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Email this11:00 am
December 29, 2018
Offline
Message from EQ bank :
«We’re writing to inform you that on September 26, 2025, the following interest rate changes will take effect for EQ Bank accounts:
Account
Rates*
Personal Account, Joint Account, and EQ Bank Card balance (base rate)
Current: 1.25%
New: 1.00%»
11:21 am
January 12, 2019
Offline
.
. . . Meh❗
Even at 1.25%, their regular SA rates are Woefully Uninspiring. 
Far better SA rates can be found elsewhere ... Seek And Yee Shall Find.
- Dean
P.S.
However, their 'XX Day Notice SAs',
are well worth looking into❗
" Live Long, Healthy ... And Prosper! "
12:07 pm
August 4, 2010
Online
But of course, a goodly portion of their client base is likely in a position to deposit pay/pension cheques of $2000/month and qualify for the Bonus interest rate, which presumably goes down from 3.30% to 3.05% with this change (haven't got my email yet). That's better than Wealthsimple (their best rate is newly dropped to 2.5%) and I think better than anything that isn't short-term promo chasing. Now I just need to try again to convince Peter that there needs to be some sort of mention (perhaps like GIC specials) on the HISA page... 🙂
3:53 pm
May 15, 2007
Offline
It's on the Promos page (https://www.highinterestsavings.ca/promotions/), but I can add a section to the main chart (https://www.highinterestsavings.ca/chart/). The question is where to draw the line for cases like the Notice Savings Accounts, Wealthsimple, and tiered rates.
3:55 pm
May 15, 2007
Offline
I just got the email:
- The direct deposit bonus rate is going down to 3.00% (from 3.30%)
- Registered savings accounts are going down to 1.50% (from 1.75%)
6:24 pm
January 12, 2019
Offline
.
Ah ... but there's More❗
The email I just received from EQ Bank ⬇️
.
- "We’re writing to inform you that on September 26, 2025, the following interest rate changes will take effect for EQ Bank accounts:
.
Personal Account, Joint Account, and EQ Bank Card balance (base rate):
.
- Current: 1.25%
New: 1.00%
Personal Account, Joint Account and EQ Bank Card balance (with qualifying direct deposits):
- Current: 3.30%
New: 3.00%
FHSA, TFSA and RSP Savings Account:
- Current: 1.75%
New: 1.50%
30 Day Notice Savings Account:
- Current: 3.00%
New: 2.75%
10 Day Notice Savings Account:
- Current: 2.85%
New: 2.60%
US Dollar Account:
- Current: 3.00%
New: 2.75%
Please note, only the rates listed above are changing. To view a complete list of rates for all our products, visit our Rates Page."
Signs of the times,
- Dean
" Live Long, Healthy ... And Prosper! "
2:43 pm
August 4, 2010
Online
Peter said
It's on the Promos page (https://www.highinterestsavings.ca/promotions/), but I can add a section to the main chart (https://www.highinterestsavings.ca/chart/). The question is where to draw the line for cases like the Notice Savings Accounts, Wealthsimple, and tiered rates.
I feel your pain, but $2000 direct deposit is probably feasible for the majority of the likely audience of this site, has no other relationship requirements, and really changes the attractiveness of the accounts. EQ basically moves from the bottom to the top of the chart. There must be some good way to make this apparent to people scanning the chart. Things like EQ Demand accounts (not a demand deposit), or the Wealthsimple tier bonus (a second 0.5% boost) can be left for their customers to discover.
I just got an email from Tangerine, who are now offering both a direct-deposit boost, and tiered rates. The DD requirement is only $200/month, but you only get the 2.75% rate on $25K. They are also doing tiered rates, based on your entire Tangerine portfolio balance, but you have to hit $100K to get a useful rate (2%; 2.75% at $500K). These are both only running from October thru June, so it remains to be seen if they'll keep extending them. The EQ and WS rates are basically baked in to their ongoing structure, although of course in the future they might decide to change how they do business.
3:03 pm
April 21, 2022
Online
NorthernRaven said
I feel your pain, but $2000 direct deposit is probably feasible for the majority of the likely audience of this site, has no other relationship requirements, and really changes the attractiveness of the accounts. EQ basically moves from the bottom to the top of the chart. There must be some good way to make this apparent to people scanning the chart. Things like EQ Demand accounts (not a demand deposit), or the Wealthsimple tier bonus (a second 0.5% boost) can be left for their customers to discover.
I just got an email from Tangerine, who are now offering both a direct-deposit boost, and tiered rates. The DD requirement is only $200/month, but you only get the 2.75% rate on $25K. They are also doing tiered rates, based on your entire Tangerine portfolio balance, but you have to hit $100K to get a useful rate (2%; 2.75% at $500K). These are both only running from October thru June, so it remains to be seen if they'll keep extending them. The EQ and WS rates are basically baked in to their ongoing structure, although of course in the future they might decide to change how they do business.
People need to show some initiative and do their own research, it's not that hard!
4:16 pm
August 4, 2010
Online
I'm more of the camp that sees a useful resource made less useful. There are 18 accounts listed on the chart, and no-one is going to check them all out in case there might be common circumstances where the rate will actually be much better than the chart shows (and in most cases, there won't be).
As I said, I've lost this case before, and I'm not sure what a good solution might look like for Peter (separate entries for EQ/WS "with direct deposit"?). Incidentally, I notice that RateHub's list is much worse, in the opposite direction. They do show the EQ higher rate, but the DD requirement is buried in the unexpanded Details section, etc, etc. They also sprinkle in a bunch of sponsored low rate entries, and it generally sucks as a basic information list.
8:56 am
May 15, 2007
Offline
I've decided to add EQ's direct deposit rate along with the other footnotes at the bottom of the table: https://www.highinterestsavings.ca/chart/
1:21 pm
December 29, 2018
Offline
I'm not going to take advantage of direct deposit in my EQ account to get their promo rate, because :
In my opinion, EQ isn't a real bank, they don't even have a real bank card or ABMs.
The promo offer can be cancelled at any time.
I'll stick with a real bank and not trust a fly by night financial institution with my paycheck.
9:17 am
August 16, 2024
Offline
I have been using EQ bank for my direct deposit for about year now. I got tired of moving my money in and out of Tangerine for their special rates.
I like the interest rates. Like Wealthsimple, they have a higher Interac transfer limit, so moving money hasn't been a problem.
I do still use Tangerine for cheques, though.
2:00 pm
July 9, 2020
Offline
I don't see anything regarding a maximum amount in the legal T&C (https://www.eqbank.ca/legal/Bonus-Interest-Offer-Terms-Conditions) which is shady given that if one digs deeper they seem to have buried a maximum at https://www.eqbank.ca/personal-banking/personal-account/fees-and-features under:
Maximum Cumulative Balance Held Per Customer (inclusive of Personal Account(s), Joint Account(s), and Notice Savings Account(s) balance(s))
~ For customers who joined EQ Bank before February 21, 2016, the maximum balance per customer is $500,000.
~ For customers who joined EQ Bank on or after February 21, 2016, the maximum balance per customer is $200,000, unless the customer has at least one Joint Account, in which case the maximum balance per customer is $500,000 while the customer maintains a Joint Account.
If the maximum amount that one can earn 3% (rate as of current date Nov 1/25 is $200k) have other folks found the juice worth the squeeze to transfer direct deposits to EQ (assuming no joint account)?
2:24 pm
April 6, 2013
Offline
The EQ Bank Bonus Interest Offer doesn't require one to keep the direct deposited funds in the account to maintain the 3% (2¾% starting November 7) bonus interest rate.
One can transfer funds out and pay bills with the funds if one is approaching the $200,000 or $500,000 per-customer limit.
3:47 pm
July 9, 2020
Offline
Norman1 said
The EQ Bank Bonus Interest Offer doesn't require one to keep the direct deposited funds in the account to maintain the 3% (2¾% starting November 7) bonus interest rate.One can transfer funds out and pay bills with the funds if one is approaching the $200,000 or $500,000 per-customer limit.
Thank you, Norman1. Based on your reply, it sounds like the maximum for a single (non-joint) account for earning interest is indeed $200k. That was my primary question, given that the legal T&C don't state such, but "Account Fees and Features" page seems to indicate the (current) 3% interest is only on values up to $200k for single account. I called EQ customer service today to ask about such, and was advised that my question would be referred to a manager and to expect a call by end of day. Waiting...
Edit: 2.8% at Oaken up to $500k seems better, though am sure Oaken's rate will decrease a bit in future, given BoC announcement.
3:59 pm
April 6, 2013
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That $200,000 or $500,000 limit is actually the maximum one can have, combined, in one's EQ Bank "Personal Account(s), Joint Account(s), and Notice Savings Account(s)". Further deposits will be refused once that limit is reached.
The limit is not for interest paying purposes. The limit is to control the amount of uninsured savings deposits.
4:07 pm
October 27, 2013
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Norman1 said
The limit is not for interest paying purposes. The limit is to control the amount of uninsured savings deposits.
That is a smart move if that is the case. It also helps for risk management purposes in event of a 2017 Home Capital Group style 'run on the bank'.
My primary purpose to hold an EQ Bank account used to be as a hub for push-pull between 2 big 5 banks, but now it is for the EQ Bank MC card that gives me commission free forex for when out-of-country.
Please write your comments in the forum.