5% interest right until you spend
- 0.5% Cash back on everything you spend on the card
- No Forex fees, monthly fees or other hidden fees
- Note: EQB Bank card is not currently available in Quebec
Among EQB most popular products are their Savings Plus Account, Joint Savings Plus Account, TFSA Savings Account, and US Dollar Account. EQB is mainly an online bank where you keep your money and earn a consistent high interest. In contrast, other banks will entice you to open one for an introductory high interest for a few months only to drop to a miniscule interest after the promotional period.
Tired of paying bank fees and your hard earned money not making any interest? It’s time to switch and what are you waiting for?
If you sign up using this link and make a deposit of $100 to your account within 30 days of signing up with the EQ Bank you and I will get $20 each and start earning interest on any funds deposited.
My Final Thoughts
There are now a handful of banks that offer their services for free with no strings attached. I love free stuff and who doesn’t? It is a No brainer to have a free bank account. I am a very satisfied EQB client myself and would not hesitate to recommend them.
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