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EQ Bank Launched - 3% Interest Rate (For now?)
January 15, 2016
3:45 am
Saver-Mom
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Well it may be the only financial advantage of living in Quebec, but we have no probate. May be an opportunity for rich older folk to move to a nice location in the Laurentian mountains, on a lake, for your twilight years!

January 15, 2016
7:06 am
ertyu
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January 15, 2016
9:20 am
kanaka
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ertyu said

http://mobilesyrup.com/2016/01.....obile-age/

I think I will watch for awhile. I won't consider till I see a joint account.

January 15, 2016
9:34 am
Wiiliam
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Here's my quick review on my sign up experience yesterday. Did it through my laptop and it took about 10 mins. Screens were primarily white and clear to understand. They didn't have my occupation though in the dropdown. Instruction once I made it through was clear and now I have to mail a cheque. Loo forward to put some savings in there with the market taking a dive today and loonie going sideways

January 15, 2016
1:17 pm
Loonie
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Saver-Mom said

Well it may be the only financial advantage of living in Quebec, but we have no probate. May be an opportunity for rich older folk to move to a nice location in the Laurentian mountains, on a lake, for your twilight years!

You already paid, in high provincial income tax rate!
If only it weren't so gd cold there!sf-frown

January 15, 2016
7:07 pm
Norman1
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That's not quite accurate. Not the cold weather and high provincial taxes, but the absence of probate in Québec.sf-laugh

There are three kinds of wills under their provincial laws:

  1. Holograph wills
  2. Wills made in the presence of witnesses
  3. Notarial wills

Only notarial wills don't need probate. The other two kinds do. More details can be found at Justice Québec: Wills.

Probate fees are reasonable. According to Services Québec: Probate of a Will by the Court, it is $105 or $118 for probate.

January 15, 2016
8:12 pm
kanaka
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Loonie said

Saver-Mom said

Well it may be the only financial advantage of living in Quebec, but we have no probate. May be an opportunity for rich older folk to move to a nice location in the Laurentian mountains, on a lake, for your twilight years!

You already paid, in high provincial income tax rate!
If only it weren't so gd cold there!sf-frown

But they have Gibby's there!! http://www.gibbys.com/index.php

January 16, 2016
5:10 am
Saver-Mom
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Norman, everyone in QC should have a notarised will. It also ensures your exact last wishes are followed, including perhaps that your survivng spouse is protected, otherwise the estate may pass in part directly to the children, rather than just to the survivng spouse.

Loonie, yes it can be cold here, but we have cheap and reliable Hydro to keep us warm. Also, as Kanaka notes, excellent food and friendly people who like to enjoy life.

I like to rag on QC for our politics and ridiculous language laws. If only we felt confident enough in our culture to join the rest of the world for the advantages it offers....like better rates at EQ, Zag, PC etc!

January 16, 2016
6:59 pm
dentgal
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just looked at the website for EQ---i don't see anything for 3%:(

January 16, 2016
7:12 pm
dentgal
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oops...just saw the 3%:)
BUT when i went to the CDIC website, it shows "equitable bank" as an eligible institution, but not EQ--a subsidiary....
might need clarification from CDIC before making large deposit!

January 16, 2016
7:40 pm
kanaka
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dentgal said

oops...just saw the 3%:)
BUT when i went to the CDIC website, it shows "equitable bank" as an eligible institution, but not EQ--a subsidiary....
might need clarification from CDIC before making large deposit!

Their web site is a mess when you think about it. You can also find GICs on the site but they don't sell. They only have 3% savings, non joint accounts.

January 16, 2016
7:56 pm
GoldenLion
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The limits on single cheque deposits ($25,000) and ETF withdrawls ($30,000) could be inconvenient for some people.

January 16, 2016
8:00 pm
Bill
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dentgal, the reason you don't see EQ Bank on CDIC list is because it is not a subsidiary of Equitable Bank, it is just the new retail, online personal banking arm (division) of Equitable Trust itself, i.e. Equitable Trust and EQ Bank are a single corporation, they are not separate entities, EQ Bank is part of Equitable Bank.

January 17, 2016
6:27 am
Wiiliam
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Thx Bill good to know. should we add EQ to comparison chart? would love to be able to see historical rates for each as well to be able to see down the road. Not sure if zen banx is a savings account and qualifies as well but they do have a 1.5% rate.

January 17, 2016
6:35 am
Norman1
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Saver-Mom said

Norman, everyone in QC should have a notarised will. It also ensures your exact last wishes are followed, including perhaps that your survivng spouse is protected, otherwise the estate may pass in part directly to the children, rather than just to the survivng spouse.
...
I like to rag on QC for our politics and ridiculous language laws. If only we felt confident enough in our culture to join the rest of the world for the advantages it offers....like better rates at EQ, Zag, PC etc!

I agree. People should have a will. Certainly a notarial will in Québec, if possible. Judging from the info from Justice Québec, there is more to a notarial will than just having the signature notarized.

Québec residents seem to be able to access PC Financial banking services if they personally visit an in-store pavilion in another province to open their account. Seems like there is a regulatory issue around opening PC Financial accounts from within Québec but not using the services in Québec.

There are reports in RedFlagDeals.com: Any other bank like PC Financial with no fees? of Québec people driving to an adjacent province, like Ontario, and successfully opening the accounts with their Québec addresses.

January 17, 2016
6:51 am
Norman1
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dentgal said

oops...just saw the 3%:)
BUT when i went to the CDIC website, it shows "equitable bank" as an eligible institution, but not EQ--a subsidiary....
might need clarification from CDIC before making large deposit!

"EQ Bank" is just the marketing name used for their web site and in the name of their online-only savings account, the EQ Bank Savings Plus Account. The situation is similar to the marketing name "TD Canada Trust" used by TD Bank on their branches. "TD Canada Trust" is also not listed in the CDIC member list.

The EQ Bank Savings Plus Account is opened with and actually issued by CDIC member Equitable Bank. This is from the account agreement:

Definitions in This Agreement
...
“EQ Bank”, “the Bank”, “Bank”, “our”, “we” or “us” means Equitable Bank;
....

January 18, 2016
10:38 am
rhvic
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Got this by email from EQ:

"We understand the concern of not having a bank ID or transit number. We are however looking into those numbers for our customers. "

Come on EQ, it is a no-brainer.

January 18, 2016
10:51 am
kanaka
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rhvic said

Got this by email from EQ:

"We understand the concern of not having a bank ID or transit number. We are however looking into those numbers for our customers. "

Come on EQ, it is a no-brainer.

Like I said earlier. They offer bill payment BUT without a transit number you cannot set up direct withdrawals for Electricity or Natural Gas payments as these utilities only accept that OR you can pay from a selection of vendors they have set up BUT they wont provided a list of what vendors they have. Along with not being sure I could use the one and only account they offer for ALL bill payments and NO Joint Accounts.....not feasible to use.

January 18, 2016
4:43 pm
mechone
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Question , would you deposit more then the CDIC limit ? It is a bank and must pass government stress test right?

January 18, 2016
5:51 pm
kanaka
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mechone said

Question , would you deposit more then the CDIC limit ? It is a bank and must pass government stress test right?

Your deposit amount plus expected interest should not exceed $100,000

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