Is EQ bank the best alternative to tangerine for high interest rate savings?

Yup. They have 2.25 % . No begging and No gimmicks. I am also sick and tired of the song and dance with TANGERINE. They don't care about existing customer's anymore, just NEW customer's and new deposits.

Thinking of going with EQ bank forever, instead of wasting time on chat and call centre with Tangerine, haggling every now and then

https://www.eqbank.ca/personal-banking/features-rates

Yes. Get on the waiting list now.

Edit: no more wait list

wserib wrote: ↑Tired of haggling with Tangerine.

Is EQ the bank with the highest interest rate for the longterm future? I am looking for something permanent... not high interest for x amount of time etc...

Also what is the easiest way to link tangerine and EQ to quickly transfer money?

Though they dropped from 3% to 2.25% with less than a week notice back in April. So do not have high expectations.

Send cheque to link account, once it's set up, u can pull from EQ side that takes 2 biz days to arrive.

wserib wrote: ↑Tired of haggling with Tangerine.

Is EQ the bank with the highest interest rate for the longterm future? I am looking for something permanent... not high interest for x amount of time etc...

Also what is the easiest way to link tangerine and EQ to quickly transfer money?

Yes. Cheque w/app. Then you can push/pull from EQ side. Can't link with Tangerine via Tangerine though.

ashwanidesi wrote: ↑Yup. They have 2.25 % . No begging and No gimmicks. I am also sick and tired of the song and dance with TANGERINE. They don't care about existing customer's anymore, just NEW customer's and new deposits.

Thinking of going with EQ bank forever, instead of wasting time on chat and call centre with Tangerine, haggling every now and then

https://www.eqbank.ca/personal-banking/features-rates

Don't close Tangerine. Good for ATM access - and your money will be "new" in the future if a promo beats EQ

suikoyen wrote: ↑Yes. Get on the waiting list now.

No more wait list. Just create an account.

The main drawback with EQ is that they do not allow joint accounts, although that may change. But because they don't have other accounts or complications, e.g. registered savings or chequing, I think the rate may stay for a while. So if you think that you will not need a large savings account to be joint, then yes, it would be my choice for 'longterm'.

suikoyen wrote: ↑Yes. Get on the waiting list now.

No more waiting list. Its fast and painless now. Park the money there for the time being at 2.25 %, if and when anyone else has a better rate you can always transfer the money from EQ banks aka Equitable bank. But right now EQ bank is the best at 2.25 %

If you are looking for a permanent rate over a certain duration then EQ is not the answer, their rates will fluctuate. Best to look at a GIC, anything over 1.5 years will get you 2.75% with Oaken. Otherwise if you don't want the funds locked up and are willing to live with a rate change at anytime EQ seems to be a good choice. Only 1 way to link EQ and Tangerine, send EQ a Tangerine cheque. The quickest way to send $ from EQ to Tangerine actually doesn't require such a link, you can just do an interac e-transfer (free with EQ) to yourself and you can then send up to $2.5K per day within minutes.

http://www.globeinvestor.com/servlet/Pa ... ndicator=N

scoper wrote: ↑you can just do an interac e-transfer (free with EQ) to yourself and you can then send up to $3K at a time within minutes.

Says 2500 limit daily with weekly and monthly maximums of 10k and 20k respectively. : https://www.eqbank.ca/personal-banking/ ... d-features

Trying to understand potential hold periods. If I open an EQ account and send them a Tangerine cheque to link the accounts, how long does money pulled from Tangerine to EQ take to be released and same question for moving money back to Tangerine from EQ? The EQ website outlines hold times for "cheques" but not EFT that I can see.

Tangerine offered me 1.6% for 90 days today, what a joke. Opening an EQ Bank account right now and moving my money over.

Are there credit checks when opening an account at EQ or Oaken? or any bank really

Ungie wrote: ↑Trying to understand potential hold periods. If I open an EQ account and send them a Tangerine cheque to link the accounts, how long does money pulled from Tangerine to EQ take to be released and same question for moving money back to Tangerine from EQ? The EQ website outlines hold times for "cheques" but not EFT that I can see.

For first time it can take longer, but afterwards two buz days plus 5 days hold. U get interest from day one though.

minttea wrote: ↑Are there credit checks when opening an account at EQ or Oaken? or any bank really

Nope, you're not borrowing money, you're giving them money they don't care about your credit

JaiKor wrote: ↑For first time it can take longer, but afterwards two buz days plus 5 days hold. U get interest from day one though.

Curious why there would be any hold on an EFT? I understand 2 days for the transfer to go through.

minttea wrote: ↑Are there credit checks when opening an account at EQ or Oaken? or any bank really

Yes, there are credit checks when opening most bank accounts, especially virtual banks but not in the sense that they are checking your credit. Instead, banks use the credit bureau as a way to authenticate you so that they know you are who you say you are and not trying to set up a bogus account in someone else's name. I think this has something to do with the anti-money laundering legislation brought in some years back that regulate a bunch of different industries including banks.

PunPryde wrote: ↑Nope, you're not borrowing money, you're giving them money they don't care about your credit

choclover wrote: ↑Yes, there are credit checks when opening most bank accounts, especially virtual banks but not in the sense that they are checking your credit. Instead, banks use the credit bureau as a way to authenticate you so that they know you are who you say you are and not trying to set up a bogus account in someone else's name. I think this has something to do with the anti-money laundering legislation brought in some years back that regulate a bunch of different industries including banks.

Interesting. Will it be a soft check? I know sometimes they'll do a hard check and it is used to determine the amount available right away per cheque. I think opening my TD account did a hard check because it offered me a pre-approved LOC in the middle of opening it at the branch (annoying).

I was thinking about opening some of these online bank accounts but would prefer not to get my credit score dinged consecutively. I think Tangerine & PC were soft because it doesn't show up on my report.

Thanks for the reminder. Transferring the last little bit from Zag to EQ instead.

DaVibe wrote: ↑Thanks for the reminder. Transferring the last little bit from Zag to EQ instead.

You mean from Zag to Tangerine to EQ ( ... as it's not possible to transfer directly from Zag to EQ ) ?

Darkman wrote: ↑You mean from Zag to Tangerine to EQ ( ... as it's not possible to transfer directly from Zag to EQ ) ?

Yeah yeah, didn't want to get technical on MY situation.
It will be Zag to Scotiabank
Scotiabank to EQ so ... har har