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

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
EQ Bank savings accounts, TFSA, and RRSP rates dropping to 1.25%
April 13, 2021
6:51 pm
Loonie
Member
Members
Forum Posts: 7320
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

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.

April 13, 2021
7:37 pm
Winnie
Ontario
Member
Members
Forum Posts: 351
Member Since:
December 7, 2011
sp_UserOfflineSmall Offline

I just got a bit different email from EQ:EQ.jpg

I guess it just a simple mistake "registered CIC" instead of "non-registered GIC" available on April 16.
Strange, that they have different emails versions for different customers.

April 13, 2021
8:00 pm
Save2Retire@55
Member
Members
Forum Posts: 791
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

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.

April 13, 2021
9:30 pm
Loonie
Member
Members
Forum Posts: 7320
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

The email I got refers to non-reg'd.

For those who want to plan a little further out, EQ is offering the following short term TFSA rates:

6 Month 1.80%
9 Month 1.65%
https://www.eqbank.ca/personal-banking/tfsas

Compare to non-reg'd:
6 Month 1.30%
9 Month 1.25%
https://www.eqbank.ca/personal-banking/gics

April 13, 2021
10:15 pm
smayer97
Member
Members
Forum Posts: 448
Member Since:
September 29, 2017
sp_UserOfflineSmall Offline

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.

April 14, 2021
12:34 am
2of3aintbad
Member
Members
Forum Posts: 308
Member Since:
February 24, 2015
sp_UserOfflineSmall Offline

Loonie said
It's unprecedented that they are giving this much notice of change in the registered savings rate. May 26 is six weeks from now! ...  

This surely must be related to the Carrick leak. They changed the date slightly but obviously want more TFSA and RRSP funds.

April 14, 2021
4:20 am
hwyc
GTA
Member
Members
Forum Posts: 411
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

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 sf-embarassed

April 14, 2021
6:37 am
Jim Sherat
Member
Members
Forum Posts: 84
Member Since:
January 1, 2018
sp_UserOfflineSmall Offline

Here I just set up TFSAs for spouse and myself, and sent in the beneficiary [ie successor holder] info yesterday, and wake up to see this thread !!

No I didn't expect 2.3% HISA to last, but hoped to get it for a little while once I transferred in our funds. Once I get beneficiary confirmation, I'll need to make a decision to proceed or not. Maybe the short term GICs being discussed here is better than nothing.

As for the drop in the reg. savings rate, well its just another .25% I'll never see.
But 1.25% is better than zero at TD !! oh sorry, not zero, 0.010%

Maybe because I'm new EQ has not sent an email to us. So thanks for the info posted in this thread to make folks like me aware.

April 14, 2021
9:54 am
bhuc
Member
Members
Forum Posts: 29
Member Since:
October 5, 2017
sp_UserOfflineSmall Offline

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.
sf-surprised

April 14, 2021
10:23 am
Norman1
Member
Members
Forum Posts: 4283
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

As well, the e-mail notification says the 1½% rate on their 3-month GIC is available April 16:

E.png

April 14, 2021
3:18 pm
pooreva
Member
Members
Forum Posts: 277
Member Since:
April 2, 2018
sp_UserOfflineSmall Offline

The way interest rates go and everybody is dropping them, how smart will be to get 1.5% GIC on 3 months vs. 1.3% for the whole year?

April 14, 2021
3:28 pm
topgun
Member
Members
Forum Posts: 448
Member Since:
September 6, 2020
sp_UserOfflineSmall Offline

Do what you prefer.

Have a Great Day

April 14, 2021
4:23 pm
Norman1
Member
Members
Forum Posts: 4283
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

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.

April 14, 2021
4:44 pm
Rick
Member
Members
Forum Posts: 1110
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

A} did anyone really expect the rate to stay at 2.3? Their track record says no.
B} Guess I can move the majority of my liquid cash back to my primary FI after May
Double interest for a weekend while the cash is in limbo. sf-wink

April 14, 2021
6:17 pm
Loonie
Member
Members
Forum Posts: 7320
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Looks like that may be May 21 for you Rick.

3 day weekend courtesy of Queen Victoria.

April 14, 2021
8:30 pm
FC
Member
Members
Forum Posts: 11
Member Since:
January 31, 2020
sp_UserOfflineSmall Offline

Hi Simplii,

Could you please do a 1.5% Savings Account promotion? A lot of EQ money will come over and it will only cost a measly 1.5% thanks!

April 15, 2021
5:09 am
Jim Sherat
Member
Members
Forum Posts: 84
Member Since:
January 1, 2018
sp_UserOfflineSmall Offline

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 ?

April 15, 2021
7:32 am
pooreva
Member
Members
Forum Posts: 277
Member Since:
April 2, 2018
sp_UserOfflineSmall Offline

Norman1 said
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.  

These days it is a gamble...
You could lock your money on 1.5% for 3 months with EQ but during these 3 months Hubert could lower their GIC rates so you miss 1.3%

April 15, 2021
8:39 am
Vatox
Member
Members
Forum Posts: 956
Member Since:
October 29, 2017
sp_UserOfflineSmall Offline

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.

April 15, 2021
10:11 am
HermanH
Member
Members
Forum Posts: 194
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

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.

Hope that your experience is better than mine.
I sent a TFSA transfer request online Apr 8 and it was declined Apr 12 because it was 'illegible'. I tried to Fax, but they keep giving me an error. (My fax machine is able to fax other places, so it isn't me.)

I tried to call EQ and tell them that they probably just ran out of paper, but the rep can't help (of course) since it is a different office. And, there is no way to call anyone there to tell them to add paper,

I re-submitted it online and also snail-mailed. Trying to get it in before the deadline. What a hassle. 🙁

Please write your comments in the forum.