EQ Savings Account rate drops to 1.5% on October 8, 2020 | EQ Bank | Discussion forum

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EQ Savings Account rate drops to 1.5% on October 8, 2020
October 5, 2020
10:25 am
Alexandre
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We wanted to let you know that on Thursday, Oct. 8, 2020, the interest rate for the Savings Plus Account will change from 1.70% to 1.50%.

Make the most of the next 3 months with our 1.70% rate on a 3-month GIC! Our GICs are a stable way to boost your savings, with locked in rates that give you earnings you can count on.

October 5, 2020
10:42 am
hwyc
GTA
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And I was eyeing the 1.8% 3-months GIC before … when did it drop?

October 5, 2020
10:43 am
2of3aintbad
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I loaded up on the weekend, buying 90 day GICs at 1.80% to mature in 2021, to defer the interest another year. Just in time, as they lowered it today to 1.70%. I have some more on hold from a transfer in.

Compare that to Oaken, who gives advance warning, and guarantees the rate on the day you make the application, not on the day that the hold is lifted.

October 5, 2020
11:05 am
Vatox
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1.7% is still good for the 3 months. I also loaded up on the 1.8, just in time!

October 5, 2020
12:10 pm
Dean
Slocan Valley, West Kootenays, British Columbia
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.
Look what We're reduced to now ... chasing after such 'Pittance'. And it could be up to 5 years (or more?) before we see half-decent interest rates again.

The New 'Norm' ... Sad sf-confused

            Dean

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

October 5, 2020
4:30 pm
pennysaver1
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Looks like the rest of their GICs dropped significantly as well, their 6 to 10 year GIC rates before today were 2.3% - 2.7% and now are 1.6% - 2%

With the exception of their 3 month GIC, the rest are either at or well below their new HISA rate

https://www.eqbank.ca/personal-banking/gics

2of3aintbad said
Compare that to Oaken, who gives advance warning, and guarantees the rate on the day you make the application, not on the day that the hold is lifted.  

I agree, it's too bad, I'm sure a lot of people missed out because they still had funds on hold 🙁

October 5, 2020
5:17 pm
Bill
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Get used to it, Dean, no-one's creating new wealth (do you know many (any?) people who do so every day?) so we elect governments to paper that over by printing money and uncontrolled borrowing, so low rates are here forever. Unless we get the only other option, all this fake money becomes worth little so uncontrolled inflation, that might be far worse. The traditional business/economic cycle is no more. IMO.

October 5, 2020
10:40 pm
Vatox
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Bill said
Get used to it, Dean, no-one's creating new wealth (do you know many (any?) people who do so every day?) so we elect governments to paper that over by printing money and uncontrolled borrowing, so low rates are here forever. Unless we get the only other option, all this fake money becomes worth little so uncontrolled inflation, that might be far worse. The traditional business/economic cycle is no more. IMO.  

Yep! And what broke the model was lowering the interest rates in the first place instead of allowing for correction and contraction of spending and borrowing.

October 6, 2020
10:50 am
Alexandra
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I sent a few thousand to EQ bank on Sunday the 4th. The 3 mo GIC was at 1.8%. Yesterday, Monday it went down to 1.7%. I called them and they said that once the money had cleared, to call them and they would give me the 1.8%. As soon as I did the transfer, it showed up on my deposit with them. So it shows the deposit on the 4th.

Too bad about the 6-10 rates. I did get the 5-6-7-8-9 & 10 yr rate (paid annually) at Motive though.

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