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November 11, 2015
12:34 pm
Wiiliam
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Hi guys, was doing some research and lucky to have found this site. Lots of great info and things to compare. I've been looking to try out something new instead of putting everything into my Scotia accounts. There seems to be a lot of new options available since I last opened up a savings account a while ago.

Any recommendations if I'm looking for a second savings account to keep my money easily accessible and earning a good rate? as well as pay bills in urgent cases? While I was doing research on Google and Red Flag Deals, I did land on some other new banks as well that haven't been reviewed yet (or I may have missed it) like Zenbanx, Koho and eq bank.

Any suggestions would be really helpful! Thanks alot.

November 11, 2015
9:17 pm
Loonie
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I think that everything we know is posted already.

Just be careful of who you are dealing with; and read every syllable of all the fineprint. I would only deal with a bank that is insured by Canadian Deposit Insurance Corp or one of the provincial credit union insurance agencies. You need to know this precisely. PC Financial, for example, is owned by CIBC and is insured under their umbrella, so is not listed separately with CDIC. This means that your accounts in both places must together, fall within the CDIC limits in order to be fully insured.

Koho is not a bank or a credit union, as I understand it, but I don't know much about them.
There is info in this forum somewhere about Zen.
Not sure what you meant by eq. bank

I think there are a lot of changes underway right now in retail banking, and it's impossible to predict what it will all look like in 5 or 10 years or which corporations will survive and in what form. So, all the more reason to be careful about insurance and fine print.

It's not just about the rates and conveniences, although obviously those are important.

November 12, 2015
6:22 am
Norman1
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The previous discussion about ZenBanx and their multi-currency offering is ZenBanx | General financial discussion.

According to their FAQ, only one's Canadian dollar balance is covered by deposit insurance:

Will my foreign deposit be covered by deposit insurance?

No. DICO deposit insurance on your Zenbanx Account only covers eligible Canadian dollar deposits held at DUCA Financial Services Credit Union Ltd., up to a combined maximum of $100,000 per depositor. To find out about more deposit insurance visit http://www.dico.com.

November 12, 2015
8:25 am
Wiiliam
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Great - thanks Loonie. I'll make sure to read the fine print and maybe give customer service a call if there's anything i dont understand.

re: your question about eq bank. Was reading on RedFlagDeals and looks like there's another bank that is launching in the fall according to their website eqbank.ca. Looks like it's by a bank called Equitable. A bit of info on twitter but not much out there.

I'll check out the Zen thread, and do some research on Koho and post back here what i find out. Thanks for your reply.

Loonie said

I think that everything we know is posted already.

Just be careful of who you are dealing with; and read every syllable of all the fineprint. I would only deal with a bank that is insured by Canadian Deposit Insurance Corp or one of the provincial credit union insurance agencies. You need to know this precisely. PC Financial, for example, is owned by CIBC and is insured under their umbrella, so is not listed separately with CDIC. This means that your accounts in both places must together, fall within the CDIC limits in order to be fully insured.

Koho is not a bank or a credit union, as I understand it, but I don't know much about them.
There is info in this forum somewhere about Zen.
Not sure what you meant by eq. bank

I think there are a lot of changes underway right now in retail banking, and it's impossible to predict what it will all look like in 5 or 10 years or which corporations will survive and in what form. So, all the more reason to be careful about insurance and fine print.

It's not just about the rates and conveniences, although obviously those are important.

November 12, 2015
12:21 pm
xxxx
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I note that President's Choice Bank is listed separately under CDIC covered banks. (CDIC site) even if (as Loonie says) the max is $100K coverage for both together. But, I would hardly worry if you have 100K (or more) at CIBC and/or 100K or more at PCF. These are solid, very profitable, regulated organizations as also are BNS, Royal, TD, BMO.
I would hesitate to deposit over $100K at some of the small banks/credit unions.

November 12, 2015
2:51 pm
Loonie
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Thanks for noticing that PC Financial is listed separately on the CDIC website, Bill.
I don't think it used to be, and must admit to some confusion as it is also still listed under the CIB banner on the CIBC web page: https://www.cibc.com/ca/legal-trademarks/deposit-insurance.html

I would tend to assume that if it has its own listing with CIDC that it is indeed separately insured, but best to phone and ask CDIC directly. If it is separate, then that is the best thing from a consumer perspective.

Everyone has to make their own decisions about whether they want to risk more than the insured limits with the Big Banks. Personally, I don't feel that I am well enough informed (and doubt that I ever could be) to know how vulnerable those banks might be. If big established institutions like Barings and the Royal Bank of Scotland can get into big trouble, who am I to say that our big banks can't? We think they are very solid, and, compared to a great many in the world, they certainly are. Yet they do take bigger risks than I would and do have very large write-downs periodically. As long as our regulatory system isn't tampered with, they ought to be OK. It should be OK for now at least as I believe the current regulations were the product of a previous Liberal administration.
In any event, the Big Banks pay such dreadful rates of interest, generally speaking, that there is not too much risk of putting too much money there!
Wherever possible, I would email your questions (or do live chat) and keep a record of what was said in answer to your questions, as it can be cited later if needed.

Eq.bank is an arm of Equitable Bank. As far as I know, they have only been accessible through brokers until now. Maybe they are now branching out into direct retail banking. Their rates would have to improve substantially over what is offered through brokers in order to be worth bothering with. http://www.equitablebank.ca/br.....-hisa.html

November 12, 2015
3:50 pm
Norman1
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Loonie said

Thanks for noticing that PC Financial is listed separately on the CDIC website, Bill.
I don't think it used to be, and must admit to some confusion as it is also still listed under the CIB banner on the CIBC web page: https://www.cibc.com/ca/legal-trademarks/deposit-insurance.html
....

I just checked the list of CDIC members. President's Choice Bank is in the list. But, President's Choice Financial is not.

PC Financial is just a Loblaws trademark and not a legal entity that can be a CDIC member. This is from the CIBC web page you mentioned:

(5) ®/™ PC, President’s Choice, President’s Choice Financial, Interest Plus, Interest First, The World’s Best RRSP and Fresh Financial Thinking are trademarks or registered trademarks of Loblaws Inc. CIBC licensee of marks.

November 12, 2015
9:33 pm
Loonie
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So, that would imply that PC savings accounts etc are not covered separately by CDIC, and only through CIBC, as I suggested earlier??

November 12, 2015
10:00 pm
Norman1
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Loonie said

So, that would imply that PC savings accounts etc are not covered separately by CDIC, and only through CIBC, as I suggested earlier??

That's correct.

PC Financial savings accounts, as well as their chequing accounts, are currently "provided by the direct banking division of [CDIC member] CIBC."

November 13, 2015
5:53 am
Norman1
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I previously wrote about the relationship between

  1. CIBC,
  2. President's Choice Bank, and
  3. the President's Choice Financial-branded products

in the discussion Are PC Financial Services and CIBC the same bank?.

November 13, 2015
8:03 am
Loonie
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thanks, Norman. It was that discussion that I thought I had recalled as showing that PC and CIBC were under the same umbrella with CDIC.

January 13, 2016
4:07 pm
Wiiliam
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Happy new year everyone .... Finally got over the lazy times and thought i would check back in and let everyone know where I ended up with my search for a savings account.

I ended up signing up for a zag savings account after doing some research last year and changing my mind a hundred times. Their rate was is great and it's been good so far. My cousin told me that he signed up for an eq bank savings account and 3% rate. I'm going to check it out and report back. Havent heard anything other than some red flag deals posts from my research last year. Stay tuned for an update on what I find....

January 13, 2016
5:19 pm
Loonie
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I'm sure we'd all be eager to hear about a 3% deal, William!
Do let us know if you find anything useful.

January 13, 2016
6:36 pm
Bill
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Here's the link for EQ Bank, i.e. Equitable Bank - 3% rate on their savings account.

https://www.eqbank.ca/

January 13, 2016
8:48 pm
OprahRich
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I've been on here for a long long time and finally got to registering! Im looking for a place to park some cash. I think tangerines new promo rate is for new deposits only. Im thinking of calling and telling them I'll be switching if they cant do better than my 0.8%... I've signed up Zen back when they had their $1cad=$1usd promo, made around ~75-80$ from that promo, which was awesome...just imagine if they did that again today??! Now looking for my next move...

Oakens got 1.75% right now on their savings account. Cant find a better rate so far, might signup.
3% is unreal !! nvr heard of eq bank tho... this a legit bank?

January 13, 2016
9:04 pm
Norman1
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EQ Bank is an online offering of Equitable Bank. Similar to the Hubert Financial offering of Sunova Credit Union. This is from EQ Bank: Company Profile:

EQ Bank is brought to you by Equitable Bank, a federally regulated Schedule I Bank with over 500 employees and total assets under management of approximately $14.4 billion.

For nearly 45 years, brokers across the country have been helping Canadians realize their financial goals through Equitable Bank products such as mortgages, home equity lines of credit and a variety of deposit services.

Equitable Bank was founded in 1970 as The Equitable Trust Company. It is a wholly-owned subsidiary of Equitable Group Inc., whose common and preferred shares are traded on the Toronto Stock Exchange under the symbols EQB and EQB.PR.C, respectively.

Does EQ Bank have enough substance to merit its own discussion forum, like Tangerine Bank and Zag Bank?

January 14, 2016
1:51 am
Loonie
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I looked up my old notes-to-self on this bank. It appears that it became a bank in 2013. Used to just offer accounts through advisors, so this maybe a new roll-out for online and thus a promo rate although they deny the latter. Used to offer GICs and TFSAs under the "advisor" system, so perhaps will again under this one later.

Should provide some much-needed competition.

Maximum account balance $500,000. Deposit cheques maximum of $25,000. (why? how often?) CDIC insured for 100,000 as usual. I don't think they offer joint accounts. No fee. No minimum. Cdn residents only, excl QC for now.

The rate is subject to change at any time. However, it's good for as long as it lasts.

I think it might be an offshoot of Equitable Insurance.

" How can you offer such a high interest rate?

We're able to offer this great rate by saving on the costs associated with operating and maintaining bank branches across the country. We don't have branches, but with the EQ Bank app we're with you wherever you go - on your phone, tablet or desktop computer.

With our low-overhead business model, we'll always focus on giving you amazing rates and the very best in customer care."

January 14, 2016
5:14 am
Norman1
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EQ Bank Savings Plus Account Fees & Features has more details on their limits.

$500,000 per customer is their total account balance limit.

$25,000 per cheque is the maximum for cheque deposit. Could that limit be just for their mobile cheque deposit (depositing a cheque by taking a picture of it through their mobile app)? It is possible. But, I would be surprised if EQ Bank would refuse something like a $30,000 bank draft that one had mailed in to them for deposit.

Equitable Bank still has their advisor/brokerage channel open: Equitable Bank: The Broker Experience.

January 14, 2016
5:24 am
Norman1
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A few hours ago, Equitable Bank issued this press release CNW: Equitable Bank launches EQ Bank.

New digital bank offers EQ Bank Savings Plus Account with high 3.00% interest rate and flexibility to pay bills and easily transfer money

TORONTO, Jan. 14, 2016 /CNW/ - Equitable Bank, a subsidiary of Equitable Group Inc. (TSX: EQB and EQB.PR.C), today announced the launch of EQ Bank, a new completely digital way of banking. EQ Bank offers a seamless online and mobile banking experience, and will help Canadians reach their savings goals faster.

EQ Bank's first product, the EQ Bank Savings Plus Account, allows customers to pay bills, transfer money to friends and family, and also earn a competitive interest rate – all from one account.
...

The EQ Bank Savings Plus Account offers:

  • An everyday interest rate of 3.00% – with no teaser promo periods that have an expiry date
  • Interest earned on every dollar, without the hassle of transferring money between a chequing and savings account
  • No monthly fees
  • Unlimited day-to-day transactions
  • No minimum balance requirements
  • Five (5) free Interac e-Transfers® per month
  • Savings goals feature to help save towards that new car, vacation or home
  • No complicated terms or unreasonable conditions
  • Safe and secure banking from your desktop or mobile – Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC), therefore deposits in the EQ Bank Savings Plus account are insured up to applicable limits

....

January 14, 2016
6:49 am
Loonie
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Norman1 said

$500,000 per customer is their total account balance limit.

$25,000 per cheque is the maximum for cheque deposit. Could that limit be just for their mobile cheque deposit (depositing a cheque by taking a picture of it through their mobile app)? It is possible. But, I would be surprised if EQ Bank would refuse something like a $30,000 bank draft that one had mailed in to them for deposit.

Reply:
I think they only allow one account per person - as per second paragraph in press release above, so the 500K limit would be for that account.

Unclear about the cheque deposit max.

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