EQ Savings account rate drop to 1.7% | EQ Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
EQ Savings account rate drop to 1.7%
August 5, 2020
7:07 am
Alexandre
Member
Members
Forum Posts: 224
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

In our continued effort to provide you with a more transparent banking experience, we’re writing to let you know that on Thursday, Aug. 6, 2020, the interest rate for the Savings Plus Account will change from 2.00% to 1.70%.

August 5, 2020
7:29 am
AltaRed
Member
Members
Forum Posts: 1184
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

That is about where I thought EQ would would position itself although I had hoped for 1.75-1.8%.

Added: It really is too bad but it had to happen. EQ couldn't afford to pay a non-competitive rate, especially after money started pouring in with the availability of joint accounts. It might have lasted longer had they never started accepting joint accounts.

August 5, 2020
7:37 am
lacks
Member
Members
Forum Posts: 4
Member Since:
June 1, 2020
sp_UserOfflineSmall Offline

They have a 3 month 1.8% GIC. Are those rates changing?

August 5, 2020
9:05 am
theodor
Member
Members
Forum Posts: 19
Member Since:
November 4, 2015
sp_UserOfflineSmall Offline

EQ Bank should be lauded for their effort to provide a more transparent banking experience and a 30 basis points reduction in their interest rate is exactly what was needed to achieve their goal. Looking forward to more of the same.

Oh wait, I forgot but I moved all my deposits already, darn it missing out on all that transparency.

Theodor

August 5, 2020
9:59 am
Vatox
Member
Members
Forum Posts: 733
Member Since:
October 29, 2017
sp_UserOfflineSmall Offline

theodor said
EQ Bank should be lauded for their effort to provide a more transparent banking experience and a 30 basis points reduction in their interest rate is exactly what was needed to achieve their goal. Looking forward to more of the same.

Oh wait, I forgot but I moved all my deposits already, darn it missing out on all that transparency.

Theodor  

2.0% is a great rate, not sure why you moved your funds out before the drop?

August 5, 2020
10:12 am
Norman1
Member
Members
Forum Posts: 3398
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

lacks said
They have a 3 month 1.8% GIC. Are those rates changing?

Not right away. The same e-mail mentions that 1.8% 3-month GIC:

Limited-time offer:
1.80% on a 3-month GIC

If you’re looking for a guaranteed investment, our 1.80% rate on a 3-month GIC is here to grow your savings. Our GICs are a stable way to boost your savings, with locked-in rates that give you earnings you can count on. They’re also incredibly easy to buy—you can purchase one in seconds direct from your account!

That 1.8% 3-month GIC should last at least one more day for tomorrow (Thursday).

August 5, 2020
2:22 pm
Save2Retire@55
Member
Members
Forum Posts: 731
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

theodor said
EQ Bank should be lauded for their effort to provide a more transparent banking experience and a 30 basis points reduction in their interest rate is exactly what was needed to achieve their goal. Looking forward to more of the same.

Oh wait, I forgot but I moved all my deposits already, darn it missing out on all that transparency.

Theodor  

I am curious. Where did you move it? 2% was amazing and stable for a very long time. I like EQ's way of doing business.

August 5, 2020
2:33 pm
Vatox
Member
Members
Forum Posts: 733
Member Since:
October 29, 2017
sp_UserOfflineSmall Offline

Save2Retire@55 said

I am curious. Where did you move it? 2% was amazing and stable for a very long time. I like EQ's way of doing business.  

Totally agree. 1.7% is still competitive and I feel EQ deserves my money for a while longer as they held that 2.0% for quite a stretch when everyone else fell off the cliff.

August 5, 2020
4:27 pm
Loonie
Member
Members
Forum Posts: 6404
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I was going to move some funds from Peoples to EQ but held off because I felt that after all the others had dropped, that EQ wouldn't be far behind. But I didn't expect 1.7% yet. It feels like they no longer want to maintain their market lead. I was expecting 1.8 - 1.9

August 5, 2020
5:11 pm
3oakwest
Ontario, Canada
Member
Members
Forum Posts: 151
Member Since:
April 7, 2016
sp_UserOfflineSmall Offline

I'll stay with EQ they are still in the ball park and I find they are not the first to lower rates.

They've been fair to me.

August 5, 2020
5:53 pm
theodor
Member
Members
Forum Posts: 19
Member Since:
November 4, 2015
sp_UserOfflineSmall Offline

I was angered by the tone of the EQ announcement as I find it condescending. Wonder if they provided their borrowers with the same transparent banking experience by announcing a reduction in the lending rate. Reduce your rates as you see fit but don't try to make me feel as tho you are doing me a favor.

Save2Retire, went with Manulife 150 days @ 2.6%, Tangerine 2.5% until September 30th, CIBC 2.4% for 120 days.

August 5, 2020
6:17 pm
AltaRed
Member
Members
Forum Posts: 1184
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

No need to get one's knickers in a knot. It was at least an announcement and the rationale was both logical and true.

August 6, 2020
11:45 am
Rick
Member
Members
Forum Posts: 970
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

theodor said
I was angered by the tone of the EQ announcement as I find it condescending. Wonder if they provided their borrowers with the same transparent banking experience by announcing a reduction in the lending rate. Reduce your rates as you see fit but don't try to make me feel as tho you are doing me a favor.

Save2Retire, went with Manulife 150 days @ 2.6%, Tangerine 2.5% until September 30th, CIBC 2.4% for 120 days.  

Can't really blame them for trying to put a positive spin on a negative announcement. At least they sent an announcement. Better than checking your account one day and finding the rate had dropped.
As for the drop itself...too bad. It WAS going to be our destination for some funds once our Tang offer expires Aug 31. Not anymore.

Please write your comments in the forum.