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Considering this bank for savings account
August 13, 2019
3:06 pm
Themoney
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What I like about this bank is the it's easy to sign up for, it's local, and I heard it has security questions.

Then there is Motive Financial they offer a slightly higher interest. But I heard they have no security questions and other forms of security.

August 13, 2019
3:14 pm
Shawguy
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And where did you hear all these falsehoods?

August 13, 2019
3:20 pm
krwilson
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I have used EQ Bank since it first came online. Yes, they don't always offer the highest interest rate BUT have been very consistent since opening with interest. Easy to deal with and overall I am quite satisfied with them. Though I use them as a savings bank, not really for much else.

August 13, 2019
4:33 pm
Alexandre
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I use EQ bank mostly to transfer funds between different other banks I opened accounts with, as EQ allows to link very many external accounts. Parking money at EQ while transfer clears is OK with me.

Yet, I prefer Motive to keep my savings at. For me, today's 0.5% in interest difference between EQ and Motive Savings accounts translates into $500 annually, which I would rather keep.

August 13, 2019
5:50 pm
Doug
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I would go with Motive Financial over EQ Bank. Better rates, better interface, more detailed statements, and access to deposited funds limits. sf-cool

Cheers,
Doug

August 13, 2019
6:27 pm
Bill
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Motive does give you 22% more interest (pre-tax) than EQ, though I think Motive charges you $5 for every withdrawal over 2 per month. I've been with both EQ and Motive since the beginning, never had a problem with either.

August 13, 2019
7:39 pm
Loonie
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Savings rates are always subject to change, and will do so, sooner or later.
You could use Motive for as long as it's competitive, then switch if need be.

Not true that the security at EQ is worse as far as I know.
I have never used Motive (yet).
I deal with EQ but primarily for their 3-month GIC Specials. Otherwise, I prefer AlternaBank.
I appreciate EQ's uncluttered monthly statements but dislike their habit of sending emails announcing how much interest earned previous month. I feel that info should only be accessible by logging into their site.

August 13, 2019
9:22 pm
AltaRed
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I don't care one way or other if EQ tells me by email how much interest I made that month. But I wonder if there is an opt out for that email for those that are bothered.

I think EQ's security is fine with 2FA logins.

August 13, 2019
9:34 pm
Loonie
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I have wondered that too, AltaRed, but it has been low on my to-do list. I would want to continue to receive other email from them.

August 13, 2019
11:23 pm
Vatox
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AltaRed said
I don't care one way or other if EQ tells me by email how much interest I made that month. But I wonder if there is an opt out for that email for those that are bothered.

I think EQ's security is fine with 2FA logins.  

Loonie said
I have wondered that too, AltaRed, but it has been low on my to-do list. I would want to continue to receive other email from them.  

I was just on the mobile app and there is a tab for “alerts”. Completely customizable. Mine are all off.

DB093077-8229-4335-9FB7-8D70A760312B.png

EDIT: and those settings can be different for multiple accounts.
You can accept messages by text or email and even turn off the
promo news if you want to.

August 14, 2019
3:37 am
Loonie
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thanks for the tip, Vatox.
I just checked. The same choices are available for non-mobile.
Apparently I did set these earlier, but forgot. Mine is actually set for "off" for "Interest has been deposited". But I still get these.sf-frown
I haven't always got them. It started a few months ago.

August 14, 2019
8:34 am
AltaRed
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Getting an email on 'interest savings summary' is not the same as an alert that 'interest has been deposited'. The latter should occur on date of deposit of interest. The former comes well after the end of the month.

I have all alerts shut off except for 'large withdrawals'. I'd like to know if someone pilfered my account.

August 14, 2019
9:48 am
Vatox
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I never get an e-mail with dollar amounts. They only state deposit or withdrawal. I’m confused as to how you receive an interest summary.

August 14, 2019
10:09 am
Loonie
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The email in question is entitled "Your (month) Savings Summary", and it reads as follows:
"You earned ($XX) in interest last month for a total of ($YY) this year."
The one I was able to find was dated the 7th of the month.

August 14, 2019
10:20 am
krwilson
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Loonie said
The email in question is entitled "Your (month) Savings Summary", and it reads as follows:
"You earned ($XX) in interest last month for a total of ($YY) this year."
The one I was able to find was dated the 7th of the month.  

I receive these emails too for myself, wife and my mother. They are annoying for having the dollar amount and no way to stop them. To me they are just an advertising email from EQ bank. Hope they read this forum and stop the emails or provide an opt out from them.

August 14, 2019
11:23 am
Vatox
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Yes, I do get those, but don't open them, just delete. Guess I forgot what was in them. It’s a risk for our financial info to send it via email.

August 14, 2019
3:03 pm
hwyc
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These "Your (month) Savings Summary" email may be some work-in-progress. There is "unsubscribe" link at the bottom, which doesn't work for me. When I examine the embedded URL, it references some dude's email project.

August 14, 2019
9:05 pm
Loonie
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That's what I think, too, Vatox.
It seems like EQ has offloaded some of its responsibility for security to the customer's email service. Perhaps also to "some dude"?

August 14, 2019
9:51 pm
Canadianbull
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Just unsubscribe it.

Screenshot_20190814-224927_Outlook.jpg

August 14, 2019
9:53 pm
Canadianbull
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I love my advantage savings account with manulife sf-cool

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