EQ Bank GIC Reviews – Get the Best GIC Rates in Canada
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 AmountA 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 GICsWhen 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 GICOnce 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.
Mobile DashboardYou 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.
Deposit InsuranceEquitable 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.
Customer ServiceIf 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 GICYou 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.