May 2, 2025: $2,000+/month direct payroll deposit offer down from 4% to 3½% | EQ Bank | Discussion forum

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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* 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

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 )

Good to know... I guess it just takes them a while to send a batch that big... mine arrived much later in the evening (after 11pm ET).

That's only 2 days away! I don't see this on EQ website yet. I can imagine how someone will be upset over this.

COIN said
Doesn't help the guy who won the lottery and gets $1mm in interest income annually.  

If the lottery winner needs to worry about such a pittance, then he's got much bigger problems.