Do you have a high interest savings account from EQ Bank? A big change has just happened.
Now, you can get free unlimited Interac e-Transfers® made from your high interest savings account, instead of the previous 5 free transfers per month.
So, if you dip into your savings account often, you can start saving even more money in addition to the interest you’re already getting.
EQ Bank product details
Don’t have an EQ Bank Savings Plus Account? Here are some quick details on what the account offers:
- 2.30% interest* with no minimum account balance required,
- unlimited free transfers to and from your existing bank accounts, on top of unlimited free Interac e-Transfers®,
- access to great guaranteed investment certificates, with a duration of as little as 3 months,
- unlimited number of deposits (including mobile cheques), and
- no monthly account fees.
If you want to get more from your savings account, EQ Bank offers a great way to earn interest. Just note that they do not support registered accounts (i.e. TFSAs and RRSPs).
Interested in signing up? Head over here to see what EQ Bank has to offer.
Online banking benefits and drawbacks
What are some advantages to a virtual bank?
The biggest pros are the fees and rates. Since there are no branches to maintain, you have no account fees to pay. Plus, you get access to higher interest rates, helping you save even more.
The biggest con, however, since there are no branches, you can’t have any face-to-face interactions with someone from the bank. Everything has to be done over the phone or the internet (EQ Bank doesn’t have ATM access).
Certain services can take longer, such as getting bank drafts and certified cheques, because you can’t just go to a branch and pick them up.
Is EQ Bank too good to be true?
The biggest drawback is that EQ Bank doesn’t currently offer any registered accounts. That means you won’t be able to open a TFSA or RRSP account with them.
But, if you’re comfortable doing all your banking online, then EQ Bank is a way you can boost your savings interest rate.
Essentially, they’re a cost-effective alternative for your basic savings needs. I’ve personally been with EQ for 1 year and have had a great experience so far.
I’ve really enjoyed the permanently high interest rate on their savings accounts.
For instance, I once had a 3 month GIC with a 3.33% interest rate. That was the highest rate you could get – an amazing rate for a short term of 3 months.
It’s also easy to move money between an EQ Bank account and any other bank account you have, which has made it easy for me to integrate them into my daily financial routine. Now, with unlimited free Interac e-Transfers®, moving money quickly will be even easier.