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Saving Plus 2%
September 6, 2022
4:03 am
hwyc
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All CAD savings 2% (was 1.65%) … & I thought there was a typo.

Yet an increase is an increase sf-confused

September 6, 2022
6:32 am
Alexandre
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I see that, too, in my EQ account. It is not much, but better than nothing. Thanks, EQ Bank!

September 6, 2022
7:36 am
iotama
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Thanks, but no thanks.

Wake me when they're above 3.25% and then I might run a few checks to see if I want to push pull some levers sf-smile

September 6, 2022
7:51 am
lifeonanisland
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I saw this in my inbox this morning. I laughed.

September 6, 2022
9:03 am
dougjp
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I viewed it as a worse indication of where they want to be in the future than before when it was 1.65%.

I thought the 1.65% was sort of a "legacy" obsolete rate that they just hadn't got around to changing, given that rates aren't usually changed that frequently. But this change to a noncompetitive rate, and just days before the BofC likely raises again too, suggests they aren't going to be in the game for some time yet, if at all.

It's not so bad being senile; you get to meet many more people.

September 6, 2022
9:47 am
Dean
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lifeonanisland said

I saw this in my inbox this morning. I laughed.  

I Chuckled sf-laugh

    Dean

P.S.
Once one of the Top interest payers in the Biz,
EQ is now just one of the many 'Also Rans'. sf-confused

sf-cool " Live Long And Prosper " sf-cool

September 6, 2022
1:15 pm
Fogoguy
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iotama said
Thanks, but no thanks.

Wake me when they're above 3.25% and then I might run a few checks to see if I want to push pull some levers sf-smile  

I'm glad that I pulled every last cent out of my EQ HISA's a few weeks back. I just knew that if/when they ever did finally get around to an interest hike, it certainly wasn't going to even come close to the 3% I'm currently getting at Motive. Hopefully next summer I'll be able to get a competitive rate on my EQ GIC's once again, but if not, I won't hesitate to switch to where I will get the best rate. (sigh... and I used to be so happy with EQ sf-cry)

September 6, 2022
2:14 pm
pooreva
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Fogoguy said
(sigh... and I used to be so happy with EQ sf-cry)  

And many others used to be 'so happy' with ING and TFSA rate at People's Trust and... and... nothing lasts forever. Take it NOW while you can.

September 6, 2022
3:37 pm
RaySee
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I've noticed as the BoC has been raising rates, EQ will bump their rates the day before an expected hike from the BoC. This makes it seem like they're being proactive, but they are actually one step behind. Tomorrow rates will go up by 75-points and EQ will fall behind again.

September 6, 2022
4:00 pm
dougjp
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pooreva said

And many others used to be 'so happy' with ING and TFSA rate at People's Trust and... and... nothing lasts forever. Take it NOW while you can.  

+1.

Many of us remember Motive not being in the game for so long, and not so long ago either. And remember CT Financial, the unforgettable a few years ago - trust me " this is not a promotional rate" ! sf-frown

Many of us over the years continue to search for consistent top competitive banks that don't play the " how much will the inattentive give us major gross Profit margins by not paying attention and leaving money with us at noncompetitive rates when we leave the table" game. Not to be found, I'm sorry to say.

Therefore it continues to be up to us to remain vigilant and move money out ASAP when "it" starts to happen. They couldn't care less, the marketing machine will still try the "spin", like 200% more than other banks!!!

I admit to getting tired of this #@ though.

It's not so bad being senile; you get to meet many more people.

September 6, 2022
5:34 pm
hwyc
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One for those who's not on twitter sf-wink

Screenshot_2022-09-06-20-25-47-935_com.twitter.android.jpg

September 6, 2022
6:11 pm
lifeonanisland
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hwyc said
One for those who's not on twitter sf-wink

Now that made me laugh. Has EQ Bank been reduced to a laughingstock?

October 17, 2022
4:34 am
hwyc
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… Moving to 2.5% today

… think I'll start new thread when they decide to come back to the competition.

(#14 dougjp) got those email too … so that's what it's about? ... okay, a transaction to mark the interest change event

October 17, 2022
4:39 am
dougjp
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hwyc said
… Moving to 2.5% today  

It appears changing the rates was all too much for their systems. sf-laugh I got e-mails this morning saying that my HISAs have been credited with monthly interest. The same amounts credited Oct 1, but then I login and see that the double crediting of interest has been reversed once.

I wonder if they will ever say 'why'. sf-embarassed By the way I saw 2% still this morning.

It's not so bad being senile; you get to meet many more people.

October 17, 2022
5:08 am
Alexandre
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Web site says 2.5% effective October 17, so probably by tomorrow they'll update their web site and app.

Also, 2% for USD accounts.

October 17, 2022
6:52 am
Alexandre
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dougjp said
I got e-mails this morning saying that my HISAs have been credited with monthly interest. The same amounts credited Oct 1, but then I login and see that the double crediting of interest has been reversed once.

It is even worse. With my account, it appears they first debited interest and then credited it. Transactions appear exactly in that order: money is taken first from the account and, then, added back.

It is good I have enough money in my EQ account to handle that without getting into overdraft. I wonder if anyone seen situation with their account where overdraft has happened from interest debit/credit mismanagement and if EQ charged for that overdraft.

October 18, 2022
8:28 am
dougjp
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Alexandre said

dougjp said
I got e-mails this morning saying that my HISAs have been credited with monthly interest. The same amounts credited Oct 1, but then I login and see that the double crediting of interest has been reversed once.

It is even worse. With my account, it appears they first debited interest and then credited it. Transactions appear exactly in that order: money is taken first from the account and, then, added back.

It is good I have enough money in my EQ account to handle that without getting into overdraft. I wonder if anyone seen situation with their account where overdraft has happened from interest debit/credit mismanagement and if EQ charged for that overdraft.  

No worries there, as both the debit and credit happened on the same date, there is no effect on the daily position or resulting interest calculation.

It's not so bad being senile; you get to meet many more people.

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