EQ Bank joint accounts — the CDIC problem with "each has $100,000" (23 Oct 2026)

The correction that matters

EQ Bank's own FAQ says it plainly:

"Eligible joint deposits are protected for up to $100,000 per set of co-holders, not per co-holder. Eligible joint deposits are insured separately from individual Personal Account deposits."

CDIC aggregates all joint accounts held by the same set of co-holders at the same institution into one $100,000 bucket. So:

Structure	Deposited	CDIC-insured	Uninsured
Anjal + Kiratee, one joint account, $100,000	$100,000	$100,000	$0
Anjal + Kiratee, three or four joint accounts, $100,000 each	$300,000–$400,000	$100,000	$200,000–$300,000

Opening more joint accounts with the same two names does not add insurance. If the intent behind "each have $100,000" was spreading deposits to stay under CDIC limits, that plan does not work at EQ. It only works across different institutions, or across different sets of owners.

What actually maximises CDIC cover at EQ (Equitable Bank, CDIC member)

Per depositor, per bank, per insured category: - Anjal, individual account: $100,000 - Kiratee, individual account: $100,000 - Anjal + Kiratee, joint: $100,000 - = $300,000 maximum insured at EQ for this couple. A fourth bucket needs a different co-holder set (e.g. a joint account with an adult relative) or a different bank. - Note: EQ requires co-holders to be of the age of majority with a SIN, so the children cannot be co-holders to create extra buckets.

EQ's own worked example matches this: coverage of up to $100,000 "in each of the following scenarios: your Personal Account; your joint account with a spouse; your joint account with your parents."

Source: eqbank.ca/personal-banking/joint-account (FAQ, "How does CDIC deposit insurance work for joint accounts?"); CDIC joint-deposit rules.

What the account actually is

Rate: 2.75% on the joint account as published on EQ's joint account page (23 Oct 2026) — no monthly fee, no minimum balance, unlimited transactions, bill payments, Interac e-Transfers and EFTs included.
Up to 3 other co-holders — so up to 4 people on one joint account. That is the mechanism for different ownership sets if wanted.
Eligibility: Canadian resident, age of majority in the province, SIN.
You must already be an EQ customer — non-customers open a personal account first, then the joint.
Two ways to create one: (a) open a new joint account from desktop or app (EQ recommends this), or (b) convert an existing Personal Account — sign in → select the account → "More options" (top right) → add co-holder(s); it converts automatically once the co-holder accepts the invitation.
Co-holders can withdraw the entire balance without permission, see all transactions, and the account can be treated as a matrimonial asset in a marital breakdown. That is EQ's own warning, not mine.
Joint Accounts are available in Quebec, though EQ-to-EQ transfers are limited there.

The discrepancy in the task itself

Task title: "EQ bank (total 2 joint accounts)".
Sub-item: "Verify both names show on all 3 joint accounts".
Sub-item: "Open two more joint account … (each have $100,000)". One existing + two more = 3, but the title says 2. Decide which is right before opening anything — the difference is a fifth account holding $100k that carries no additional CDIC protection.

Recommendation

Do not open multiple joint accounts at EQ for insurance reasons. If $300k+ needs to sit insured, split across two or three institutions (e.g. EQ + another CDIC member), one set of owners each. That is the only structure that actually extends cover.
If the extra accounts are for budgeting separation (bills / property tax / emergency), that's a legitimate reason and EQ allows up to 8 personal accounts — just know those dollars above $100,000 combined are uninsured.
Both names visible on every joint account: check in the app under each account's details; EQ shows co-holders there. If a co-holder can't see an account after accepting, that's an EQ support call, 1-844-437-2265 (8am–midnight ET, 7 days).

Blocker

The actual dollar split Anjal intends across EQ and other banks. With that I can produce a one-page CDIC coverage map showing every dollar and which dollars are uninsured — the useful artifact, rather than a per-account checklist that doesn't reflect how CDIC aggregates.