Fortunately, EQ Bank has listened to its consumers and has introduced the EQ Bank Tax Free Savings Account. Freelancer or traveler, no matter what you do, building a nest egg is possible. The referred individual only needs to open an EQ Bank Savings Plus Account using a valid referral link and fund their account with a minimum of $100 within 30 days of account activation. April 30, 2020 High-Interest Savings Account, Savings Accounts. It is a perfect way to save for your short to medium term goals without the fear of … Research considered comparable high-interest savings account interest rates based on data taken from public websites as at June 19, 2020. The EQ Bank TFSA is also not open to Quebec residents. Sign-up is easy and completely online! EQ Bank Joint Savings Plus Account. The eye-popping 1.50%* interest rate is NOT a teaser rate, and has proven its sustainability over time. To open up an EQ Bank TFSA, you have to have an EQ Bank’s Savings Plus Account and there is only one EQ Bank TFSA allowed per customer. With an almost unheard of 2.00% everyday interest rate*, you can park your savings here and let it grow while maintaining access to your funds. Sam Bourgi is a contributing writer to Finder.com, where he specializes in financial markets. We may also receive compensation if you click on certain links posted on our site. Using your EQ Bank Savings Plus account, you can now easily send money in 17 currencies to 46+ countries for less. Instead, you can move your money between your EQ Bank account and linked accounts (bank accounts held at other financial institutions such as TD Bank, RBC, Scotiabank and BMO). EQ Bank offers a high interest savings account with free transfers and zero everyday banking fees to help you accelerate your savings over time. EQ Bank offers all of its products and services online and through a mobile app, which means it doesn’t have any physical branches. Finder is committed to editorial independence. Earning more interest than you would at other banks feels even better. To be eligible for a Savings Plus Account, you must meet the following criteria: To deposit funds into an EQ Bank Savings Plus Account, you need to set up a transfer from an existing account. As you can imagine, it’s similar to its Savings Plus Account where you get a good interest rate without having to pay everyday banking fees. ™ Trademark of Equitable Bank, All Rights Reserved. It currently offers an interest rate of 2.45%. EQ Bank Savings Plus Account Review . Read my EQ Bank Tax Free Savings Account review now for the full details. With 2.30% tax-deferred interest*, zero fees, and no minimum balance, now’s the best (and smartest!) The EQ Bank Savings Plus Account is another tool to add to your overall money management system and serves as a great solution for saving. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, Yahoo, CBOE and Forbes. The Tangerine savings account and EQ Bank Savings Plus Account are great options for Canadians to get the highest return on their savings, both with pros and cons. Interest is calculated on a … It’s fast and simple too—when you send it using TransferWise direct from your EQ Bank account. But unlike most checking accounts, you’ll also earn a 1.50% * APY. High daily interest rate. We’re sorry, the EQ Bank website doesn't work properly without JavaScript enabled. Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank. Now before you start emailing 100 friends, there are … The main account most people are interested in is the EQ Bank Savings Plus Account, which features an attractive interest rate of 2.30%*.In the Canadian Savings Account arena, a 2.30% interest rate is among the highest around. Whatever your goals, surpass them in no time with 2.30% tax-free interest*! Fixed Mortgage Rates. That’s why we’ve made joint money matters as easy as a click and a tap. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. In fact, at 0.5% or less, I would barely call them an interest-bearing vehicle. 1. Want to learn more about savings accounts? In fact, its main selling point is the 2.3% interest rate that comes with the EQ Bank Savings Plus Account. By submitting, you agree to the Finder Privacy and Cookies Policy and Terms of Use & Privacy Policy, 901 King Street West Suite 400 COVID-19 update—EQ Bank remains committed to delivering great service and better banking. Cash Back Mortgage Rates. 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! Get More, Together with a Joint Savings Plus Account We’re all about better banking—for everyone. Equitable Bank is a member of CDIC. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor. Maximize your returns by ditching money market funds How GICs fit into your investment strategy You’ll be asked to verify your eligibility and fill out the required information. It's easier to help you keep more money in your pocket that way. No, EQ Bank doesn’t offer a chequing account at this time. EQ Bank’s Savings Plus Account does have some really compelling features. Since EQ Bank doesn’t have ATMs or physical branches, the primary method of withdrawal is through the electronic transfer process. Going digital means no everyday banking fees, a high interest rate, convenient banking, and customer service available 7 days a week from 8 AM to midnight, Eastern Time. All Bank Mortgage Rates. Whether you sign up for a one or five-year term, we aim to give you one of the best rates in the business. EQ Bank is a trade name of Equitable Bank. Disclaimer - We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. The transfer can be from another EQ Bank account or any other financial institution. We’ve partnered with TransferWise to make sending money abroad a whole lot cheaper. Your information will be validated online in a few seconds once you complete the application. Features of the EQ Bank Savings Plus Account: No minimum balance is required to earn the 1.50*% interest. Added to wishlist Removed from wishlist 0. Mobile/remote check deposit,Bank transfer, age of the majority in your province or territory, Be a resident of Canada and live outside of Quebec, Be the age of the majority in your province or territory, or older with a valid Social Insurance Number (SIN), Contact information (address, phone number and email address), Personal information (date of birth, occupation, SIN). Its primary use is to link with your main bank account and transfer funds to it. You can use the EQ Bank Savings Plus Account to pay bills and such like a checking account. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. This means that couples, friends, and family can now save money together in a shared account while earning a high-interest rate.. An EQ Bank savings account offers a bunch of benefits including zero fees and chequing capabilities that make managing your money so much easier. This account charges zero fees for … Earning interest feels good. With an EQ Savings account, you can bring savings and chequing activities into one all-purpose account. Saving for a down payment, a rainy day, or a dream vacay? Our Savings Plus Account now comes with a joint account feature, where you can share—and earn—money with up to three other people. No matter what you’re saving towards, we equip you with tools to make it easy to set up and track your progress. Can I use ATMs to deposit and withdraw money? He has spent the past nine years focused on economics, markets and cryptocurrencies. Toronto, ON, Canada M5V 3H5. In today's video I review the EQ Bank's Savings Plus Account. EQ Bank Tax Free Savings Account; EQ Bank has finally introduced RSP and TFSA accounts. EQ Bank is a trademark of Equitable Bank. These are separate products from the HISA account. Stand-out features of the EQ Bank Savings Plus Account EQ Bank markets its high-yield savings account as a tool to complement your banking experience. We may receive compensation from our partners for placement of their products or services. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. EQ Bank’s Savings Plus account is their signature product. Note that you do need to open an EQ Bank Savings Plus Account if you want to set up an RSP and TFSA account. EQ Bank Savings Plus Account: EQ Bank Savings Plus Account. Check out our helpful guide. There are no monthly account fees. Each month, you may make as many withdrawals as … Pretty easy, right? Get more details on the EQ Bank EQ Bank Savings Plus Account and connect with EQ Bank now! We’re all about better banking—for everyone. Plus, you can sign up and link an external account for recurring contributions in just a matter of clicks. How Debt Consolidation Affects Credit Score. Watch the video to find out why its one of best high interest savings account in Canada. Canada’s popular online bank, EQ Bank, recently introduced a Joint Savings Plus Account. ElitePersonalFinance. Last Update: June 3, 2020 • Loan Reviews • Online only banks offering high interest savings accounts are becoming very popular. Compare Mortgages. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. time to start saving for retirement. Retirement on autopilot—pretty clever. This easy-to-use banking account earns high interest and allows you to pay your bills as well. While we are independent, we may receive compensation from our partners for featured placement of their products or services. rates by provider. That’s why we’ve made joint money matters as easy as a click and a tap. The real (mid-market) exchange rate is used and the small upfront fee you pay to Transferwise is often up to 8 times cheaper than what you would pay to the big banks. There’s no monthly fee or minimum balance. If you are unsure you should get independent advice before you apply for any product or commit to any plan. Share and earn money with those you know and trust the most, while enjoying free transactions, no minimum balance, 1.50% interest *, … The 1.50% daily interest rate on their savings account is, frankly, excellent, and has remained stable in spite of recent events.If you’re looking to stash some money away as an emergency fund or just to use as your daily banking account, this interest rate is hard to beat. All you have to do is sit back, relax, and watch your shared savings grow. We don't have monthly fees. EQ Bank's savings account is called the Savings Plus Account. Almost everything you do is online, so why shouldn’t your savings account be too? Assumes no additional deposits or withdrawals made. EQ Bank’s Savings Plus account, or, in other words, their high-interest savings account (HISA), is unlike any high-interest savings account in Canada. With no hidden fees and the real exchange rate, it’s just another way we’re making banking better. There is even a group of people called “ratechasers” that move funds from account to account, always looking for a slightly higher yield. For full functionality of this site it is necessary to enable JavaScript. EQ Bank TFSA Savings Account The EQ Bank TFSA is a Canadian dollar denominated account that lets you save and earn more on your money completely tax-free. Equitable Bank is a member of CDIC. As of writing, the EQ Bank TFSA rate is 2.30%* (Interest is calculated daily on the total closing balance and paid monthly. EQ Bank’s Savings Plus Account is a fantastic offering in this category (for personal banking only; they don’t offer business accounts). The EQ Bank Savings Plus Account reimagines banking by offering an everyday high interest rate plus the flexibility of a chequing account, with unlimited transactions, no … Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank. EQ Bank’s Savings Plus Account – High-Interest Savings Account (HISA) Most traditional savings plus accounts at most of the major banks have high-interest rates savings accounts, but, the paradox is that the accounts don’t pay “high-interest”. The Savings Plus Account features an everyday high interest rate, as well as unlimited free transfers and withdrawals. Optional, only if you want us to follow up with you. Share and earn money with those you know and trust the most, while enjoying free transactions, no minimum balance, 1.50% interest*, and more. The main benefits of the Savings Plus Account include: Some of the biggest drawbacks of a Savings Plus Account include: To open a savings account with EQ Bank, click Go to site on this page to begin filling out an online application. The best of all, they charge (currently) zero everyday banking fees. You can earn an everyday competitive interest rate and make use of five Interac e-Transfers every month free of cost. ratehub. I still maintain a daily chequings account for my day-to-day needs (and other banking requirements) as well as a brokerage account for retirement investing. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. To deposit funds, you can send Interace-Transfers®, set up an electronic funds transfer (EFT) or link two accounts together. Another main benefit of the Savings Plus Account is that it comes with five free Interac e-Transfers per month. No, EQ Bank doesn’t have debit cards and ATMs. Get competitive rates when you open a savings account or GIC. EQ BANK SAVINGS PLUS ACCOUNT. Even during the pandemic, EQ Bank was one of the last banks to cut their rates – a testament to their commitment to excellence. compare mortgage rates. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Peace of mind, on lock Deposits held in EQ Bank products are eligible for CDIC deposit insurance†. All with online sign-up. Con #4: No physical location, only … Variable Mortgage Rates. EQ Bank's flagship product is their Savings Plus Account, which gets you high interest on every $1 you save – with no hassle. While this is a savings account, in many ways, you are able to use it as a chequing account. Interest is calculated daily on the total closing balance and paid monthly. While. In either case, transfers are free of charge. Both the RSP and TFSA will be limited to a savings account and GICs. Plus, get no fees, no minimum balance, and more. EQ Bank’s Savings Plus Account, by the name itself, is an enhanced savings account where you can enjoy high interest and the flexibility of a chequing account. We may also receive compensation if you click on certain links posted on our site. All Broker Mortgage Rates. HELOC Mortgage Rates. You can use any of the deposit methods mentioned above to transfer funds out of your Savings Plus Account for withdrawal. Based on research conducted by Equitable Bank comparing HISA interest rates of Canada’s ‘Big 5’ banks over a 12-month span on an investment of $100. Unlimited Free Interac e-Transfers®. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. A Joint Savings Plus Account gives you free transactions and makes it simple to see when transactions were made, so it’s easy to track all your money moves. The EQ Bank Savings Plus Account allows you to maximize your savings with high interest rates, zero everyday banking fees and simple e-transfers. We made it super easy to sign up, too. Also called the Savings Plus Account, the EQ Bank Savings Plus Account offers you facilities of limitless fund transfers and withdrawals without incurring any fee. EQ Bank offers a high interest savings account with free transfers and zero everyday banking fees to help you accelerate your savings over time. EQ Bank's Savings Plus Account allows you to withdraw funds and pay bills just like you would with a checking account. 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