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Locked: online bank with 3% interest rate (2.25% starting 04/18)

  • Last Updated:
  • Jul 11th, 2016 9:35 pm
Deal Addict
Dec 13, 2004
3495 posts
189 upvotes
Toronto

online bank with 3% interest rate (2.25% starting 04/18)

Deal Link:
EQ Bank just released the details of their online bank today and are offering 3% interest. This is not a teaser or promotional rate, this is an everyday rate. This makes it the highest interest being paid by any traditional or online bank right now.

Other features of the account:
- No monthly fees
- Unlimited day-to-day transactions
- No minimum balance requirements
- 5 free Interac r-Transfers per month
- Savings goals feature
- Member of CDIC (Under Equitable Bank)

Current negatives:
- No debit card
- No joint accounts
- No TFSA option

Here's a review of the account from a blogger (sponsored post)

FAQ about the account from EQ Bank.

Fore more discussion: eq-bank-savings-account-thread-2-25-sta ... h-1916839/
2100 replies
Member
Jun 29, 2005
494 posts
65 upvotes
Thanks OP.
Deal Expert
Jan 7, 2002
29583 posts
28908 upvotes
Waterloo, ON
GemInite wrote: Here's a review of the account from a blogger (sponsored post)
Thanks for the thread. I found it as I was about to start one about EQBank myself. I wonder how long before they "adjust" that 3% rate to be more in line with the usual suspects.

As for the blogger, at least he divulged that he's getting remunerated for his "advice." That's ironic considering his About page says that he started the blog after he was "deceived" by mutual fund floggers masquerading as "financial advisors" who sold him funds with high, hidden fees. Divulging a conflict of interest hardly erases it, nor does it make him impartial.
veni, vidi, Visa
Member
Mar 26, 2007
200 posts
305 upvotes
Fine prints: •Our EQ Bank Savings Plus Account is not yet available in Quebec
Newbie
Sep 29, 2012
27 posts
22 upvotes
Montreal
No avalaible for Québec... W..f!
Deal Fanatic
Jan 21, 2014
8476 posts
6210 upvotes
why Quebec keeps getting short end of the stick? first Zag now EQ
Newbie
User avatar
Apr 1, 2007
81 posts
67 upvotes
Montreal
Banks that offer teaser of higher than normal posted rates, are trying to raise capital deposits in order to meet lending capital ratios to keep their financial status (in this case Schedule I). So, much like Zen really, they need this 3% as the teaser rate. But they can't say teaser because a lot of people will say, bah, for what 3 months? So they leave it out there and when the openings diminish, they will move their rates lower. Intrabank lending is nowhere near 3% so they can't be 3% for very long. Quebec has a secondary regulator that has not authorized this as an official bank, just takes longer to get the papers approved. Just a matter of time I would think. Then you need to open this account and move money back and forth between Tangerine, Zen, EQ to grab the teaser rates done during the year. Kind of like sitting in those booths with the dollars falling as you try to grab. But ... a good deal as you don't see 3% around any more, not in these days.
Member
Jul 10, 2007
457 posts
340 upvotes
Thanks op, but I can't help but feel they are being dishonest with the 3% rate and not mentioning prominently that, well, it's not possible for them to be offering a rate so out of line with other banks on an unlimited time basis... So, how long before that changes? Can't be for long which makes it hardly worth the time and effort for me.
Deal Addict
User avatar
Feb 25, 2014
2170 posts
341 upvotes
Mississauga
So from chat, I have found out that there is no way to deposit money in the account other than cheque/bank to bank transfer.
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Member
Apr 19, 2012
320 posts
75 upvotes
Brampton
It does have the following on their website.

"A better rate, every day

Open an EQ Bank Savings Plus Account and enjoy a 3.00% annual interest rate1 on your entire balance, with no minimum balance to maintain and no promotional period to worry about."

"1Interest is calculated daily and paid monthly. Rates are per annum and subject to change."

Would that be considered misleading if after a while they would just drop it?
Deal Addict
Feb 26, 2008
1821 posts
1285 upvotes
mkl38s wrote: why Quebec keeps getting short end of the stick? first Zag now EQ
Good question. It's possibly the most excessively regulated, anti-business jurisdiction in North America with a significantly different legal system and different language. I wonder why new businesses steer clear of that "attractive" operating environment?
Member
May 7, 2006
484 posts
277 upvotes
Ontario
Pretty good considering they give you five free interac transfers a month with no minimum balance requirement
Deal Addict
User avatar
Mar 8, 2004
3228 posts
964 upvotes
Mississauga
What does "Rates are per annum and subject to change." mean exactly? Does it mean that it's subject to change after one year or at any time (ie. tomorrow, next week, etc.)
Jr. Member
Dec 22, 2005
123 posts
347 upvotes
Thanks for sharing. Signed up for zag bank last year but will give these guys a call to get more info. will report back
Sr. Member
May 22, 2004
748 posts
502 upvotes
Montreal
Tig wrote: What does "Rates are per annum and subject to change." mean exactly? Does it mean that it's subject to change after one year or at any time (ie. tomorrow, next week, etc.)
It means you make 3% per year on your money, and that rate can change at any moment.
Deal Expert
Jan 7, 2002
29583 posts
28908 upvotes
Waterloo, ON
veni, vidi, Visa
Penalty Box
Dec 16, 2013
1458 posts
519 upvotes
Mississauga
orakle22 wrote: It means you make 3% per year on your money, and that rate can change at any moment.
I remember tangerine was 1.3~ and then randomly changed to 1.1, and now its 0.8. All without subject to change and in the middle of the year.
Jr. Member
Jun 15, 2010
127 posts
47 upvotes
Toronto
Tig wrote: What does "Rates are per annum and subject to change." mean exactly? Does it mean that it's subject to change after one year or at any time (ie. tomorrow, next week, etc.)
It means that the 3% is an annual rate, opposed to 3% monthly/daily/other.
Sr. Member
Jun 19, 2009
514 posts
241 upvotes
Ottawa
So..anyone gonna open an account?
Deal Expert
Jan 7, 2002
29583 posts
28908 upvotes
Waterloo, ON
Tig wrote: What does "Rates are per annum and subject to change." mean exactly? Does it mean that it's subject to change after one year or at any time (ie. tomorrow, next week, etc.)
Can change at any time.

The rate, whatever it is, is calculated on an annualized basis, e.g. if you keep $1,000 on deposit for 100 days you'll get $1,000 x 0.03 x 100/365[*] = $8.20 in interest

[*] it might be 366 this year because 2016 is a leap year but you get the idea.
veni, vidi, Visa

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