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EQ Lowers Savings Account Interest
March 9, 2020
11:40 am
krwilson
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March 15, 2019
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Just received this email...

"Last week, the Bank of Canada lowered its interest rate by 0.50%. As you may know, the Bank of Canada benchmark interest rate has an effect on the rates that banks can offer its customers.

As a result, beginning on Tuesday, March 10, the new rate on our EQ Bank Savings Plus Account will be 2.00%*.

Although rate fluctuations are normal, we don’t take rate reductions lightly—we’re making this change in response to market conditions.

Nothing else about your EQ Bank account has changed. You'll continue to earn high interest on every dollar, with no everyday banking fees. Plus, you still get free Interac e-Transfers®, free bill payments, cheap and fast international money transfers, and more.

Get 2.45%† on a 3 month GIC

To bring you more value and peace of mind, our GICs are a simple and secure way to lock in a portion of your savings at guaranteed rates. That’s why, for a limited time, we’re offering a 2.45% rate on our 3-month GIC—which you can purchase in just a few easy steps right from your account."

March 9, 2020
12:10 pm
Doug
British Columbia, Canada
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December 12, 2009
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Yep, ~2.00% is about to be the new going average rate for most of the HISAs in the comparison chart. Manitoba CUs will all be there in <3-4 weeks. Motus Bank and Alterna Bank will be at 1.50-1.75%, and Canadian Tire Bank will probably go to 1.00-1.25%.

I expect Motive Financial to drop their HISA rate to 2.40%, to match their TFSA rate, and LBC Digital to drop to 2.40% as well. 2.40% will likely be the new highest, non-promotional, non-teaser HISA rate.

Cheers,
Doug

March 18, 2020
7:49 pm
Canadianbull
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December 26, 2018
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bought 3-months GIC @ 2.45%. sf-cool

March 19, 2020
7:21 am
ReX
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April 28, 2017
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Canadianbull said
bought 3-months GIC @ 2.45%. sf-cool  

I guess you have missed latest Oaken offer...

March 19, 2020
7:38 am
Canadianbull
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December 26, 2018
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I purposely parked my money for just 3 months to buy more time to monitor market.

March 19, 2020
12:51 pm
toto
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August 17, 2010
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I got the one year at 2.25 and a put extra in the 3 month at 2.45.

March 19, 2020
6:40 pm
Canadianbull
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December 26, 2018
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Nice.

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