Equitable Bank has been in business for over four decades. With its credibility, it has leverage as a new player in the online banking scene. Equitable Bank launched EQ Bank, its digital offshoot, on January 18, 2016. Since then, it’s been pioneering a purely online experience. Without a physical branch, EQ Bank has considerably lower operational costs than a regular bank. This, coupled with Equitable Bank’s high-interest mortgage loans, allows EQ Bank to offer the best savings rates. In fact, its main selling point is the 2.3% interest rate that comes with the EQ Bank Savings Plus Account.
Stand-out features of the EQ Bank Savings Plus Account
EQ Bank markets its high-yield savings account as a tool to complement your banking experience. Its primary use is to link with your main bank account and transfer funds to it. You can use the EQ Bank Savings Plus Account to pay bills and such like a checking account. But its ultimate goal is to help you save. It aims to achieve this with features like:
- High yield savings. You’re automatically eligible for the 2.3% interest rate, no matter the amount in your account. This is paid monthly and with no holding periods.
- No monthly fees. You won’t have to worry about missing due dates with EQ Bank.
- Unlimited transfers. The only caveat is that there’s a processing period of two business days.
- 5 free Interac e-Transfers per month. This will give you access to your funds within 30 to 60 minutes.
- Absolutely no minimum balance.
- Unlimited sub-accounts. Set aside a separate account for every money goal you have.
- Set savings goals for each sub-account. This will let you keep track of the progress of each dream.
- Protection with the Canadian Deposit Insurance Corporation (CDIC).
- No debit cards. This sounds like a bad thing. However, this makes it easier to avoid unnecessary spending.
- Easy access through the website and mobile app. Go through your banking needs anywhere and anytime.
High yield savings accounts, like the one EQ Bank offers, are best left alone to accumulate money. However, the EQ Bank Savings Plus Account allows you full control of your funds by being available for use in transactions.
Limitations of the EQ Bank Savings Plus Account
While EQ Bank operates freely and with absolutely no fees, it does come with a few limits. These include:
|Interac e-Transfer daily limit||$2,500|
|Interac e-Transfer weekly limit||$10,000|
|Interac e-Transfer monthly limit||$20,000|
|Deposit limit per check||$25,000|
|Insurance limit per customer||$500,000|
|Bill pay limit per bill||$5,000|
|EFT limit||$30,000 outbound $100,000 inbound|
In addition, the bank calculates interest monthly based on daily total closing balances.
Applying for an EQ Bank Savings Plus Account
If the limitations don’t put you off of this high yield savings, you can set up an account in just 5 minutes. Requirements:
- Account holder is at least 19 years old
- You are a resident of Canada
- Social Insurance number is available
- Live outside of Quebec, which is, unfortunately, the only province in Canada where EQ Bank doesn’t operate
- Have a check that you’re ready to send and save
EQ uses the check to link with your main bank. This process makes future transactions and transfers much easier. And the check you send could be the very first step towards attaining your money goals. Apply with EQ Bank today and enjoy the high yield savings experience.
EQ Bank markets its high-yield savings account as a tool to complement your banking experience.