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EQ Bank: High Interest Savings, and 3 month GIC rate, both 1.5% interest - which to choose?

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EQ Bank: High Interest Savings, and 3 month GIC rate, both 1.5% interest - which to choose?

December 30, 2020
3:56 pm

Pythagoras

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So my 3 month GIC at 1.8% interest is maturing in a few days.

EQ has dropped its 3 month GIC rate to 1.5%; and its High Interest Savings account also offers 1.5% interest.

Of the two, which one would you choose?

December 30, 2020
4:06 pm

Loonie

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I'd take the GIC, given that choice. Rates are not going up in the next 3 months, and they could go down.

December 31, 2020
2:36 am

smayer97

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Or choose 2.3% TFSA if you have the room... or alternatively go with the 1.8% HISA at CDN Tire.

January 2, 2021
12:03 pm

Pythagoras

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Thanks Loonie and smayer97 for your suggestions - they all make sense.

I initially thought to go with the HISA at CDN Tire; but seems too much of a hassle to open an account - have to use Canada Post...

So going with another 3 month GIC with EQ at 1.5%.

January 2, 2021
12:27 pm

Alexandra

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I just purchased my 2021 TFSA contribution with EQ. I took the 2.5% 3 month GIC. I also cashed in 2 TFSA GIC's from previous years with Tangerine in 2020 so reinvested it all with Motive 5yr TFSA GIC at 1.9%.

Hard to know what the best thing to do is.

Gloomy, rainy day here today.

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