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Maximum account balance
July 1, 2016
7:13 am
Rick
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Not that it affects me, but noticed this on their "features" page -

For accounts opened before February 21, 2016, the maximum balance per customer is $500,000 (plus accrued interest)

For accounts opened on or after February 21, 2016, the maximum balance per customer is $100,000 (plus accrued interest)

So I guess they are happy with current deposit base and capped new accounts to the CDIC limit.

July 1, 2016
3:38 pm
Norman1
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Rick said

So I guess they are happy with current deposit base and capped new accounts to the CDIC limit.

Perhaps, as Loonie suggested, EQ Bank is more interested now in increasing the number of clients than the amount of funds deposited.

According to Toronto Star (May 11, 2016): EQ Bank’s 3% rate gone in 96 days, EQ Bank was hoping to attract $200 million in their first year. Instead, they ended up with $800 million in less than six months.sf-laugh

July 2, 2016
5:48 am
rfdm4g4g9
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Norman1 said

Rick said

So I guess they are happy with current deposit base and capped new accounts to the CDIC limit.

Perhaps, as Loonie suggested, EQ Bank is more interested now in increasing the number of clients than the amount of funds deposited.

According to Toronto Star (May 11, 2016): EQ Bank’s 3% rate gone in 96 days, EQ Bank was hoping to attract $200 million in their first year. Instead, they ended up with $800 million in less than six months.sf-laugh

Wouldn't be surprised if they are at $ 1 Billion right now and 20,000 customer's sf-cool

They were only expecting $ 200 Million and 10,000 customer's or at least that's what their Target was.

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