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EQ Bank Launched - 3% Interest Rate (For now?)
January 14, 2016
6:02 am
file
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An online only savings bank I've been watching has finally launched - EQ Bank: https://www.eqbank.ca

Offering 3% (for now at least... although they say it's not promo) and some unique things. 5 Interac e-Transfers a month and bill payments. Personally I don't write cheques or use my Interac card (I use an MBNA RWE for all my spending) so I'm going to see how viable it is to use it as my sort of day to day along with emergency liquid and savings.

Fees are at https://www.eqbank.ca/personal-banking/features-rates/savings-plus-account-fees-and-features of which there is only one - $1.50 for each extra Interac e-Transfer. Limits are there too.

5 days of waiting for my account to be active begins... now.

January 14, 2016
6:19 am
Koogie
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Very cool. Thanks for letting us know !

I see they are a division of Equitable Trust and have CDIC coverage.

January 14, 2016
6:34 am
InvestmentGuru
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Ever since acquiring my mortgage from Equitable Group Inc, I've decided to update myself once in a while on the company as dealing with them was extremely pleasant.
I've learned of the launch their new digital bank - EQ Bank, in which they offer a high interest savings account with 3% interest (and covered by the CDIC)! I've already signed up and am now patiently waiting for my account to be active.
I hope they will be consistent with the interest rate as compared to other banks (such as Tangerine) who have lowered their interest rates drastically over the years.

January 14, 2016
6:34 am
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No direct deposit or PAD it sounds like. Has to be done from their side. Less useful to me. Perhaps still usable.

January 14, 2016
8:17 am
Koogie
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Double checked with them. Account is not open to small business customers at this time but to Canadian residents (excl. Quebec).

January 14, 2016
8:32 am
kanaka
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This is perfect......but don't see GICs or GIC rates. I believe I have bought from them through my adviser. Do they have?

January 14, 2016
8:58 am
Bill
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Account application process was seamless, phone person also very professional sounding (I like to talk to people to get a better feel). No joint accounts. I see no sign of GICs, just the savings account for deposits. I have Equitable Trust GICs in some registered accounts I have with discount brokers but EQ Bank seems to be a separate, retail-level operation or division of ET.

January 14, 2016
9:01 am
Koogie
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kanaka said

This is perfect......but don't see GICs or GIC rates. I believe I have bought from them through my adviser. Do they have?

They do but the rates aren't overly stunning...

https://www.eqbank.ca/company/mortgages-and-deposits/deposits

January 14, 2016
9:03 am
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Yes, they've been portraying themselves as a savings account for now. That may evolve over time but it's very much their focus. So much so that I questioned whether they would be able to truly differentiate themselves amongst the growing list. Personally I think they have. I'm going to spend time over the weekend seeing if I can fit them into my financial process to ensure I'm earning the most I can on money.

January 14, 2016
9:15 am
kanaka
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Koogie said

kanaka said

This is perfect......but don't see GICs or GIC rates. I believe I have bought from them through my adviser. Do they have?

They do but the rates aren't overly stunning...

https://www.eqbank.ca/company/mortgages-and-deposits/deposits

Stunning...no! All under their 3% rate. Sounds like they are in competition with PT and Oaken.

January 14, 2016
10:04 am
Dennis
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Does anyone succeed depositing cheque with their mobile app? It seems not working with all my devices (ipod touch and android 2.3). Maybe mines too old? Still I could instill to both.

January 14, 2016
10:29 am
Loonie
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They are in the start-up phase and have streamlined operations to only offer a simple no-frills savings account. Therefore they can give the better rates, at least for now.
If you don't need cheques, joint accounts, pre-authorized, or live in QC, this might be your best bet, for a savings account, for now.

Many questions were discussed earlier in the day here, beginning at #12:
https://www.highinterestsavings.ca/forum/general-comparisons/new-and-great-to-join-the-discussion/

Peter, can we merge these?

January 14, 2016
10:41 am
rhvic
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This is good news, so I have now opened an account with them too and will put in close to the CDIC limit.

Hopefully once the account is set up I can link to it from Hubert and use Hubert to push/pull money to and from this new account.

Always glad to see superior interest rates on offer (and CDIC coverage!!).

January 14, 2016
10:42 am
Koogie
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kanaka said

Koogie said

kanaka said

This is perfect......but don't see GICs or GIC rates. I believe I have bought from them through my adviser. Do they have?

They do but the rates aren't overly stunning...

https://www.eqbank.ca/company/mortgages-and-deposits/deposits

Stunning...no! All under their 3% rate. Sounds like they are in competition with PT and Oaken.

Someone elsewhere on the internet had a good point. For those of you who already have Equitable GICs, it is likely that they are using up your CDIC room and reducing EQBank coverage. ie: EQBank isn't a separate CDIC entity from the parent corp.

A quick scan of the CDIC website seems to confirm this.

January 14, 2016
11:14 am
Bill
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Yes, Koogie, the CDIC coverage combines Equitable Bank and EQ Bank accounts as EQ Bank is the retail, online arm of Equitable Bank - it's the same, single entity. Of course, if Equitable Bank GICs are in a registered account or in joint names then they wouldn't count for your EQ Bank savings account.

January 14, 2016
11:19 am
mcbain
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This would be super exciting if the savings account was TFSA. I see nothing about that though.

January 14, 2016
11:52 am
Loonie
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Good point re: non-registered GICs counting towards CDIC limit along with savings account. It's so easy to lose track of that, especially if they are held through different avenues.

For that reason, I am somewhat partial to the MB credit unions, which have no such limits on their insurance system. I can dump temporary surpluses there or funds I haven't decided what to do with, and I don't have to worry if there may be "too much" in the account.

January 14, 2016
11:56 am
kanaka
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I have sent a couple of E-mails to them. If they responded twice I show both. My comments are in CAPS.

Do you have GICs for TFSA RRIF and RRSP?
NO RESPONSE, YET THEY DO OFFER THEM ON THEIR WEBSITE. (NO RRSP OR RRIF)

Do you have savings accounts for TFSA RRIF and RRSP
Currently, we only have one account, which is our high interest savings account

Do you have transfer out fees for TFSA RRIF and RRSP
NO RESPONSE

Do you have cheques and ATM cards
We do not have cheques or ATM cards as we are a digital bank

Do you have a list of vendor payments that you handle ie. BC Cities Property Taxes
We handle most vendors
We do have most vendors across Canada

How do I get my money in/out
This first deposit check will be your funding cheque. This cheque will link both EQ Bank account and your external bank account together, once this is done, you will be able to transfer funds from one account to another
You also do have the option to Interac e-transfer to email money out of EQ bank.

Is the 3% rate a promo or will it last
The 3% interest rate is not a promotional rate; it is our current everyday rate

Do you have joint accounts?
As of right now we do not have joint accounts, I will take that as feedback.
I do apologize about joint accounts; I will definitely forward that feedback.

Do you supply a transit number etc. for setting up bill payments for Hydro and Fortis?
We don't have any transit numbers.

WHILE THIS IS A GOOD SHOW AND MAY FIT YOUR NEEDS IT WOULD NOT BE A GUARANTEE THAT YOU COULD PAY ALL YOUR BILLS AS MOST UTILITY PROVIDERS HAVE BILL PAYMENT AND THE PREFERRED, TO ME, AUTO WITHDRAW FROM MY ACCOUNT….THIS WILL NOT WORK WITHOUT A TRANSIT NUMBER. ALSO THERE 1 2 3 4 AND 5 YEAR GIC RATES ARE 1.45, 1.7, 1.8, 1.95, 2.2…..SO DOES THAT MEAN IF THEY DON’T OFFER 3% FOR ANY OF THEIR GICS THAT THEY CANNOT SUSTAIN GIVING 3% ON THE SAVINGS ACCOUNTS……AS THEY ARE NOT PREPARED TO DO SAME FOR THEIR GICS????

I THINK I WILL SIT A WAIT ON THIS ONE! BUT IS VERY LIKEABLEsf-smile

SINCE THEY DO NOT HAVE JOINT ACCOUNTS....CAN SOME ONE ASK AND REPORT BACK IF THEY HAVE DOCUMENTS TO SUBMIT FOR BENEFICIARY OR SUCCESSORS TO THE ACCOUNT?

January 14, 2016
12:04 pm
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mcbain said

This would be super exciting if the savings account was TFSA. I see nothing about that though.

Even when it is not TFSA it is better because it is a regular proposition, but not special. Right?

January 14, 2016
12:10 pm
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and so the stampede to EQ begins.........sf-smile

1. the mobile app on my ipod worked fine
2. the GIC rates do not seem great
3. wonder how long the 3% will last

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