Personal Finance

The EQ Bank Personal Account thread - 2.50% (+1.50% direct deposit) - USD account is out: 3.00%

  • Last Updated:
  • Mar 15th, 2024 5:33 pm
Deal Addict
Nov 6, 2013
2571 posts
2014 upvotes
Toronto
angel_wing0 wrote: I am actually staying at EQ for now. 0.25 is not a *HUGE* difference. Also, I didn't receive any offers for Tangerine, and the 5 interac e-transfers are just too good to not use right now. Doesnt help that Zag's website UI looks downright terrible imo.
Ditto. Tangerine is not budging and transfer to zag is too much hassle for extra 0.25%. Few days of interest loss as well
Deal Addict
Mar 8, 2013
2948 posts
1611 upvotes
Since I have family members on the wait list with birthdays in May and June, I am curious if EQ still gives the $25 bonus after the lower rate starts on April 18. That birthday bonus might also be dropped.
Moderator
User avatar
Mar 23, 2004
47720 posts
13889 upvotes
Markham
akaManny wrote: Since I have family members on the wait list with birthdays in May and June, I am curious if EQ still gives the $25 bonus after the lower rate starts on April 18. That birthday bonus might also be dropped.
That will suck, but i doubt they will remove that.
Newbie
Dec 22, 2011
55 posts
16 upvotes
Barrie
Does anyone know if the bonus is contingent on a certain amount of money being in the account? I plan to basically move everything but a dollar over the next few days.
Moderator
User avatar
Mar 23, 2004
47720 posts
13889 upvotes
Markham
douche88 wrote: Does anyone know if the bonus is contingent on a certain amount of money being in the account? I plan to basically move everything but a dollar over the next few days.
nope, as long as it's your bday, u should get the bonus.
Deal Addict
Mar 8, 2013
2948 posts
1611 upvotes
douche88 wrote: Does anyone know if the bonus is contingent on a certain amount of money being in the account? I plan to basically move everything but a dollar over the next few days.
Maybe EQ knows, but how can we know what happens if you move out almost all of your money before your birthday.
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4027 upvotes
BC
scoper wrote: If you're doing it today and assuming you haven't used more than 1 of the 5 free interac e-transfers per month with EQ the fastest way for up to $10K would be to do 4 consecutive daily interac e-transfers of $2,500 each from EQ to the chequing account linked to Zag, then transfer them from chequing to zag.
Not qutie the fastest, see below ...
Messerschmitt wrote: I started thursday doing the max 2500$ interac transfer directly to tangerine (got 3% offer there). From thursday to Monday is 5 interac's (the 5 free ones). On Monday I have also set a transfer to my main chequing for the reminder. So I'll get 12500 directly to tangerine by monday, then it's going to take about 3 business days for money to get into my chequing acc, and another 3 to get transfered to tangerine.

The good thing is that unlike EQ which took 6 days, all other banks usually complete the ETF transfers in 2-3 days.
The $2500 weekend (Saturday) Interac e-Transfer I did from EQ got dated for Monday, so I found I couldn't do another one yet since Saturday :) (e.g. complains over daily limit today)

I've also found that EQ->Tangerine EFTs show up at Tangerine next-day, so there's no point in really sending more than 1 day's Interac since the rest of the money would get there the next day anyways

e.g. if want to transfer $10k, just Interac $2500 today, and setup transfer of $7500 today.
$2500 will be there in 30 minutes, $7500 will be there tomorrow.
mkl38s wrote: Actually I am shock that the money is already in my other bank account today and I transferred out yesterday. This is faster than any of the bank (PCF, ZAG & Tangerine) that I have been dealing with - next day available and I did not use interact e-transfer since the amount was more than their limit. Bravo to EQ for this. With only 0.25% difference with Zag, I probably just leave it with EQ for the rest of the money for now
This. (the quick part, I'd still go for the highest rate personally, which for me is 2.76% Tangerine).
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 Guru
User avatar
Aug 8, 2012
10198 posts
4027 upvotes
BC
angel_wing0 wrote: [...]
However, there are a few cons:
[...]
- 5 business day hold on all transferred funds on $1500 or less, 8 business days (!!) on funds over $1500 (standard in the online banking world, but no way to bypass this since cannot link from an external account)
[...]
If you find anything that I have not mentioned above (or any errors I made), please let me know and I will update the post.
I'm in the same boat akaManny pointed out below ... I've done MANY transfers of well over $1500 and exactly zero of them have been held 8 days. They've all been held 5 days. The way they count their holds is also a bit wonky if you ask me, they credit you instantly, then hold it a full 5 days after that, and then you get it the next business day. I'd call that a 6-business day hold :)
akaManny wrote: 5 business day hold on all transferred funds, but cutoff maybe not on $1500 or less. I pulled more than $2000 on Jan 26, and the funds just now available (6th business day)
angel_wing0 wrote: Anyway, that's what I was told, and is also part of their hold policy: https://www.eqbank.ca/general-banking/l ... nds-policy
Maybe you can mention that it "says" this, but seems to actually not be enforced.
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...)
Newbie
User avatar
Jan 31, 2016
56 posts
11 upvotes
Thorold, ON
douche88 wrote: Does anyone know if the bonus is contingent on a certain amount of money being in the account? I plan to basically move everything but a dollar over the next few days.
akaManny wrote: Maybe EQ knows, but how can we know what happens if you move out almost all of your money before your birthday.
KW confirmed to me on Twitter that no minimum balance is required.
https://twitter.com/EQBank/status/722051776875081729
Can confirm, CIBC is garbage. Barely worth the $300.
Deal Guru
User avatar
Apr 17, 2005
11038 posts
1545 upvotes
Brampton
angel_wing0 wrote: Also, I didn't receive any offers for Tangerine, and the 5 interac e-transfers are just too good to not use right now.
Same here, they said I already have their 2% promo rate & don't qualify for new promo lol :facepalm: I agree I love the 5 free e-transfers!
Invincible wrote: I was offered 3% from Tangerine which I didn't bother moving for... until I saw this notice that EQ is dipping to 2.25. Time to start another transfer!
Lucky you congrats!
The OFFICIAL Hardwood Flooring Thread
Voted RFD "Most Helpful Thread of 2012"
__________________________________________________
If I helped in any way, please click the UpVote button or UpVote my Thread(s) :)
Deal Fanatic
Oct 7, 2007
9401 posts
5364 upvotes
Faster transfer ever. I did my transfers using EQ's online banking system yesterday morning and they are already in my external account. For a company that has been incredibly slow on everything else the speed on the external transfer far exceeded my expectations.
Deal Fanatic
Jan 21, 2014
8477 posts
6210 upvotes
choclover wrote: Faster transfer ever. I did my transfers using EQ's online banking system yesterday morning and they are already in my external account. For a company that has been incredibly slow on everything else the speed on the external transfer far exceeded my expectations.
Agree. I saw someone mentioned it took several days to get the money out so I was concerned. But then I did 3 more transfers yesterday and they all showed up at my bank this morning so literally it's overnight
Deal Addict
Mar 28, 2008
2066 posts
894 upvotes
ON
choclover wrote: Faster transfer ever. I did my transfers using EQ's online banking system yesterday morning and they are already in my external account. For a company that has been incredibly slow on everything else the speed on the external transfer far exceeded my expectations.
mkl38s wrote: Agree. I saw someone mentioned it took several days to get the money out so I was concerned. But then I did 3 more transfers yesterday and they all showed up at my bank this morning so literally it's overnight
When did you initiate it and to where? I did one Monday before 9am and it's still not in CIBC noon Tuesday. Which is normal, in the past they don't show up until later on the next day to CIBC or to Tangerine.

Which I agree is pretty quick, the only quicker ones I've had is Hubert, which show up at CIBC late the same day. Worst I've had is ZAG which was 3 days I believe (even though they pull it the next day).
Moderator
User avatar
Mar 23, 2004
47720 posts
13889 upvotes
Markham
choclover wrote: Faster transfer ever. I did my transfers using EQ's online banking system yesterday morning and they are already in my external account. For a company that has been incredibly slow on everything else the speed on the external transfer far exceeded my expectations.
I just use e-transfers, get there in 30 minutes :D
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4027 upvotes
BC
choclover wrote: Faster transfer ever. I did my transfers using EQ's online banking system yesterday morning and they are already in my external account. For a company that has been incredibly slow on everything else the speed on the external transfer far exceeded my expectations.
mkl38s wrote: Agree. I saw someone mentioned it took several days to get the money out so I was concerned. But then I did 3 more transfers yesterday and they all showed up at my bank this morning so literally it's overnight
sprdave wrote: When did you initiate it and to where? I did one Monday before 9am and it's still not in CIBC noon Tuesday. Which is normal, in the past they don't show up until later on the next day to CIBC or to Tangerine.

Which I agree is pretty quick, the only quicker ones I've had is Hubert, which show up at CIBC late the same day. Worst I've had is ZAG which was 3 days I believe (even though they pull it the next day).
In terms of quick, next day is next day, showing up earlier is good if you need time to react to send a payment elsewhere or transfer it though.

Wondering if both of you guys are with TD or a credit union who seem to be involved with processing back end transfers for EQ:
Shawguy wrote:
Some things I've noticed are:
-bill payments and interac transfers seem to be processed through the BC credit union network.
-deposits are processed through TD.
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 Guru
User avatar
Aug 8, 2012
10198 posts
4027 upvotes
BC
angel_wing0 wrote: I just use e-transfers, get there in 30 minutes :D
Gonna take a long time for people with $100k to use Interac e-Transfers though ;-)

Only good for first $2500 of any transfer, any larger amount will be here next-day anyways with normal transfer.
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 Fanatic
Jan 21, 2014
8477 posts
6210 upvotes
sprdave wrote: When did you initiate it and to where? I did one Monday before 9am and it's still not in CIBC noon Tuesday. Which is normal, in the past they don't show up until later on the next day to CIBC or to Tangerine.

Which I agree is pretty quick, the only quicker ones I've had is Hubert, which show up at CIBC late the same day. Worst I've had is ZAG which was 3 days I believe (even though they pull it the next day).
to TD. Did it before 9am yesterday (3 transfers). This morning at 6AM, I checked and they were not there. By 9AM, all 3 transfers were there.
Jr. Member
Sep 14, 2014
105 posts
11 upvotes
Vancouver, BC
mkl38s wrote: Agree. I saw someone mentioned it took several days to get the money out so I was concerned. But then I did 3 more transfers yesterday and they all showed up at my bank this morning so literally it's overnight
You are very lucky because I transferred my money yesterday too but my other bank hasn't received it yet
Deal Fanatic
Jan 21, 2014
8477 posts
6210 upvotes
cookiemonster123 wrote: You are very lucky because I transferred my money yesterday too but my other bank hasn't received it yet
Maybe it has 'high speed' connection with TD :) ? I did one on Friday morning (I know stupid me, losing the interest during the weekend because I did not know EQ takes money off immediately) and it showed up Saturday morning but dated Monday which was correct
Jr. Member
Sep 14, 2014
105 posts
11 upvotes
Vancouver, BC
mkl38s wrote: Maybe it has 'high speed' connection with TD :) ? I did one on Friday morning (I know stupid me, losing the interest during the weekend because I did not know EQ takes money off immediately) and it showed up Saturday morning but dated Monday which was correct
Mine is with tangerine. I set up the transfer on Sunday afternoon and by the evening, the money in EQ is gone, but nothing is showing up with my other bank and now it's Tuesday. Still nothing :(

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)