EQ Bank 4% Offer For Setting Up >$2k/mo. Direct Payroll Deposit - Too Good To Be True? | Page 2 | EQ Bank | Discussion forum

So I took the plunge on this offer because my Tang promo is done next month. I have switched payroll and will have over $2k deposited by the end of April.

A couple of questions I have:

- I anticipate that the bonus rate will come into effect May 10, do they email confirmation of that, or do I just check the account page on login? Also, do they provide confirmation in advance? (I recently had a EQ GIC mature, and I am keeping the balance in a 10day Notice account to earn mediocre interest until the bonus kicks in)

- Does the bonus rate only apply to the account that my pay goes into, or does it apply to other Personal accounts if I open them? (I don't really feel secure keeping a large balance in my daily transactional account... I'd like to transfer what isn't needed in the next pay period into a separate savings account)

I apologize to everyone if I am the one who makes them reduce or revoke this rate. I seem to onboard to these kinds of offers right as the scale tips

everhopeful said
Does the bonus rate only apply to the account that my pay goes into, or does it apply to other Personal accounts if I open them? (I don't really feel secure keeping a large balance in my daily transactional account... I'd like to transfer what isn't needed in the next pay period into a separate savings account) 

The bonus rate applies to all of your $CAD accounts, including the EQ card “account”.

Interest rate dropping 0.5% effective May 2nd, emails on the way.
As noted in the thread title: Too Good To Be True? I'm not surprised, never seriously considered doing a direct deposit for the offer. We'll have to see if PC Financial moves off of their 3.5% rate.

Because I just switched my direct deposit this month to be eligible next month. I swear these companies flag my signups and diminish/revoke offers as soon as I pounce on them

All in all still a very competitive HISA rate, hard to beat even with most 1yr GICs right now.

All is well and both my accounts are earning the 3.5% as promised. However, I opened a third Personal account last week (to keep my summer vacation budget separate from other savings) and it is showing only the 1.25% rate. Does it take a few days for them to add the bonus to the account, or is there an account limit I am not aware of?

I am also worried about the interest rate... with PC going from 3.5 to 3.1... it leaves EQ alone at the top and ripe for another adjustment, especially if the BoC does another rate cut.