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EQ Bank

2.30% EQ Bank interest rate increased

  • Last Updated:
  • Jan 17th, 2018 2:22 pm
Deal Guru
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Aug 8, 2012
10198 posts
4028 upvotes
BC
thediamondshopper wrote: Buffets position can be very temporary as per the deal, no?
Plus I don't have overwealming confidence in CAN realestate ATM, I will read further if there are any scenarios where it could take a lot of time to be paid out on CDIC. I he rare event of a US style situation I imagine it would be hard to pay out all the claims?
CDIC's stated goal is to have money to deposit holders within 3 business days.

GICs themselves inherently already take "a lot of time to pay out" so the additional risk is really minuscule.

e.g. If you have a GIC it is a very low probability that your term ends within 3 days of a bank failure, so you probably have more than 3 days on average before you would sweat CDIC missing their goal :)

Roughly ~1% of GIC holders (if everyone was in 1-yr terms) would be coming to maturity on any given 3-day period. Less since many terms will likely be 1-5 years.
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Jul 29, 2013
1475 posts
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Toronto
ace604 wrote: CDIC's stated goal is to have money to deposit holders within 3 business days.

GICs themselves inherently already take "a lot of time to pay out" so the additional risk is really minuscule.

e.g. If you have a GIC it is a very low probability that your term ends within 3 days of a bank failure, so you probably have more than 3 days on average before you would sweat CDIC missing their goal :)

Roughly ~1% of GIC holders (if everyone was in 1-yr terms) would be coming to maturity on any given 3-day period. Less since many terms will likely be 1-5 years.
Very good points, thanks for chiming in!
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Sr. Member
Jan 23, 2009
946 posts
1932 upvotes
Ontario
thediamondshopper wrote: Buffets position can be very temporary as per the deal, no?
Plus I don't have overwealming confidence in CAN realestate ATM, I will read further if there are any scenarios where it could take a lot of time to be paid out on CDIC. I he rare event of a US style situation I imagine it would be hard to pay out all the claims?

You are right in the event that all cars get into an accident on the same day also would hard for your car insurance company to payout your claim having said that remember Canada IS NOT like US oaken has 3 layers of protection

1- Most of their mortgage are insured either by CHMC or 25% down payment for non secure
2- CDIC
3- Warren Buffet hence warren buffet is not stupid to invest in HCG
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May 21, 2004
3000 posts
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GTA
agit wrote: You are right in the event that all cars get into an accident on the same day also would hard for your car insurance company to payout your claim having said that remember Canada IS NOT like US oaken has 3 layers of protection

1- Most of their mortgage are insured either by CHMC or 25% down payment for non secure
2- CDIC
3- Warren Buffet hence warren buffet is not stupid to invest in HCG
Agree with most of what you say except the highlighted part. Keep in mind Home Trust/Bank are alternative lenders, meaning they are lenders when others (such as the big banks) refuse to take the risk. If the borrowers were able to meet the Government restrictions and the Government was willing to insure them, it is almost guaranteed that most will welcome them with open arms. You can see this even by looking at Mortgage sites where lenders specifically give lower rates to people who have an insured mortgage. As for your claim about 25% down payment for uninsured mortgages, that's news to me. Where did you get that information from?
Sr. Member
Jan 8, 2006
834 posts
171 upvotes
Britex wrote: Agree with most of what you say except the highlighted part. Keep in mind Home Trust/Bank are alternative lenders, meaning they are lenders when others (such as the big banks) refuse to take the risk. If the borrowers were able to meet the Government restrictions and the Government was willing to insure them, it is almost guaranteed that most will welcome them with open arms. You can see this even by looking at Mortgage sites where lenders specifically give lower rates to people who have an insured mortgage. As for your claim about 25% down payment for uninsured mortgages, that's news to me. Where did you get that information from?
Unless something changed its 20% not 25% down that is required to forego CMHC insurance. If you don't put down at least 20% on your mortgage you don't have a choice and must include CMHC insurance. At the big banks at least.
Sr. Member
Jan 23, 2009
946 posts
1932 upvotes
Ontario
jamex wrote: Unless something changed its 20% not 25% down that is required to forego CMHC insurance. If you don't put down at least 20% on your mortgage you don't have a choice and must include CMHC insurance. At the big banks at least.
yup it is 20% my mistake
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Nov 12, 2015
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Couldn't find much info on their website. Is this a TFSA account?
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Jul 22, 2015
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Saint-Hubert, QC
PriceHunter wrote: Couldn't find much info on their website. Is this a TFSA account?
No, it's non-registered.
As far as I know, Alterna Bank has the highest TFSA with 1.90%.
Alterna Bank Thread

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Dec 21, 2007
825 posts
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Scarborough
Am I the only one who is a little surprised EQ Bank doesn't seem to be upping their interest rates with the last two BoC increases? Tangerine did go from 0.8% to 0.9%, so I was hoping EQ would at least go up a few points of a percent...
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May 9, 2006
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Conundrum1911 wrote: Am I the only one who is a little surprised EQ Bank doesn't seem to be upping their interest rates with the last two BoC increases? Tangerine did go from 0.8% to 0.9%, so I was hoping EQ would at least go up a few points of a percent...
+1
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Jan 23, 2006
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Conundrum1911 wrote: Am I the only one who is a little surprised EQ Bank doesn't seem to be upping their interest rates with the last two BoC increases? Tangerine did go from 0.8% to 0.9%, so I was hoping EQ would at least go up a few points of a percent...
This is bs. Banks increase lending rates by 0.5, but do not do the same with savings rates. I think it's time to star filing complaints with the govt - OSFI, BOC, FCAC etc... maybe we should prepare a template and everyone on RFD should start filing?
iamalittlepepper wrote: Non of the Royal Purple is BMW qualified which voids your drivetrain warranty.. especially for those who owns the 3.0L N54 engine
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Deal Addict
Mar 8, 2013
2949 posts
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Conundrum1911 wrote: Am I the only one who is a little surprised EQ Bank doesn't seem to be upping their interest rates with the last two BoC increases? Tangerine did go from 0.8% to 0.9%, so I was hoping EQ would at least go up a few points of a percent...
Maybe EQ expects a lot of incoming $ from Tangerine clients clearing out their accounts before the beginning of the next promo expected in October.
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Jun 6, 2010
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Toronto, Ontario
It is all about competition.
Even without increasing their interest rate, their rate is still among the highest.
Why would one pay $3 if you only need to pay $2.3?
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Jan 29, 2017
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Conundrum1911 wrote: Am I the only one who is a little surprised EQ Bank doesn't seem to be upping their interest rates with the last two BoC increases? Tangerine did go from 0.8% to 0.9%, so I was hoping EQ would at least go up a few points of a percent...
EQ increased from 2 to 2.3% after the whole Home Capital fraud a few months ago as probably a lot of clients were pulling money away. They already have a leading baseline HISA rate without any calling and begging hassle. Unless competition increases significantly, I highly doubt EQ will increase and would not be surprised if they decreased.
Newbie
Nov 13, 2017
1 posts
Be careful with this bank, $400 disappeared from my account due to a bug in their implementation of interac and they're giving me the runaround. The last guy I spoke to had the audacity to suggest that my email account may have been hacked and someone deposited funds somewhere even though their website states that the transaction was cancelled.
Newbie
Oct 24, 2009
25 posts
1 upvote
Why worry about the risk with EQ, when Tangerine is offering 2.75% AND SIMPLII (CIBC) IS OFFERING 3.0% ?
Newbie
Oct 24, 2009
25 posts
1 upvote
EVEN SCOTIA BANK IS OFFERING 2.35% WITH ITS MOMENTUM ACCOUNT.
Newbie
Oct 24, 2009
25 posts
1 upvote
Did you hear about the new Canadian that put all his legal papers and his wife's priceless jewelry in a TD safety deposit box. He had the box for 5 years and had receipts for all his annual fees paid. He went to his bank to check more valuables into the box and they told him the box he was trying to access was vacant. He said how can that be I have receipts and the key to prove I am the owner of that particular box. They agreed to take a look inside but when he got there the lock had been drilled out. Now the bank can access a box under certain minimum conditions but this wasn't the case with this box. During and electronic update the registration of the box was miss filed and his box went onto a list of vacant boxes. The bank in the mean time drilled out the lock and probably found the assets inside, when this happens they are suppose to move the asset to a secure safe keeping facility pending owner identification. In this case they couldn't tell the owner where his assets were but offered a monetary settlement for his holdings. They could not agree on how to compensate for his legal papers and the value of his wife's jewelry and as off today TD is still trying to find his deposits. Didn't think this could ever happen huh, make sure you check your safety box at least once ever 4 months or so.
Member
Jan 12, 2017
368 posts
205 upvotes
Raif wrote: Why worry about the risk with EQ, when Tangerine is offering 2.75% AND SIMPLII (CIBC) IS OFFERING 3.0% ?
Because these banks are only offering those rates for a few months and then they go back to 1%
Newbie
Oct 24, 2009
25 posts
1 upvote
If you electronically link your accounts you can move them at your convenience and so few people are doing it the banks think they can keep playing that silly game.

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