The EQ Bank Savings Account thread
The thread here will be focused on discussions about this account (features, bank linking, etc), where the hot deals forum thread will be more focused on account opening. The link to the hot deals thread is here: http://forums.redflagdeals.com/eq-bank- ... e-1903377/
Note: Do not open the account directly at EQ, as you can get $30 cb from opening the account at GCR (google it yourself) or at High Interest Savings.
Interest rate history:
- May 4th, 2017 to Last Post Edited Date > 2.30%
- August 25th, 2016 to May 3rd, 2017 > 2.00%
- April 18th, 2016 to August 24th, 2016 > 2.25%
- Jan 14, 2016 (1st day) to April 17th, 2016 > 3.00%
- No monthly fees
- No minimum balance requirements
- Free bill payments (RARE for a savings account, max $5,000 per payment)
- Allows pre-authorized transfers/payments
- Supports direct deposit
- Ability to link external accounts through micro-deposits
- Free EFT transfers on linked accounts (max 100k inbound, 30k outbound per transfer)
- Unlimited Interac e-transfers ($3,000 max per transfer)
- Customer service: 1-844-437-2265 (8 AM - midnight EST everyday, used to be 24/7)
- Member of CDIC (Under Equitable Bank)
- Limit of 10 external linked bank accounts
- You have to ask EQ to deleted linked accounts
- 30 minute wait on receiving Interac e-Transfers, no matter the amount
- 5 business day hold on all pulled-transferred funds (though to be fair, standard in the online non-big 5 related-banks banking world)
- No debit card, cannot do withdrawals/deposits through ATM (can be overcame by Interac e-Transfers)
- No joint accounts
In my opinion,
Note: When linking EQ through an external bank, use institution # (623) and transit # (80002)
Note #2: If you decide to close your account, EQ will not let you open one again! So think twice before you close it.
Other interesting things about this account:
- For accounts that are opened before Feb 21, 2016, you can only have a maximum of $500,000 in the account (Before interest).
- For accounts that are opened after Feb 21, 2016, you can only have a maximum of $200,000 in the account (Before interest).
If you find anything that I have not mentioned above (or any errors I made), please let me know and I will update the post.
Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."