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EQ Bank asks customers to "reserve a spot"
March 7, 2016
12:31 pm
Bear
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Are they really surprised they are busy onboarding customers when they are offering a rate well above market! I can imagine the reaction from customers when they do eventually drop the rate. Questionable way to treat new customers take a number and get in line and when we want your business we will email you maybe.......

http://www.theglobeandmail.com.....e29047606/

March 7, 2016
4:44 pm
SavingIsGood
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Long time ago I stopped reading Canadian papers due to sensationalism way of presenting ordinary news.

Look at this stupidity by famous 'globe and mail':

"EQ Bank crushed the competition...". Excuse me? I have not heard of any bank going bankrupt due to carrot and stick offer of 3%...

"EQ made its debt in January...'. Hello? No english? No spellchecku? After that I stopped reading... waste of time. Good luck to rate chasers. But do not cry here when rate goes to 0.75%.

March 7, 2016
8:04 pm
Rick
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SavingIsGood said
But do not cry here when rate goes to 0.75%.

Don't plan on crying here or anywhere else. My regret with PT was not getting in on the ground floor and missed out on a lot of interest. Somehow I doubt EQ will drop from 3 to .75 in one shot. More likely to step it down gradually like PT did, if you call a year gradually. When they get to the point that they are comparable to my other bank, I will just pull it out for the convenience of not having two banks to deal with, just like I did with PT. Until then... they have the best rate anywhere. Undisputed.

March 8, 2016
6:14 am
Barb.
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I must say I'm baffled by the snarky tone of some of the comments, both here and on the G&M. Are you suggesting we're somehow ill-informed/gullible to seek out higher returns on our savings and should maintain the status quo with institutions offering 1/2% out of "loyalty"? I'm sure EQ is well aware that the stampede into their HI accounts will be followed by a similar speedy exit should they return to offering rates comparable to or lower than the competition. It's MY money and I'm going to put it where I'll get the best return. I'm surprised that EQ didn't foresee that offering a HIS rate far above the competition's would engender such a rush to take advantage of same. I'm with Rick on this one - if/when they lower their rates, I'll either stay or go, depending on the price. In the meantime, let's enjoy the 3% advantage.

March 8, 2016
10:59 am
dentgal
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I agree with Barb.
We are here to chase good rates, "Ratechaser". I don't understand your last negative post, which is incongruous with your name!!!
No one is forcing anyone to move their money; if you like low interest rates, and can't be bothered moving your money, then stay with the big banks.

March 8, 2016
11:45 am
fabafter50
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It appears to be common sense that in this time of generally low interest rates those of us with money to invest would put it where the best rates are. At the moment that happens to be EQ. If and when they drop those rates, I for one will shop around and find whoever has the highest rate and put my money there. Kind of a no-brainer. I have often suspected by things said on this forum that bank personnel lurk here and fear monger. See it for what it is and do best for yourself.

March 8, 2016
6:05 pm
Norman1
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EQ Bank was surprised by the number of customers in such a short time.

In the March 1st Q4 2015 Equitable Group earnings conference call, around the 29:30 mark, CEO Andrew Moor sheds some light on how the 3% rate was decided on. He knew that 3% was being offered by competitors as a promotional rate late last year. So, it was not such an outlandish rate. It seemed likely some competitors would step up and match EQ Bank's 3% rate.

To his surprise, there was no competitive match and customers poured into EQ Bank. Instead of maybe 10,000 new customers in the first year of operation, EQ Bank got 15,000 in just six weeks.

In running a business, sometimes things don't quite unfold the way one expects.

March 9, 2016
7:30 am
Bear
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Rick said

Don't plan on crying here or anywhere else. My regret with PT was not getting in on the ground floor and missed out on a lot of interest.

I agree and I regret not opening an account with EQ sooner since now I'm on the waiting list.

March 9, 2016
7:50 am
Save2Retire@55
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Glad I got on board in time.

March 9, 2016
8:30 am
toto
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Glad I got in early too, very grateful for a decent rate of return, even if it doesn't last forever.

March 12, 2016
11:41 am
gipper
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The money that is being spent on the bombardment of advertising by Tangerine, Zag, and PCF since EQ hit the scene is a clear sign that competition will continue to be fierce, and it wouldn't surprise me if one or two new upstarts were to join the fray. The fact that Zag has been able to extend it's 2.5% promos without reducing their account cap of $5 million is an indication that they are profitable and I can't see EQ cutting it's rate any time soon, or not matching Zag.

Too bad the advertising they can all obviously afford, is wasted to promote useless perks like credit/debit cards, bonus points, and the latest access aps instead of higher rates. I find PCF the most irritating in that regard.

March 13, 2016
5:12 pm
Miron
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I totally agree with Barb! My only regret is that EQ does not have a simillar TFSA account... actually I am better with 2.5% from ZAG TFSA than with with 3% from EQ... taxes and other tax related losses are more than 0.5%... I still have some TFSA room available and will use it at ZAG...

March 13, 2016
6:07 pm
Loonie
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Norman1 said

EQ Bank was surprised by the number of customers in such a short time.

In the March 1st Q4 2015 Equitable Group earnings conference call, around the 29:30 mark, CEO Andrew Moor sheds some light on how the 3% rate was decided on. He knew that 3% was being offered by competitors as a promotional rate late last year. So, it was not such an outlandish rate. It seemed likely some competitors would step up and match EQ Bank's 3% rate.

To his surprise, there was no competitive match and customers poured into EQ Bank. Instead of maybe 10,000 new customers in the first year of operation, EQ Bank got 15,000 in just six weeks.

In running a business, sometimes things don't quite unfold the way one expects.

Interesting methodology. Not correlated with mortgages etc., as has been suggested frequently on this forum. I'm sure there is some correlation, but it's not much of an issue because they know they can afford 3%. It's just a question of whether they have to.

April 20, 2016
10:00 pm
Loonie
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My friend who put his name on the wait list 2 or 3 days after it started has now been given the option of opening an account.

April 21, 2016
7:34 am
Atlas
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I guess I got lost in the mad rush sf-wink. Submitted my request to be put on the wait list back on March 17th. I had no intention of opening an account - I don't want to rate case and have cash distributed across too many accounts. Needless to say, but not hearing back for over one month is disincentive enough, and proves that the playing field is not "EQ"ual.

April 21, 2016
8:09 am
Bear
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Atlas said

I guess I got lost in the mad rush sf-wink. Submitted my request to be put on the wait list back on March 17th. I had no intention of opening an account - I don't want to rate case and have cash distributed across too many accounts. Needless to say, but not hearing back for over one month is disincentive enough, and proves that the playing field is not "EQ"ual.

I reserved my spot on March 7th and I received an email this morning 45 days later asking me to join. I might join now and once Zag promotion expires I'll try out EQ.

May 3, 2016
1:53 pm
jgclghrn
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My wife asked for a spot on Mar. 23. She just got her invitation e-mail (41 days later).

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