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Once a Leader
November 2, 2018
5:17 pm
mechone
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What's going on, paying the highest interest rate for the longest time now looks like a followersf-frown

November 3, 2018
9:44 am
AltaRed
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In what? HISA accounts or GICs? EQ may now be deliberately not encouraging more deposits in HISA accounts if their risk management algorithm says they don't want more liquid deposits, focusing instead on GICs (they have a 15 month GIC promotion going).

Remember it was a run on liquid (HISA) money that nearly sunk Home Capital. There are perfectly good reasons for each FI to balance their HISA vs GIC offerings.

November 3, 2018
9:51 am
Doug
British Columbia, Canada
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Agreed re: risk management and shifting from demand to fixed-term deposits. Also, in a rising interest rate environment, it doesn't make sense for banks to raise their HISA rates as quickly, especially if they don't need the capital (and they don't; they're awash in it and loan growth is tepid, at best!). Raising longer term GIC rates also doesn't make sense as quickly as shorter term deposits as they'll want to shift people into the longer term GICs that are at least somewhat profitable. Your best bet, at least while rates raise, will be in the 1-, 2-, and 3-year fixed-term GICs, I think. sf-cool

That said, I personally feel the Canadian economy (economic growth isn't as stellar as the BoC thinks it is, outside of urban pockets and select areas) can't handle more than one 0.25% percent rises in the daily overnight rate by the BoC (to 2% from 1.75%). At 3%, it's definitely going to cripple the economy, according to the BoC, but I think that number is lower than that - and the BoC knows it, too. They're trying to boost the rates in anticipation of a 2019-2020 recession for the Canadian economy so they can cut rates again. sf-cool

Cheers,
Doug

November 3, 2018
1:21 pm
Save2Retire@55
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Exactly. Now, I only have $250 in my EQ HISA 🙂

November 3, 2018
8:12 pm
Loonie
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October 21, 2013
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My account is down to a token amount too. I've been waiting for an opportunity to do this since EQ doesn't offer joint accounts and therefore doesn't serve my needs very well. Now, there are several FIs where I can get a better deal - and they all offer joint accounts. It's nice to see the competition heating up.

I won't buy EQ's GICs because they too are not available to joint owners. So, from my point of view, they're even less attractive than the savings account because money is tied up longer in an arrangement I don't want.
For people like me, the change of focus to GICs on the part of EQ will not be productive until they offer joint accounts.

November 4, 2018
9:08 am
christinad
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October 15, 2015
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If Hubert had named accounts on the web, i would move it there probably. I also like the free etransfers. I agree it is disappointing eq hasn't increased. Looks like hubert doesn't have recurring transfers either.

November 5, 2018
4:25 am
pwm
Headingley MB
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October 21, 2018
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Just like Loonie I've been waiting for joint accounts at EQ for two years now to no avail. I also have an HISA at Achieva and will be moving money back to them from EQ now that Achieva beats EQ's HISA rate. I don't believe EQ has any intention of offering joint accounts in spite of what they say. Why that is the case is a mystery. I can't buy a GIC in an account in my name only.

March 7, 2019
11:26 am
pwm
Headingley MB
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Rates across the board at EQ are much lower than Achieva now, both HISA and all terms of GIC rates. I'm starting to think that I won't wait for joint accounts much longer and will remove the rest of my cash from EQ. It was great while it lasted, but EQ has lost its appeal to me.

March 7, 2019
4:54 pm
Loonie
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AlternaBank has been aggressively advertising its 2.35% HISA in my area lately, which is better than any other regular Ontario-based CDIC-insured rate. That's .05 higher than EQ as of today anyway.
We just got 2.75% from Tang for 180.

March 8, 2019
6:41 am
Koogie
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November 19, 2014
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I've had an EQ HISA for about 2.5 years. I've been pleased and am likely to stick with them.

Very good website, technology and reliability. Probably the best of any CU or second tier bank that I use (and I use a lot of them).

I might have been tempted to change when the rates at other places were higher but now that there is downward pressure on rates it is pointless. I sure couldn't be bothered to change for a .0005 difference

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