EQ Bank savings accounts, TFSA, and RRSP rates dropping to 1.25% | EQ Bank | Discussion forum

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EQ Bank savings accounts, TFSA, and RRSP rates dropping to 1.25%
April 13, 2021
7:35 am
Peter
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April 16: regular savings account interest rate decreasing from 1.50% to 1.25%
May 26 (corrected by May 31 -- the Tweet below is wrong): TFSA and RRSP savings account interest rates decreasing from 2.30% to 1.25%

Source:

April 13, 2021
7:47 am
davidgeorge
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How about 3 month and 6 month TFSA and RRSP GIC rates? They are 2.3% & 1.8% now.

April 13, 2021
8:39 am
Alexandre
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I just saw their advert on YouTube promising 1.50% interest rate, with "it is not a promo" words in it.

How ironic.

April 13, 2021
8:49 am
Dean
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davidgeorge said

How about 3 month and 6 month TFSA and RRSP GIC rates? They are 2.3% & 1.8% now.  


.

Seek and ye shall find https://www.eqbank.ca/

    Dean sf-smile

sf-cool " Live Long And Prosper " sf-cool

April 13, 2021
9:10 am
christinad
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I'm confused. It says on their homepage savings rate is 2.3%. Oh i see rob carrick is saying it will drop may 31st. I'm just glad i renewed my 3 month gic.

April 13, 2021
9:40 am
lancedragons
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Glad I got the Tangerine promo I guess.

I have 5K that's not in the 3 month GIC, think I should lock it in now or wait until May 31 to try and get 2.3% for a month longer.

April 13, 2021
11:13 am
pooreva
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Unbelievable! I just signed up with EQ few days ago and rates are already dropping. It was so simple to sign up comparing to Crappy Tire...
Can you fax docs to CT or they require snail mail process?

April 13, 2021
11:23 am
speedwagen
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Contrary to what Carrick reported, the effective date for the TESA/RSP rate change is May26 NOT May31, as evidenced by the email I just rec'd stating:

"As of Friday, April 16th, 2021, the interest rate on our Savings Plus Account will change from 1.50% to 1.25%*; as of Wednesday, May 26th, 2021, the interest rates on our TFSA Savings Account and RSP Savings Account will change from 2.30% to 1.25%.*" AND

"For high earnings on our registered options, you can lock in 2.30% on a 3-month TFSA or RSP GIC, as long as you purchase your GIC before May 26th, 2021."

April 13, 2021
11:41 am
davidgeorge
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Too bad that I purchased my GIC early this month. I should purchase GIC on May 25th.

April 13, 2021
12:04 pm
MG
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pooreva said
It was so simple to sign up comparing to Crappy Tire...
Can you fax docs to CT or they require snail mail process?  

Pooreva, please read my recent comments about opening an account with Canadian Tire. See post #9.

https://www.highinterestsavings.ca/forum/canadian-tire/from-the-time-you-faxed-cantire-your-direct-transfer-authorization-form-how-long-till-the-external-account-is-linked/

April 13, 2021
12:30 pm
Jowett
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For those with non registered accounts, they are offering a 3 month GIC at 1.5% effective Apr 16th.

April 13, 2021
12:47 pm
Alexandre
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As of Friday, April 16th, 2021, the interest rate on our Savings Plus Account will change from 1.50% to 1.25%; as of Wednesday, May 26th, 2021, the interest rates on our TFSA Savings Account and RSP Savings Account will change from 2.30% to 1.25%.

3-mo-GIC-at-EQ.JPG

April 13, 2021
2:34 pm
lhsaid
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Jowett said
For those with non registered accounts, they are offering a 3 month GIC at 1.5% effective Apr 16th.  

I guess, on Apr 16th, many people will jump on the 1.5% Non registered GIC ?
I'm buying for sure.

April 13, 2021
3:06 pm
hwyc
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May 26th ... that is notice over 5 weeks ahead. It is quite reasonable amount of time sf-smile The only regret I already renewed on April's 1st 🙁

At the bottom of the email, EQ hinted US Dollar Account soon ... perhaps introductory rate for another new product ?

April 13, 2021
3:38 pm
pooreva
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Alexandre said
As of Friday, April 16th, 2021, the interest rate on our Savings Plus Account will change from 1.50% to 1.25%; as of Wednesday, May 26th, 2021, the interest rates on our TFSA Savings Account and RSP Savings Account will change from 2.30% to 1.25%.

3-mo-GIC-at-EQ.JPG  

Where do you see this on their site???

April 13, 2021
3:41 pm
Vatox
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pooreva said

Where do you see this on their site???  

It’s an email. I’ll look on the site though..

EDIT: don’t see it on the site.

April 13, 2021
4:07 pm
ColAngus
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Classic bait and switch maneuver. A 1.05% drop on TFSA and RRSP accounts after advertising 2.3% to get lots of new accounts. Kind of a dirty trick given what a hassle it is to transfer to another institution. Had I known I would have left my money in the market as that rate barely covers inflation.

April 13, 2021
4:31 pm
Vatox
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ColAngus said
Classic bait and switch maneuver. A 1.05% drop on TFSA and RRSP accounts after advertising 2.3% to get lots of new accounts. Kind of a dirty trick given what a hassle it is to transfer to another institution. Had I known I would have left my money in the market as that rate barely covers inflation.  

It’s not bait and switch! It was always expected not to last. Yes it was a high offer to get you in, but anybody that expected it to last for longer than this, is just too critical about expectations. 6 months at 2.4% is awesome and the new lower rate that’s coming is still competitive. I have nothing but praise for EQ. They just wanted to fill their newly offered TFSAs with enthusiasm. Honestly speaking, I would have opened a TFSA even if the initial offer was just 1.5%.

April 13, 2021
5:33 pm
Loonie
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It's unprecedented that they are giving this much notice of change in the registered savings rate. May 26 is six weeks from now! That may be how long it's going to take to transfer out as the herd migrates elsewhere. But where to?

Unless you had a significant amount to put in, the 2.3 rate from EQ was hardly worth it, in my view. I didn't bother with it as I only had 6K to put in. I was 98% confident it wouldn't last more than six months.

I think it IS bait-and-switch, but I also think that is perfectly normal and to be expected. Nobody should expect any unusual rate to last more than six months max. (Six months is my rule of thumb.) One has to decide if it's going to be worth it, which depends on how much you are putting in, what the differential is, your best guess as to how long it will last, and how inconvenient it is to access.

April 13, 2021
6:22 pm
hwyc
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Based on the goodwill in the email, 2.3% rate can still go as far as *August 24, 2021*

(1) Leaving the deposit in 2.3% TFSA until May 26th.
(2) On May 26th, lock in for the 3-month GIC at 2.3%

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