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[EQ Bank] 2.3% TFSA/RSP available at EQ Bank (No QC)

  • Last Updated:
  • Jan 22nd, 2021 1:15 am
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[OP]
Member
May 1, 2019
272 posts
521 upvotes
Smithers, BC

2.3% TFSA/RSP available at EQ Bank (No QC)

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Retailer:
EQ Bank
EQ Bank just launched a 2.3% TFSA, essentially making this a tax free high interest savings account for those who have contribution room (poor peasants like me).

Per this Reddit thread, this is not a promotional (temporary) rate. Rates, as always, are subject to change, but EQ is consistently among the highest offerings.

https://www.reddit.com/r/PersonalFinanc ... urce=share

RSP available as well https://www.eqbank.ca/personal-banking/rsp.
Last edited by briand1989 on Nov 28th, 2020 12:34 pm, edited 2 times in total.
126 replies
Sr. Member
User avatar
Jul 25, 2018
749 posts
443 upvotes
Winnipeg, MB
As someone with a ton of TFSA room and a bunch of coin sitting in a heavily neutered B2B HISA, this seems like a steal of a deal?
Sr. Member
Aug 14, 2014
628 posts
502 upvotes
Great for people who don't have maxed tfsa, can use it to hold your emergency funds
Jr. Member
User avatar
Jan 11, 2020
153 posts
135 upvotes
Fredericton
Esg876 wrote: Great for people who don't have maxed tfsa, can use it to hold your emergency funds
Yep, those with emergency funds should be using their TFSA/RSPs to hold stocks/ETFs. Good reminder.
Deal Addict
User avatar
Apr 12, 2010
1984 posts
405 upvotes
Scarborough
Is there a credit check when you open TFSA/RSP?
Sr. Member
Oct 27, 2009
569 posts
377 upvotes
Hamilton
For those who have accounts at this Bank, how are they for sending money back and forth with other Banks?
Sr. Member
Aug 14, 2014
628 posts
502 upvotes
stimy wrote: For those who have accounts at this Bank, how are they for sending money back and forth with other Banks?
Takes a couple days usually, but I usually pull and don't push which might increase the time
Newbie
Nov 10, 2018
44 posts
102 upvotes
TFSA means you won’t get taxed on interest so is it really that hot of a deal to save tax on 2.3% interest? TFSAs are helpful for saving tax on big capital gains from stocks or ETFs, not so much on 2.3%
[OP]
Member
May 1, 2019
272 posts
521 upvotes
Smithers, BC
AndrewT91550 wrote: TFSA means you won’t get taxed on interest so is it really that hot of a deal to save tax on 2.3% interest? TFSAs are helpful for saving tax on big capital gains from stocks or ETFs, not so much on 2.3%
As mentioned, a primary use case would be a safe place to keep emergency fund while earning modest interest. You don't want to stash an emergency fund in a high-risk investment, so you may as well earn modest interest while doing so. This interest rate is competitive, and tax-free.
Sr. Member
Aug 30, 2015
728 posts
445 upvotes
Kitchener, ON
is this for TFSA/RSP only or can be unregistered too? I dont want to spend my registered room with fixed income investments, even though 2.3 is really good nowadays. I think wealthsimple cash is 0.75%
Jr. Member
User avatar
Nov 27, 2004
127 posts
88 upvotes
Toronto
AndrewT91550 wrote: TFSA means you won’t get taxed on interest so is it really that hot of a deal to save tax on 2.3% interest? TFSAs are helpful for saving tax on big capital gains from stocks or ETFs, not so much on 2.3%
It depends on your situation. If you're keeping a large amount of liquid assets that you don't want to risk, the tax savings add up.
- wassam
Deal Addict
User avatar
Feb 9, 2009
1630 posts
1264 upvotes
Time to take out money in 2020 and re-direct in 2021 :D if you know what I mean :D
They also seem to have a 3mth GIC for 2.5% (TFSA)
Sr. Member
User avatar
Dec 16, 2007
686 posts
222 upvotes
Mississauga
Thanks OP. Was looking for a place to park my $ and I’m tired of playing the interest lottery game with Tangerine and Simplii.

Can we transfer/withdraw the money ourselves online or do we need to call in for TFSA withdrawals like some other online banks require for the TFSA account?
Newbie
Dec 26, 2012
89 posts
44 upvotes
Vancouver
I saw one post on this in the Reddit that seems to support this, but am wondering if anyone can confirm:

I'm looking to transfer out some mutual funds, and since its so close to year end, I was looking to do the withdrawal in December to have the contribution room ready for re-investment in 2021.

For the sake of collecting one month's worth of interest, I should be able to request the transfer of the mutual funds directly into the TFSA account (TFSA to TFSA) so it will have no effect to the contribution room, correct?
Deal Fanatic
User avatar
Jan 31, 2006
6918 posts
1691 upvotes
Toronto
HeresiarchWAC wrote: I saw one post on this in the Reddit that seems to support this, but am wondering if anyone can confirm:

I'm looking to transfer out some mutual funds, and since its so close to year end, I was looking to do the withdrawal in December to have the contribution room ready for re-investment in 2021.

For the sake of collecting one month's worth of interest, I should be able to request the transfer of the mutual funds directly into the TFSA account (TFSA to TFSA) so it will have no effect to the contribution room, correct?
If your Mutual Funds TFSA is also with EQBank, transferring it to another TFSA within EQBank will not effect contribution room. But if the funds value drop, then the $ get transfer will also drop,

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