How does the bonus interest work at EQ Bank? | EQ Bank | Discussion forum

The primary account holder on the joint gets the T5.

This suggests that if the wife direct deposits the $2,000/month into the joint account, instead of her own account, then all the joint holders will get the Bonus Interest Rate:

4. Bonus Interest Accounts

If an Eligible Customer qualifies to receive the Bonus Interest Rate, the Bonus Interest Rate will apply to each of the Eligible Customer’s Bonus Interest Accounts [the Personal Account, Joint Account and the EQ Bank Card balance] for the Bonus Fulfillment Period (if applicable) as set out in these Terms. Any EQ Bank accounts of an Eligible Customer other than the Bonus Interest Accounts will continue to receive the current base rate of interest and will not receive the Bonus Interest Rate.

If Recurring Deposit(s) are set up partially or entirely to/from an Eligible Customer’s Joint Account, then the Bonus Interest Rate will apply to Bonus Interest Accounts [the Personal Accounts, Joint Accounts and the EQ Bank Card balances] that are held by all individuals that are account holders of the Joint Account that is receiving the Recurring Deposit(s).

I am not eligible for the 3.5% interest rate because I don't receive a direct deposit .The piddly 1.75% savings account interest rate has turned me away from EQ.

dentgal said
I am not eligible for the 3.5% interest rate because I don't receive a direct deposit .The piddly 1.75% savings account interest rate has turned me away from EQ.  

I agree with Dean. EQ has some excellent rates, either via the direct deposit 'condition' or the 10 day or 30 day 'notice' accounts. I am not interested in the former but the 10 day 'notice' period account is a sweet spot. Almost anyone can provide 10 days notice for upcoming cash needs.

onir303 said
I work for a bank, so my pay goes into my bank account with that bank.
I cannot direct deposit into another bank. They won't allow it.

So my question is: let's say my wife opens an account at EQ Bank and I do as well.
And let's say we have a joint account as well.
If my wife direct deposits 2000$ per month:
1. - She gets 3.5% for her account (that's a given)
2. - Does the joint account get 3.5%?
3. - Do I get 3.5% as well?

Anyone knows?  </

Assuming EQ is CDIC covered. You have maxed out to have CDIC coverage for principal and interest for $100,000 per account.

Sounds like quite the stringent employer. Do you have any weird encumbrances on your employment agreement in regards to personal banking?
A. I would check the pros and cons for doing this for income taxes and estate planning.