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EQ Bank Launched - 3% Interest Rate (For now?)
February 2, 2016
6:56 pm
Miron
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JustMe said

You did not get the point of my message or you do not understand English.

Point is that it is very dumb to have accounts at 999 banks and move money every few weeks as soon as some come with some 'promotion'. Unless you are moving millions, those few bucks you are going to earn (before tax) as difference between 1.75, 1.85 or 1.851% are not worth the trouble.
You better use extra money to pay a mortgage or similar instead of doing bank jumping...

If you are not able to control yourself and stop insulting people that you don't know, it's better not to reply at all! I do understand English and another 4 languages...

Who told you that I have 999 accounts and I am moving money weekly? I was just talking in general about opening new accounts using $1 cheques! That is best way TO OPEN a new account in my opinion!

Maybe for me it is worth the trouble, you can do what ever you want but stop judging others accordingly to your own standards!

Thank you!

February 3, 2016
4:08 am
amidat
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Well I got a pleasant surprise. EQ gave me $25 for my birthday!
I was not feeling too good about this bank because of the long delay in opening the account (19 days)...but the birthday $25 turned everything aroundsf-cool

February 3, 2016
4:13 am
netpi
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amidat said

Well I got a pleasant surprise. EQ gave me $25 for my birthday!
I was not feeling too good about this bank because of the long delay in opening the account (19 days)...but the birthday $25 turned everything aroundsf-cool

Congratulations and happy birthday - that's better than say the typical big bank service charge - apart from service charges and crappy interest, my "big bank" has never given me anything - EQ may turn out to be ok after all - there are some growing pains right now but once the rush is over, we'll have a better idea how smooth their performance will be

February 3, 2016
4:50 am
Miron
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amidat said

Well I got a pleasant surprise. EQ gave me $25 for my birthday!
I was not feeling too good about this bank because of the long delay in opening the account (19 days)...but the birthday $25 turned everything aroundsf-cool

Happy Birthday! That's nice of them indeed sf-smile

10 business days for me since I opened the account... maybe today? sf-wink

February 3, 2016
5:21 am
threeoakwest1
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I sent three $1.00 cheques to EQ on Jan, 18, two were cashed on Feb. 2 and I expect the other will go through today. Hurray, only another five days to wait!

Happy Birthday amidat

February 3, 2016
6:02 am
RicksBank
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Bummer. I opened my account 5 days after my birthday!

February 3, 2016
6:44 am
Wiiliam
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Norman1 said

Someone reported in discussion EFT Transfer limit of having a $25,000 daily withdrawal limit at Tangerine Bank.

Someone else reported that they had a $50,000 limit per withdrawal at Tangerine, but could do two separate $49,995 transfers in one day!

I had a few mins this morning and called up tangerine . The friendly rep said it was $50k per day outbound. Weird that everybody is seeing diff amounts. Will let you know how it goes

February 3, 2016
6:52 am
LP
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amidat said

Well I got a pleasant surprise. EQ gave me $25 for my birthday!
I was not feeling too good about this bank because of the long delay in opening the account (19 days)...but the birthday $25 turned everything aroundsf-cool

I'm still waiting for my account to be activated, in the mean time I've bought and sold EQB stocks, and made a few hundred dollars so far. At today's price there's a great opportunity to made a few hundred more. sf-smile

February 3, 2016
9:17 am
christinad
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Just a comment on chasing rates. I'd like to think i sent a message to peoples trust when i withdrew all the money from my tfsa savings account the day after their rate cut. It seems to me without people being willing to move their money, the banks would have no incentive to change their rates.

February 3, 2016
9:25 am
dougjp
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christinad said

Just a comment on chasing rates. I'd like to think i sent a message to peoples trust when i withdrew all the money from my tfsa savings account the day after their rate cut. It seems to me without people being willing to move their money, the banks would have no incentive to change their rates.

Yes but what can you do now, pay taxes on the interest for 11 months until returning funds into a TFSA next January? This is the same move Canadian Tire Financial made 2 years running. These banks know the restrictive withdrawal and deposit rules, and don't seem to care about the negative reputation they create for themselves.

I'm switching mine to one of their 1 year TSFA GICs at 2.05%, now that its early in the year.

EDIT-scratch that, have to wait until December and then they will lose my business.

February 3, 2016
9:44 am
LP
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christinad said

Just a comment on chasing rates. I'd like to think i sent a message to peoples trust when i withdrew all the money from my tfsa savings account the day after their rate cut. It seems to me without people being willing to move their money, the banks would have no incentive to change their rates.

I agree, and to emphasize the point even more, move money in when they increase their rate, only to move it all out the day after their promo ends.

February 3, 2016
9:57 am
LP
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dougjp said

Yes but what can you do now, pay taxes on the interest for 11 months until returning funds into a TFSA next January? This is the same move Canadian Tire Financial made 2 years running. These banks know the restrictive withdrawal and deposit rules, and don't seem to care about the negative reputation they create for themselves.

I'm switching mine to one of their 1 year TSFA GICs at 2.05%, now that its early in the year.

EDIT-scratch that, have to wait until December and then they will lose my business.

I transfer money from a lower paying account into a higher one even if it's at another Financial Institution. Normally if one wishes to transfer their TFSA account to another FI there's a transfer fee. The way I avoid the fee is to transfer the funds out of the TFSA and into my HISA on the last business day in December, then in January I redeposit those funds, along with my limit for the new year, into an TFSA account which I have at another FI.

February 3, 2016
10:01 am
Miron
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dougjp said

Yes but what can you do now, pay taxes on the interest for 11 months until returning funds into a TFSA next January?

You can take advantage of their 'tax free' withdrawal and move the money directly into another TFSA, for example at ZAG Bank :) sf-cool

February 3, 2016
10:07 am
dougjp
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Miron said

dougjp said

Yes but what can you do now, pay taxes on the interest for 11 months until returning funds into a TFSA next January?

You can take advantage of their 'tax free' withdrawal and move the money directly into another TFSA, for example at ZAG Bank :) sf-cool

Good point, I don't think People's charges for transfers out. The problem is, Zag's normal TFSA rate apart from short term specials is 0.80% vs. the new lower 1.75% rate at People's. What do I do in June.....and how many days interest lost on each transfer between banks. And where are rates heading generally in the near future. In other words, not simple.

LP, I do exactly what you do when "transferring".

February 3, 2016
10:14 am
Miron
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Yes, I know it is not simple... I am looking at the 2 years 2.5% GIC at ZAG sf-cool

It is hard to believe the rates will go higher in the next 2 years...

February 3, 2016
11:51 am
atsang97
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I cannot not find EQ bank is a member of CDIC

E

Effort Trust Company (The)
Equitable Bank
Equity Financial Trust Company

CDIC Link

February 3, 2016
12:26 pm
ertyu
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atsang97 said

I cannot not find EQ bank is a member of CDIC

E

Effort Trust Company (The)
Equitable Bank
Equity Financial Trust Company

CDIC Link

Asked and answered several times already, EQ Bank is part of Equitable Bank, it's covered under them.

February 3, 2016
12:50 pm
Peter
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I've locked this thread now, simply to make information more easier to find. Please continue further discussion on EQ Bank in separate threads here: https://www.highinterestsavings.ca/forum/eq-bank/. That way, we can have separate discussions per topic.

Thanks for all the discussions so far!

Please write your comments in the forum.