If you don’t already have an EQ Bank Savings Plus account, now is the time to get one.
EQ Bank has raised its interest rate and is now offering 2.45%* everyday interest rate on the EQ Bank Savings Plus Account. This is one of the highest interest rates available on savings accounts in Canada. Furthermore, the EQ Bank Savings Plus Account has no everyday banking fees, no minimum balance requirements, and unlimited Interac e-Transfers®.
To take advantage of this awesome offer, all you need to do is open an EQ Bank Savings Plus Account.
What is the EQ Bank Savings Plus Account?
The EQ Bank Savings Plus Account is a savings account that functions like a chequing account. You can do most of your everyday banking with EQ Bank. In addition to the high-interest rate and no everyday banking fees, EQ Bank also offers unlimited bill payments and free day-to-day transactions.
You can pay any bill that lets you set up online bill pay or will accept an Interac e-Transfers®. This means most expenses from student loan payments, credit cards, utility bills, and even rent can probably be paid from your EQ Bank account!
We have a full EQ Bank Review you can check out here!
Are there any downsides?
EQ Bank currently does not offer Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), or Registered Education Savings Plans (RESP). They also don’t provide a debit card, so you need to conduct all your transactions online.
However, the EQ Bank Savings Plus Account 2.45%* everyday interest rate makes EQ Bank a must have for short and long-term savings goals. I use my account for my Emergency Fund and car savings, as well as paying bills like rent!
How long will the 2.45%* everyday interest rate last?
While this rate is subject to change, it’s not a promotional rate. I’ve had my account with EQ Bank for more than 2 years and I was previously earning a solid 2.30%. Now I’m earning even more!
The Bank of Canada is continuing to raise interest rates, so I’m optimistic this great rate will be here for awhile.
Who is EQ Bank?
EQ Bank is an online bank offering highly competitive interest rates on savings and GICs. The EQ Bank Savings Plus account now boasts a 2.45%* everyday interest rate. Equitable Bank is a member of CDIC, which means your deposits with Equitable Bank and EQ Bank are eligible for deposit insurance from the CDIC.
EQ Bank is a trademark of Equitable Bank. Equitable Bank has been around since 1970 and has over 800 employees with $32 billion under management. From this, you can tell that EQ Bank isn’t quite as “new” as they appear! With over four decades in the Canadian finance industry, Equitable Bank is an experienced player, even if EQ Bank is new.
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.