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EQ Bank: 2.05% for a 90-day or 180-day GIC, registered or non-registered
February 16, 2022
10:45 am
whattaworld
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EQ now offering 2.05 on 3 and 6 month GICs

February 16, 2022
12:06 pm
savemoresaveoften
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whattaworld said
EQ now offering 2.05 on 3 and 6 month GICs  

thats good to know, but any $ transfer over whether linked or check will be on hold for 5 biz days. So you only earn 1.3% for 7 days while its in limbo. Not worth it if its only 5bps for a 3month period. may even lose out during the BE analysis. I am too lazy...

February 16, 2022
12:21 pm
Alexandra
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Thanks, I just put one in for 3 months and another in for 6 months. The money was sitting there @ 1.25% and waiting. So, what the heck.

February 16, 2022
12:38 pm
Alexandre
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whattaworld said
EQ now offering 2.05 on 3 and 6 month GICs  

Thanks! Great timing from EQ, I was just thinking where to park my EQ Savings account money for next few months.

February 16, 2022
12:42 pm
HermanH
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Alexandra said
Thanks, I just put one in for 3 months and another in for 6 months.

I am of the same mindset. The 3-mo allows me to get 2.05% while waiting for rates to rise and without locking in for an entire year to get 2%. This is an excellent offer for me. sf-cool

February 16, 2022
1:12 pm
lifeonanisland
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Snapped up 90 day GICs, ideal if you are like me and believe we're going to see higher rates coming in the next few months. Good holding strategy for some, I hope, if EQ is where you have some TFSA and RSP money idling.

February 16, 2022
3:43 pm
pooreva
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Great news.
But question is, is it worth to move from Tang's liquid 2% and tied it up for 3/6 months? It is $12 extra on 100K for 3 months (minus eventual taxes) IF you have money at EQ already.
And actually as mentioned above, if you have to have a hold on 100K for 7 days you are losing $3

100000 1.25 7 23.97260274
100000 2.05 83 466.1643836
490.1369863

100000 2.00 90 493.1506849

February 17, 2022
5:47 am
dougjp
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HermanH said

Alexandra said
Thanks, I just put one in for 3 months and another in for 6 months.

I am of the same mindset. The 3-mo allows me to get 2.05% while waiting for rates to rise and without locking in for an entire year to get 2%. This is an excellent offer for me. sf-cool  

I took a 3 month in TFSA for the same reason, expecting even better rates. Also an important reason for me is I like to shift GIC expiries to towards the end of future fiscal years, then I can shift to full year terms. Ie, 3 month now plus a 6 month GIC after it expires = a maturity in November. EQ's current 9 month rate is poor, so couldn't do it now.

There are 3 kinds of people: those who can count & those who can't.

February 17, 2022
5:50 am
Jim Sherat
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thanks for the heads-up, whattaworld ...
This is perfect for my wife and I as we just transferred a large sum of our TFSA funds to EQ from a less competitive FI [Meridian actually], plus made our 2022 contributions at the same time. So it's sitting in EQ TFSA HISA @ 1.25%.

Had input from Loonie and others in an earlier EQ thread about the merits of waiting for higher rates, vs building a 5yr ladder now; I was probably going to put some in at 2.0% 1yr and wait on the rest to see if longer term rates do what the "experts" are saying and rise significantly in the weeks and months ahead.

These shorter terms at slightly over 2% now give us more flexibility, plus we also have a short term 2% GIC promo maturing near the end of March. Good timing.

So looks like we can at least earn 2.0% starting today, on all our TFSA funds, without being locked in for an unacceptably long term given the climate.

February 18, 2022
9:33 am
cgouimet
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Other than rates, I'm not hearing or reading anything that makes me warm and fuzzy about EQ. Am I wrong?

CGO
February 18, 2022
9:59 am
Koogie
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cgouimet said

Other than rates, I'm not hearing or reading anything that makes me warm and fuzzy about EQ. Am I wrong?  

Yes. I've been using EQ for about 4 years now. Nothing but a good experience. Probably top 3 alongside Oaken.

Take them over a Big5 experience any day.

February 19, 2022
7:04 am
Alexandre
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cgouimet said

Other than rates, I'm not hearing or reading anything that makes me warm and fuzzy about EQ. Am I wrong?  

I've been using EQ for 6 years. I have positive experience with them. It is a good FI as long as you know what they offer and don't need from them something they don't offer, such as debit card.

I especially like about EQ that I can link large number of external accounts, up to ten. EQ is often my transfer point when I need to move money between two other banks I have accounts with. When I sign for a new bank account I either link it to EQ or EQ to it.

Their Android app is good, their web site is fast. Their rates are OK. What's not to like?

February 19, 2022
7:20 am
cgouimet
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Very good.

Sounds like a good Ontario Bank to start using. My next project.

Thank you ...

CGO
February 19, 2022
7:51 am
savemoresaveoften
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Alexandre said

I've been using EQ for 6 years. I have positive experience with them. It is a good FI as long as you know what they offer and don't need from them something they don't offer, such as debit card.

I especially like about EQ that I can link large number of external accounts, up to ten. EQ is often my transfer point when I need to move money between two other banks I have accounts with. When I sign for a new bank account I either link it to EQ or EQ to it.

Their Android app is good, their web site is fast. Their rates are OK. What's not to like?  

one thing not to like for sure:

5 biz days hold for all deposits regardless of origin and how its made. I do use EQ but find the 5 biz hold really annoying as I have to put a reminder as oppose to do all my intended action right the way once fund hits the account.

February 19, 2022
9:16 am
MG
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savemoresaveoften said

one thing not to like for sure:

5 biz days hold for all deposits regardless of origin and how its made.   

Interesting. I recently did a push of funds from Canadian Tire Bank to EQ Bank and was able to purchase GICs the next day. So no hold. I thought holds only occurred if pulled into EQ from EQ.

February 19, 2022
10:00 am
Norman1
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Direct deposits ordinarily have no holds. When one pushes funds, the funds are transferred as a direct deposit.

I had pushed funds to my EQ Bank savings account recently. The funds arrived the next business day. I was able to purchase an EQ Bank GIC with the funds the same day they arrived.

February 19, 2022
10:36 am
savemoresaveoften
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MG said

Interesting. I recently did a push of funds from Canadian Tire Bank to EQ Bank and was able to purchase GICs the next day. So no hold. I thought holds only occurred if pulled into EQ from EQ.  

Ic. i have only pull from EQ, instead of push to EQ, maybe thats why. My main bank is big5 and not allow push at all.

February 19, 2022
11:00 am
HermanH
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Alexandre said
Their Android app is good, their web site is fast. Their rates are OK. What's not to like?  

I can think of a few reasons not to like EQ:

1) log-in process always demanding e-mail verification
2) The portal logs you out quickly and you have to go through the annoying re-login process.
3) Any error on their part means you are kicked from the portal and have to repeat #1
4) Link creation requires you to expose the bank log-in ID from the other bank. (There are ways to mitigate this requirement.)
5) Once funds are pulled into EQ, the hold period does not allow them to be moved between other EQ accounts

February 19, 2022
11:01 am
Norman1
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The Big Five banks offer Interac e-Transfers to personal banking clients.

The next best thing to a push would be sending an Interac e-transfer to oneself from the bank and claiming the transfer at EQ Bank.

February 19, 2022
11:16 am
savemoresaveoften
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Norman1 said
The Big Five banks offer Interac e-Transfers to personal banking clients.

The next best thing to a push would be sending an Interac e-transfer to oneself from the bank and claiming the transfer at EQ Bank.  

the $limit on the ETFs makes it almost useless for gic purchase, moving funds around to hunt for rate etc.

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