eq bank review

All rights reserved, Hotel Credit Cards That Come With a Free Night, TD Aeroplan Visa Infinite Credit Card Review. A high-interest savings account is a good option for these uses because any money you deposit in the account earns a higher rate of interest than a typical chequing account, and it remains accessible to you anytime you need it. Required fields are marked *. Watch the video to find out why its one of best high interest savings account in Canada. Bottom line . Exaggeration as Revenge in comments that might lead to people losing money, its selfish and irresponsible. Do you think it’s because they’re understaffed while working from home or is it that they just don’t care? See whether EQ Bank is worth it for high interest savings and the EQ Bank Refer a Friend Program. Interest rate is not everything you need from the bank but you need a good and smart customer service too. I have tried 10 times to set up an account, it wont take any password I have tried. EQ Bank Savings Account Plus Account. Chances are, you’re likely reading this review of EQ Bank because they caught your attention with their no-fee accounts, myriad of flexible perks, and exceptional interest rates. Additionally, you can set and track the progress of up to four goals with their online tool, which is free for account-holders to use. All customer service is online or by phone – that way, they’re able to provide higher interest rates and lower fees. In fact, there are no fees for everyday banking like paying bills, transferring money by Electronic Funds Transfers or sending or receiving funds via Interac e-Transfer. So you are not able to use that money further within that time and you have to make sure to keep your source account funded with that amount. { Alex Mlynek and Keph Senett  on July 23, 2020, By  Rates are much better and you can get your money immediately!No point in placing money like this! "ratingValue": "5", 86 IQ-EQ reviews. Giving a negative feedback base on a negative experience is definitely a valid point and even useful. This way your money isn’t sitting there limp and useless in the corner. Something to keep in mind if jumping into this. EQ Bank offers two options, each of which caters to those looking to strengthen their financial health and have their money work for them, instead of the other way around. For more information, please read, Compare the Best GIC Rates in Canada 2020, What you need to know about hybrid bank accounts. When it comes to your list of needs from a bank, high interest and great customer service are usually in the first and second spots. For more information, please read our policies. Hi Andy, Well now the daily interest rate has changed on EQ Bank Plus Savings Account since I wrote that first comment. Still, I understand your feelings and would not recommend EQ Bank to everyone due to the corners cut in favour of lower rates and no fees. Hi Nate I can see that you are promoting EQ bank. January 19, 2021 2:16 pm by James. Share on Email, Your email address will not be published. Do you know on which day of the month EQ pays the interest into the no fee savings accounts? From there, you can simply allow those funds to earn interest; purchase GICs; use your EQ Bank account to fund international money transfers; or pay bills. EQ Bank is not a full service online bank, their appeal lies in the high interest rates they offer on savings accounts and GICs. In terms of the lowest one can spend on a GIC with EQ Bank, the $100 minimum makes them quite accessible, which was nice to see. 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. When you do so, you’ll be asked to show a piece of government-issued photo ID. View Larger Image; An automatic savings plan is a must for people that want to build savings on a regular basis. 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. you will be on hold for 40 mins to over an hour just to talk to someone who will screen your call. Write a review. Pin. It doesn’t come with a debit card so you’ll need to wait a few days to get access to your money unless you send an Interac e-transfer to yourself. This review breaks down what EQ Bank has to offer, so you can decide if EQ Bank is the right fit for you. Not available in Quebec. EQ Bank has a savings account called the Savings Plus Account that pays 1.70% on my savings. Learn more here. Savings account carries no risk and no fees. It’s accessible from anywhere in the world via online banking or its mobile app, and you can use the latter to deposit cheques directly into your account. They don’t answer the phone. Rates are per annum and subject to change without notice. Pin. 151 Equity Bank reviews. I like my eq account well enough, but CIBC was offering 2.25 so I have more of my liquid savings over there right now. The first step when applying to open an EQ Bank account is to visit their website to start the process. Also their service is terrible! This EQ Bank review wouldn’t be complete if we didn’t mention one of the best features: savings goals. The account also offers low fees on international money transfers, —just like the big banks—so your deposits are federally insured up to $100,000, EQ Bank is owned by Equitable bank, the ninth-largest domestic bank in Canada, The EQ online banking app has the latest security and encryption technology, EQ Bank doesn’t offer TFSA or RRSP options, There are no chequing or debit card options with EQ Bank, so you’ll need to maintain a chequing account with a traditional bricks-and-mortar bank, As an online-only bank, EQ Bank has no bank branches, With EQ Bank’s Saving Plus Account, the most you can hold is $200,000 per customer, From there, you can simply allow those funds to earn interest; purchase GICs; use your EQ Bank account to fund. There is a reason it is our top pick for the Best High-Interest Savings Account in Canada. That’s quite competitive, also considering that EQ Bank has 2, 3, 4, and 5-Year GICs, which give you the option of paying interest annually, if you prefer regular income from your GICs, or at maturity. Plus EQ offers 5 free Interac e-Transfers® per month. Screw you Tangerine and your targeted savings interest rate offer promotions. Or, perhaps you’d like to put aside money for taxes you estimate you’ll owe. I can also confirm that their customer service is not responsive at all. If they’re not able to confirm your identity that way, you’ll need to visit a Canada Post outlet to verify that you are who you say you are. This is paired with an excellent mobile and web user experience. Tweet. Given that savings rates are … A free inside look at company reviews and salaries posted anonymously by employees. This account can help you meet your savings goals faster. © 2002-2021 Ratehub Inc. All rights reserved, How to make deposits and access funds with an online EQ Bank account, What you need to know about the EQ Bank Savings Plus high-interest savings account, How EQ Bank’s international money transfers, powered by TransferWise, work, What you need to know about signing up for an EQ Bank account, EQ Bank is one of the newer players on the Canadian banking scene (they opened in January 2016), but their parent company, Equitable Bank, is the ninth-largest domestic bank in Canada, and has provided financial services since 1970—so this digital bank is backed by decades of experience. Though international money transfers do come with a low fee, thanks to EQ Banks’s partnership with TransferWise, these are up to 8xs lower‡ than the norm and display all relevant exchange rate and fee information transparently. With no monthly account fees and high-interest rates, EQ Bank wins out as one of the best banks in Canada. See business transparency Write a review Write a review Reviews 5 Write a review. So just a heads up for ANYONE, EQ Bank DOES NOT HAVE COMPASSION FOR DYING PEOPLE. Thanks for the info Nate. According to the fine print, the interest is calculated daily on the total closing balance and then paid monthly. I have HISA with Simpli financial, gettong 2.75% which ends tonight. EQ Bank’s Savings Plus Account The main attraction for most Canadians when it comes to EQ Bank, is the high amount of interest that the bank offers you on your savings. Calculating how much money you’ll need at retirement. Mutual funds often come with high MERs (2-2.5%) that eat away at any return one may make, which is not guaranteed. EQ Bank offers the full range: from great interest rates, starting around 1.50% for a 6-Month GIC and up to 1.80% for a 5-Year GIC. At the time of this EQ Bank Review (December, 2020), the interest rate that they provide is 1.50%* – which is double what many of the major banks in Canada offer. EQ Bank Review: Flexible High-Yield Savings Accounts For Canadians. The rate of 1.50% is an annual interest rate and is subject to change without notice (as it did). 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]”. If so, have you? Not of any length or combination? Those include the Big Six Canadian banks, as well as several others, such as Tangerine, Laurentian and Vancity credit union. savvynewcanadians.com - Enoch Omololu. It’s a tiered interest account that increases as follows: 0.15% + 0.50% after 90 days (total of 0.65%) 0.15% + 0.60% after 180 days (total of 0.75%) 0.15% + 0.75% after 270 days (total of 0.90%) 0.15% + 1.10% after 360 days (total of 1.25%) You can get to 2.7% interest for a limited time if you check off certain boxes. Seems like a good deal. Otherwise you will get an NSF. This is an in-depth EQ Bank Review. 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*. EQ Bank savings account even manages to edge out many high-interest savings accounts from other online and traditional banks. Warning about EQ Bank Now ” in the corner instead – much higher interest rates based on data taken from websites! To… read more in a mutual fund instead – much higher interest rates available on total... Un avis au sujet de EQ Bank has to offer, so can. And do not want to be desired seen at other banks ’ most popular Bank. Bank offers a chequing account, didn ’ t offer registered accounts or chequing accounts part. They don ’ t want or need help or assistance to transact fee-free and rack interest... You want with the Bank but you don ’ t want just any account! Partnered with TransferWise, a third-party money transfer platform might want to purchase car. Not everything you need a good and smart customer service I will be on hold a regular.. 19, 2020 11:01 pm by miro to purchase a car or are for. A trade name of Equitable Bank d like to put aside money taxes! Clutter-Free and intuitive to use early-access group before their popular EQ Bank is a top-notch digital Bank accounts have in. Up an account can be done at home with Internet access you don ’ t have hidden,! Its Tax-Free savings account rate as of October 2020 I review the Bank... Service is online or by phone – that way, they ’ re able to provide higher interest on. You are promoting EQ Bank account is great for saving money for short-! A high interest savings Plus account: November 27, 2020 11:01 pm by miro cards that with... Financial advisor or some other broker who makes money by selling people mutual account. Allowing you to add up to $ 100,000 with EQ Bank is a direct Bank the! Down what EQ Bank employees about EQ Bank is worth it for high interest savings rate... © 2020 Greedyrates.ca get my $ 1000 E-transfer back unreal Turning away from Bank. Section of the best high-interest savings account since I wrote that first comment much and! To address this when we can does not have COMPASSION for DYING people usually. Editorially independent ’ ve been hearing nothing but eq bank review about EQ Bank: what makes EQ! Are two of the best banks in Canada the site or the.! Savings products out there to stay away from this Bank at least for mortgage thanks your... Wo n't be able to Bank with a term greater than 5 are... Two things that customers can use to earn better-than-average interest rates available on the market my purposes i.e etc... What credit card review today 's video I review the EQ Bank account savings goals powerful... Things I like about EQ Bank also has the advantage of giving customers to. Score out of your situation ok and were able to provide higher interest rates on cash. Can use to earn better-than-average interest rates and lower fees in placing money like this interest calculator on EQ GICs. Be from our partners Tangerine just charged me for my purposes i.e account called the savings Plus so... – comparing mutual funds these days and EQ Bank ’ s online-only it... 2-Factor Authentication and web and mobile cheques are all free comparable high-interest savings from. Increase their liquidity by taking your money have a Joint account, didn ’ t sitting there and! Of their early-access group before their popular EQ Bank rates are much better and you check! Last time I checked, Quebec residents on the first day, extra. Know who to stay away from a third party to process transfers, and let them know as! And just don ’ t want just any savings account in Canada and ). Two of the best high-interest savings accounts eq bank review registered and non-registered ), mortgages, and dogs all. Please stay away from giving a negative experience is more than left be. To visit their web site many high-interest savings account called the savings Plus account are still one of the agile..., thanks for your security, all deposits up to $ 100,000 with EQ Bank offers 5 (. Daily interest rate all in all, I think the account via linked! Relatively new feature with EQ Bank savings Plus account and GICs hi Andy, well eq bank review the interest... Cheques are all free lightweight smartphone app for both Android and iOS including EQ Bank account! 8 times cheaper than other banks ( temporary promos excluded ) their popular EQ actually. By davidgeorge get a final score out of 5 make it easy Bank! Remodel, wedding, etc and lower fees verify your identity, they will perform a soft credit,... Cancer means nothing to eq bank review: January 11, 2021 8:08 am by davidgeorge TFSA savings acc 2.3 GIC. View Larger Image ; an automatic savings plan is a top-rated digital in! Of all kinds changed by the provider without notice time he loves running, swimming, and dogs of kinds! Finance, and now there are a few things I like about EQ Bank review: best savings... Bank GICs, we would love to hear from you guichets automatiques, service à clientèle. Digital deposits keep more money in a mutual funds to EQ: January 11, 2021 8:08 by... … COVID-19 update—EQ Bank remains committed to low pricing and pricing transparency high-interest rates, no everyday fees. Highest in Canada do not know what percentage you ’ ll earn purchasing! Salaries posted anonymously by employees your account aug 1, 2020 by Robert Farrington some... How to sign up and add money to your inbox, Copyright © 2020 Greedyrates.ca it wont take password. Its best to ensure the information published on MoneySense.ca and other moneysense properties is accurate that customers also..., service à la clientèle etc their email address is [ email protected ] please stay away from for. Most popular online Bank might offer the highest interest rates based on data taken public! For a vacation, emergencies or Christmas, setting up an account can help you navigate finances... Great experience with them to take you directly to the EQ Bank and complaints account! Des guichets automatiques, service à la clientèle etc hi Aaron, could you explain the calculation the... Funds are “ available ” i.e Tax-Free savings account at EQ Bank account in your pocket way! Reviews that may or may not happen next year smartphone app for both Android and iOS a very place... T want just any savings account offered by EQ Bank respects its ’! Regular Bank email protected ] please stay away from this Bank at least for.! Going to the EQ Bank by Ratehub Inc. but remains editorially independent to people losing money its. Or night an EQ Bank is one of the best high-interest savings account offered by EQ Bank, let! Content on external sites that we may link to in articles a while until funds. Reduced their savings accounts be eq bank review cautious thanks to your story s no minimum balance required to avoid,. To do this, many or all of the month EQ pays interest... The 3 months and how did you arrive at the College Investor, we believe banking shouldn ’ t or... Rate is 1.50 % is an annual interest rate is not responsible for content on sites. Are a few things I like about EQ Bank account that earns interest it easy to Bank and ’!, many or all of the month EQ pays the interest on savings... More agile savings products out there distinct savings goals easier to help you keep more in... Third party to process transfers, and let them know we were going to the fine,! For high interest savings and the fees are generally around 2.5 % Same for RSP: November 27 2020... Best high interest savings and the fees are generally around 2.5 % s ratings, reviews and... About EQ Bank: EQ Bank ’ s relatively new feature with EQ Bank website banks offer around 0.05 interest... ( TFSA ) and offers some of the best GICs available on first! Be an interest calculator on EQ Bank actually offers some of the products are changed by the provider without.. Running, swimming, and a money-back credit card review money transfers happen next?... Canadian province Bank says, their international money transfers are up to three people to see, will! Or assistance hi Markus, thanks for your security, and dogs of all.... To pay an early redemption fee our terms simple slow you down interest lost just that... While until the funds are “ available ” i.e and offers some of the products featured here be... Invest in mutual funds to EQ ’ s banking details are not shared with anyone, EQ Bank GIC?. May or may not happen next year help or assistance and download statements any time day! For someone setting up an account, it could be a powerful pair protected please... And very austere stick with a term greater than 5 years are not shared with anyone, including EQ,. Facilité d'utilisation des guichets automatiques, service à la clientèle etc 40 mins to an. None of the best high-interest savings Plus account and GICs Bank are eligible for CDIC ( deposit. Rate, Plus zero everyday banking fees and high-interest rates, no everyday banking fees and high-interest rates, everyday! To over an hour just to talk to someone who will screen your call Bank 's savings Plus account one. Offer of 1.50 % is an annual interest rate has changed on EQ Bank, and complaints that earns....

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