Personal Finance

The EQ Bank Savings Account thread [Online banking is working now]

  • Last Updated:
  • Nov 18th, 2017 7:42 am
Member
Jul 19, 2010
280 posts
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Calgary
took out most of my $$, left a few dollars to keep the account active just incase I need it for something
Deal Guru
Nov 2, 2003
14910 posts
830 upvotes
Scarborough
thanks to this thread, i signed up and got to the very last thread and didn't send them a void cheque to link the account. looks like i'll be staying away.
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Jun 23, 2017
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Toronto, ON
EQB's status webpage provides updates on the issues they have resolved and the ones they continue to work on. It's been a week since the outage. I hope they resolve all issues by the end of February (ie. when Simplii's HISA 3% promo rate expires).

https://eqbankstatus.ca/
Last edited by 905P4N6 on Nov 9th, 2017 6:10 am, edited 1 time in total.
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Apr 16, 2009
876 posts
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Vancouver
mech9t5 wrote:
Nov 6th, 2017 10:17 pm
And how is having money in EQ bank good for an emergency? They don't have branches and EMT is limited to $3000 per day. It takes 2 business days to transfer to another bank

Loc is significantly more versitile as an emergency source of cash. It is available instantly.

In my case, as I said, it cost me 1.2% to keep money in a 2.3% interest account. Let's say I keep $10k emergency fund. That emergency fund would cost me $120 per year and it would not be available for at least 2 business days.

Why not use a loc that is free and you only pay interest when you use it? Even at 6%, $10k over a week is only $11.54. I don't see what I will regret.

My mortgage at bmo has a feature called "mortgage cash account". Any extra payments are tracked and available within 2 business days. I currently have over $100k available to be withdrawn (penalty free)

You plan your finances the way you want. Don't need to judge other's when you don't know what is best for their situation.
Credit Cards are also available instantly...and don't have to be paid for ~21 days! More than enough time to access liquid cash to pay off debt.

LoC's may be instantly available and versatile, I can agree there. Banks can also take them away if they know you're in a "shit hits the fan" scenario, i.e job loss etc.

Not sure how you interpreted me as judging you; merely stating my opinion. But hey, seems everyone on RFD has their panties in a bunch these days no matter what you say.

I can agree that with what happened with EQ the past week I'd be worried if I had all my money with them. In that case, sure, a LoC would've been the better option to use in the interim (wife and I have 2 for such cases). Everyone has their own way of doing things. If it works for you, then great! Smiling Face With Open Mouth
Last edited by angel_wing0 on Nov 9th, 2017 1:38 pm, edited 1 time in total.
Reason: Bickering part removed
[OP]
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Mar 23, 2004
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angel_wing0 wrote:
Nov 8th, 2017 8:21 am
Great to hear, can you link new external accounts?>
Looks like it's back:
Update at 12:55 PM ET, Wednesday, November 8th: Linking of external bank accounts and new account sign up was restored at 6:00 AM ET. The team continues to work on restoring EQ to EQ Transfers.
「もし、奇跡を起こせたら……」
Deal Addict
Dec 16, 2005
2701 posts
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DefconZero wrote:
Nov 9th, 2017 1:38 pm
Credit Cards are also available instantly...and don't have to be paid for ~21 days! More than enough time to access liquid cash to pay off debt.

I can agree that with what happened with EQ the past week I'd be worried if I had all my money with them. In that case, sure, a LoC would've been the better option to use in the interim (wife and I have 2 for such cases).
Credit cards are not a good choice for emergencies.

1. limit is lower - typically only 20% of your limit can be used for cash advance
2. interest free grace period does not apply to cash advance (interest is charged day 1 and retroactively for charges already on the card)
3. interest rates are 20% compared to 5-7% on unsecured LOC and 3-5% on secured.

Secondly, you said LOC is not an emergency fund yet you now say you have 2 for such cases. So is a LOC an emergency fund or not?

I think you mean to say that a LOC is not a LONG TERM emergency fund. There needs to be a distinction. Short term, LOC is way more cost effective as an emergency fund than savings. Long term, LOC is costly. Everyone will need to determine their own break even point on when is considered long term and short term.
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Jul 17, 2008
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Hopefully EQ will increase their interest a bit. Seems like so many promos out there with 2.5% or higher (including big 5).

I know they said they won't play with promos, but unfortunately that means they will be low on cash if people like us keep taking our money to the highest rate provider.

Then again, I guess if they don't need the extra cash, they don't have any reasons to increase the rates.
Deal Guru
Jan 7, 2002
10512 posts
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Waterloo, ON
mech9t5 wrote:
Nov 9th, 2017 1:56 pm
Credit cards are not a good choice for emergencies.
1. limit is lower - typically only 20% of your limit can be used for cash advance
2. interest free grace period does not apply to cash advance (interest is charged day 1 and retroactively for charges already on the card)
3. interest rates are 20% compared to 5-7% on unsecured LOC and 3-5% on secured.
It depends. If you have to do an emergency credit card cash advance because EQB et al require a day or two to move your money to an external account and/or because EQB has an outage then it's manageable. While there's interest to pay and it's at a high rate, it's only for a few days, assuming you repay the CC cash advance as soon as your EQB money shows up at the external account. So assuming that emergencies are rare and that when one occurs it's not that you need $40k to pay for a new car (or $400k to close a real estate deal, etc.), then the interest cost on a cash advance is a small price to pay.
veni, vidi, Visa
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Messerschmitt wrote:
Nov 9th, 2017 2:53 pm
Hopefully EQ will increase their interest a bit. Seems like so many promos out there with 2.5% or higher (including big 5).
They wont just because of this incident. You can tell by the tone of their Digital Officer's announcement.
「もし、奇跡を起こせたら……」
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angel_wing0 wrote:
Nov 9th, 2017 3:28 pm
They wont just because of this incident. You can tell by the tone of their Digital Officer's announcement.
Oh well, I don't really care, 3% is good enough until feb
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Feb 1, 2006
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Tried to set up new account for my wife, I get to the part where they send a 6 digit code to email, but it never comes. Double checked email address, checked all email folders, sent code again, still nothing. Assuming this is a technical glitch still. Anyone else have same problem?
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Oct 7, 2007
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Bullseye wrote:
Nov 10th, 2017 7:35 am
Tried to set up new account for my wife, I get to the part where they send a 6 digit code to email, but it never comes. Double checked email address, checked all email folders, sent code again, still nothing. Assuming this is a technical glitch still. Anyone else have same problem?
No, but I would suggest checking two things:
1. Your JUNK mail folder
2. Your phone in case it is being texted to your phone
3. The e-mail address they have on file for you

If these are all fine then you're probably right about it being a glitch.
Newbie
Nov 10, 2014
13 posts
Is eq bank still offering $25 opening bonus for new accounts?if yes, how can I get it if i wanted to open a new account today with them?how does this work?
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cadtor wrote:
Nov 16th, 2017 4:05 pm
Is eq bank still offering $25 opening bonus for new accounts?if yes, how can I get it if i wanted to open a new account today with them?how does this work?
Nope they are not.
「もし、奇跡を起こせたら……」

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