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EQ Raises Savings Account Interest
January 23, 2020
5:06 am
3oakwest
Ontario, Canada
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Effective today EQ Savings rate is 2.45%

Yippi!!!!

January 23, 2020
6:04 am
hwyc
GTA
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And thereby distinguished itself from CDIC peers like Oaken & Wealth One sf-smile

January 23, 2020
6:48 am
musicalmaestro
Ottawa
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Interesting, wealth simple announced a new bank account with savings at 2.4% - seems like there is some welcome competition going on!

January 23, 2020
7:30 am
Canadianbull
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Still no match with
Lbc 3.30%
Motive 2.80%
Simplii 2.80%
Tangerine 2.75%

January 23, 2020
7:50 am
Righand
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Canadianbull said
Still no match with
Lbc 3.30%
Motive 2.80%
Simplii 2.80%
Tangerine 2.75%  

FYI, Tangerine's base rate is 1.05%, not 2.75.

https://www.tangerine.ca/en/products/saving/savings-accounts/?ds_rl=1006592&gclid=EAIaIQobChMImNPF5Iia5wIVwp6zCh2rggTYEAAYASADEgJxB_D_BwE&gclsrc=aw.ds

January 23, 2020
7:54 am
krwilson
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Tangerine has an offer I am using till the end of January 2020 @ 2.75%. After that not sure what Tangerine may be offering.

January 23, 2020
8:57 am
Canadianbull
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Righand said

FYI, Tangerine's base rate is 1.05%, not 2.75.

https://www.tangerine.ca/en/products/saving/savings-accounts/?ds_rl=1006592&gclid=EAIaIQobChMImNPF5Iia5wIVwp6zCh2rggTYEAAYASADEgJxB_D_BwE&gclsrc=aw.ds  

I hear you. You need to negotiate for better rate.

January 23, 2020
9:11 am
Vatox
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That’s great, it feels like EQ has been 2.3% for ever.

January 23, 2020
10:16 am
AltaRed
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The EQ rate is a direct response to WealthSimple's new 2.4% account. I am pleased as well but surprised given yesterday's dovish stance by Carney AND the collapse of the bond yield curve (5 and 10 year now about 1.45%). I am guessing all rates could be down somewhat before the end of the summer.

January 23, 2020
10:36 am
canadian.100
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AltaRed said
The EQ rate is a direct response to WealthSimple's new 2.4% account. I am pleased as well but surprised given yesterday's dovish stance by Carney AND the collapse of the bond yield curve (5 and 10 year now about 1.45%). I am guessing all rates could be down somewhat before the end of the summer.  

Not sure if there is an account balance limit at Wealthsimple but remember EQ has an account balance limit of $200K which is not overly high. Motive's savvy saving account balance limit is $1M at least for the 2.8% rate.

January 23, 2020
11:23 am
AltaRed
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If it matters to a select few.

January 23, 2020
3:37 pm
Yatti420
Canada
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The account that gives you more now gives you even more! We’re excited to announce an increase in your interest rate—say hello to 2.45% everyday interest*.

This rate increase comes into effect today, and is applied automatically to your account.

So not only will you earn even more on every dollar, you still get to take advantage of the same great features of your Savings Plus Account, like:

Free and unlimited Interac e-Transfers®1
Cheap international money transfers
Unlimited transactions
Direct deposit
Free and unlimited bill payments
That means depositing cheques, paying bills, and moving money—while growing more of your money!

And since EQ Bank is a trademark of Equitable Bank, a federally-regulated member of Canada Deposit Insurance Corporation, your funds are eligible for deposit insurance from CDIC, as always.

Happy (even more) saving,

EQ Bank

Money Well Banked®

I'm going to move out of tangerine shortly.. maybe I will get lucky and get another promo offer..

January 23, 2020
4:00 pm
ReX
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3oakwest said
Effective today EQ Savings rate is 2.45%

Yippi!!!!  

...and their 1-yr GIC remains at 2.40 %

January 23, 2020
4:36 pm
Save2Retire@55
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This is amazing. I just got the email too. Love EQ!
For those comparing EQ with others with higher special rates, I don't think it is the good way of comparing a permenant rate with temporary ones.

January 23, 2020
4:54 pm
Dean
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Yatti420 said

I'm going to move out of tangerine shortly.. maybe I will get lucky and get another promo offer..  

Another member of the Stampede, making the 'Grand Exit' from Tangerine.

You're not alone❗

.

Save2Retire@55 said

This is amazing. I just got the email too. Love EQ!
For those comparing EQ with others with higher special rates, I don't think it is the good way of comparing a permanent rate with temporary ones.  

Yup ... I don't pay much attention to those short-term 'bait' rates either.

But some here do. LOL sf-laugh

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

January 23, 2020
7:13 pm
suburbs4life
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This is great news!

January 24, 2020
9:15 am
Vatox
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ReX said

...and their 1-yr GIC remains at 2.40 %  

Yeah, I really want that 2 year GIC at 2.45% because I love to lock my money away.sf-confused

January 24, 2020
9:55 am
ReX
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Vatox said

Yeah, I really want that 2 year GIC at 2.45% because I love to lock my money away.sf-confused  

If they smarten up and raise 1-yr GIC to 3%, I will stay locking in. Otherwise, I am all set to migrate to Peoples Trust on maturity.
Keep in mind that December inflation rate got pegged at 2.2% citing rise in food and gasoline prices (long live carbon tax!). Your after tax interest payout is not enough to maintain the value of your investment, let alone register any gain.

January 24, 2020
11:22 pm
Rick
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Would be a lot more useful FI if they had Joint accounts & TFSAs.

January 26, 2020
8:08 am
pwm
Headingley MB
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I have an account at EQ with a zero balance. I'm keeping it open waiting for joint accounts. I don't have much hope for that, since they have promised that for 3 years.

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