Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this7:27 am
October 17, 2022
Offline
EQ Bank has increased it's interest rate from 2.00% to 2.50% as of Today.
9:37 am
January 12, 2019
Offline
.
Good news for sure, but it's not much to get excited about. EQ is still
Way behind the Heavy Hitters in the Pack . . .
With its ongoing low rates (HISAs & GICs), EQ has lost the Luster it
once had. 
- Dean
" Live Long, Healthy ... And Prosper! "
3:23 pm
March 26, 2018
Offline
Another .25% BOC rate increase yesterday. The EQ HISA has been stuck at 2.5% long enough.
They're dragging their feet and it's going to hurt them.
7:54 pm
May 19, 2022
Offline
pianoman8849 said
Another .25% BOC rate increase yesterday. The EQ HISA has been stuck at 2.5% long enough.
They're dragging their feet and it's going to hurt them.
Agreed. I pulled my savings outta there ages ago and opened saving accounts at Motive, at 4.1% That's more like it!
8:10 pm
October 27, 2013
Offline
I have nothing there either but I do not think badly of them for that. They simply do not want/need the money.
9:12 pm
April 6, 2013
Offline
I suspect Equitable Bank was attracting too much savings deposits through their EQ Bank channel.
In contrast, Equitable Bank pays 4.20% on deposits via their ISA through the mutual funds brokerage channel.
6:14 am
March 26, 2018
Offline
Norman1, this interest rate is good. Doesn't the Equitable Bank ISA carry a risk, like stock market investments do?
7:11 am
April 6, 2013
Offline
The Equitable Bank ISA is a CDIC-insured deposit issued by CDIC member Equitable Bank. Same risk as an EQ Bank savings deposit or an EQ Bank GIC.
The ISA is just set up differently to go through the FundServ mutual fund system so that one can add money and take out maney through one's mutual fund dealer.
8:47 am
November 3, 2022
Offline
Norman1 said
The Equitable Bank ISA is a CDIC-insured deposit issued by CDIC member Equitable Bank. Same risk as an EQ Bank savings deposit or an EQ Bank GIC.The ISA is just set up differently to go through the FundServ mutual fund system so that one can add money and take out maney through one's mutual fund dealer.
If I were to hold funds in an EQ ISA, as well as my online savings account directly with the bank, would the $100,000 CDIC insurance limit apply to both amounts combined, or would I be insured for 2 x 100k?
9:34 am
April 6, 2013
Offline
For the first $100,000 in an Equitable Bank ISA, I would place the money in the ISA issued by CDIC member Equitable Trust instead of by Equitable Bank.
For the next $100,000, I would confirm with the dealer that the ISA will be in nominee form (owned by dealer, in trust for Rail Baron) instead of owned by Rail Baron.
12:31 pm
March 26, 2018
Offline
I just can't understand. As of today, Wealth One Bank, for example, is offering 3.4 to 3.55% on their HISA accounts whereas EQ is still stuck at 2.5%.
Why is EQ dragging their feet when several other banks are increasing their HISA rates in line with BOC increases?
12:58 pm
September 11, 2013
Offline
Not dragging their feet, they obviously just don't really want more HISA money these days, maybe even happy to shed some, who knows?
1:49 pm
October 27, 2013
Offline
EQB1000 ISA pays 4.45% in the brokerage channel so there appears to be a message there.
Maybe the message is they are not interested in retail customers at the liquid deposit level, especially those that move funds around in a flash for 10bp or so and are generally high maintenance PITA customers.
Maybe they prefer to be at arm's length even if they have to pay 10-15bp trailer fee to brokerages on top of the customer net rate of 4.45%. FWIW, that is at the higher end of brokerage ISA rates. Only BMO and Scotia post higher rates (4.6%).
EQB has clearly decided (for now) where they want to secure funds.
1:53 pm
April 21, 2022
Offline
Bill said
Not dragging their feet, they obviously just don't really want more HISA money these days, maybe even happy to shed some, who knows?
Yup, for a clue to EQ's deposit goals and objectives, just look at the interest rate difference between their HISA and GIC's. It should clearly suggest what they're most interested in. HISA deposits are fleeting, here today, gone tomorrow.
1:55 pm
February 7, 2019
Offline
pianoman8849 said
I just can't understand. As of today, Wealth One Bank, for example, is offering 3.4 to 3.55% on their HISA accounts whereas EQ is still stuck at 2.5%.Why is EQ dragging their feet when several other banks are increasing their HISA rates in line with BOC increases?
Been like this for a while. Pushing GIC rates up and keeping HISA rates flat. They want more commited $ and les wandering $...
| CGO |
2:49 pm
October 27, 2013
Offline
The last two posts don't explain the difference between EQ Bank HISA rate of 2.5% and the brokerage channel EQB1000 ISA rate of 4.45%. Technically, ISAs and HISAs are essentially the same thing - liquid deposits. It is just that it takes T+1 to buy/sell EQB1000 rather than perhaps just 'one day' to move EQ Bank HISA funds.
What EQ is really saying is they don't really want HISA money through their retail channel.
7:24 am
November 18, 2017
Offline
While interest rates are rising rapidly, GICs protect lenders from further rate increases or flight of funds.
RetirEd
RetirEd
12:47 pm
March 30, 2017
Offline
AltaRed said
The last two posts don't explain the difference between EQ Bank HISA rate of 2.5% and the brokerage channel EQB1000 ISA rate of 4.45%. Technically, ISAs and HISAs are essentially the same thing - liquid deposits. It is just that it takes T+1 to buy/sell EQB1000 rather than perhaps just 'one day' to move EQ Bank HISA funds.What EQ is really saying is they don't really want HISA money through their retail channel.
with ISA, the ISA can potentially "change hands btw different investors (A sells to B)", and may not affect the net funding amount EQ gets. For HISA, any withdrawal directly reduce the deposit base.
11:38 pm
April 6, 2013
Offline
pianoman8849 said
I just can't understand. As of today, Wealth One Bank, for example, is offering 3.4 to 3.55% on their HISA accounts whereas EQ is still stuck at 2.5%.Why is EQ dragging their feet when several other banks are increasing their HISA rates in line with BOC increases?
Because Equitable Bank and other deposit taking institutions really don't care about their ranking in comparison charts.
What matters is the amount of deposits attracted. If Equitable Bank finds it attracts the targeted amount of savings deposits through their EQ Bank channel with 2.5%, then EQ Bank will pay only 2.5% for such deposits. Paying more will attract too much of that kind of deposit.
It is as simple as that.
Royal Bank has the same situation. Royal Bank pays 1.7% on deposits to its RBC High Interest eSavings account. Royal Bank pays 4.3% on deposits to its Series A brokerage ISA's like RBF2010.
7:15 am
October 27, 2013
Offline
savemoresaveoften said
with ISA, the ISA can potentially "change hands btw different investors (A sells to B)", and may not affect the net funding amount EQ gets. For HISA, any withdrawal directly reduce the deposit base.
That is not quite true. ISAs are deposit accounts. When I buy units, they are deposits to the underlying holding of the ISA. When I sell, they are withdrawals to the underlying holding of the ISA. It is no different than 10,000 consumers depositing or withdrawing from a HISA.
EQB1000 units are Equitable Bank/EQ Bank deposits The sale/purchase of EQB1000 units directly affects the amount on deposit at EQ. The same would be true of DYN6004 which are deposits of Scotiabank.
They are not actively managed 'trusts' like money market mutual funds or Cash ETFs which may hold the commercial paper of numerous entities.
Please write your comments in the forum.