MoneySense continues to update and make changes to correct any factual errors. Write a review. EQ Bank and Tangerine are two of the most popular online-only banks in Canada. See whether EQ Bank is worth it for high interest savings and the EQ Bank Refer a Friend Program. Now the interest rate is 1.50% on every dollar. It’s the best of both worlds. All in all, I think the account is great for my purposes i.e. What Credit Card Should You Have at Your Income Level? Hi AL, The next highest interest rate in Canada you can get from another major bank is 2.70% from the Scotiabank Momentum Plus Savings Account. I am still waiting for a response to the email I sent when opening the account. Once we review the EQ Bank GICs, we'll update the rating with a more accurate overall score. I do like that EQ sent me $25 on my birthday! Furthermore, our editorial team does its best to ensure the information published on MoneySense.ca and other MoneySense properties is accurate. More Canadians are choosing to go digital with their banking, with recent stats showing that more than three-quarters of Canadians now use online and mobile interfaces for conducting their banking transactions. With the neat ability to track savings goals as well, the Savings Plus Account is ultimately an ideal middle ground between the availability of a chequing account and the growth potential of a savings account. Aug 1, 2020 - Is EQ Bank Safe? Triple… quadruple check that none of the total amount funds you wish to transfer is on hold. They are trying to increase their liquidity by taking your money. EQ Bank is not a full service online bank, their appeal lies in the high interest rates they offer on savings accounts and GICs. Journalists and qualified financial professionals produce the content. However, it takes a while until the funds are “available” i.e. 2. Partagez votre opinion et écrivez un avis au sujet de EQ Bank. Given that savings rates are … Be very aware of the amounts of money you are transferring. TFSA fund transfer from Hubert to EQ: January 11, 2021 8:08 am by davidgeorge. However, sometimes prices and terms of the products are changed by the provider without notice. Conclusion: EQ Bank Savings Plus Account Review (Best Savings Account In Canada) Overall, I’m a big fan of EQ Bank. It starts by going to the EQ Bank website and clicking “Join Now”. EQ Bank savings account even manages to edge out many high-interest savings accounts from other online and traditional banks. There are no monthly fees, hidden charges, initial deposit requirements, or account minimums. In his spare time he loves running, swimming, and dogs of all kinds. If you read something you feel is inaccurate or misleading, we would love to hear from you. This account can help you meet your savings goals faster. Its products and services are offered exclusively online, which means you won’t be able to go into a branch … Plus for your security, all deposits up to $100,000 with EQ Bank (in Canadian dollars) are eligible for deposit insurance. I did this a while ago and EQ bank has since updated their website. They pay the interest on the first day of the month and sometimes even a day before the first day! EQ Bank Savings Account Plus Account. All customer service is online or by phone – that way, they’re able to provide higher interest rates and lower fees. The EQ Bank Savings Plus Account has zero everyday banking fees and makes it easy to transfer your money in-and-out, with free transactions and a 1.50% everyday interest rate*. funds are shown in the account almost immediately after the transfer was issued and according to EQ you do get interest on them from that time on, but it takes several business days until they are marked as available and actually removed from the source account you transferred them from. Learn more. After you Emergency Fund is funded contribute to the fullest in RRSPs, RESPs, TFSas and invest only using index-based ETFs MoneySense is not responsible for content on external sites that we may link to in articles. You can buy up to 20 GICs, choosing in an array of term lengths (the minimum is 3 months, the maximum is 10 years), so you can choose one that suits the timeframe of your investing goals, or put together several to create a GIC ladder. Plus EQ offers 5 free Interac e-Transfers® per month. TFSA fund transfer from Hubert to EQ: January 11, 2021 8:08 am by davidgeorge. If EQ Bank’s high-interest savings account, GICs and international money transfers are tempting you, read on to find out what the requirements are to sign up for an account, as well as the process, which is quite straightforward. We’ve been hearing nothing but complainst about EQ Bank lately. Worst banking experience of my life I cant even get my E-transfer back for $1000 How can nobody even answer a damn email…chat doesnt work…and I have been on the Phone for 90 mins and counting…this is soo bad.I just need help cancelling a etransfer..(code 000014061410). CA. Not available in Quebec. If l deposit say $10,000, then how much interest l will get interest after 3 months. "author": "GreedyRates", don’t get involved with this bank. 114: EQ Bank. Rates are per annum and subject to change without notice.” It doesn’t specifically say what day of the month that happens, so you’d probably have to open an account to find out. With CDIC eligibility ‡‡, free transactions of all kinds and no everyday banking fees, EQ Bank is a rare and reliable bank offering a much needed high level of access and security for its users. "name": "EQ Bank Review", The mortgage broker and the lawyer says we never dealt with them before that why they do not know them but for sure my mortgage broker will not deal with this bank again. EQ Bank has a savings account called the Savings Plus Account that pays 1.70% on my savings. Here’s what it says in the fine print of their website as of June 1, 2020 at 11:20 p.m. EST: “Interest is calculated daily on the total closing balance and paid monthly. Everything is integrated, so you can easily create a TransferWise account through your EQ Bank online banking account or mobile app, provided you have an EQ Bank Savings Plus Account*. And there’s no minimum balance required to avoid fees, either. EQ GICs are an excellent choice. "@type": "Product", Opening a Savings Plus Account* at EQ Bank is fairly simple; however, in order to sign up, you need to be a Canadian resident, be of the age of majority where you live, and have a Social Insurance Number (SIN). Its lack of high fees and its deposit insurance are two things that customers are extremely happy with. Who is EQ Bank? The maximum number of GICs that any single customer can open is 20, though this still provides enough for those who use the common strategy of laddering their GICs to mature at different dates. It’s meant to be bare bones and very austere. Watch the video to find out why its one of best high interest savings account in Canada. For you, that might mean saving for a downpayment for a house, vehicle, home remodel, wedding, etc. As an online-only bank, there are no EQ Bank branch locations that you can visit yourself, but if you need customer support, you can talk to a representative on the phone, through live chat, or via email from 8AM to midnight Eastern Time, 7 days a week. It’s not for retirement or tax-free savings, given the current absence of RRSP and TFSAs, but younger individuals without a career-long net worth will find EQ Bank’s GICs and HISA account amazing for making money using their money. This article covers the features and technicalities of the EQ Bank Savings Plus Account, and gives an honest review of its value to customers. Based on research conducted by Equitable Bank comparing HISA interest rates of Canada’s ‘Big 5’ banks over a 12-month span on an investment of $100. For early GIC redemptions, customers would need to send us any details regarding their hardship in a cover letter or e-mail format to “[email protected]”. And any money that is deposited into EQ Bank, up to $100,000 in Canadian funds, is insured by the Canada Deposit Insurance Corporation (, EQ Bank’s Savings Plus account earns 1.50%, which is up to 40, times higher than what some of the big banks offer, on their regular savings accounts (and, depending on required minimum balances, some accounts pay 0%), EQ’s Saving Plus Account is flexible. That’s why we’ve redesigned the EQ Bank mobile app with an all-new, user friendly experience with updated features to … I found EQB’s service terrible. Overall my EQ Bank review is positive. e qbank.ca. Key Features. EQ Bank is a trademark of Equitable Bank, a name that should be familiar to Canadians given its long-standing presence in the market of over 50 years. For more information, please read our policies. 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