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Savings Accounts: 1.65% interest (from 1.5%)
June 24, 2022
8:43 am
Alexandre
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From EQ Bank email:

We’re on a relentless mission to bring you smarter banking solutions and a whole lot more value—that’s why we’re excited to announce an increased interest rate on the Savings Plus Account, Joint Savings Plus Account, TFSA Savings Account, and RSP Savings Account: Say hello to 1.65% everyday interest.

This rate increase comes into effect today, and is applied automatically to your account.

June 24, 2022
8:55 am
AdrenalineTrade
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I was hoping for more than 15 basis points but at least it's something.

June 24, 2022
8:58 am
Dean
Valhalla Mountains, British Columbia
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.
Thanks for the 1.65% 'Chuckle'. sf-laugh

In the HISA Department, EQ still has some work to do . . .

Dean

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

June 24, 2022
3:58 pm
Fogoguy
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Dean said
.
Thanks for the 1.65% 'Chuckle'. sf-laugh

In the HISA Department, EQ still has some work to do . . .

Dean  

Agreed! It's now becoming kind of apparent that EQ's HISA rates aren't really likely to be increasing as often/much as I'd like to see, so I've just pulled the trigger on the sweet 12-month GIC's at a full 4%. I think that's a pretty sweet deal.

June 24, 2022
5:39 pm
JohnnyCash
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Fogoguy said

Agreed! It's now becoming kind of apparent that EQ's HISA rates aren't really likely to be increasing as often/much as I'd like to see, so I've just pulled the trigger on the sweet 12-month GIC's at a full 4%. I think that's a pretty sweet deal.  

That's exactly the result EQ wanted, make the HISA interest rate lackluster and get as many deposits as possible into GICs. For EQ, it gives them stability as HISA deposits are fleeting with further BoC rate increases on the horizon. Most all banks are doing the same thing and it makes sense when you look at it from their point of view.

June 25, 2022
4:55 am
dougjp
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JohnnyCash said

That's exactly the result EQ wanted, make the HISA interest rate lackluster and get as many deposits as possible into GICs. For EQ, it gives them stability as HISA deposits are fleeting with further BoC rate increases on the horizon. Most all banks are doing the same thing and it makes sense when you look at it from their point of view.  

Agreed, matching funds is a core prudent policy by banks. Yet in the short term they pay out more than twice as much interest on the same dollar, and in a rising rate market too.

However the other result of making such a noncompetitive change like this is it sets that in people's minds as a policy. In other words, people might conclude that keeping HISA there in hopes they will get back in the game is not viable, and move it out. Then those funds are mostly lost to EQ as those people are quite likely to make their onward GIC investments elsewhere/keep HISA elsewhere.

IMO they would have been much smarter to stay at or near the front of the HISA game, rate wise, like they used to, or make no change at all and hope people don't notice the changing rate landscape around them.

" We’re on a relentless mission to bring you ..... a whole lot more value" Marketing - I almost lost it reading the tiny rate increase and this together. sf-yell

The main accomplishment of almost all organized protests is to
annoy people who are not in them

June 25, 2022
7:20 am
Alexandre
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I have few dollars still left in EQ HISA, I moved them today elsewhere. Not that the difference in interest rate between EQ and destination is meaningful for a few thousand dollars I moved, but as a matter of principle. To send a message to EQ that they should do better with their HISA rate.

June 25, 2022
8:19 am
cgouimet
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Oaken are matching the 1.65% effective Jun 27 ...

CGO
June 25, 2022
9:02 am
Dean
Valhalla Mountains, British Columbia
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Alexandre said

I have few dollars still left in EQ HISA, I moved them today elsewhere. Not that the difference in interest rate between EQ and destination is meaningful for a few thousand dollars I moved, but as a matter of principle. To send a message to EQ that they should do better with their HISA rate.  

Unfortunately, a 'message' of a few Thousand dollars, won't be noticed by them.

Send them a 'message' of several Million dollars, and they might sit up and take notice.

Go BIG, or don't bother. sf-wink

    Dean

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

June 25, 2022
1:03 pm
TommyT
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Alexandre said
I have few dollars still left in EQ HISA, I moved them today elsewhere. Not that the difference in interest rate between EQ and destination is meaningful for a few thousand dollars I moved, but as a matter of principle. To send a message to EQ that they should do better with their HISA rate.  

I myself cannot believe EQ Bank being as risky as it is in southern Ontario is paying less in daily interest than the Manitoba credit unions that are infinitely more safe.

June 25, 2022
1:48 pm
Alexandre
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Dean said

Unfortunately, a 'message' of a few Thousand dollars, won't be noticed by them.

...but I'm not the only one...

I'm sure about that.

June 25, 2022
2:45 pm
canadian.100
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TommyT said

I myself cannot believe EQ Bank being as risky as it is in southern Ontario is paying less in daily interest than the Manitoba credit unions that are infinitely more safe.  

Please explain your comment "EQ Bank being as risky as it is in southern Ontario" - What is the risk? How do know "Manitoba CUs are infinitely more safe" ?
Is that based solely on the 100K CDIC vs unlimited insurance, or on something else?

June 26, 2022
10:20 am
Vatox
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Alexandre said

Dean said

Unfortunately, a 'message' of a few Thousand dollars, won't be noticed by them.

...but I'm not the only one...

I'm sure about that.  

Yep, I moved multiple 10k chunks out.

June 26, 2022
11:32 am
Dean
Valhalla Mountains, British Columbia
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Alexandre said

Dean said

Unfortunately, a 'message' of a few Thousand dollars, won't be noticed by them.

...but I'm not the only one...

I'm sure about that.  

Vatox said

Yep, I moved multiple 10k chunks out.  

.
. . . sometimes referred to as; "Sending a message, by A Thousand Cuts." sf-wink

If enough 'cuts' are made, they'll eventually sit up and take notice.

    Dean

P.S.
I also have an EQ savings account.
Present balance = $1 & 47¢. LOL sf-laugh

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

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