Personal Finance

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

  • Last Updated:
  • Sep 11th, 2016 4:22 pm
Tags:
None
[OP]
Member
May 21, 2014
418 posts
59 upvotes
Toronto, ON

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

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?
49 replies
Banned
May 30, 2016
116 posts
16 upvotes
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
Member
Aug 3, 2013
488 posts
288 upvotes
Durham
Yes. Get on the waiting list now.

Edit: no more wait list :D
Deal Addict
User avatar
Nov 6, 2013
1397 posts
731 upvotes
Toronto
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.
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4005 upvotes
BC
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.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
Mar 8, 2013
2706 posts
1402 upvotes
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'.
Banned
May 30, 2016
116 posts
16 upvotes
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 %
Deal Fanatic
Aug 5, 2006
6013 posts
2926 upvotes
Global Village
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
Member
Aug 22, 2005
283 posts
114 upvotes
Ontario
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.
Deal Addict
Jul 28, 2009
1370 posts
381 upvotes
Tangerine offered me 1.6% for 90 days today, what a joke. Opening an EQ Bank account right now and moving my money over.
Member
User avatar
Oct 20, 2007
410 posts
127 upvotes
Are there credit checks when opening an account at EQ or Oaken? or any bank really
Deal Addict
User avatar
Nov 6, 2013
1397 posts
731 upvotes
Toronto
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.
Deal Addict
Jul 28, 2009
1370 posts
381 upvotes
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 :)
Member
Aug 22, 2005
283 posts
114 upvotes
Ontario
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.
Deal Fanatic
Oct 7, 2007
8391 posts
4353 upvotes
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.
Member
User avatar
Oct 20, 2007
410 posts
127 upvotes
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.
Deal Expert
User avatar
Nov 16, 2004
19648 posts
7295 upvotes
Toronto
Thanks for the reminder. Transferring the last little bit from Zag to EQ instead.
RedFlagDeals Addict
Deal Guru
User avatar
May 7, 2007
13473 posts
5474 upvotes
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 ) ?
Deal Expert
User avatar
Nov 16, 2004
19648 posts
7295 upvotes
Toronto
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
RedFlagDeals Addict

Top