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Email this4:31 pm
April 6, 2013
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JohnnyCash said
Interest rate dropping 0.5% effective May 2nd, emails on the way.
… We'll have to see if PC Financial moves off of their 3.5% rate.
This deserves its own thread.
Fine print from the e-mail:
* … For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice. For the Personal Account, Joint Account and EQ Bank Card, the base interest rate is 1.25% (the “Base Rate”). Customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account are currently eligible to earn a bonus interest rate of 4.00% (the Base Rate plus an additional 2.75%) for the eligible accounts (the Personal Account, Joint Account, and the EQ Bank Card balance). Beginning on May 2, 2025, customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account will be eligible to earn a bonus interest rate of 3.50% (the Base Rate plus an additional 2.25%) for the eligible accounts. …
9:39 am
September 28, 2023
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Here is the full email:
We’re writing to inform you that on May 2, 2025, the following interest rate changes will take effect for EQ Bank accounts:
Account
Current rate*
Rate beginning May 2, 2025*
Personal Account, Joint Account and EQ Bank Card balance (with qualifying direct deposits)
4.00%
3.50%
Business Account
3.00%
2.50%
Please note, only the rates listed above are changing. To view a complete list of rates for all our products, visit our Rates Page.
Why is EQ Bank changing our rates?
The Bank of Canada adjusts its benchmark interest rate to help manage economic growth and inflation. While the Bank of Canada held its rate steady this month, it has already cut rates twice this year in response to shifting economic conditions.
We chose to hold some of our rates through both cuts because we wanted to give you the best value for as long as possible. But as the market adjusts, we now need to make a change too.
Even with this update, EQ Bank remains committed to maintaining some of the most competitive interest rates on everyday banking in Canada.
Will I still earn bonus interest with qualifying direct deposit transactions?
Yes! While the base rate for Personal Accounts and Joint Accounts will remain at 1.25%*, the bonus interest rate for customers with eligible direct deposits will decrease to 2.25%*. Customers who continue to meet the requirements of the offer will earn a total of 3.50%* interest.
We have updated our EQ Bank Bonus Interest Offer Terms and Conditions to reflect this interest rate change. To view these updated terms and conditions, click here.
Is there anything I have to do?
There’s no action required on your end. The new rates take effect on May 2, 2025 and will be automatically applied to your account. Your interest payment on June 1, 2025, will be reflective of the current rates on May 1 and the new rates from May 2 to 31. If you have any questions, our Customer Care team is available to help from 8:00am to midnight ET through live chat.
Sincerely,
EQ Bank
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EQ Bank is brought to you by Equitable Bank, a Schedule I Canadian bank and the country’s seventh largest bank by assets. Equitable Bank is a member of CDIC (Canada Deposit Insurance Corporation). EQ Bank is a trade name of Equitable Bank.
Equitable Bank, 30 St. Clair Ave. West, Suite 700 Toronto, ON, M4V 3A1, Canada
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* Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice. For the Personal Account, Joint Account and EQ Bank Card, the base interest rate is 1.25% (the “Base Rate”). Customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account are currently eligible to earn a bonus interest rate of 4.00% (the Base Rate plus an additional 2.75%) for the eligible accounts (the Personal Account, Joint Account, and the EQ Bank Card balance). Beginning on May 2, 2025, customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account will be eligible to earn a bonus interest rate of 3.50% (the Base Rate plus an additional 2.25%) for the eligible accounts. Conditions apply. Please review the EQ Bank Bonus Interest Offer Terms and Conditions for details.
© 2025 Equitable Bank, All Rights Reserved
10:42 am
October 27, 2013
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That email seemed perfectly logical to me when I got it earlier today. The 4% was too good to last as long as it did. It seems rather exceptional to even see a 3% liquid HISA rate in this environment.
10:51 am
September 28, 2023
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It's kind of interesting that this is announced just hours after the election results. Do you think the outcome of the election had any sway on this rate decision?
(please don't turn this into a political bashfest 
)
11:36 am
April 6, 2013
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The EQ Bank e-mail notice I received was sent out yesterday (Monday, April 28) around 6:30 pm Eastern time. The poster in the other thread posted earlier and presumably received the e-mail even earlier.
The polls for the federal election for most of the country were still open at that time.
Please write your comments in the forum.