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Email this10:38 am
January 13, 2022
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Patch002 said
For the client's best interest.
For me, it's move $$ out of EQ and into TING's 2.8% Promo HISA (to Oct 31). Simplii has a 2.75% Promo ending June 30th. Perhaps Simplii will up the ante in July. Duca and others have Promos too.
My point is... there are alternatives. EQ does not have to raise rates and I don't have to leave $$ there.
True enough. But EQ has some of the consistently highest rates. And when we see central banks raise their rates to where they need to be, EQ will be among the top, which is what I'm waiting for. If it were a case of simply moving money, I would also take advantage of better offers in the interim. However, my holdings at EQ are in RRSPs. Not so easy to move.
6:36 am
September 30, 2017
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Is EQ out of steam leading? Looking at the GIC chart history. They adjusted rates five times in June, but only one time so far in July and only on 1-yr & 5-yr rates. Also no change in HISA rates yet (since July 13th) ... 1.65% totally dissatisfying. This rate is so far behind, next move probably will match the others but cannot beat the others.
My two cents 
7:37 am
October 27, 2013
Online
They most likely don't want to beat the competition with HISA rates. What are they going to do with that kind of liquid liability that could be here today and gone tomorrow? Who are they going to lend it to and for what purpose?
I have a ton of funds in their HISA and would love a rate increase but fully understand why they wouldn't do so, or certainly not more than 2.2-2.4% at this time. They want GIC funds as is indicated in their attractive 1-5 year rates for fixed term mortgage lending.
10:34 am
April 21, 2022
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AltaRed said
I have a ton of funds in their HISA and would love a rate increase but fully understand why they wouldn't do so, or certainly not more than 2.2-2.4% at this time. They want GIC funds as is indicated in their attractive 1-5 year rates for fixed term mortgage lending.
A bit counter-intuitive, " I have a ton of funds in their HISA " at 1.65%. Why would you not move your HISA funds to Motive for 3%? You have chosen to leave 1.35% on the table, that's $1350 APR difference on a $100,000 balance, I don't get it.
1:01 pm
October 27, 2013
Online
JohnnyCash said
A bit counter-intuitive, " I have a ton of funds in their HISA " at 1.65%. Why would you not move your HISA funds to Motive for 3%? You have chosen to leave 1.35% on the table, that's $1350 APR difference on a $100,000 balance, I don't get it.
I am not interested in chasing rates around between institutions. I picked EQ Bank some years back because it was consistently competitive if not the best at any given point in time and that is good enough for me. I also won't deal with an institution that requires me to use snail mail for anything, including opening an account.
My HISA cash is strictly used as a cash wedge/buffer against equity market volatility. IOW, it is about liquidity and return OF capital rather than return ON capital. I am guessing EQ Bank will up their HISA rate to the 2.0-2.4% range shortly to be competitive with Oaken and Peoples. If they do not then......
......my HISA alternative is really the brokerage ISAs where deposits are bought/sold through the mutual fund platform. They pretty much have all moved up in response to the latest interest rate moves this past week, e.g. BMOIL's BMT104 (1.85%) and Scotia iTrade's DYN5000 (2.25%).
2:10 pm
May 26, 2022
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BMO Investorline and TD WebBroker ISAs are both at 2.25% (0.6% higher than EQ Bank HISA). These brokerage ISAs have CDIC coverage.
2:55 pm
October 27, 2013
Online
Greedy Guy said
BMO Investorline and TD WebBroker ISAs are both at 2.25% (0.6% higher than EQ Bank HISA). These brokerage ISAs have CDIC coverage.
BMO IL just changed it yesterday or last night then. I bought BMT104 yesterday when it was quoting 1.85%. I will certainly be even more content with 2.25%.
P.S. to JohnnyCash: I will move cash between the few FI accounts I have but as I have articulated on this forum a number of times, I won't open new ones. Those of us in our 70s have increasingly approaching best before dates and I don't want my POA/Executor to have to deal with unnecessary loose ends. It can be quite a different story for young'uns.
5:09 pm
April 21, 2022
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AltaRed said
P.S. to JohnnyCash: I will move cash between the few FI accounts I have but as I have articulated on this forum a number of times, I won't open new ones. Those of us in our 70s have increasingly approaching best before dates and I don't want my POA/Executor to have to deal with unnecessary loose ends. It can be quite a different story for young'uns.
You are being very thoughtful of your POA/Executor, it's not an easy job and honestly, a thankless task. Kudos to you!
7:42 pm
October 29, 2017
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In learning that W1 is 2.6%, I’m definitely seeing EQ as bottom feeders right now. They should be well above 2% by now!
4:53 pm
December 12, 2009
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EQ Bank may have a decent online banking platform, but I haven't found them to be at all responsive to customer suggestions. For instance, listing the newest transactions first/at the top on an account statement is a deal-breaker for me longer term. As well, their transaction narratives are woefully inadequate. Regrettably, I will be closing my EQ Bank and Wyth Financial accounts before the end of the year, first appending +closed to the part of my e-mail address before the @ sign, so I can still use the e-mail address (without that appendage) should I wish to re-register. 🙂
Cheers,
Doug
5:26 pm
April 21, 2022
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Doug said
EQ Bank may have a decent online banking platform, but I haven't found them to be at all responsive to customer suggestions. For instance, listing the newest transactions first/at the top on an account statement is a deal-breaker for me longer term. As well, their transaction narratives are woefully inadequate. Regrettably, I will be closing my EQ Bank and Wyth Financial accounts before the end of the year, first appending +closed to the part of my e-mail address before the @ sign, so I can still use the e-mail address (without that appendage) should I wish to re-register. 🙂Cheers,
Doug
Correct if I'm wrong, EQ will never allow you to open an account with them again if you close it. Just food for thought, it's a free account, leave it dormant as I don't believe they charge any fees for inactive accounts. Something about not burning the bridge behind you come to mind.
5:36 pm
December 12, 2009
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JohnnyCash said
Correct if I'm wrong, EQ will never allow you to open an account with them again if you close it. Just food for thought, it's a free account, leave it dormant as I don't believe they charge any fees for inactive accounts. Something about not burning the bridge behind you come to mind.
Yes, but since it's based on the e-mail address used, I believe this is a reasonable workaround for that scenario. If it's not, then one could close the account, but leave the online banking profile active. Alternatively, arguably, retaining the personal information of former customers for much longer than regulatory information retention periods would not fly with the Privacy Commissioner of Canada. With the exception of former safe deposit boxes, the absolute highest regulatory retention period for different types of accounts 10 years. Most retention periods are 3 and 7 years. A bank retaining personal information on a former customer fifteen, twenty, or more years after they closed their last account(s) would likely find themselves the subject of a public rebuke from the Privacy Commissioner of Canada and possibly even subject to an administrative monetary penalty and requirement to amend their privacy policy, as the Privacy Commissioner would most likely not find a satisfactory business need to retain the information for that period of time. 
Also, the federal government is rumoured to be preparing significant amendments to the long outdated Privacy Act, with rumours to include EU GDPR-like provisions, which provide for the right to be forgotten.
Cheers,
Doug
5:39 pm
December 12, 2009
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JohnnyCash said
Correct if I'm wrong, EQ will never allow you to open an account with them again if you close it. Just food for thought, it's a free account, leave it dormant as I don't believe they charge any fees for inactive accounts. Something about not burning the bridge behind you come to mind.
Not only that, prohibiting a former customer from opening a new account would run afoul of the Access to Basic Banking Regulations and subject to FCAC commissioner sanction. I'm surprised EQ Bank hasn't been called out on this and taken to FCAC!
Cheers,
Doug
10:59 pm
April 6, 2013
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FCAC actually has no grounds to pursue EQ Bank.
We found earlier that 3(1)(e) of the regulations exempts banks like EQ Bank from Bank Act 448.1(1) requirements because "the only retail deposit accounts offered are those that are linked to an account at another financial institution."
3:27 pm
May 19, 2022
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I'm admittedly growing a bit weary of waiting for EQ to come around to increasing their HISA rate. Sheesh, they used to pretty much lead the pack, but in recent months they've moved quite close to the bottom. (at least for their HISA's... though they are, thankfully, still competitive with their GIC's)
I am now at the point of considering moving my HISA funds away from EQ, but I keep hearing stories about the hassles of opening online accounts elsewhere. My application experience at EQ was fantastic, and I'm hoping that I can have an equally simple, quick, pain-free experience with a similar FI. If anyone can steer me in the direction of another pain-free application process, I'll be eternally grateful! I just want the quickest, simplest application process with instant results... no waiting, no snail mail, etc.
So, are there any other FI's out there that are as simple to open an account (online) as my EQ accounts were?
Thanking you in advance!
3:28 pm
November 18, 2017
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doug: Frankly, it's a no-brainer to make all on-line charts and histories available as pivot tables. That would allow the user to display things in ascending or descending order by any data item, and to move columns around for easier comparisons. It's a modern tool that should be standard.
This HISA site allow tables to be sorted by fields (in case anyone hasn't noticed - perhaps a "click on any column to sort by it" note would be useful) but not for coumns to be moved around, as far as I can tell.
RetirEd
RetirEd
4:20 pm
November 8, 2018
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Fogoguy said
I am now at the point of considering moving my HISA funds away from EQ, but I keep hearing stories about the hassles of opening online accounts elsewhere....
So, are there any other FI's out there that are as simple to open an account (online) as my EQ accounts were?
I suggest Meridian CU. Today (July 25, 2022). Right now. Because, they have HISA 3.0% promo for Online Advantage Savings account, which will tomorrow become 3.5% promo for you, if you open account today. For those who open account starting tomorrow it'll stay 3.0%.
That promo rate is for 8 months since opening account.
See https://www.highinterestsavings.ca/forum/meridian-credit-union/hisa-promo-2-75/page-6/
Opening account with Meridian was instantaneous for me, account were available right after I submitted my application online.
4:58 pm
April 21, 2022
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Alexandre said
I suggest Meridian CU. Today (July 25, 2022). Right now. Because, they have HISA 3.0% promo for Online Advantage Savings account, which will tomorrow become 3.5% promo for you, if you open account today. For those who open account starting tomorrow it'll stay 3.0%.
I was thinking they would launch a new promo tomorrow at 3.50% with a base rate of 1.75% and bonus rate of 1.75%.
5:27 pm
May 19, 2022
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I'm admittedly growing a bit weary of waiting for EQ to come around to increasing their HISA rate. Sheesh, they used to pretty much lead the pack, but in recent months they've moved quite close to the bottom. (at least for their HISA's... though they are, thankfully, still competitive with their GIC's)
I am now at the point of considering moving my HISA funds away from EQ, but I keep hearing stories about the hassles of opening online accounts elsewhere. My application experience at EQ was fantastic, and I'm hoping that I can have an equally simple, quick, pain-free experience with a similar FI. If anyone can steer me in the direction of another pain-free application process, I'll be eternally grateful! I just want the quickest, simplest application process with instant results... no waiting, no snail mail, etc.
So, are there any other FI's out there that are as simple to open an account (online) as my EQ accounts were?
Thanking you in advance!
Alexandre said
Fogoguy said
I am now at the point of considering moving my HISA funds away from EQ, but I keep hearing stories about the hassles of opening online accounts elsewhere....
So, are there any other FI's out there that are as simple to open an account (online) as my EQ accounts were?
I suggest Meridian CU. Today (July 25, 2022). Right now. Because, they have HISA 3.0% promo for Online Advantage Savings account, which will tomorrow become 3.5% promo for you, if you open account today. For those who open account starting tomorrow it'll stay 3.0%.
That promo rate is for 8 months since opening account.
See https://www.highinterestsavings.ca/forum/meridian-credit-union/hisa-promo-2-75/page-6/
Opening account with Meridian was instantaneous for me, account were available right after I submitted my application online.
Well, applying for an account at Meridian was a total waste of time. Not even close to the simple experience I had with EQ. First thing Meridian says is that I must go to the nearest branch, (there are no branches in my neck of the woods) or go to the post office to confirm my ID. (I am bedridden with a permanent spinal injury, so no, I'm not going to the post office) So I'll ask again... is there any other online bank whose application process will be similar to the experience I had when applying for an EQ account?
6:17 pm
November 8, 2018
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That was not my experience. I applied online and received two emails right away: first confirming my application, and second, a minute later, notifying me that my application is processed and my account with Meridian is now active.
I was not required to visit nearest branch, in fact till now I didn't even bother to check where is the nearest one. I was not asked to confirm my ID at the post office either. If I were, I would not be Meridian client today: I only accept online banking and online account opening.
I thought how they dealt with my application is standard process for every applicant. My apologies.
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