The EQ Bank Savings Account thread
As there are lots of requests on having a separate thread in the Personal Finance forum, well here is your wish come true
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: eq-bank-online-bank-3-everyday-interest-rate-1903377/
So as we all know, the best thing about this account is that it offers 3% interest, although we know that could be lowered anytime. It has been already dropped twice and it's still not been a year yet (refer to below for rate history). Rate as of May 4th, 2017 is 2.30% thanks to the crisis at Home Capital Group.
Anyway, this account also comes with a few nice features:
- No monthly fees
- No minimum balance requirements
- Supports 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)
- 5 free Interac e-transfers per month ($1.50 per transfer after, $3,000 max per transfer)
- 24/7 customer service: 1-844-437-2265
- Member of CDIC (Under Equitable Bank)
However, there are a few cons:
- Limit of 10 external linked bank accounts
- You have to ask EQ to deleted linked accounts
- 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).
Interest rate History:
- Starting May 4th, 2017 > 2.30%
- August 25th, 2016 to May 3rd, 2017 > 2.00%
- April 18th, 2016 to August 24th, 2016 > 2.25%
- Jan 14, 2016 to April 17th, 2016 > 3.00%
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.