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Open an account for 3 months
July 10, 2016
7:11 pm
marcopelegrini
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I have some savings to use as down payment for my condo. The closing date is Oct-08 so I have roughly 3 months that I could use to invest to get some interest.

What do you guys think? Is it worth it to open a new EQ Account and put the money there for three months?

I might need to open one in my name and another on my wife's because we exceed the 100K limit.

To get the money out (let's say with a Bank Draft) is easy?

July 11, 2016
6:46 am
3oakwest
Ontario, Canada
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I just moved EFT from EQ to Tng. I set up three transfers the same day for the max $30,000 and they all appeared in two days into my Tng. account

July 11, 2016
9:34 am
toto
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Eq was working fine for transfers, but today I went in to transfer to tangerine and my links didn't show. I called and they said that they had some software updating to do and it lost some of the customers links!
Just when I thought they were getting it together.

July 11, 2016
11:07 am
marcopelegrini
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toto said

Eq was working fine for transfers, but today I went in to transfer to tangerine and my links didn't show. I called and they said that they had some software updating to do and it lost some of the customers links!
Just when I thought they were getting it together.

Oh, just noticed that Tangerine has a better rate for the period I need. Do you recommend Tangerine over EQ for my scenario?

July 11, 2016
11:09 am
Winnie
Ontario
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All my EQ linked accounts also didn't show today. And this is not the first time. The same condition happened 2 times before in March and April.

July 11, 2016
2:20 pm
toto
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Eq did my transfer but it was painful it took so long. They said it will be days before my links show again.

July 11, 2016
2:53 pm
AltaRed
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By the time the account is opened and populated with funds, and by the time the money needs to be withdrawn. it will likely at best be 9-10 weeks of interest. That is about $260 of interest (before tax) based on $100k @ 1.5% (anyone can get at least 0.75% on an HISA almost anywhere as the alternative). It is not worth it....seriously.

July 11, 2016
3:39 pm
marcopelegrini
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AltaRed said

By the time the account is opened and populated with funds, and by the time the money needs to be withdrawn. it will likely at best be 9-10 weeks of interest. That is about $260 of interest (before tax) based on $100k @ 1.5% (anyone can get at least 0.75% on an HISA almost anywhere as the alternative). It is not worth it....seriously.

I'm talking 138K @ 2.25% for 3 full months (transfer now and withdrawn by end of september). It's roughly $800 before tax.
If it's hassle free, I think it's worth it, therefore my questions about the transfers.

Based on the recent link problems with the transfers I think I'll pass on EQ.

If you can, please comment on the Tangerine thread: /tangerine-bank/open-account-for-3-months-of-saving/#post19449. Thank you

July 11, 2016
5:32 pm
Loonie
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October 21, 2013
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If you can get a decent rate from Tangerine, I think you should take it.
They annoy me greatly with their lottery-style rates, but they make good on it and they are fast and efficient.

I have had nothing but trouble from EQ, and find their staff almost hostile, personally. I wouldn't trust them for anything that required a timely transaction.

Please write your comments in the forum.