EQ Bank draw backs?
Page 1 of 3 123 LastLast
Results 1 to 10 of 27

Thread: EQ Bank draw backs?

  1. #1
    Member
    Join Date
    Oct 2014
    Posts
    67

    EQ Bank draw backs?

    Hi,

    So my wife and I are saving for our first home (Vancouver) and we are waiting to get a big enough down payment AND for a correction in the market. In the mean time we are saving aggressively and just depositing our savings into a joint HISA with RBC which only pays 0.5% if I am correct. I wanted to squeeze every penny that I have and try to grow that money while we are not using it, but in reality we need the cash handy just in case something happens with the market or we find a great opportunity to buy. I saw some ads about EQ bank and their 2% savings account and I wanted to know what are the draw backs this this guys? would you recommend them? or just keep the cash with RBC (30k) we also have RESPs but we will not use them for our home, i'll grow that until retirement if possible.

    Any ideas would be greatly appreciated.


  2. #2
    Senior Member
    Join Date
    Jun 2016
    Posts
    1,798
    Except that they may reduce 2% rate, there is no any drawback (also I wouldn't put more than 100K - CDIC limit there). However, if I were you, I'd open HISA in Tangerine, they will give you 2.4% for 6 months and after you may negotiate at least 2%. Also because Tangerine belongs to bank of Nova Scotia, it's more safe then EQ

  3. #3
    Member
    Join Date
    Oct 2014
    Posts
    67
    Does this have a minimum balance requirement? and can I withdraw money as I want?

  4. Remove Advertisements
    CanadianMoneyForum.com
    Advertisements
     

  5. #4
    Senior Member
    Join Date
    Jan 2016
    Posts
    3,872
    EQ is OK, but they have a limit of $100K.

  6. #5
    Senior Member
    Join Date
    Jun 2016
    Posts
    1,798
    Quote Originally Posted by tavogl View Post
    Does this have a minimum balance requirement? and can I withdraw money as I want?
    No, both EQ and Tangerine don't have balance requirement.

  7. #6
    Senior Member
    Join Date
    Jun 2016
    Posts
    1,798
    Quote Originally Posted by mordko View Post
    EQ is OK, but they have a limit of $100K.
    Yes, they have on new accounts, I have an oldone so I don't have this limit, however, if i have a choice, I wouldn;t exceed 100K CIDC limit (with Tangerine I'm constantly above this threshold)

  8. #7
    Senior Member
    Join Date
    Oct 2010
    Posts
    7,821
    Quote Originally Posted by gibor365 View Post
    Except that they may reduce 2% rate, there is no any drawback (also I wouldn't put more than 100K - CDIC limit there). However, if I were you, I'd open HISA in Tangerine, they will give you 2.4% for 6 months and after you may negotiate at least 2%. Also because Tangerine belongs to bank of Nova Scotia, it's more safe then EQ
    It's worth trying ... but I suspect with the OP mentioning what looks like $30K of savings, it may not be enough for Tangerine to bother negotiating, when the bonus rate expires.

    AFAICT, a new customer needs to open both a savings and chequing account to get the 2.4%, according to their web site. Savings only is listed as getting 1.90%.



    Quote Originally Posted by gibor365 View Post
    Quote Originally Posted by mordko View Post
    EQ is OK, but they have a limit of $100K.
    Yes, they have on new accounts, I have an oldone so I don't have this limit, however, if i have a choice, I wouldn;t exceed 100K CIDC limit (with Tangerine I'm constantly above this threshold)
    I'd have to find the link again but the one I saw seemed to be saying that older accounts have a $500K limit ... bigger ... though still a limit.


    Cheers

  9. #8
    Senior Member pwm's Avatar
    Join Date
    Jan 2012
    Location
    Headingley MB
    Posts
    641
    I have an HISA at EQ Bank and I am happy with their service. One thing to consider: They do not yet offer joint accounts. They plan to do so in the future, but no ETA on that yet.

  10. #9
    Senior Member NorthernRaven's Avatar
    Join Date
    Aug 2010
    Posts
    696
    Quote Originally Posted by Eclectic12 View Post
    It's worth trying ... but I suspect with the OP mentioning what looks like $30K of savings, it may not be enough for Tangerine to bother negotiating, when the bonus rate expires.

    AFAICT, a new customer needs to open both a savings and chequing account to get the 2.4%, according to their web site. Savings only is listed as getting 1.90%.

    I'd have to find the link again but the one I saw seemed to be saying that older accounts have a $500K limit ... bigger ... though still a limit.
    Anyone with huge amounts of cash won't mind parking a couple hundred in the free Tangerine chequing account to get the extra bonus interest...

    EQ does indeed have the $100K limit on new accounts. But accounts opened before February 21/2016 have the original $500K limit grandfathered in.

  11. #10
    Senior Member
    Join Date
    Aug 2013
    Posts
    396
    OP,
    If you have TFSA room for either of you it wouldn't be a bad idea to put the cash in there and at least shelter the interest.


Page 1 of 3 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •