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EQ Joint accounts are here
July 8, 2020
9:26 am
maGIC
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Received email today saying joint accounts are here

July 8, 2020
10:06 am
Vatox
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maGIC said
Received email today saying joint accounts are here  

Joint accounts have been here for a couple weeks now. First posted by Shawguy on June 25 here in post 27: https://www.highinterestsavings.ca/forum/eq-bank/maybe-some-action-soon/page-2/

Peter has also posted the entire opening process under the site articles.

https://www.highinterestsavings.ca/2020/06/how-to-open-an-eq-bank-joint-account/

July 8, 2020
10:07 am
GICinvestor
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Wow if EQ can do that, it should have Oaken shaking in their boots with their inability to have savings accounts for registered accounts. sf-surprised

July 8, 2020
2:35 pm
Dean
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GICinvestor said

Wow if EQ can do that, it should have Oaken shaking in their boots with their inability to have savings accounts for registered accounts. sf-surprised  

Say What ❓❓❗

The last I checked, EQ Bank doesn't have Registered SA's either ... or maybe I'm missing something. sf-laugh

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

July 8, 2020
3:31 pm
Loonie
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I think he just meant that EQ is emerging from its slumber and becoming more competitive. EQ has been contemplating offering a TFSA, which would undoubtedly include a HISA when it happens.
But Oaken still has the advantage with the double CDIC coverage.
Neither of them has a chequing option, which I would like to see.

July 8, 2020
4:07 pm
Doug
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Loonie said
I think he just meant that EQ is emerging from its slumber and becoming more competitive. EQ has been contemplating offering a TFSA, which would undoubtedly include a HISA when it happens.
But Oaken still has the advantage with the double CDIC coverage.
Neither of them has a chequing option, which I would like to see.  

For what it's worth, Equitable Bank launched dual CDIC coverage through Equitable Trust in April of this year, I think, but only through the brokerage channel in nominee form only (i.e., through FundSERV). As is customary, rates are about 0.30-0.50% below the current EQ Bank direct-to-consumer rates, but there's no maximum the customer may hold, as far as I'm aware. As well, you can hold the deposits in RRSPs, TFSAs, and RRIFs, which also aren't available on EQ Bank.

Who knows when that will come to the direct-to-consumer channel...

They are also heavily investing in the reverse mortgage space, trying to become the leading competitor to the Canadian Home Income Plan from HomeEquity Bank (I also wouldn't be surprised to see Equitable Group make a bid for HomeEquity Bank and would be curious to hear what AltaRed thinks on that prediction...), and they've also started a new lending program to lend to people based on the cash surrender value of their life insurance policies. So that's what EQ Bank has been working on and spending most of their resources on, if anyone's curious. sf-cool

Cheers,
Doug

July 8, 2020
4:51 pm
Rick
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Loonie said
I think he just meant that EQ is emerging from its slumber and becoming more competitive. EQ has been contemplating offering a TFSA, which would undoubtedly include a HISA when it happens.
But Oaken still has the advantage with the double CDIC coverage.
Neither of them has a chequing option, which I would like to see.  

If they offered TFSAs, RRSPs and RIF's, it would make my choices so much easier. Manitoba has enough of my money.

July 8, 2020
4:55 pm
Doug
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Rick said

If they offered TFSAs, RRSPs and RIF's, it would make my choices so much easier. Manitoba has enough of my money.  

If you want to see what Equitable Bank and Equitable Trust are offering in the brokerage channel in terms of GIC rates, Rick, which can be held inside TFSAs, RRSPs, and RRIFs, see:

https://www.equitablebank.ca/investment-rates

They have non-redeemable 10 year GICs under both CDIC members, in the brokerage channel, at 2.25%.

Cheers,
Doug

July 8, 2020
5:17 pm
Loonie
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The brokerage is an expensive route when you consider that EQ offers non-registered 10 year rate of 2.7% direct to customer. With such a large gap, a lot of people would be better off to forget the TFSA and just pay the tax. Deduct your Average tax rate from 2.7 and compare to 2.25 to see what is best for you. You can (hopefully) always use the TFSA room some other time when it's worthwhile.

Some will say I shouldn't use Average tax rate and should use Marginal, but I find Average more reasonable. If you use Marginal all the time, which its fans do, then you are claiming several things to be at marginal rate, which, in my view, isn't realistic.

I think it's worth doing the calculation anyway, to see where you come out. Then you can decide what you want to do.

July 8, 2020
5:44 pm
Save2Retire@55
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Sadly I couldn't make my wife join cause we are now in QC. I opened mine when I used to live in the "Real" Canada!

July 9, 2020
10:09 am
bhuc
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Now that joint accounts are available , check that the ceiling caps on deposits have not changed.
I joined in Jan 2016 and have a cap of 500 K my wife joined in April 2016 and has a cap of 200 K (it was 100 k until recently).
So I created a new "joint account" with my wife and have discovered after talking to a CSR that between me and my wifes cap has "dropped" to 500 K from 700 K across all accounts.
FYI... beware the impact of having a joint account.
I have since asked that my Joint account be deleted.sf-frown

July 9, 2020
11:38 am
Bill
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For most people EQ's caps are not an issue, some on here have indicated they would never exceed CDIC insured limits with this bank.

July 9, 2020
11:49 am
Norman1
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Equitable Bank currently has a debt rating of BBB from DBRS.

So, it depends on how one feels about having a substantial amount of money in what is essentially a BBB-rated bond or obligation.

July 9, 2020
2:51 pm
hwyc
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bhuc said
Now that joint accounts are available , check that the ceiling caps on deposits have not changed.
I joined in Jan 2016 and have a cap of 500 K my wife joined in April 2016 and has a cap of 200 K (it was 100 k until recently).
So I created a new "joint account" with my wife and have discovered after talking to a CSR that between me and my wifes cap has "dropped" to 500 K from 700 K across all accounts.
FYI... beware the impact of having a joint account.
I have since asked that my Joint account be deleted.sf-frown  

If I undertand the EQ text correctly, your wife needed to be the primary holder of the joint account for her to reach individual $500k balance limit. In that case there should be no change to your pre 2016 Feb $500k individual balance limit.

July 9, 2020
4:28 pm
bhuc
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hwyc said

If I undertand the EQ text correctly, your wife needed to be the primary holder of the joint account for her to reach individual $500k balance limit. In that case there should be no change to your pre 2016 Feb $500k individual balance limit.  

What once was a individual Cap of (500 K for me and 200 K for my wife because we had only individual accounts ) is now a combined Cap of 500K for the both of us across all accounts (2 x individual and 1 x joint) because I opened a joint account.
I have requested that EQ close the joint account .
Hope this explains it a bit better.

July 9, 2020
5:38 pm
Norman1
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bhuc said

What once was a individual Cap of (500 K for me and 200 K for my wife because we had only individual accounts ) is now a combined Cap of 500K for the both of us across all accounts (2 x individual and 1 x joint) because I opened a joint account.

Are you sure about that? With a joint account, the maximum is $500K per customer, not per set of joint owners:

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

That suggests a combined maximum of 2 x $500,000 = $1 million.

July 9, 2020
6:19 pm
hwyc
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bhuc said

What once was a individual Cap of (500 K for me and 200 K for my wife because we had only individual accounts ) is now a combined Cap of 500K for the both of us across all accounts (2 x individual and 1 x joint) because I opened a joint account.
I have requested that EQ close the joint account .
Hope this explains it a bit better.  

I think the *combined cap* is to be understood as the cap on *one customer* to the combined balance to all his/her individual account(s) and all his/her join account(s) where he/she is the *primary* holder.

My two cents.

I understand you are the primary of the joint & that you already requested closing of this joint. Hopefully the discussion may bring some clarity for those on a similar path. For what it's worth, I did share a EQ joint with a child. And perhaps soon another joint with my spouse. Then may be a third joint, with all four in my family sf-smile

July 9, 2020
6:37 pm
Ed
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Received the following email today:

Unfortunately, we were unable to process your transaction of $0.06 & $0.03 scheduled on 07/09/2020.
Please Call EQ Bank for more details.
Thank you,
PAUL M
EQ Bank Customer Care

When I called EQ, was told that I have the maximum deposit of 200k in my account and that’s why the two micro-deposits from Laurentian to create an external bank link were rejected. When I explained that my account also included a joint account with my wife, which was evident from the ‘Overview’ online page, the rep said “sorry“ and “try again.”

Btw, my wife and I also received emails today saying that joint accounts are now available, even though we already have one.

Pretty bush league operation, if you ask me. Not surprised they can’t get approved for any type of registered accounts.

July 10, 2020
8:02 am
Rick
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Doug said

If you want to see what Equitable Bank and Equitable Trust are offering in the brokerage channel in terms of GIC rates, Rick, which can be held inside TFSAs, RRSPs, and RRIFs, see:

https://www.equitablebank.ca/investment-rates

They have non-redeemable 10 year GICs under both CDIC members, in the brokerage channel, at 2.25%.

Cheers,
Doug  

Thanx for the tip Doug. It appears that the 10 year rate in only in non-registered (not that I would consider a 10 year at this point in my life) . The rest of their TFSA rates are less than inspiring.
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July 10, 2020
2:29 pm
Lodown
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I am in Ontario. Would I be able to open a joint account with someone living in Quebec?

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