Is there a catch to EQ Bank?

I've been hearing a lot about EQ Bank and how it offers higher interest rates than traditional banks. But, I'm always skeptical of things that sound too good to be true. So, I have to ask, is there a catch to EQ Bank? Are there any hidden fees or restrictions that I should be aware of before I open an account with them? I want to make sure I'm making an informed decision about where to keep my money.