EQ Bank may do things a little differently than the major five “traditional” Canadian banks; however, it is because of this “difference” that many customers are choosing them for a simpler and better banking experience.
With no overhead costs thanks to no branches, EQ Bank offers clients solid interest rates and no monthly fees. You can access your money 24/7, online, and the financial institutions provide a customer care center available to clients from 8:00 a.m. to midnight, E.T., each day. You can also bank on the go, with mobile apps available for both Android and Apple devices.
EQ Bank is a subsidiary of Equitable Bank, a financial institution that has over forty years of experience in Canada. Plus, as Equitable Bank is a member of Canada’s Deposit Insurance Corporation (CDIC) and EQ Bank is aligned under them, deposits made with this bank are safe and protected for up to $100,000, per depositor, per insured category.
Simply put, you can earn more and save more when banking with EQ Bank. Below is an overview of some deposit products.
EQ Bank Savings Plus Account
If you are looking to save more with a savings account, then you may want to look to the EQ Bank Savings Plus Account. With no monthly fees, free transactions, and an interest rate of 1.5%, you’ll get peace of mind knowing you get a little “more” when you place your money into this account.
No minimum balance is required, and the account can hold a maximum balance of $200,000, per customer. As it touts “zero” everyday banking fees, this also means Interac e-transfers are free, as well as bill payments, electronic funds transfers, and free transfers between EQ Bank accounts.
With the EQ Bank Savings Plus, you are also guaranteed cost-effective international money transfers. Send funds abroad for less, thanks to EQ Bank’s partnership with TransferWise, which is a money-transfer platform that provides a faster and cheaper way to send funds abroad! International money transfers done through EQ Bank are approximately 8 times less than other financial institutions with no hidden markups or fees, and an exchange rate that you can view easily online. Money is sent right from your account after some easy steps done online, and regardless of where the funds are sent, they get to where they are going within three business days.
EQ Bank Joint Savings Plus Account
Enjoy all the benefits of earning more (and saving more) as you do with your EQ Bank Savings Plus Account, but with friends and family, too! Customers gain access to a high-interest rate with their EQ Bank Joint Savings Plus account in the form of a 1.5% interest rate, with no monthly fee, free e-transfers, and bill payments, as well as cost-effective international money transfers, with no minimum balance (just a $500,000 max balance). You get all the benefits of the Savings Plus Account and you can share the value with up to three other individuals.
Whether you (or they) are part of EQ Bank, opening an account and adding other members to the joint account is simple, easy, and can be done with a couple of clicks here and there, online. The EQ Bank Joint Savings Account makes sense for family and friends who are collectively saving for special projects, or who share certain expenses.
EQ Bank GIC
EQ Bank Guaranteed Investment Certificates (GICs) help clients grow their money more quickly, thanks to high-interest rates, plenty of options, and flexibility. Whether you are looking for a long or short-term GIC, you will find a wide variety of choices here. Plus, only a $100 minimum is needed to open up an account, and you can track your account online, or on-the-go via the EQ Bank mobile app.
Interest rates for GICs range from 1.05-2.00%, with terms that start at three months or 10 years! In fact, the 3-month GIC offers clients a rate of 1.70%; the 10-year option offers 2.00% interest. Interest rates vary, depending on the term you choose.
Their site also offers an online tool that can help customers determine how much they earn in interest, depending on the amount they are investing and for how long. Interest is paid out at maturity or annually, the choice is yours!
View more information about EQ Bank.