EQ Bank savings accounts, TFSA, and RRSP rates dropping to 1.25% | Page 2 | EQ Bank | Discussion forum

hwyc said
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%  

Good point. i had trouble reading that portion as my vision is poor and the print is smaller. But for people who signed on in early January for the 3 month GIC, then renewed in early April, it will not be possible to sign up for it again by May 26.

The people who might be able to benefit would be the ones who didn't take the GICs or took only one.
But people who didn't take the GIC then are less likely to take it in May, so I think the number who benefit from the extension will be small. It sounds more like a final attempt to get the stragglers into the GIC habit, hoping to retain them longer term. I wouldn't be surprised if they got some other kind of offer in August, for six months to a year, but it depends on what EQ's targets are and how well they are meeting them at that time.

Well then, my money is going back to Tangerine. Great I got the recent offer and activated it. Funny, the money didn't stay in EQ for even 2 months.

hwyc said
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%  

Note that the wording says "...as long as you purchase your GIC before May 26, 2021". So that makes the last day May 25th.

smayer97 said

Note that the wording says "...as long as you purchase your GIC before May 26, 2021". So that makes the last day May 25th.  

@smayer97, thanks for pointing that out. It is important

I just talked to a CSR at EQ Bank.
He told me that the interest rate on a 3 month GIC as of Friday April 16 will be going up to 1.50 %. I'll log in and confirm on Friday.

One could divide the funds between the upcoming EQ Bank 1½% 3-month GIC and Hubert's one-year cashable 1.3% term deposit.

More towards the Hubert term deposit if one feels that interest rates will drop further. More toward the EQ Bank GIC if one feels that interest rates will rise.

That will give one the average between 1.3% and what the EQ Bank 3-month GIC's will be for the next twelve months.

Looks like that may be May 21 for you Rick.

3 day weekend courtesy of Queen Victoria.

Does anyone recall how long it took to get EQ confirmation for TFSA 'successor holder' paperwork. I mailed my wife's and mine 2 days ago.

We both have over $35K of 2021 TFSA 'room'. Accounts are open with zero balance. Funds are sitting in our newly opened Joint HISA, ready to transfer over and start getting 2.3%, but a bit hesitant to do that till the beneficiary info is officially on file with EQ.

I have noted from info in this thread the need to purchase some sort of TFSA GIC prior to May 26th, so thanks for that.
fwiw, we have not received any email regarding the drop in non registered HISA rate coming tomorrow. Not sure why ?

Jim Sherat said
Does anyone recall how long it took to get EQ confirmation for TFSA 'successor holder' paperwork. I mailed my wife's and mine 2 days ago.

We both have over $35K of 2021 TFSA 'room'. Accounts are open with zero balance. Funds are sitting in our newly opened Joint HISA, ready to transfer over and start getting 2.3%, but a bit hesitant to do that till the beneficiary info is officially on file with EQ.

I have noted from info in this thread the need to purchase some sort of TFSA GIC prior to May 26th, so thanks for that.
fwiw, we have not received any email regarding the drop in non registered HISA rate coming tomorrow. Not sure why ?  

From the time of mailing to email confirmation wasn’t long. Maybe a week or possibly two. I didn’t track the time but it didn’t feel like an eternity.