EQ Bank

Considering EQ Bank? Here’s the Quick Breakdown:

• EQ Bank is Ideal For: Tech-savvy individuals who prioritize high-interest rates, low fees, and convenient online banking. They cater to those who:
  • Value avoiding monthly account fees.
  • Appreciate the ability to access their money and make transactions anytime, anywhere through a mobile app.
  • Don’t require traditional in-person banking services.
• EQ Bank Might Not Be Ideal For:  Those who:
  • Prefer face-to-face interaction and the security of visiting a physical branch.
  • Need a broader range of investment products beyond high-interest savings accounts and GICs.

EQ Bank personal account

EQ Bank: High-Interest Savings with Everyday Convenience

Looking for a modern banking experience that ditches fees and maximizes your savings? Consider EQ Bank!

• Earn More:  Enjoy a high 4.00% interest rate on your savings with direct deposit.
• All-in-One Account: The EQ Personal Account functions like a chequing account, allowing you to spend and save in one place.
• Zero Fees:  Say goodbye to monthly account fees, e-transfer charges, bill payment fees, and even electronic funds transfer fees. There’s also no minimum balance requirement.
• Free ATM Access:  Get cash from any ATM in Canada with your EQ Bank Card, and EQ Bank will reimburse any withdrawal fees charged.
• Earn Cash Back:  Enjoy 0.5% cash back on every purchase made with your EQ Bank Card.
• Safe and Secure: Your deposits are CDIC insured up to $100,000 for peace of mind.

Ready to ditch the traditional bank and embrace a smarter banking experience? Sign up for EQ Bank today!

EQ Joint Account

EQ Bank Joint Savings Plus Account: Shared Savings with No Fees

Manage your finances together with the EQ Bank Joint Savings Plus Account:

• Earn Together: Enjoy a high 4.00% interest rate on your combined savings, perfect for up to 3 people.
• Free Everyday Banking: This joint account operates like an individual account with no monthly fees, unlimited bill payments, Interac e-transfers, and fund transfers.
• Increased Deposit Limit: Deposit up to $500,000 compared to the $200,000 limit for personal accounts.

EQ Bank Joint Savings Plus Account is ideal for couples, families, or roommates who want to save together and avoid unnecessary fees.

EQ Bank TFSA Savings account

EQ Bank TFSA: Tax-Free Savings with a Twist

EQ Bank offers a TFSA (Tax-Free Savings Account) with a high 3.00% interest rate. Here’s what to consider:

• Tax-Free Growth:  Contributions to your TFSA and any interest earned grow tax-free. However, TFSAs are primarily for long-term savings goals, not short-term needs.
• EQ Bank for TFSA Savings:  EQ Bank’s TFSA is a good fit for saving towards long-term goals where you won’t need immediate access to the funds. For short-term goals or emergency funds, consider a high-interest savings account from another institution like Tangerine or KOHO that might offer easier access.
• Robo-advisors for Investment Growth:  If you have a higher risk tolerance and seek long-term investment growth, consider using a robo-advisor platform like Wealthsimple or Questrade alongside your TFSA. These platforms handle automated investing based on your risk profile.

Remember: EQ Bank’s TFSA is a solid option for tax-sheltered savings, but ensure it aligns with your savings goals and risk tolerance.**

EQ Bank US Dollar account

EQ Bank TFSA: Tax-Free Savings with Strategic Flexibility

EQ Bank offers a TFSA (Tax-Free Savings Account) with a high 3.00% interest rate. Here’s how to maximize its benefits:

• Tax-Free Growth: Contributions to your TFSA and any interest earned grow tax-free. Consider the TFSA for long-term savings goals where you can benefit from tax-free compounding.
• EQ Bank for TFSA Savings:  EQ Bank’s TFSA is a strong option for long-term goals where you won’t need immediate access to the funds. However, for short-term needs or emergency funds, a high-interest savings account from another institution like Tangerine or KOHO might be better suited due to easier access.
• Robo-advisors for Investment Growth:  If you have a higher risk tolerance and aim for long-term growth that goes beyond typical savings rates, consider using a robo-advisor platform like Wealthsimple or Questrade alongside your TFSA. These platforms can manage automated investments based on your risk profile.

Remember:  EQ Bank’s TFSA is a great tool for tax-sheltered savings, but tailor your strategy based on your savings goals and risk tolerance.**

EQ Bank US Dollar account

EQ Bank US Dollar Account: Save and Spend in USD

Do you frequently shop in the US, either online or in person? Consider the EQ Bank US Dollar Account:

• Earn Interest: Get a high 4.00% interest rate on your USD balance, maximizing your returns.
• No Monthly Fees:  Avoid unnecessary account maintenance charges.
• Competitive Exchange Rates:  EQ Bank offers some of the best exchange rates in Canada, saving you money when converting currencies.
• Convenient USD Transactions: Easily transfer USD funds around the world with their affordable international money transfer service.
• Smart Spending in USD:  Make purchases directly in USD with your linked EQ Bank card to avoid foreign transaction fees.

The EQ Bank US Dollar Account is a valuable tool for Canadians who regularly deal in USD.

EQ Bank GICs

EQ Bank GICs: Earn Top Rates & Grow Your Savings Securely

EQ Bank stands out for its high-interest GICs (Guaranteed Investment Certificates), making them a solid option for risk-averse investors seeking guaranteed returns. Here’s what makes them attractive:

• Competitive Rates:  EQ Bank consistently offers some of the best GIC rates in Canada. Currently, you can lock in a 1-year GIC at a compelling 5.35% interest rate.
• Flexible Terms: Choose a GIC term that aligns with your investment goals, with options ranging from 3 months to 10 years.
• Tax-Optimized Growth: Maximize your returns with TFSA (Tax-Free Savings Account) or RRSP (Registered Retirement Savings Plan) GICs. These earn a potential 5.50% interest while allowing your savings to grow tax-free (TFSA) or tax-deferred (RRSP).
• Low Minimum Investment: Start investing with a minimal deposit of just $100, making it accessible to a broader range of investors.

EQ Bank GICs are a secure and reliable way to grow your money with peace of mind, knowing your principal amount is guaranteed.

FHSA Savings account

EQ Bank FHSA: Consider These Points Before You Decide

EQ Bank offers an FHSA (First Home Savings Account) with a 4.00% interest rate. Here’s how it compares to other options and how to potentially maximize your savings:

• Interest Rate: EQ Bank’s FHSA interest rate is lower than some competitors (e.g., BMO, CIBC, Scotiabank at 5%).
• GIC Flexibility: Consider using a GIC (Guaranteed Investment Certificate) within your EQ Bank FHSA. While locked-in for the term, GICs offer a higher interest rate (currently 5.50%). However, you can’t contribute additional funds during the GIC term.
• Strategic Contributions:  To potentially maximize your returns, contribute the maximum annual FHSA amount ($8,000) at the start of the year and invest it in a 9-month GIC. While the GIC is locked, save your next $8,000 for the following year’s contribution.

Remember: EQ Bank’s FHSA might be a good fit if you prioritize flexibility and plan to contribute the maximum amount annually. However, if the highest interest rate is your main concern, compare rates with other institutions.**

EQ Bank RRSP account

EQ Bank RRSP: Savings vs. Investment Growth

EQ Bank offers an RRSP (Registered Retirement Savings Plan) with a 4.00% interest rate. Here’s a breakdown to help you decide if it’s the right fit:

• EQ Bank RRSP:  This is a good option for safekeeping your RRSP contributions and earning a guaranteed interest rate. However, the 4.00% interest may not outpace long-term inflation.
• Robo-advisors for Growth: Robo-advisor platforms like Moka.ai invest your RRSP funds in the stock market, aiming for potentially higher returns over the long term. Historical data suggests the S&P 500 (a common investment benchmark) has returned over 10% on average. However, the stock market carries inherent risks.
• Matching Your Strategy:  Consider your risk tolerance and time horizon. If you’re nearing retirement and prioritize security, the EQ Bank RRSP might be suitable. For long-term growth, explore robo-advisors alongside your RRSP, understanding the associated risks.

Remember: Diversification is key! Consider a combination of savings vehicles like the EQ Bank RRSP and potentially higher-growth investments through a robo-advisor to reach your retirement goals.**