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EQ bank

EQ bank 1.5% 3 month GIC

  • Last Updated:
  • Apr 18th, 2021 11:55 pm
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Deal Addict
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Dec 10, 2006
2866 posts
4103 upvotes
Toronto
SamDurham wrote: For 3 to 6 months nerd to invest money somewhere. Regular bank savings interest rate only 0.05%. Any suggestions to invest funds with no risk for 3-6 months? After that shoukd be able to withdraw with draw without any penalty or taxes. Kindly share your advise.
Canadian Tire Bank is paying 1.55% on savings account -- just dropped from 1.80% but still decent for no commitment. https://www.myctfs.com/Products/HighIntSavings/
Deal Fanatic
Mar 21, 2010
6737 posts
3998 upvotes
Toronto
wonderwhy wrote: Really but when I deposit the fund to EQ it take about 5 days to clear from TD and show in the EQ 6 or 7 days my fund is available
If you use the EQ portal to 'pull' from other banks, it takes time for the other bank to receive the request and start to process it because you are not instructing the institution that currently has the money (i.e., you're saying go talk to TD and get them to give you the money). If the money is already in EQ and you are telling EQ to send it somewhere else, then you are starting the process right away.
Deal Fanatic
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Sep 7, 2004
9135 posts
7087 upvotes
West GTEH!
Midav wrote: Not a huge deal but the current annual interest rate is 1.25%.
For instance, transfer $100k to GIS for 3 months and get an extra $62.5.
6 months - 1.3%
9 months - 1.25%
1 year - 1.3%
What is a "GIS"?
😎
Member
User avatar
Jul 21, 2011
289 posts
115 upvotes
Toronto
Webhead wrote: What is a "GIS"?
I think he meant GIC, assuming GIS = Guaranteed Investment Savings = GIC lol
RedFlagDeals Fanatic
Jr. Member
Jul 5, 2015
198 posts
181 upvotes
Toronto, ON
just opened eq bank savings and tfsa to try out, but how do I transfer large amount of money to eq bank?? i use rbc and it seems so far only method i found out how to transfer money from RBC to eq bank is interact e transfer and daily interact e-transfer is capped at $3k. i could move large amount of money in tangerine easily so i was wondering if im missing a feature somewhere. so far what i was doing is RBC account->EQ bank savings->EQ bank TFSA.
Deal Fanatic
Jan 21, 2014
8517 posts
6261 upvotes
uwengdori wrote: just opened eq bank savings and tfsa to try out, but how do I transfer large amount of money to eq bank?? i use rbc and it seems so far only method i found out how to transfer money from RBC to eq bank is interact e transfer and daily interact e-transfer is capped at $3k. i could move large amount of money in tangerine easily so i was wondering if im missing a feature somewhere. so far what i was doing is RBC account->EQ bank savings->EQ bank TFSA.
Go to EQ bank and create an external link with RBC, they will ask you to log into RBC and pick the account you want to link. Then you can initiate a transfer from EQ
Jr. Member
Jul 5, 2015
198 posts
181 upvotes
Toronto, ON
mkl38s wrote: Go to EQ bank and create an external link with RBC, they will ask you to log into RBC and pick the account you want to link. Then you can initiate a transfer from EQ
ok found the option thank you
Deal Addict
Oct 3, 2013
2916 posts
4473 upvotes
West
Sad times that we now legit consider 1.5% as a rate worth chasing... :(. Used to love seeing the GIC payout estimate in the triple digits ranges for relatively small amounts.
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Oct 19, 2007
2310 posts
1655 upvotes
45.467253°N, 75.5123…
Word to the wise... EQ made a recent change in the process of linking an external account from their side - they are now asking you to login to your other bank from EQ website. This is all fun and dandy except they use a third party for it (Flink). Some of you may not care, but doing this is a violation of the agreement with the other bank (disclosing your login information to a third party). EQ will say it's all secure, but you can bet your paycheque your other bank will use every excuse possible (including this violation) to weasel their way out of having to compensate if you ever have an incident causing a loss in your account...

Due to the above, I chose to link from my other bank instead which uses the classic micro-deposits method
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Newbie
Jan 16, 2005
52 posts
10 upvotes
Seanne wrote: Just recently moved funds around.
EQ push out takes 1 day to show on other bank. Stops earning interest on day 0.
EQ pull in takes 5 business days to be available, but will already be out of the other bank around 2 days. Also starts earning interest on day 0.

These are externally linked banks.
Another option to consider is to e-transfer the funds to your other account (I think the limit is $3k?). It should be available for deposit in your other account within an hour at most.
Deal Expert
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Feb 8, 2014
32144 posts
15425 upvotes
Socially Distanced
wally_walrus wrote: Word to the wise... EQ made a recent change in the process of linking an external account from their side - they are now asking you to login to your other bank from EQ website. This is all fun and dandy except they use a third party for it (Flink). Some of you may not care, but doing this is a violation of the agreement with the other bank (disclosing your login information to a third party). EQ will say it's all secure, but you can bet your paycheque your other bank will use every excuse possible (including this violation) to weasel their way out of having to compensate if you ever have an incident causing a loss in your account...

Due to the above, I chose to link from my other bank instead which uses the classic micro-deposits method
I changed the password before and after allowing this.
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
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May 2, 2017
1766 posts
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kayci77 wrote: Another option to consider is to e-transfer the funds to your other account (I think the limit is $3k?). It should be available for deposit in your other account within an hour at most.
Right, 30 minutes max for interac. But i don't think 3k is worth moving around for the measly interest difference between banks nowadays.

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