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EQ Bank 3.33% 3 month GIC

  • Last Updated:
  • Dec 14th, 2018 9:45 am
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Member
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Sep 27, 2007
256 posts
148 upvotes
Vancouver
So many bank promos, I feel like as soon as I transfer to this from a 3.15% promo, another even slightly higher one will pop up.
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Apr 9, 2006
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2damax wrote: So many bank promos, I feel like as soon as I transfer to this from a 3.15% promo, another even slightly higher one will pop up.
It's only 3 months... then you jump to the next best offer in Feb :D
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ysl5710 wrote: How are the rates calculated? daily or monthly or at the end of the term?
@ maturity (end of term)
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Apr 9, 2006
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mkl38s wrote: 5 business days. It’s better off pushing it from tangerine. You lose 1 day of interest but money is available once you see it from EQ
It's better pulling, you get 1 or 2 days of double interest.
I always pull instead of push for this reason.
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Sr. Member
Jan 4, 2008
637 posts
574 upvotes
Toronto
Thanks OP. My Simplii application was just approved, but this saves me the hassle.
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Jul 15, 2008
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GiOBoY wrote: It's better pulling, you get 1 or 2 days of double interest.
I always pull instead of push for this reason.
So you're saying we can pull back and forth between banks for big gains?
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chinesedevil wrote: So you're saying we can pull back and forth between banks for big gains?
Technically yes, to maximize i usually pull on Fridays after 4pm.
Sat&Sun count as 2 days double interest as the transaction clears by end of day Monday.

But I do not pull between banks every week just for this - that's just silly.

I read the tip in the massive highinterestsavings forums when moving funds in & out for the Tangerine lottery.
So I only do pulls on Fridays every 3 to 6 months - because Tangerine loves to play the interest rate game.
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Deal Addict
Dec 25, 2017
3320 posts
2372 upvotes
Dang it, I just moved everything into RBC eSavings.. oh well, I'll just keep it there for now, interest rate isn't that higher..
Deal Addict
Nov 28, 2010
1374 posts
345 upvotes
Brampton
Just moved cash over from EQ to tangerine for 3% promo rate but now tempted to go back for this
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Feb 11, 2007
21248 posts
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kycka1 wrote: Sweet, thanks OP!

I was about to move money to Simplii, but just bought this instead.
choclover wrote: Just in process of moving funds out of EQ but will probably move them back. Thanks OP!
turtleh wrote: Thanks OP. My Simplii application was just approved, but this saves me the hassle.
I was also about to xfer to Simplii, but now may do this. I just worry that they'll be a better offer from another bank next week.
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Nov 18, 2008
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Mont-Royal
What is the maximum?
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Member
Apr 10, 2017
479 posts
200 upvotes
Toronto
L4cky wrote: What is the maximum?
More than one GIC's can be purchased so looks like upper limit maybe your liquidity.
Can cancel in 24 hours without any fees if you have buyers remorse.
only 3 months though so lock on your money is only temporary.
Earnings are roughly 125.90 CAD on 15000 CAD.
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Apr 5, 2016
617 posts
1258 upvotes
BC
L4cky wrote: What is the maximum?
Fine Print on the bottom of the EQ Bank website:
  • In all cases, interest is accrued for the entire GIC term.
  • Maximum 20 GICs per customer.
  • Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.

If you use EQ Bank I would very strongly suggest to stay within CDIC limits.
Last edited by ChiliPalmer on Nov 6th, 2018 6:13 pm, edited 2 times in total.
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Jul 4, 2004
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endokuken wrote: Just moved cash over from EQ to tangerine for 3% promo rate but now tempted to go back for this
Sadly Tangerine holds are ridiculous, 7 business days and yet when the money is over at RBC or TD it's available instantly.
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Jul 4, 2004
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ChiliPalmer wrote: Fine Print on the bottom of the EQ Bank website:
  • In all cases, interest is accrued for the entire GIC term.
  • Maximum 20 GICs per customer.
  • Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.

If you use EQ Bank I would very strongly suggest to stay within CDIC limits.
Absolutely. When I banked with Oaken and we had that scare a little while back, I could've had to walk away from a fortune if they had gone under. Do NOT exceed the CDIC coverage limit.
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Nov 6, 2003
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Frankie3s wrote: Absolutely. When I banked with Oaken and we had that scare a little while back, I could've had to walk away from a fortune if they had gone under. Do NOT exceed the CDIC coverage limit.
Why is it called a GIC if the principle is not guaranteed ? What is the CDIC limit ?

Can I purchase 3 x $1000 GIC's ? Then if I want to cash out a $1000 before the maturity date, can I still get the entire value of $1000 ? Will I have to pay a penalty ? Will the remaining 2 x $1000 be negatively affected ?
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Apr 5, 2016
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sylvestor2002 wrote: Why is it called a GIC if the principle is not guaranteed ? What is the CDIC limit ?

Can I purchase 3 x $1000 GIC's ? Then if I want to cash out a $1000 before the maturity date, can I still get the entire value of $1000 ? Will I have to pay a penalty ? Will the remaining 2 x $1000 be negatively affected ?
It's Guaranteed as long as the Bank has enough funds to pay it. (Failing that, CDIC will do their part)
The very quick answer is $100,000 CDIC coverage. But you can also get an additional 100k for joint, and registered accounts.
You will not be able to cash out before the maturity date. If that's your plan - go with Tangerine, RBC, Simplii offers - where you aren't locked in.
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Jan 21, 2014
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Frankie3s wrote: Sadly Tangerine holds are ridiculous, 7 business days and yet when the money is over at RBC or TD it's available instantly.
I think when you transferred money to TD or RBC, you pushed it from Tangerine or Simplii or EQ, so there is no wait at TD/RBC. Because you pull from Tangerine or EQ, the money will be held for 5 business days, just like you deposit a cheque. We don't initiate a pull of money at RBC/TD because that would cost us transferring fee
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ChiliPalmer wrote: It's Guaranteed as long as the Bank has enough funds to pay it. (Failing that, CDIC will do their part)
The very quick answer is $100,000 CDIC coverage. But you can also get an additional 100k for joint, and registered accounts.
You will not be able to cash out before the maturity date. If that's your plan - go with Tangerine, RBC, Simplii offers - where you aren't locked in.
It's not possible to have joint or registered account at EQ

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