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

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
sp_Search Search
Advanced Search
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Search Search
Go to Bottom
No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
EQ Bank: High Interest Savings, and 3 month GIC rate, both 1.5% interest - which to choose?
December 30, 2020
3:56 pm
Pythagoras
Member
Members
Forum Posts: 30
Member Since:
October 27, 2020
sp_UserOfflineSmall Offline
Go to Top
1sp_Permalink sp_Print

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
Member
Members
Forum Posts: 9241
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline
Go to Top
2sp_Permalink sp_Print

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
Member
Members
Forum Posts: 783
Member Since:
September 29, 2017
sp_UserOfflineSmall Offline
Go to Top
3sp_Permalink sp_Print

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
Member
Members
Forum Posts: 30
Member Since:
October 27, 2020
sp_UserOfflineSmall Offline
Go to Top
4sp_Permalink sp_Print

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
British Columbia
Member
Members
Forum Posts: 458
Member Since:
September 24, 2019
sp_UserOfflineSmall Offline
Go to Top
5sp_Permalink sp_Print

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.

No permission to create posts
sp_Feed All RSS
Go to top

Please write your comments in the forum.