Does EQ Bank work with Lodavo? How to connect your EQ Bank account

If you save with EQ Bank, the short answer is yes: EQ Bank works with Lodavo. It connects through Plaid, and EQ Bank was an early Canadian mover on letting customers share account data with other apps. Your Personal Account balance links in about two minutes, so you keep the rate you already earn and pick up free draw tickets on top.

How to connect your EQ Bank account to Lodavo

Connecting takes about two minutes inside the Lodavo app:

1. Download Lodavo and create your free account.
2. Tap to connect a bank and pick EQ Bank from the list.
3. Sign in on Plaid’s secure screen with your EQ Bank username and password. They go to EQ Bank, not to Lodavo.
4. Complete EQ Bank’s verification step if it prompts you.
5. Choose the EQ Bank account you want tracked, and you’re set.

After that, the more you keep saved at EQ Bank, the more tickets you pick up in each week’s draw.

Is it safe? What Lodavo can and can’t see

Yes, and EQ Bank is unusually at home with this kind of connection. It was an early backer of open banking in Canada, and it lets you see which apps you’ve shared account data with, and for how long. Lodavo runs on that same read-only plumbing. A few specifics:

• Lodavo never sees or stores your EQ Bank login. You sign in on Plaid (opens in a new tab)’s secure screen, and what comes back to Lodavo is scoped access, not your username and password.
• Read-only means balance-only. The access covers only the account you pick, so we can see what you’ve saved in order to award tickets, and nothing more. Your transactions and your other EQ Bank accounts stay out of it.
• Your savings stay put. They sit at EQ Bank, earning the rate EQ Bank already pays you. Lodavo has no way to withdraw, transfer, or charge them.

You can disconnect EQ Bank from inside Lodavo whenever you want. If you’d like the mechanics, here’s how Lodavo keeps your money safe and the draw provably fair.

Which EQ Bank account should you track?

Connect the EQ Bank account where your savings actually sit. EQ Bank has no separate chequing account, so for most people that means the Personal Account, the everyday-and-savings hub that pays interest on every dollar. Here’s when to track each one:

Link more than one and the balances add up. Two EQ Bank notes worth knowing: the Notice Savings Account isn’t offered in Quebec, and a GIC locks your money at a fixed amount for its term, so it won’t move week to week the way a savings balance does. There’s no minimum to track, and if you also keep money elsewhere, you can link accounts at other Canadian banks too.

Troubleshooting an EQ Bank connection

Most EQ Bank links go through on the first try. If yours doesn’t:

• Turn on third-party data sharing. EQ Bank lets you control which outside apps can reach your account data, so if a link won’t complete, check that data sharing (sometimes called third-party access) is switched on in your EQ Bank settings, then try again.
• Use your current sign-in. Enter the EQ Bank username and password you’d use in the EQ Bank app on the secure screen, and finish any verification code EQ Bank sends you.
• Reconnect if a balance stops updating. Any Plaid link asks you to sign in again from time to time before the bank will keep sharing a balance. Reconnecting inside Lodavo takes under a minute, and your EQ Bank login doesn’t change.

Why prize-linked savings fits EQ Bank customers

EQ Bank customers already take saving seriously. You moved your money to a high-interest account, and probably set up a direct deposit to reach the top rate, which is more than most people bother with. Canada’s household saving rate slid to 3.5% in the first quarter of 2026, its lowest since early 2024, according to Statistics Canada (opens in a new tab). You did the hard part by picking a real rate. The harder part is staying motivated to keep topping it up.

That’s the gap prize-linked savings fills. The balance you keep at EQ Bank earns free tickets, so every week you’re in the draw for up to $10,000, with a guaranteed prize of at least $100 going to a user. You keep every bit of EQ Bank’s rate, and the tickets are a free bonus on top. If you’re weighing the two, our honest Lodavo vs EQ Bank comparison doesn’t pretend there’s a single winner.

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.