EQ Bank lets you open GICs for time periods ranging from three months to five years, so you may look forward to short-term savings or go for the long haul. The interest you earn depends on the term you select. As of now, it varies between 2.33% and 2.60%.
Minimum and Maximum Deposit Amount
A low minimum deposit amount makes opening an EQ Bank GIC possible for just about everyone. All you need is $100 to get started. You may hold up to $500,000 in your EQ Bank GICs, excluding the interest you earn. In addition, you may hold as many as 20 GICs at the same time.
Maturity of EQ Bank GICs
When your EQ Bank GIC reaches its maturity date, the proceeds are transferred to your EQ Bank Savings Plus Account automatically. This is the same account that you use to fund the GIC in the first place. The bank notifies you of the maturity date via email or SMS.
Cancelling Your GIC
Once you purchase an EQ Bank GIC, you get until the end of the next business day to cancel the GIC online. After the cancellation period expires, your funds remain locked-in until the GICs maturity date. You cannot redeem your GIC before its maturity date.
You may track the progress of your GIC at any time from practically anywhere by using the EQ Bank mobile banking app that is available for Android and iOS. Other than monitoring your accounts, you may use the app to pay bills, initiate fund transfers, and deposit cheques.
Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). As a result, the money you deposit at EQ Bank is eligible for CDIC deposit insurance up to a maximum amount of $100,000 per insured category.
If you need any kind of GIC-related information or assistance, you may contact an EQ bank representative via phone, email, or chat. The bank provides live help from 8:00 am to midnight, Eastern Time, seven days a week.
Opening an EQ Bank GIC
You need to have an active EQ Bank Savings Plus Account through which you may fund your EQ Bank high-interest GIC. Unfortunately, the bank does not provide the Savings Plus Account in Quebec. To open an EQ Bank savings account:
- You should be a resident of Canada.
- You should be over 18 years or 19 years of age, depending on the province in which you reside.
- You should have a Social Insurance Number.
EQ Bank is among the various banks in Canada that provide GICs. Use the information above and compare EQ Bank GIC rates with those offered by some of the other leading banks to determine which one works best for you. Taking a look at existing offers might also be in your best interest.
EQ Bank GICs give Canadians a safe way to save money over time. However, given the variance in interest rates and terms, determining which one to go with might seem like a daunting task. Let us take you through the different aspects that require your attention so you may make an informed decision.