EQ Bank savings accounts, TFSA, and RRSP rates dropping to 1.25% | Page 5 | EQ Bank | Discussion forum

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EQ Bank savings accounts, TFSA, and RRSP rates dropping to 1.25%
May 4, 2021
12:48 pm
Vatox
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HermanH said
Bad news, but at least I got a definitive answer. I called the EQ customer complaint resolution line and actually managed to speak with a person. She followed up and here is the final answer:

Our Registered Product team has confirmed that unfortunately, at this time, we are not able to process any transfer in requests from Scotiabank. Apparently, we have gotten a lot of rejections from the Scotiabank team. The Scotiabank’s Operations team is not cooperating with EQ Bank and has not provided us with a work-around to resolve the issue. Hence, our Registered Product team has stopped processing any transfer in requests from Scotiabank.

Thanks to everyone for their suggestions. Looks like we'll just have to go with another bank. 🙁  

If BNS is the root of the issue, why would a transfer to a different bank have a better result?

May 4, 2021
3:51 pm
HermanH
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Loonie said
I'd contact Scotia ombudsman anyway. You could request compensation for lost interest plus tax at EQ at a minimum, now that you have a clear message from EQ.

Thanks, I'll try to contact the ombudsman.

Vatox said If BNS is the root of the issue, why would a transfer to a different bank have a better result?

That may be true, but I think that the breakdown is between EQ and Scotiabank. I have had far more problems with EQ than I have ever experienced with any other bank, so I am giving Scotiabank the benefit of the doubt, for the time being.

Of course, you may be proven right and our transfer attempt to CanTire TFSA may fail, too. At that point, I will just take the money out and sacrifice the rest of the shielded interest for the balance of the year and re-deposit in 2022. At 0.1% TFSA interest at Scotiabank, she won't be losing out on much, except she won't be able to expand her deposit limit. 🙁

May 20, 2021
9:08 am
lancedragons
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Planning on transferring cash from Tangerine to EQ Bank to get in on the 2.3% TFSA GICs, anyone know how long the process should take? I'm guessing at least 2-3 days?

May 20, 2021
9:18 am
HermanH
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That depends on whether or not you are Pushing the funds in from another institution or Pulling the funds in from an EQ link.

If you are Pulling the funds into EQ via their dashboard, you should know that they will be held for 5 business days after their arrival. So, you won't be able to buy a TFSA GIC with them while under hold.

If you are using a link from another institution to Push funds into EQ, then 2-3 days should be sufficient for them to arrive. Once they arrive, EQ does not hold the funds and you can expend them on GIC.

May 20, 2021
1:45 pm
smayer97
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HermanH said

If you are Pulling the funds into EQ via their dashboard, you should know that they will be held for 5 business days after their arrival. So, you won't be able to buy a TFSA GIC with them while under hold.

Actually I spoke to EQ yesterday and they informed me that as long as the funds are in the EQ TFSA you CAN qualify for the 2.3% TFSA GIC. The way to do it is to wait until the hold is over then buy the TFSA GIC at the then current rate then call in to be placed on a list to have the interest adjusted. They will honour that.

You can call yourself to confirm but I was assured of that. I will call in again the last day of the promo to be sure again.

May 20, 2021
3:16 pm
AltaRed
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Seems late to be initiating transfers now. The 2.3% offer is 'before May 26th' which means Tuesday May 25th is it. Two business days from now......

May 20, 2021
4:44 pm
smayer97
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Transfers initiated today could still arrive either tomorrow or Monday in many cases. Many of mine can do it in that time.

Of course, YMMV.

May 20, 2021
5:00 pm
AltaRed
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smayer97 said
Transfers initiated today could still arrive either tomorrow or Monday in many cases. Many of mine can do it in that time.

Of course, YMMV.  

Monday is a statutory holiday. Nothing is happening between Friday night and Tuesday morning.

May 20, 2021
7:04 pm
smayer97
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Sorry... correct... actually meant to type Tuesday but it came out Monday.

May 20, 2021
8:02 pm
HermanH
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smayer97 said
Actually I spoke to EQ yesterday and they informed me that as long as the funds are in the EQ TFSA you CAN qualify for the 2.3% TFSA GIC. The way to do it is to wait until the hold is over then buy the TFSA GIC at the then current rate then call in to be placed on a list to have the interest adjusted. They will honour that.

You can call yourself to confirm but I was assured of that. I will call in again the last day of the promo to be sure again.  

Thanks for the tip. I'll be sure to try it. My TFSA transfer is enroute and unknown if it will arrive before the 25th. It can't hurt. I was expecting to miss the deadline, but if your suggestion works, at least I can try to keep my foot in the door.

Addendum: I called EQ and the rep said that she would leave a note in the file with the request and circumstances, but that it would be highly unlikely EQ would honour it unless the TFSA funds arrived prior to the end of the May 25th promo period. 🙁

May 21, 2021
7:22 am
annie
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So putting GIC on the 25th is the deadline, right! But some people say that there is no date displayed on holidays.. Does that mean that GIC on the 23rd will show the 25th?sf-cool

May 21, 2021
8:44 am
HermanH
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In general, banks defer weekends and holidays to the 'next business day' for their transactions.

May 21, 2021
11:13 am
AltaRed
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It would seem prudent to allow extra days for transfers in event Murphy comes back to work.

With $50k at a 1% interest rate differential = $1.37 per day, it would seem to be worse than Vegas odds to gamble NOT getting the GIC vs getting a few extra dollars of interest elsewhere for a matter of a few days grace. I would have initiated the transfer as far back as Monday, May 18th.

May 21, 2021
11:27 am
techno
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What will happen when your 3-months TFSA GIC matures? Will it automatically roll over to a new 3-months TFSA GIC or will it be transferred to your regular TFSA account?

Thanks!

May 21, 2021
3:12 pm
smayer97
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EQ posts the GIC back into the originating account. If initiated within a TFSA, the money is deposited there. If from another account, then to that account (not recommended unless you want the funds to be withdrawn from your TFSA, losing that contribution room until the following year).

May 21, 2021
3:34 pm
HermanH
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smayer97 said
EQ posts the GIC back into the originating account. If initiated within a TFSA, the money is deposited there. If from another account, then to that account (not recommended unless you want the funds to be withdrawn from your TFSA, losing that contribution room until the following year).  

Very good reminder. Thx.

May 21, 2021
4:39 pm
lancedragons
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AltaRed said
Seems late to be initiating transfers now. The 2.3% offer is 'before May 26th' which means Tuesday May 25th is it. Two business days from now......  

Didn't want to chance it, so I just interac-ed myself the money so it was instant, sitting in my TFSA HISA now.

Most of my cash is already locked in a GIC that matures in July, my 1.75% promo with Tangerine was extended to the middle of July, not sure if anything better is going to come along before then.

May 21, 2021
4:42 pm
annie
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techno said
What will happen when your 3-months TFSA GIC matures? Will it automatically roll over to a new 3-months TFSA GIC or will it be transferred to your regular TFSA account?

Thanks!  

GIC will automatically return to the TFSA savings account when it expires~

May 24, 2021
11:37 pm
HermanH
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Heads up: today's the last day for this promo rate at 2.3%

May 25, 2021
12:07 pm
Jim Sherat
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HermanH said
Heads up: today's the last day for this promo rate at 2.3%  

Thanks for the reminder .... moved all TFSA HISA $$ to the 90 day 2.3% promo yesterday for wife and myself. Will see which way the wind is blowing then.

fwiw, earlier in this thread there was much discussion about when the 2.3% rate would actually drop; today's the 25th, and hasn't changed yet.

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