Notice Savings Account | EQ Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Notice Savings Account
May 30, 2024
7:52 am
hwyc
GTA
Member
Members
Forum Posts: 1205
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

New from EQ. Is there existing comparable from competitor(s)?

10 Day Notice 4.50%
30 Day Notice 5.00%

May 30, 2024
8:14 am
Norman1
Member
Members
Forum Posts: 6910
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

There's the Canadian Western Bank Flex Notice Account. It was discussed in Does anyone have experience with CWB's (Motive's parent company) "Flex Notice" account?

Used to be interesting until Canadian Western Bank cut the rates. According to RedFlagDeals.com posts, was P-1.75% for 31 days notice and P-1.5% for 93 days. Became P-2.6% (now 7.2% - 2.6% = 4.6%) for 31 days notice and P-2.2% (now 7.2% - 2.2% = 5%) for 93 days.

May 30, 2024
8:20 am
InterestThis
Member
Members
Forum Posts: 303
Member Since:
November 5, 2022
sp_UserOfflineSmall Offline

noticed!

May 30, 2024
8:36 am
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 1992
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

.
Here's the 'Full Scoop' https://www.eqbank.ca/personal-banking/notice-savings-account

I'm Liking that 30 Day Notice @ 5.00%. sf-smile

    Dean

P.S.
But of course ... those interest rates
are subject to change, at any time.

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

May 30, 2024
10:16 am
Alexandre
Member
Members
Forum Posts: 1189
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

I can't seem to find that when I login to my EQ bank account. I don't have an option to open "Notice Savings Account."

Does anyone know where is it? If you do, can you share a screenshot?

-----------------

PS. Scotiabank offers something similar, but their rates are abysmal.

May 30, 2024
10:54 am
hwyc
GTA
Member
Members
Forum Posts: 1205
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

... didn't say explicitly but looks like it's non-registered only & no joint.

May 30, 2024
11:14 am
Norman1
Member
Members
Forum Posts: 6910
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Alexandre said
I can't seem to find that when I login to my EQ bank account. I don't have an option to open "Notice Savings Account."

Does anyone know where is it? If you do, can you share a screenshot?

It's under ProductsNoticeAcct.pngNotice Savings Account.

May 30, 2024
11:15 am
Alexandre
Member
Members
Forum Posts: 1189
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

Alexandre said
I can't seem to find that when I login to my EQ bank account. I don't have an option to open "Notice Savings Account."

Does anyone know where is it? If you do, can you share a screenshot?

Thanks, Norman1. Also, it just appeared in my EQ Bank app. Was not there when I asked.

This product is for me. Already opened Notice Savings Account. Moved funds there to test how it works. Will move more.

Thanks, hwyc, for sharing this!

May 30, 2024
12:20 pm
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 1992
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

hwyc said

... didn't say explicitly but looks like it's non-registered only & no joint.  

Maybe they will happen later ?

Let's wait an' see.

    Dean

P.S.
I just tried to open an EQ Notice SA, but was blocked
and this notice popped up; "You already have two
of these accounts"
... which of course, I don't.

LOL ... I guess they've still got some Bugs to work out.

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

May 30, 2024
2:06 pm
InterestThis
Member
Members
Forum Posts: 303
Member Since:
November 5, 2022
sp_UserOfflineSmall Offline

hwyc said
... didn't say explicitly but looks like it's non-registered only & no joint.  

Do they normally give away free joints?

May 31, 2024
4:29 am
pwm
Headingley MB
Member
Members
Forum Posts: 107
Member Since:
October 21, 2018
sp_UserOfflineSmall Offline

I just logged on to EQ and under "Notice Savings Accounts" it says "You already have 2 of these accounts". I have a HISA and a 2 GICs at EQ. The HISA is a joint account so that may explain it.
I think this is still a work in progress.

May 31, 2024
9:41 am
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 1992
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

.
Same here, Pwm (see post #9).

It seems that this is just their Beta version, and we (their customers), are left to find all the Bugs for them.

Meh ! sf-confused

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

May 31, 2024
10:01 am
pwm
Headingley MB
Member
Members
Forum Posts: 107
Member Since:
October 21, 2018
sp_UserOfflineSmall Offline

I saw post #9 after I already replied. Lesson learned. Read every post before you reply.

June 2, 2024
10:16 am
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 1992
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

Dean said

. . .

P.S.
I just tried to open an EQ Notice SA, but was blocked
and this notice popped up; "You already have two
of these accounts"
... which of course, I don't.

LOL ... I guess they've still got some Bugs to work out.  

It looks like they fixed it already. It was either that, or it was because I cleared all my cookies.

2day I was able to set up an EQ Notice SA @ 5.00%. sf-smile

Give it a try, Pwm.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

June 3, 2024
3:55 am
pwm
Headingley MB
Member
Members
Forum Posts: 107
Member Since:
October 21, 2018
sp_UserOfflineSmall Offline

I tried again and it still says "You already have 2 accounts".
Deleted cookies for EQ Bank, logged off/on, tried again, still no joy. Not really a big deal since I only have $463 in cash. The large amount is in 2 GICs. (Funny that they only allow a max of $100k per GIC so I had to break it into 2)

This would be nice if I was sitting on a large cash balance however.

June 3, 2024
4:54 am
Gogie
Member
Members
Forum Posts: 18
Member Since:
March 17, 2022
sp_UserOfflineSmall Offline

Not sure if it is of major significance, but using a "Notice" account effectively eliminates the ability to pull money out of EQ Bank into another financial institution. The only option is to "push" it out. Again, this may be of little or no consequence to anyone but sometimes the devil is in the details.

July 10, 2024
7:01 pm
zgic
Member
Members
Forum Posts: 125
Member Since:
August 30, 2023
sp_UserOfflineSmall Offline

This looks to be a very good option instead of the promo games. I just opened 2 of these Notice accounts at EQ. EQ seems to have very good technology. Opened these accounts in seconds. No minimum balance. I believe these should become popular here as sometimes it becomes difficult to play the promo games.
With a 5% rate currently looks competitive.

July 10, 2024
8:59 pm
HermanH
Member
Members
Forum Posts: 1208
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

zgic said
This looks to be a very good option instead of the promo games. I just opened 2 of these Notice accounts at EQ. EQ seems to have very good technology. Opened these accounts in seconds.

I thought the same as you, and opened two accounts, too. Unfortunately, their tech leaves a lot to be desired; it often throws me out for unknown reasons and forces me to log back into the system.

However, I want to tell you about a current problem with my 30d Notice account. I moved funds into it on July 3 and they arrived on July 4. I fully expected them to stay in 30d acct, but then got the 5.5% offer from Tang. So, I decided to move the funds back, to gain the additional 0.5% (Also, I would not have to suffer any transfer delays at Tang.)

I made an entry to transfer my 10d account funds, since the amount was less than $30K. The 30d acct was large and would require several transactions, if I wanted to enter them myself. So, I called EQ and insisted that the CSR make the single large entry, since my portal would not allow the larger amount. I fully expected to just lose out the 0.5% bonus interest differential for the first month and was willing to accept the loss. However, after the CSR entered the transaction, about 10 mins later, I received a notification that the funds had moved out on July 5 (There was no way they would arrive until Monday, so I lost out the weekend interest.) I tried several times to call back and find out what had happened.

Did the funds actually move or did they just 'disappear for 30 d' and would transfer after the 30d delay, the same way my 10d funds were scheduled to transfer after 10d delay?

After trying for several days to catch the manager and failing, the funds still have not appeared either in Tang or EQ. I was told by another manager that EQ conducted the EFT transaction immediately, instead of waiting the 30d (possibly because it had been entered by a CSR, thus potentially voiding any mandatory delay.) She said that because it was a new product, it was an unforeseen circumstance/hiccup.

I have lost approximately $30 interest every day (6 days, thus far.) I anticipated losing a few days, but now I am losing hundreds because of their system. Normally, EFT from EQ is received the next business day, when I enter it.

Had the system worked as supposed, my money would have sat in EQ earning 5% for 30 days and then transferred to Tang for the higher 5.5% rate. I would have missed $30-60 interest during the transfer period and the 0.5% bonus differential for the month. Instead, I am out $240+ and still waiting.

Just something I wanted to report, in case anyone wanted to try and get their money out of Notice accounts earlier. Also, to not be so sunny about EQ tech.

July 11, 2024
5:12 pm
zgic
Member
Members
Forum Posts: 125
Member Since:
August 30, 2023
sp_UserOfflineSmall Offline

HermanH said
Had the system worked as supposed, my money would have sat in EQ earning 5% for 30 days and then transferred to Tang for the higher 5.5% rate. I would have missed $30-60 interest during the transfer period and the 0.5% bonus differential for the month. Instead, I am out $240+ and still waiting.

Just something I wanted to report, in case anyone wanted to try and get their money out of Notice accounts earlier. Also, to not be so sunny about EQ tech.  

Thank you HermanH for the detailed info. So because the amount was large you had to call the CSR at EQ. Does that mean there is a transfer limit at EQ? Did not understand what you meant by your portal?
Please let me know the end result of this ordeal and that you are never going to use these Notice accounts at EQ again?

July 11, 2024
5:58 pm
HermanH
Member
Members
Forum Posts: 1208
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

zgic said
So because the amount was large you had to call the CSR at EQ. Does that mean there is a transfer limit at EQ? Did not understand what you meant by your portal?

That is correct. The EQ daily outbound transfer limit for a single transaction (initiated by a user) is 30K. You can do multiple transfers of 30K. (I do not know how many are allowed.)

The portal, to which I refer, is when I log onto EQ's system.

I may use the EQ notice accounts in the future, but I will remind myself just how faulty their system is and avoid their bugs. I could have transferred the funds through multiple transactions, but wanted a single amount to match the single amount moved into the EQ30 account. As of today, my funds have still not arrived at Tang.

To their credit, EQ said that they are willing to pay me 5% interest on the funds for every day my money remains missing after the 3-business day transfer delay window outlined in their terms and conditions. So, I lose the weekend (3 days) and 3 business days of interest, approximately $240.

No permission to create posts

Please write your comments in the forum.